SmrtCents Bookkeeping & Tax Services

Welp, my friends, here we are circling back to tax season! Here are some important dates for both my individual and business taxpayers to put on your calendar 📅.

📅 Jan.16 --> First day to file biz returns & Q4 Tax due date

📅 Jan. 29 --> First day to file individual taxes

📅 Mar. 15 --> Deadline to file return or extension for Partnerships & S-Corps

📅 Apr. 15 --> Deadline to file return or extension for Individuals & C- Corps

📅 Sept 16 --> Deadline for extended Partnerships & S- Corps

📅 Oct. 15 --> Deadline for extended Individual & C- Corp returns

If you need some help, feel free to shoot me a DM or book a call on the website.

Does 1099 season always sneak up on you after the holidays?! 🤔

📆 Sending out 1099s and W-2s is one of the first big tax deadlines of the year... but you don't have to wait until January to start prepping!

If you want to get a head start on your 1099-NECs, do this:

STEP 1️⃣: Make a list of all the contractors you paid this year.

STEP 2️⃣: Verify the amount paid to each contractor.

STEP 3️⃣: Collect W9s from your contractors.

1099-NECs may not be the only 1099s you need to file this year! Consult with your tax professional to ensure you meet your filing obligations.

Here's my 1st gift to you! 5 strategies business owners can implement for year-end planning.

It's Dec 1, and now is the time to execute! Maximizing tax savings requires some up-front planning. Waiting until Jan, Feb or March won't cut it!

If you need help, I got ya! Book a strategy session or shoot me a DM.

People love to complain about Mondays. Not on my watch! Today, we are flipping the script and our mindset.

Tell me one reason why you ❤️ Mondays!?

I'll go first!

I ❤️ ❤️ ❤️ Mondays because it the first day of a brand new week (for most). I love to use Mondays as a way to set the tone for the next 5 days. My goals are set, and I have a plan in place to tackle my week. I see nothing but opportunities in front of me.

Tag, you're it! Drop a ❤️ below or tell me why you love Mondays!

Whew! I have been learning and studying the ins and outs of E-commerce Bookkeeping for the past 3 months. So happy to say I passed the exam today!! Another skill added to my arsenal. Always striving to get better.

With me being an E-commerce seller myself and also in the accounting space, it only made sense to go after it.

Ya girl has been slipping but I’m back with a good one. Let’s talk about the new standard mileage rate.

So the IRS announced an increase in the standard mileage rate for 2023. It’s at an ALL TIME HIGH of 65.5 cents per mile. An increase in the mileage rate = keeping more money in your pocket.

For every 1000 miles driven, you can get a $655 deduction!! 🤯🤑

Now, in order to take this deduction it has to be for BUSINESS MILES only. We are at the beginning of a new year so there is no better time to get organized than now.

I suggest downloading a mileage tracker app that will help you track your miles. If you don’t want to do that then you can keep an old school mileage log. As always record keeping is 🔑.

These rates apply to electric and hybrid-electric automobiles as well as gas and diesel powered vehicles.

So the Standard Mileage Rate is ONE way you can deduct your auto expenses. Stay tuned and I’ll let you know the other method you can use to deduct your auto expenses.

If you have questions or need help with taxes, send me a message or email at [email protected]

Crypto Edition. This one is for my peeps involved in the virtual currency world.

The IRS is cracking down and making sure people are properly reporting their crypto activity.

There are tons of apps and websites that help you keep track of your crypto trades. Do your research and see which one you like best.

What's up good people, Happy New Year!(the time is coming to stop saying that... it might be now! 😬)

I'm back for another edition of Tax Tip Tuesdays, the first of 2022. Today, I wanted to share a couple of tips on what you can do to prepare for tax season now that we are in a new year.

There are some things that can still be done to help you minimize your taxes owed for the 2021 tax season.

If these tips help you or if you have any questions, please comment below. 👇🏽

If you need help with your taxes or bookkeeping, also comment below or shoot me a message. 👌🏽

Happy 1st Tuesday of 2022!!
Oh and please follow my business page in my bio. 🤗

Tax Tip Tuesday: As a small business owner, there are a few things you should do to make your life easier...

1. Have a biz bank account that is different from your personal.

2. Keep your business and personal transactions completely separate.

3. Track all of your income and expenses. (Technology makes this easy to do)

4. Pay estimated taxes, which can help minimize the surprise of a large tax bill at the end of the year.

5. If you're too busy to handle this on your own or it's too overwhelming, then hire a professional who can take care of it for you.

👉🏽 If you do #1, it makes #2 that much easier.The IRS despises the comingling of personal and business transactions. In the case of an audit, it would be a nightmare to have both mixed up together.
👉🏽 With the many apps available today, it's easy to hook up your bank account to start pulling in your transactions. I recommend using QuickBooks Online.

👉🏽 Take a portion of your profits each quarter and send a payment to the IRS. Not only will it help reduce the shock at the end of the year, but it can also help prevent underpayment penalties.

👉🏽 If you need help with filing your taxes or getting your books in order, we're here to help! Contact us today.

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