UGC Community #59

Manage your UGC like a biz: expense tracking, tax write-offs + more

September 07, 2025

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📧 UGC Community #59 | September 7, 2025

Picture this: you just landed a $1,000 project. The payment hits your account, and it feels amazing. But then you subtract the cost of the product you had to buy ($120), your CapCut Pro subscription ($13), and the new ring light you needed ($80).

And then there are taxes.

Suddenly, that $1,000 looks very different. The single most overlooked skill that separates a UGC hobbyist from a professional UGC business owner is knowing your numbers. It’s not glamorous, but it’s the key to profitability, growth, and a stress-free tax season.

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[THE DEEP DIVE]

How to Track Your Business Finances (Without an Accounting Degree)

Let's break down the what, why, and how of managing your money so you can keep more of what you earn.

Part 1: What to Track — Revenue & Expenses

Think of your business as having two buckets: money in and money out. You need to track both.

💰 Revenue (Money In): This is every dollar you earn. Don't just look at your bank balance; track it with details.

  • Payments from brand deals

  • Monthly agency retainers

  • Affiliate income or commissions

💸 Expenses (Money Out): This is where creators often lose money by not tracking. These are your business "write-offs," which lower the amount of income you have to pay taxes on.

  • Direct Costs: Any product you purchase specifically for a video, props, backgrounds, shipping fees.

  • Software & Subscriptions: Editing apps (CapCut, Adobe), project management tools (Notion, Trello), Canva Pro, portfolio hosting (Carrd, Squarespace).

  • Equipment: Camera upgrades, microphones, lighting, tripods, hard drives.

  • Education & Marketing: Courses, coaching programs, ebooks, networking event tickets, business cards.

  • Home Office: A percentage of your rent/mortgage, internet, and electricity bills. (Disclaimer: This is general advice; consult a tax professional for specifics on how to calculate this.)

  • Professional Services: Fees for a VA, accountant, or lawyer.

Part 2: Why It Matters — It's More Than Just Taxes

Tracking your finances isn't just about preparing for tax season. It's about making smarter business decisions.

  • See Your True Profit: You’ll finally know how much you actually make. A $400 deal for a product you already own is more profitable than a $500 deal where you had to buy a $150 product.

  • Identify Your Best Clients: Data shows you which clients are not only paying the most but are the most profitable to work with.

  • Budget with Confidence: Knowing your average monthly expenses and income helps you set realistic financial goals and decide when it's the right time to invest in new gear or coaching.

Part 3: How to Track — Free & Low-Cost Tools

You don't need expensive, complicated software to get started.

  • The Free Method (Google Sheets/Excel): The simplest way to start. Create a workbook with two tabs: "Income" and "Expenses."

    • Income Tab Columns: Date, Client, Project Description, Amount.

    • Expenses Tab Columns: Date, Item/Vendor, Category (e.g., Software, Equipment), Amount.

    • Pro Tip: Search for a "freelance bookkeeping template" online to get a pre-built sheet.

  • The Low-Cost Method (Apps): For a few dollars a month, these tools save you hours.

    • Wave: Has a great free plan for accounting and invoicing.

    • QuickBooks Self-Employed: A favorite among freelancers for tracking expenses, mileage, and estimating quarterly taxes.

    • Benefits: You can link your business bank account, and the software will automatically import and help you categorize transactions.

[PRO TIP OF THE WEEK]

The Receipt Rule. The second you buy something for your business, save the receipt. Create a dedicated folder in your email inbox called "Business Receipts" for digital ones. For physical receipts, take a picture with your phone and save it to a "Receipts 2025" album. This five-second habit will save you hours of panicked searching come tax time.

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