The Qualified Business Income deduction is providing huge tax savings for small business owners. Be sure not to miss out on this deduction if you are a business owner and meet the qualifications.Read More
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As an accountant, I recommend everyone to check their bank account balances first thing every day before you start work.
You may be saying: >>This is stupid. I know how much money I have.<<
but...if it's been more than 24 hours since you last took a gander at those important cash balances do you really know?
In this age of autodrafts and cybersecurity issues, it is likely there may be expenses you have not accounted for...especially if someone has stolen your card and is on a shopping spree right now.
When it comes to your money, knowing is always better than guessing.
- brings you peace of mind
- helps you make better financial decisions
- can prevent overdrafts (which is the most expensive loan you will ever get)
If you own a business you may need more complex financial data to make important business decisions such as profitability or accounts receivable reports.
You may want to use someone like me to help you get more organized in that department of your business.
If you could use some help getting your finances organized feel free to reach out.
Send an email: firstname.lastname@example.org
Schedule a time to chat by using the link below:
Have a great day, Talk soon!
I was able to achieve some exciting results for a client recently.
It was a consulting job. He approached me to help him make corrections to his business’ books to make sure all of the numbers were in the right place so I could then prepare an accurate tax return.
If the books are messed up (for a business), the tax return will be messed up as well.
I initially ran an income statement and his business was showing a good profit for just starting out. I gave him an estimate on what his tax liability would be BEFORE I started making corrections.
It was over $10,000.
- To that, he said: “That stinks, I feel like I didn’t make very much money this year. I’d hate to owe taxes on top of that.”
- My reply: “Let me dig into the books and see what needs to be corrected and then we’ll form a plan based on the results.”
I took some time to trove through his transactions. There weren’t a whole lot of corrections needed, but I did form a list of transactions for us to discuss to make sure I knew what exactly they were so they would be categorized properly.
In going over that list with him every transaction fit my assumptions and didn’t need correcting...EXCEPT the largest one.
It turns out that he had an investor’s contribution to his company categorized as sales revenue (income). This lead the accounting software to overstate his total income and profit by a large amount and he didn’t even remember doing it.
After re-categorizing the transaction in question, it turns out that his business actually lost a little bit of money for the year. No one wants to lose money with their business, but fixing this mistake REDUCED his tax liability by over $10,000.
Do you run a business that may need some help similar to this?
Or, call 334-787-9854.
Let's talk today about getting your finances streamlined and up-to-date.
Let's say you're a business owner, and 2017 was the best year ever for you and your company.
Also, 2018 is set up to be even better than that.
You're thinking "The sky is the limit!!!!"
You have $50,000 in the bank. "Rolling in it!"
So you splurge most of it (or all of it) to buy a boat so you can be "On A Boat" like T-Pain and that other guy.
Now you have a shiny boat, but your bank account is hovering around $3,000.
That's not too bad, right?
Then, next month, your tax preparer tells you that since your income grew faster than expected your tax bill is going to be $25,000 on top of what you already paid, and its due right now.
Oh No! Cash Flow Disaster!
You've run into another kind of T-Pain called: TAX PAIN!
We all know what that kind of pain is. No auto-tune needed.
**Properly preparing for taxes throughout the year is crucial for business owners.**
Is your company growing fast? Want someone to help with your finances so this doesn't happen to you?
Ready to get your company's finances organized? Have questions about my services? Want a quote?
Lets Talk: Schedule A Call
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