Happy Thanksgiving 🍁

🍁Happy Thanksgiving 🍁

I am thankful for my family, and all the friends I have met on this entrepreneur journey I started 🥰

What are you thankful for, and doing for this thanksgiving? Comment below, I would love to hear from you! ⬇️

How to Break Down your business expenses!

💥How to Break down your business expenses💥

✨Save 30% of net income for taxes:

This can be for estimated tax payments for the end of the year federal taxes, payroll quarterly taxes being withdrawn, or quarterly sales taxes being withdrawn. This should also be moved to separate business savings account rather than staying in the operating account. When this is moved it is no longer being seen as income in the operating account that is ready to be spent. This money is now tucked away, safe and sound. It’s better to save more than needed, then need it and not have it.😁

✨ Around 40% put towards overhead, and expenses:

Every business is different, so it’s hard to pin point a magic number without having that data. But I always think it’s great to have enough to gather all your supplies, and cost of goods that help you make the products to sell more. I am a firm believer in overestimating then underestimating. The best part is if you overestimate this number you can keep the money that you didn’t spend in the bank account to accumulate more and more every month. Adjustments can always be made as well, if you learn that you don’t have a lot of expenses you can adjust that percentage to go towards increasing your payroll.

✨ Around 25% Pay yourself as a W-2 employee:

Every small business owner needs to pay themselves at least something during the year. Yes, this is your passion but you can’t do it for free. This is also key to help you save in your personal federal taxes at the end of the year. By listing yourself as a W-2 employee from your company to yourself you are now providing proof of income and work to your personal. This will help you in getting accepted for loans, mortgages, and lines of credit.

💖✨There’s a-lot that goes into managing and budgeting your business finances! The end of year is coming very soon🎄🦃🎊

I would love to work and assist you in your finances, please feel free to reach out to me on how you can learn to manage and budget your money to start the new year on a fabulous foot!💖✨

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Quarter 4 is finally here!

It’s official, we are in Quarter 4 of 2021!! (A bookkeeper and Accountant’s favorite time of the year)

Did reading that sentence cause you to feel anxious and stressed or excited and happy for the new year? Either way we are here to help you to get ready for the year end of your books and get ready to kick off a fantastic and successful year for your business. Please contact us for a FREE 45 Minute Consultation, where we will discuss what services you need, your expectations and how we work to get your books into Tip- Top shape. You are our priority, and our focus. We are in the business to help your business.

As the year is ending, it’s time to get your books cleaned up from the year and ready for TAX SEASON!

I can’t Live Without

🌟Bookkeeping is my passion and You are my priority🌟

I enjoy helping and working will everyone of you, ensuring you’re business books are at top notch. My goal is for you to be able to focus on your day to day activities and leave the numbers to me, along with your worries! I provide a close working relationship to understand your books and answer your questions.

Bookkeepers are great for keeping solid up to date records, organizing, being prepared for taxes, help meet financials goals and keeping an accurate budget!

1099 vs. Employees

The difference between employees and independent contractors is major. It is very important to know the difference when hiring someone. Misclassifying workers as independent contractors affects employees because the employer’s share of taxes is not paid, and the employee’s share is not withheld. So if the employer isn’t paying it, who is? The employee!

Profit Goal

There’s so many different industries to be a part of, from services to products. What type of business do you own? What do you sell?

• • • •

We must always remember our end goal and don’t get lost in the woods at the beginning.

With monthly bookkeeping we will be able to see how your business is doing on a month to month basis in order to plan for the future! This could be a revenue goal, a benchmark, or if you’re wanting to push your business to the next level.

Get Ready for Taxes: Here’s how the new tax law revised family tax credits

-2018-217, Nov. 7, 2018

WASHINGTON ― More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service.

This is the third in a series of reminders to help taxpayers get ready for the upcoming tax filing season. Additionally, the IRS has recently updated a special page on its website with steps to take now for the 2019 tax filing season.

The Tax Cuts and Jobs Act (TCJA), the tax reform legislation passed in December 2017, doubled the maximum Child Tax Credit, boosted income limits to be able to claim the credit, and revised the identification number requirement for 2018 and subsequent years. The new law also created a second smaller credit of up to $500 per dependent aimed at taxpayers supporting older children and other relatives who do not qualify for the Child Tax Credit.

“As we approach the 2019 tax-filing season, I want to remind taxpayers to take advantage of this valuable tax credit if they are eligible to claim it,” said IRS Commissioner Chuck Rettig. “Tax reform changed the tax code significantly and doubling the Child Tax Credit is an example of how the changes impact taxpayers.”

Here are some important things taxpayers need to know as they plan for the tax-filing season in early 2019:

Child Tax Credit increased

Higher income limits mean more families are now eligible for the Child Tax Credit. The credit begins to phase out at $200,000 of modified adjusted gross income, or $400,000 for married couples filing jointly, which is up from the 2017 levels of $75,000 for single filers or $110,000 for married couples filing jointly.

Increased from $1,000 to $2,000 per qualifying child, the credit applies if the child is younger than 17 at the end of the tax year, the taxpayer claims the child as a dependent, and the child lives with the taxpayer for more than six months of the year. The qualifying child must also have a valid Social Security Number issued before the due date of the tax return, including extensions.

Up to $1,400 of the credit can be refundable for each qualifying child. This means an eligible taxpayer may get a refund even if they don’t owe any tax.

For more information, see Publication 972, Child Tax Credit, available soon on IRS.gov.

New Credit for Other Dependents

A new tax credit – Credit for Other Dependents — is available for dependents for whom taxpayers cannot claim the Child Tax Credit. These dependents may include dependent children who are age 17 or older at the end of 2018 or parents or other qualifying relatives supported by the taxpayer.

During the upcoming tax-filing season, the IRS urges taxpayers to use the agency’s Interactive Tax Assistant to see if they qualify for either of these credits. To find out more, visit IRS.gov.

The Tax Blog

News, Insights and Tips about taxes.

IR-2017-155, Sept. 15, 2017
WASHINGTON — Hurricane Irma victims in Florida have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today.This includes an additional filing extension for taxpayers with valid extensions that run out on Oct. 16, and businesses with extensions that run out on Sept. 15.
The IRS is now offering this expanded relief to any area designated by the Federal Emergency Management Agency (FEMA), as qualifying for either individual assistance or public assistance in Florida.
The tax relief postpones various tax filing and payment deadlines that occurred starting on Sept. 4, 2017 in Florida. As a result, affected individuals and businesses will have until Jan. 31, 2018, to file returns and pay any taxes that were originally due during this period.