If you host an online course or coaching program or if you are preparing to do so, you may have heard of Kajabi. Kajabi is a knowledge commerce platform. It allows you to promote, create, and sell digital products. It is like a content management system CMS because it allows you to create tools for your online business, including:
- a website
- online course
- membership sites
- quizzes and surveys
With Kajabi, you should be able to collect payments and create a customized checkout experience for each one of your members based on their purchasing habits.
Getting Started with Kajabi
Kajabi offers a 14 day free trial for all of its plans. There is usually no risk and no long-term commitment but you will need to enter your credit card information, but they will not charge it if you cancel within the first 14 days. You can choose from three plans- Basic, Growth, and Pro. The monthly price for these plans starts at $119 for the basic level. When doing your accounting for your online course business, you should include the subscription for Kajabi as a deduction since it may be considered an ordinary and necessary expense for teaching your online course.
While Kajabi offers ways to market yourself, you may create an additional website, hire a search engine optimization professional, or do a paid social media marketing campaign.These things should be factored in as deductions when accounting for your online course business. The following is a list of possible tax deductions in this area:
promotion or advertisement
content writing: hiring a copywriter to write your ads, content for your website, blog, etc
visuals: hiring a graphic designer to design your website, flyers, etc
Making the Most of Kajabi’s Hero University
Kajabi’s Hero University is a dynamic resource created to help users run their online business. It covers a lot of the basics, including marketing, account information, billing, and company announcements.
Hero University is a great resource to help you become familiar with the platform. Besides what you learn on this site, you may want to learn more about web design, graphic design, teaching, or the subject you will present in your course.
If according to the IRS rules, your education qualifies as work-related, you may be able to deduct it from your self-employment taxes as part of your online course company’s tax planning. At Fusion CPA, our small business accountants may be able to help you determine if your education qualifies as a business expense.
Use Kajabi Analytic Tools to Improve Your Online course Company Accounting
Kajabi has a powerful analytics tool that shows you affiliate sales, marketing reports, and other financial information separated by day, week, and month. This information should be used in conjunction with your online course company accounting as it can be compared to the income statement, cash flow statement, and balance sheet being managed by you or your online course company’s CPA.
Keeping Your Online course Company Running Strong
Kajabi is an excellent tool for helping you create, sell, and market online course. However, solid accounting, bookkeeping, and tax planning processes should be in place to help maintain the structure of your business. Here at Fusion CPA, our team of online course company accountants understand the unique tax and accounting challenges e-learning businesses like yours may face. We focus on where your business is going and not just where it has been. We offer to help you create tax strategies designed to give you an advantage over your competitors by maximizing tax deductions and minimizing tax liability. Our online course company CPAs offer to prepare financial statements that may show banks and investors the viability of your business. We want to give you the peace of mind of knowing that your taxes, accounts, and bookkeeping have been reviewed and prepared by knowledgeable, experienced CPAs who stand ready to provide you with real-time answers to your questions. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.