Beyond Accounting & Tax

Part of what makes IRS notices SO scary is the fear of the unknown! 📩

➡️ Swipe through to learn the meanings of some of the most common types of IRS notices.

Not sure what your notice means or what action you need to take?

Search your notice number on IRS.gov or reach out to your accountant for advice on how to respond. 📝

Did you buy a new blazer SPECIFICALLY for a new photoshoot? 📸

Believe it or not, if you haven't altered that blazer, it's not deductible as a business expense. 🧥

Clothing that is not specialized work gear and can be suitable for other occasions (meaning you could also wear that blazer to a nice dinner) is not deductible. 🚫

Even if you ONLY wear that blazer for your photoshoot, it still *could* be worn elsewhere, and that's what the IRS cares about!

However, if you embroider your logo on the outside of your blazer, you can now classify the embroidery costs and the costs of your blazer as a marketing expense. 💸

Did your tax bill have you looking like 😮🤯😱 this past April?!

It could have been for one of these three (easily fixable) reasons:

1️⃣ You didn't pay enough in estimated taxes.
2️⃣ You didn't adjust your withholdings correctly.
3️⃣ You weren't able to account for changes in your income.

Say goodbye to surprise tax bills - I can help you with all three of these issues in a mid-year tax planning meeting! 📅

Have a question about writing off your mileage that I didn't answer in this post? 🚗

Drop it in the comments! ⬇️

Why is sales tax SO confusing?! 🤯
Because nearly every state has different thresholds and rules. 🗺️

You've got to answer questions like:
- Is this product or service even taxable? 🤔
- If it is, do I meet the definition of having nexus in this state? 🧐
- And if the answer to both of those questions is yes, you've got to register with each of those states! 📝

Need sales tax help? Let's chat! 📲

💡READ THIS before you donate to charity 👇

In order to provide proof to the IRS that you've made a charitable donation, you need to document these things:

→ The name of the qualified organization
→ The amount and date of the contribution
→ Fair market value of the property donated
→ Acknowledgment of the contribution by the organization (for contributions valued at over $250)
→ Benefits received in exchange for your contribution

📌 Save this post to remind you how long to keep important tax documents! 🗂️

PRO TIP: Always keep copies of your filed tax returns indefinitely for reference. 📝

📌 5 Places To Find A Great Accountant 📌

1️⃣ Networking Groups: Connect with professionals and get recommendations from trusted sources. 🤝
2️⃣ IRS Directory: Use the IRS directory to find qualified accountants near you. 🗂️
3️⃣ Referrals: Ask friends, family, or colleagues for their trusted accountant referrals. 🗣️
4️⃣ Your Financial Advisor: They often have a network of reliable accountants. 💼
5️⃣ Your Bookkeeper: Your bookkeeper might know an excellent accountant to handle your taxes. 📚

Finding the right accountant can make a huge difference in your financial planning and tax strategy. 🌟

Ready to find the perfect match for your needs? Start exploring these resources today!

Wishing you a Happy Father's Day from Beyond Freedom Financial team! 🤍

Let us know how you plan to spend it in the comments - you know we'll be eating out at Dad's favorite restaurant and watching sports.

The best part of my job is getting to work with business owners who are making their dreams come true... and here's what they ALL have in common:

Eventually, they stopped talking about following their dreams and started DOING instead! 📈

Do you need an LLC or to register to collect sales tax? Don't let these questions hold you back from getting started. I want to be a resource for your new business! 💼✨

We can all agree that dads are great at:

⚒️ Fixing everything we break
❤️ Teaching us invaluable life skills
🍔 Manning the grill every weekend
🐛 Killing bugs we're too scared to touch

But, dads are notorious for having boring, stuffy accountants... and I'm here to put an end to that stereotype!

Unlike Dad's bookkeeper, I can help you virtually (say goodbye to shoeboxes full of receipts).

Give your dad the gift of peace of mind by letting him know you've got your finances handled this year! 💸

Today, we're myth-busting one of the most common misconceptions I hear about putting your business logo on your car. 🚗

If you thought that would make all your auto expenses business write-offs, think again!

Putting your logo on your car IS a marketing expense. 💰

But, having a logo on your car doesn't mean that all your tolls are automatically deductible too!

If your use of your car qualifies as an ordinary and necessary business expense, then you can deduct the business use percentage of an expense like your tolls. 🛣️

For example, if you split the use of your car for 50% personal use and 50% business use, 50% of your tolls are deductible as a business expense.

Making progress in the gym requires consistency... and making progress on your tax planning strategy does too! 📈

A mid-year tax planning session is the best way to adjust your tax strategy for any changes you've already experienced this year.

Plus, we can set you up for success with a game plan for the rest of the year! 💸

Whether you need to adjust the amount of estimated taxes you're paying, harvest tax losses, or plan for a future windfall, a mid-year tax planning meeting is the time to do it. 🖥️

Click the link in my bio to schedule yours today!

