It’s Year-End Close! Are You Ready? Here are some tips for fiscal year end close. “Invest in A Good Bookkeeping and Accounting System.” -Angela Sticca Snyder (06:07-06:10) Are you prepared for the year-end? It’s critical to review your business financials as this information will be used to prepare your tax returns. How else are you supposed to analyze the performance of your business? In this episode, Angela Sticca Snyder will give you some actionable year-end accounting advice that you don’t want to miss. Part One of ‘It’s Year-End! Are You Ready?’ If you’re sitting on a huge profit, you might want to make some asset purchases before the end of the year. For instance, if your highest tax bracket is 30% and you buy a new computer for $1,000. That means you saved $300 on your federal taxes. So, it’s a good time to take a look and see everything that you know you’re going to need to buy soon. It’s a good idea for you to buy it now before the end of the year. “Keep in mind that you’re technically supposed to have all your taxes paid by the end of the year.” – Angela Sticca Snyder (02:13-02:17) For some reason, I have received notices about penalties. The tax was due back in December or at the latest April 15th, but they didn't get it filed. They filed an extension but only an extension of time to file and not an extension to pay. What you can do is you can go to irs.gov/payments and go ahead and set up an account and make a payment that way. Nobody wants to make a payment to the IRS, but you also don't want penalties or interest. So, that's one thing to keep in mind. If you think you have any balance due or you think you've got an under-withheld for your taxes, do something about it. Make sure that you file on time to cut those penalties or put in estimated tax payment. It's super simple to organize your taxes. We have amazing tools to make your life easier in terms of tax and accounting. Even if you don't do anything with it throughout the year and you have it for tax time, at least you've got it organized. If you don't have some type of checks and balances, something's going to fall through the cracks. Part Two of ‘It’s Year-End! Are You Ready?’ Here’s another cool tip for you. When you get 'frequent flyer points' or 'credit card points', don't use it for business purchases. Your business buy would be deductible anyway. You can use it for other things like Christmas gifts for a holiday item, or for yourself. “If you’re sitting on any old capital losses or mutual funds, consider selling some of your investments.” - Angela Sticca Snyder (03:49-04:03) There’s another important thing you need to keep in mind. If you have a flexible spending accounts or an HSA, make sure to maximize that before year-end. It’s a good idea to fund your HSA each year because that money can grow, and it comes out tax-free for medical purposes. When you pull it out in your later years with your flexible spending account, you've got to use it or lose it. So, look at your flexible spending account and see if there's anything in there, any stock sales. Now is a good time to sell some of your investments or your mutual funds if you're sitting on any old capital losses. The market is up so high that you would be able to offset those capital gains with any leftover capital loss. Remember, you're limited only to 3000 a year. So, if you capture some of those gains, then you can offset it with some of those losses and not have to pay it. To end this podcast episode, make sure that you start the year off right with a mileage tracking app. Consider getting some type of good bookkeeping and accounting system. No receipt, no deduction. How to Get Involved Taxanista is a leading certified public accountant who offers reliable professional tax and accounting services. She is a consummate strategist. She loves listening, analyzing and developing strategic plans. Do you have bigger issues? Taxanista can help you fight off the IRS. Angela knows how unsettling some of your struggles may be that’s why she offers private consultations for your business and tax matters. Increase your profit by knowing your numbers. Reach out to her now. https://www.taxanista.com/

Are you at risk of an IRS Audit? Have you not filed in years? Are you a business owner in trouble? Then you HAVE to watch this video! We have all levels of service to assist your startup, growing and established business. GROW SALES. INCREASE PROFIT. KNOW NUMBERS. Reach out to us https://taxanista.com/ https://taxanista.com/Contact/

Should your company become a limited liability company or an S-corporation? Here's the difference between LLC and an s-corporation. Tune into the FULL EPISODE to learn about the differences. And, subscribe to the channel for more tax and accounting advice just like this. ------------------------------------------------------------------------------------------------------------- Taxanista is a leading certified public accountant who offers reliable professional tax and accounting services. She is a consummate strategist. She loves listening, analyzing and developing strategic plans. Do you have bigger issues? Taxanista can help you fight off the IRS. Angela knows how unsettling some of your struggles maybe, that’s why she offers private consultations for your business and tax matters. Increase your profit by knowing your numbers. Reach out to her now. https://www.taxanista.com/

