In this video, I’m diving into the topic of drawings in your Xero account, which refers to the money you take out that isn’t taxed, unlike your wages. I want you to check your balance sheet to ensure you understand what has been classified as drawings, as some personal expenses, like glasses or jeans, may not be tax-deductible. It’s crucial to review these transactions, especially if you’ve drawn out more than you expected over the year. I encourage you to have a conversation with your accountant about any items you think should be claimed. Take a moment to explore your reports and account transactions to get a clearer picture of your financials.
Understand Your Drawings
Ready to get started?