🌶️ HOT TAKE: Hiring a cheap accountant is WAY more expensive than hiring a good accountant in the long run.

When you're ready to get your taxes done right the FIRST time, let's talk! 👋

Want to keep your home cooler this summer AND lower your tax bill? ☀️

Allow me to introduce you to the Energy Efficient Home Improvement Credit! 🏡

For a maximum of $3,200 for improvements made after January 1, 2023 (limited based on the type of qualified expense), this credit allows you to save when qualifying for home improvements.

Here are a few things to keep in mind before you start installing any new fixtures:

🏡 Building materials must be new (not used).
🏡 Building envelope components should have an expected lifespan of 5 years or more.
🏡 Labor for installing the new improvements does not count towards the credit.

Here are THREE tax planning strategies you can implement right now ⬇️

💼 MAXIMIZE RETIREMENT CONTRIBUTIONS 💼
Whether you're self-employed or an employee, you can take advantage of contributing to a retirement account! Check with your tax accountant to determine the tax effects and any limits on your contributions.

💸 MAXIMIZE DEDUCTIONS 💸
If you run a business, make sure you're tracking every single business expense!

📈 INVEST IN A TAX-EFFICIENT MANNER 📈
Work with a trusted financial professional to set up a tax-efficient investment strategy.

Want a personalized tax strategy? I can help you! 📲

READ THIS POST IF: 👇

Your kids are attending summer day camp ☀️🏕️
You've hired an in-house nanny 👶🧑‍🍼
You send your kids to daycare 🏫👦👧
If you're working (or looking for work) and paying for childcare costs for a qualifying child, you may qualify for the Child and Dependent Care tax credit. 💸🧾

Consult with your tax accountant to ensure you meet all the tests on slide #5 to qualify! ✅📊

Have you spent money on a doctor's visit, dental cleaning, or even Tylenol in the past few months? 💊

If you have an HSA, you could have used those funds to pay!

A Health Savings Account (HSA) is a savings account funded with pre-tax money that can be used on qualifying medical expenses. 💸

What's the catch?

You must be a part of a High Deductible Health Plan for your insurance. 🏥

✈ If you've got upcoming business travel plans this summer, you need to save this post! 📌

Things like your plane tickets, hotel costs, and even dry-cleaning expenses can all be deductible if they meet the tests to be a qualified business travel deduction.

When in doubt, document your expenses and ask your accountant!

June 17th is the due date for paying your second quarter estimated taxes! 📆

Want to know my FAVORITE hack for never missing an estimated tax payment?

Using IRS Direct Pay, you can schedule payments up to one year in advance. 💸

👉👉Please send us your Profit and Loss through May 31 by June 10th, so we can advise you on an estimate to pay.

I'm going to save you a thousand Google searches with this one answer...

It depends.🤔

When it comes to getting an answer to a tax question correct, the most important thing is CONTEXT.

🔍 The answer to your question can change based on tons of different factors like your age, filing status, income level, employment status, state of residency, and more!

If you have a tax question, PLEASE ask a trusted tax professional.

Heads Up! You've got FOUR tax deadlines coming up this month 👇

On April 15th, you need to:

💸 File your individual tax return and pay any taxes owed

💸 Pay your first quarter estimated taxes for 2024

💸 File your corporate tax return (or extend it) and pay any taxes owed

💸 File returns for any calendar year estate and trusts or extend them

We provide all our clients with estimated payment vouchers for your quarterly payments, please reach out if you have any questions!

🚀 Ready to ignite your entrepreneurial journey? Join us on the latest Beyond Freedom Podcast feat. Darien Claxton!
💼 Discover how to align your passions with work, crush obstacles, and power your career with faith. Claxton
👀 Watch the episode on YouTube: https://youtu.be/13fEFqncH0o?si=OAVjRMaZU8wCiEF1
👉 Don't miss out! Listen to the full discussion on all platforms: https://lnkd.in/ebuAEjFdhttps://redcircle.com/shows/27908377-20ec-4cee-9bfd-fc97e8a8a12b

Exploring Entrepreneurial Success I BF Podcast Ep 3 Join hosts Jay Moore and Shona Bell in an inspiring conversation with Darien Claxton, the visionary behind ClaxTrack Solutions, on the Beyond Freedom Podcast...

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https://youtu.be/ecTxcJX5UV0

Beyond Freedom Podcast Ep. 01 In this empowering episode of the Beyond Freedom Podcast, hosts Jay Moore and Shona Bell take us on a journey through their transitions from conventional car...

New Year, New Beginnings!!!!

So much more to come.

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Wishing a very Happy Labor Day to you.

Building wealth requires the faithful stewardship of the opportunities that are given to us.

You become financially free when your passive income exceeds your expenses. - T. Harv Eker