Adobe PP Best Practices, Personal vs Biz Finances, No-Receipt Deductions

If you’re like me, you do a lot of your editing—and troubleshooting–by yourself in the edit suite. And some of the things that go wrong stem from how you have set up your system and workflow. Adobe has produced a guide that starts with how to configure and optimize your settings, the best way to deliver offline dailies, and the remaining workflow to delivery. It covers remote and cloud workflows, and even provides links to free tutorials and additional resources at the end. There’s certainly more in here than you might need (I had no idea a “turnover” was anything more than a pastry or description of a change in workforce, but I was wrong!).

This is a 139-page PDF, but it does have chapters so you can jump to what you’re interested in. If you’re in a summer slump, going through this guide would not be a waste of time! You can download it for free here.

We’ve all been there – juggling the hustle of our freelance gigs with the everyday chaos of personal life. But what about when those financial lines start to blur?

In the modern world, freelancers are the masters of multitasking. From chasing deadlines to keeping up with your Netflix queue, life is a rollercoaster. But when your income is streaming in from various gigs and your personal bills are piling up, things can get messier than a late-night takeout container explosion.

Imagine this: you’ve got clients paying you left and right, and your PayPal balance is looking healthier than ever. But wait, your electricity bill is due, and you’re eyeing that limited edition sneakers drop. It’s tempting to just dip into the business account, right? Well, not so fast.

First off, if you haven’t already, open separate bank accounts – it’s like having a velvet rope between your business and personal life. By keeping those transactions apart, you’ll save yourself from headaches come tax season.

If you have w-2 jobs as part of your income, feel free to put that money in your personal account. But for any clients that will be sending you a 1099, put that in your business account. And find a bank that doesn’t have minimums or monthly fees for business customers. They exist, and you should be a customer! Personally, I’m a fan of United Bank.

Speaking of taxes, don’t let Uncle Sam rain on your parade. Setting aside a portion of your earnings for taxes might feel like skipping dessert, but it’s a lifesaver in the long run. I suggest another account for this money- out of sight, out of mind.

Let’s talk about that plastic fantastic: credit cards. Sure, swiping away for business expenses on your personal card might seem convenient, but it’s a slippery slope. Get yourself a dedicated business credit card – not only will it help track your expenses, but it’s like a VIP pass to building a solid credit history for your venture. If you’re driving to gigs, put the gas charges on the card to track this business expense. Again, this is a tax tip! And remember, when you’re filing for deductions, having a clear trail of business expenses is like gold.

So, fellow freelancers, remember – blending personal and business finances doesn’t have to be a chaotic circus act. With a sprinkle of organization and a dash of discipline, you’ll be cruising through life’s financial maze like a pro.

Stay smart, stay savvy, and keep those accounts in check!

As much as I harped on having receipts in the article above, there are times where they aren’t needed. And you can still take a deduction!

Hold on to your hat – you can’t just claim every single expense under the sun without a receipt. The IRS isn’t exactly a treasure chest of freebies. However, there are a few key expenses that might just slide through the no-receipt zone:

Small Expenses: If we’re talking about minor expenses that wouldn’t exactly break the bank – think postage stamps or that morning coffee to fuel your brilliant ideas – you might be in luck.

Travel Costs: Did you hop in a cab for a quick business errand? If it’s a reasonable amount, you might be able to jot it down in your expense records without presenting the actual receipt.

Meals and Entertainment: Ah, the elusive business lunch. While the IRS usually wants a receipt, there’s a wiggle room for meal expenses under $75. But don’t go booking a five-course meal just yet!

Before you start planning your next no-receipt shopping spree, remember this: the IRS is more chill with no-receipt deductions if you’ve got a solid paper trail otherwise. So, keep your bank statements, credit card records, and any other proof of payment safely stashed away.

It’s like insurance for your deductions! It’s also a good habit. It’s better to have too many receipts, than not enough. So make it a habit. There are apps out there that will allow you to scan your receipts on the spot, including Quickbooks!

Sure, it’s tempting to let your imagination run wild and start deducting expenses left and right without receipts. But remember, there’s a line between being clever and being downright audacious. Keep your claims legit, folks!