Episode 21

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Published on:

21st Feb 2026

How to Track Expenses by Project, Bookkeeping Tips for Job Costing and Tax Deductions

That big client you are proud of might actually be costing you money. This is one of the most shocking truths small business owners learn too late. Not all revenue is good revenue. Some projects look impressive because the invoice is large, but the profit is tiny. Other jobs may seem small, but they produce the highest profit margin. If you do not track income and expenses by project, you are guessing. Then tax season hits and you cannot clearly prove which expenses belong to which job.

In this Tax Season Saturday episode, Patricia Oholeguy breaks down job costing for small business owners and shows why project tracking is essential for both profitability and taxes. A $10,000 project can easily lose money when direct costs, labor, materials, subcontractors, and time are not tracked properly. Meanwhile, a $1,000 job can quietly be your most profitable service because the overhead is low and the workflow is efficient. You will learn the fundamentals of project profitability, including how to calculate income per project, how to track direct costs, and how to allocate overhead expenses so your financial reports reflect true profit. We also cover why job costing matters for small business taxes and tax deductions.

If you cannot support your deductions with clear tracking, documentation, and categorization, you may miss thousands in legitimate write offs. This episode includes practical steps you can implement right away, including setting up projects or classes in QuickBooks Online, tracking expenses by job, organizing receipts by project, and keeping tax ready documentation that the IRS accepts. Inside the Clarity Compass Method Membership, you get weekly Monday night bookkeeping support to implement job costing and project tracking in QuickBooks. If you want it done for you, our White Glove Bookkeeping Services keep your job costing clean, your books organized, and your deductions captured all year.

Stop guessing which projects make money. Start tracking project profits, maximize deductions, and keep more of what you earn at tax time.

ABOUT PATRICIA:

Patricia Oholeguy is a small business bookkeeping expert and founder of The Book of Balance Podcast. With years of experience helping entrepreneurs clarify their numbers and maximize deductions, Patricia believes that consistent bookkeeping isn’t just about compliance, it’s a growth mindset. Through the Clarity Compass Method, they help business owners build habits that protect profits, reduce stress, and create peace of mind.

Download 5 Min. Money Map CEO Ritual here: https://patriciaoholeguy.myflodesk.com/moneymap Download our Podcast Information here: https://patriciaoholeguy.myflodesk.com/002

If you are curious to learn more about our membership please visit: www.claritycompassllc.com

If you like to inquire more about our white Glove Services book a session at: www.calendly.com/opb or visit our website: www.oholeguy.com

Instagram: https://www.instagram.com/precision.books/

Facebook: https://www.facebook.com/precision.book

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Join Our Membership at: www.claritycompassllc.com Schedule a 1:1 Complimentary session to discover what is the best route for you and your business here: www.calendly.com/opb

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About the Podcast

The Book of Balance: Startup Stories, Business Growth & Entrepreneur Insights
How to start your business, leave the 9–5 grind, and thrive with balance.
The Book of Balance is an entrepreneurship podcast where real small business stories come to life. Each episode dives into the business owner journey, the wins, the losses, and the lessons that shape today’s entrepreneurs.
Whether you’re dreaming of quitting your 9–5 or you’ve already taken the leap, you’ll hear honest conversations about what it really takes to start a business, stay grounded, and thrive with balance. From startup success stories to the raw challenges of building a business, this show is here to inspire, educate, and remind you that you’re not alone on the path.
Hosted by Patricia Oholeguy, a bookkeeping Strategist, financial coach, and lifelong entrepreneur, this podcast blends practical insights with the entrepreneurship mindset needed to sustain the long game.
If you’re looking for a place where business wins and losses are celebrated as part of the process, and where life as a small business owner is explored without sugar-coating, you’ve found your home.
Welcome to The Book of Balance, your guide to building a business you love without losing yourself in the process.
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About your host

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Patricia Oholeguy

Patricia Oholeguy is a bookkeeping strategist, financial coach, and founder of Oholeguy Precision Books. She brings more than 17 years of hands-on entrepreneurial experience from running a six-figure childcare business to supporting consultants, real estate investors, and service-based CEOs in creating financial clarity.

As the host of The Book of Balance Podcast, Patricia blends mindset, money, and practical strategy to help business owners build sustainable, profitable companies without sacrificing their peace. She created the Clarity Compass™ Method to guide entrepreneurs through a simple, intuitive financial system that supports smarter decisions, less overwhelm, and stronger long-term growth.

Patricia’s style is warm, honest, and deeply rooted in her belief that clarity is self-care and every business deserves books that tell the truth, not a story of stress.