There's a difference between a 1099 and a W2. Most people get W2's. W2 is when you're an employee and you're working for someone else, and they're withholding taxes for you. It's the most common way of getting paid. 1099, on the other hand, is when you're doing side work, maybe a gig or some extra work for somebody, or you have your own business and your customers then give you a 1099, that income is not taxed before you receive it. So, when you get your income, it comes to you in a gross format. With that, then you get to write off deductions that go against that income. In this week's episode, Angela Sticca Synder talks about W2 vs. 1099. Part One of ‘W2 vs. 1099’ It is imperative that you save your financial documentation. Credit card statements will not support you in an audit. What you need to have is a receipt that shows what was purchased. So, if you go to a store and they hand you that receipt, you need to make sure you take a picture of it to save it. If you buy something online, set up a folder on your computer that's called invoices or receipts. You want to make sure you have a copy of every item on your tax return. Now that you're using a 1099 form, you want to make sure that you're keeping track of all expenses involved and carrying out your duties of whatever function you're doing to earn that money. If you're driving for business purposes, then you need to make sure you have a mileage tracking app. That's the second thing that's most important. When you get your 1099 form, there's a lot of good free apps out there. You can turn it on, and it just runs in the background. Technically and legally, you are supposed to have the starting and stopping odometer reading. Also keep track of where you went, who you went to see and the business purpose. Keep your mileage tracked and use an electronic calendar that's got your appointments. Part Two of ‘W2 vs. 1099’ Now if you're audited, you have a backup. If you're organized, do it now. Many business owners have more time to spend on making money than keeping track of this. As long as you've got outstanding support, you'll be fine. With a 1099 form, even if you're a sole proprietor or an LLC, you still report your income and expenses on a Schedule C small business form. It gets filed with your 1040 tax return if you report your gross income. which would be all of the income you received before any expenses. It is crucial that the total gross income on your Schedule C at least equals or exceeds the sum of all your 1099. If you have 1099 that's greater than what you're reporting as income, you will automatically receive a notice from the IRS. They have a matching system. If they mismatch and your income reported is last, you'll get a notice. Once you reported all of your income on Schedule C, there are lots of deductions that you can take. Anything that you incur to operate your business is deductible. For instance, things like advertising, marketing, promotion, and anything you're doing to get your name out there. This also includes pins, business cards, or flyers, all that kind of stuff that you are expanding to get people to notice you. Other expenses that you can incur would be retirement plans. You can set aside money for yourself in retirement: any office expenses or office supplies, your cell phone use, and even your home office. The home office is not the risk it used to be. So, for instance, if you do work out of your house and you have a home office, but you're conservative, or you're unsure, then take the standard home office because you can take that, and it doesn't require any supporting items. Again, the difference between the W2, which is when you're truly an employee and 1099, is that your social security and medicare taxes come out of the W2, and the employer also pays their half. When you get 1099, you report your gross income; you have deductions to come out of your net income, but remember there are no taxes withheld from your 1099. Tune into the full episode for more tips. How to Connect Taxanista is a leading certified public accountant who offers reliable professional tax and accounting services. She is a consummate strategist. Do you have bigger issues? Taxanista can help you fight off the IRS. Angela knows how unsettling some of your struggles may be that’s why she offers private consultations for your business and tax matters. Increase your profit by knowing your numbers. Reach out to her now. https://www.taxanista.com/

Make sure you get your account set up at IRS.gov and we'll give you tips and guidance on how to make your tax payments made online.

You can pull your Wage and Income Transcript, your Account Transcript, and your Tax Return from the IRS.gov. Here's a recap... #irs #taxreturn

There are lots of things to consider in determining whether you want to become an S-corp. It is not a black or white decision. If that sounds like something that you want to discuss, give me a call or click on this link: 480-331-3316 https://taxanista.com/ #taxreturn #accounting #irs #financialstatements #llc

Here are a few Tips for Small Business for tax preparation. Need professional help? Give me a call or click on this link: 480-331-3316 https://taxanista.com/ #taxreturn #accounting #irs #financialstatements

Watch the video for interesting info to learn which one to start with. Need professional help? I can. Give me a call or click on this link: 480-331-3316 https://taxanista.com/ #taxreturn #accounting #irs #financialstatements

