Uploaded February 2017 | Updated September 2026, 1 hour ago
ON TODAY'S SHOW
Welcome to Episode #070. Tonight we are going to talk book keeping and tax preparation. We are joined tonight with our guest host, Brian McCauley of McCauley Designs.
WHAT'S GOING ON IN OUR SHOP?
Drew - Planing down a ton of gymnasium flooring for the metal wood desk tops and insets
Jeremy - Working on shop layout
Brian - Setting up the new shop, dust collection, prism table base
QUESTIONS
1) When a company sends you tools for review or sponsorship do you claim those as income and write them off or do you not claim them at all?
2) When you have advertising on your vehicle can you write off every mile you drive in that vehicle?
3) How many years can you take a loss as a start up business?
4) What do you recommend in the way of expense tracking (what do we need to keep a track of and how)
5) Should I keep my business finances separate from my personal finances?
6) Is having a tax id # beneficial for content creators who rely solely on the videos for income, aside from sponsorship money?
7) What can be written off on taxes for business trips?
8) How would you write off woodworking plans & videos on your taxes?
WHAT'S NEW
The Woodworking Show in Atlanta - 31 March 2017 - 02 April 2017 : We are having a meet up for the weekend.
PRODUCT/TOOL RECOMMENDATION
Jeremy - Wave Apps (bit.ly/Waveapps)
Drew - Plugfones (www.plugfones.com)
Brian - Festool HK55 (bit.ly/festoolhk55)
DONATIONS
If you would like to support the show you can head over to woodshop101podcast.com/listen find the show notes for today’s episode and there will be links for small one time donations as well as links for recurring donations. If you are interested in supporting us on patreon, then head over to patreon.com/woodshop101.
I would like to remind you if you listen to the show on iTunes to please give us a 5 star rating. It helps us reach a greater audience.
YOUTUBE...
If you listen to us on another medium, please stop by our YouTube Channel and subscribe. We are keeping track of our subscribers because once we reach a certain milestone we will be partnering with different companies to bring you all some great things.
HOW CAN YOU REACH BRIAN?
Website : mccauleysdesign.com
Facebook : Facebook.com/mccauleysdesign
Instagram : instagram.com/mccauleysdesign
YouTube Channel : youtube.com/channel/UCMzsLPeyQvCcSyCRX0w9Cd
HOW CAN YOU REACH US?
You can send us an email at woodshop101podcast@gmail.com
Our Facebook is facebook.com/woodshop101podcast
Twitter : @Woodshop101pod
Instagram : instagram.com/woodshop101podcast
YouTube Channel: youtube.com/channel/UCojHQH2cOt2w7dMRxEnBDkw
You can call our Skype name and leave us a voicemail at woodshop101podcast or give us a call on our voicemail line (409) 234-3959.
ON TODAY'S SHOW
Welcome to Episode #070. Tonight we are going to talk book keeping and tax preparation. We are joined tonight with our guest host, Brian McCauley of McCauley Designs.
WHAT'S GOING ON IN OUR SHOP?
Drew - Planing down a ton of gymnasium flooring for the metal wood desk tops and insets
Jeremy - Working on shop layout
Brian - Setting up the new shop, dust collection, prism table base
QUESTIONS
1) When a company sends you tools for review or sponsorship do you claim those as income and write them off or do you not claim them at all?
2) When you have advertising on your vehicle can you write off every mile you drive in that vehicle?
3) How many years can you take a loss as a start up business?
4) What do you recommend in the way of expense tracking (what do we need to keep a track of and how)
5) Should I keep my business finances separate from my personal finances?
6) Is having a tax id # beneficial for content creators who rely solely on the videos for income, aside from sponsorship money?
7) What can be written off on taxes for business trips?
8) How would you write off woodworking plans & videos on your taxes?
WHAT'S NEW
The Woodworking Show in Atlanta - 31 March 2017 - 02 April 2017 : We are having a meet up for the weekend.
PRODUCT/TOOL RECOMMENDATION
Jeremy - Wave Apps (bit.ly/Waveapps)
Drew - Plugfones (www.plugfones.com)
Brian - Festool HK55 (bit.ly/festoolhk55)
DONATIONS
If you would like to support the show you can head over to woodshop101podcast.com/listen find the show notes for today’s episode and there will be links for small one time donations as well as links for recurring donations. If you are interested in supporting us on patreon, then head over to patreon.com/woodshop101.
I would like to remind you if you listen to the show on iTunes to please give us a 5 star rating. It helps us reach a greater audience.
YOUTUBE...
If you listen to us on another medium, please stop by our YouTube Channel and subscribe. We are keeping track of our subscribers because once we reach a certain milestone we will be partnering with different companies to bring you all some great things.
HOW CAN YOU REACH BRIAN?
Website : mccauleysdesign.com
Facebook : Facebook.com/mccauleysdesign
Instagram : instagram.com/mccauleysdesign
YouTube Channel : youtube.com/channel/UCMzsLPeyQvCcSyCRX0w9Cd
HOW CAN YOU REACH US?
You can send us an email at woodshop101podcast@gmail.com
Our Facebook is facebook.com/woodshop101podcast
Twitter : @Woodshop101pod
Instagram : instagram.com/woodshop101podcast
YouTube Channel: youtube.com/channel/UCojHQH2cOt2w7dMRxEnBDkw
You can call our Skype name and leave us a voicemail at woodshop101podcast or give us a call on our voicemail line (409) 234-3959.