When is a good time to make an election to become an S-Corp? What are the benefits of becoming an S-Corp? Watch the video for quick tip! Need professional help? I can. Give me a call or click on this link: 480-331-3316 https://taxanista.com/ #taxreturn #accounting #irs #financialstatements

Partnerships are automatically formed when you have two or more individuals or entities that come together to form a business. There are crucial steps you definitely don’t want to forget to ensure that your partnership stays in business. So if this intrigues you and it's something you want to discuss, give me a call. 480-331-3316 https://taxanista.com/ #taxreturn #accounting #irs #financialstatements #partnership

When your income is about at a certain limit, currently it’s $250000 and you’re a Partnership or an S-Corporation, you’re now required to report a Balance Sheet. Watch the video for tips. Need professional help? Give me a call or click on this link: 480-331-3316 https://taxanista.com/ #taxreturn #accounting #irs #financialstatements

Congratulations on the acceptance of your S-Corp. Do you know how to proceed? Need professional help? I can. Give me a call or click on this link: 480-331-3316 https://taxanista.com/ #taxreturn #accounting #irs #financialstatements

How Do Taxes Work For Small Business? How do taxes work in America? Let's break it down simply. Taxes might not seem like an exciting subject, but most people don't know how taxes work. Financial advisors are most guilty of this. It's about time for the facts on different investing you can do. We’ll learn about savings, various tax brackets, and all that cool stuff. In this week's episode, Angela Sticca Synder talks about Tax Brackets & Income Buckets, together with her special guest, Eric Elam. Part One of ‘How Taxes Work’ There's a thing called a progressive tax system. When you break into the next tax bracket, if you go $5 over, that means only five of your dollars are tapped at that next tax bracket. That's why there's also an effective tax. When it comes to savings, there are ways the IRS allows us to save money. You may refer to these savings as buckets. The first bucket that will enable us to save is called the taxable bucket. It just takes it straight out of your checks now. They allow you to put it somewhere. And when you put it somewhere, any growth you get on it, it's taxable. Then you invest in stocks, mutual funds, bond brokerage accounts, or any market investments that aren't tax-protected. You get multiple 1099s. It sounds like a tax document. It's like a love note from the financial institution. They’re sending you the best greetings for making money. You know that someone else is investing with you when you are in this bucket. Financial advisors all disagree about a lot of different things, but one thing they could all agree on is the correct amount to keep in this taxable bucket. But at the same time, you can have little in this bucket. The tax-deferred bucket is the most well-known bucket in the American populace right now. If you have a job, a traditional job, or you're with the government or school system you’re used to a 401k. If you're the owner of a company, highly compensated and making a lot of money, it might be something to look at. At least in place of a 401k. Those are some great things that are out there. Now, all of these accounts have very different IRS tax codes, but they have three areas in which they overlap. First, when you put money into these accounts, you get a deduction. It's a deduction, so you don't have to pay the income tax on the amount you're putting in. Let's count your IRA, 401k, whatever it is. You're then able to pay taxes on $90,000. So, it reduces the reportable income. Work with your tax professional when putting away money. You want to make sure that you stay on that straight and narrow path. You're going to want to pay attention to that. It's going to be relevant to how you save money in these buckets. The IRS has a particular word for the money you take out of these accounts. It's treated as ordinary income because you originally earned it working. You didn't pay income tax on it. Now, you are going to pay income tax on it. You're still receiving that money as income just at a later date. What this means is that you enter a business partnership. The problem with this business partnership is the fact that someone can vote every year on the percentage of your business profits he gets to keep. Unless you accurately predict your future taxes, you don't know how much money you have. You've saved 1 million bucks, with 30% taxes you've only got $700,000. If taxes go up higher, you have less available to you. The last thing all of these accounts overlap on is that eventually, you will be taxed. That means you have a little bit longer before you have to pull money out of your taxable investments. Do you think taxes will be higher for you in the future or lower for you in the future? Now, if we did know the day taxes were going to be higher, would that be an essential thing to remember? Tune in to the full episode for more information. How to Get Involved Every investment firm has principles and a mission statement, and they usually sound exactly the same. CalChoice Financial is different in almost every way, understanding different isn’t always better but being better is very different. Their principles were deliberately created with you in mind. At CalChoice Financial, they utilize relevant and modern solutions to create personalized plans for our clients which are as unique as they are. http://www.calchoicefinancial.com/ Taxanista is a leading certified public accountant who offers reliable, professional tax and accounting services. She is a consummate strategist. She loves listening, analyzing, and developing strategic plans. Do you have more significant issues? Taxanista can help you fight off the IRS. Angela knows how unsettling some of your struggles may be; that's why she offers private consultations for your business and tax matters. Increase your profit by knowing your numbers. Reach out to her now. https://www.taxanista.com/

Do taxes sound daunting to you? It may sound very tedious. But let's face it, you probably didn’t prepare throughout the year. If you haven't done anything to get ready for taxes, in this week's episode, Angela Sticca Snyder talks about what you need to do to prepare for taxes. More Information About Taxanista: Taxanista is a leading certified public accountant who offers reliable professional tax and accounting services. She is a consummate strategist. She loves listening, analyzing and developing strategic plans. Do you have bigger issues? Taxanista can help you fight off the IRS. Angela knows how unsettling some of your struggles may be that’s why she offers private consultations for your business and tax matters. Increase your profit by knowing your numbers. Reach out to her now. https://www.taxanista.com/

Tax Brackets Explained for 2020 The IRS revealed the 2020 tax brackets, and it's never too early to start planning to reduce money owed for taxes. You can start thinking ahead about how to handle your 2020 finances in the most cost-effective way. In this week's episode, Angela Sticca Snyder explains tax brackets for 2020 and why they are important. If you had the choice between a 0%, 12%, or 37% tax bracket, which one would you choose? Some of you might respond with, "I'm going to pick the highest tax bracket there is. I'm going to pick 37%. What's 0%?” The 0% tax bracket means unemployed. You want to be at the highest tax bracket you can be at. I'm going to use simple and easy to understand numbers. They're not going to be real tax brackets. For instance, let's say you made $100,000, the tax bracket from zero to $50,000 was 0%. Then, from $50,001 to $100,000, it was 15%. Then from $101,000 on up, on to 90%. Let's say I earned $100,001. I'm in the 90% tax bracket. It sounds horrible, doesn't it? But in the 90% tax bracket, my $1 is getting taxed at 90%. My zero to $50,000 has no tax on it. My $50,001 to my hundred thousand has the 15% bracket. You always want to be in the higher tax bucket because it's only the incremental amount above that is being charged. It's your taxable income that is important, not your gross income. We've got our wages, we've got our 1099, and our interest, dividends, or capital gains. We've got adjustments that come off. Maybe we have self-employed health insurance, or we contribute to our retirement account and the standard deduction. We itemize our deductions. We have our gross income, then our deductions, and that gives us our taxable income. That is the number that you look at to determine what tax bracket you're in, not what's on your W2 or your 1099. I hope this helps you achieve the highest tax bracket possible. How to Get Involved Taxanista is a leading certified public accountant who offers reliable professional tax and accounting services. She is a consummate strategist. She loves listening, analyzing and developing strategic plans. Do you have bigger issues? Taxanista can help you fight off the IRS. Angela knows how unsettling some of your struggles are, that’s why she offers private consultations for your business and tax matters. Increase your profit by knowing your numbers. Reach out to her now. https://www.taxanista.com/

What is Cost of Goods Sold? What is Gross Revenue? These questions are crucial to ask when starting a business, file a tax return, and in this case applying for a loan. In this video Angela goes through 1. Different scenarios with examples of cost of goods sold 2. The definition of gross revenue 3. Full Time Equivalent Employee Definition 4. How all of these relate to the Stimulus Loan Available and can be used for your benefit

Get all your questions answered about the new Paycheck Protection Program (PPP) recently released by the government as a Coronavirus Emergency Loan. Click here for PPP Application https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf?j=268557&sfmc_sub=109028469&l=3151_HTML&u=8813281&mid=7306387&jb=71&utm_medium=email&SubscriberID=109028469&utm_source=NewsUp_A20Mar225&Site=aicpa&LinkID=8813281&utm_campaign=Newsupdate&cid=email:NewsUp_A20Mar225:Newsupdate:Share+the+application:aicpa&SendID=268557&utm_content=Special

A guide on Emergency Economic Injury Disaster Loans