Barnes Financial Concierge

Happy Labor Day from Barnes Financial Concierge! Today, we celebrate the hard work and dedication of those who keep the world turning. Wishing you a day filled with relaxation and appreciation for all you do!

Barnes Financial Concierge is proud to offer monthly financial updates as well as company updates in our newsletter! Stay in the know of all things BFC especially as we approach the new tax season.

Subscribe here: https://www.barnesfinancialconcierge.com/

Learn how to build the habit of treat taxes as another expense of your business! Understand what you owe and why you owe it (what determines your tax bill). Pay it, and pay it timely. Build the muscle. Don’t keep pushing it off until it becomes a big bill!

As an entrepreneur, low funding is something that many business owners come across. So, how can you overcome it? Sometimes a small business loan is the most efficient way to help you get back on top. Swipe ➡️ to see 3 ways to help you improve your chances of getting approved for a loan.

There are several things that can trigger anxiety, including finances. It’s important to acknowledge when things make you feel anxious.

We recommend creating a plan and breaking it down into small steps can help ease the overwhelming feelings of a large deadline or task. For more help on finances this time of year, visit our website below to learn more about our services.

https://www.barnesfinancialconcierge.com/

Non-profit entities must submit their yearly information reports by Wednesday, May 15th.

An automatic 6-month extension to file a return is granted if both of the following apply:

1️⃣ The organization is not suspended on the original due date.

2️⃣ The organization's return is filed on or before the extended due date.

For more information, visit: https://www.ftb.ca.gov/about-ftb/newsroom/tax-news/november-2020/exempt-organization-filing-due-dates.html #:~:text=Exempt%20organizations%20are%20required%20to,close%20of%20their%20taxable%20year.

May is National Mental Health Awareness Month!

We recognize that this time of year can be stressful for many people, and we’re here to help.

One way to help reduce stress when it comes to your finances is to create a plan and track your progress, big or small! Create a budget, and stick to it. Visit the link below for more ways you can help reduce stress with your finances.

https://www.washingtonpost.com/wellness/2024/01/26/financial-stress-mental-health-coping-tips/

There are several updates coming to the SAVE plan in 2024! Swipe 👉 to see what they are.

For more information on the save plan, visit the 🔗 below.

https://studentaid.gov/articles/6-things-to-know-about-save/ #:~:text=Starting%20in%20July%202024%2C%20payments,5%25%20of%20your%20discretionary%20income.

May is National Mental Health Awareness Month!

We recognize that this time of year can be stressful for many people, and we’re here to help.

Throughout May, we will be providing tips and resources to help you with your finances.

As we make our way through the second quarter, let’s take a look at the upcoming deadlines! If you filed an extension and need to schedule your tax appointment, visit the link below.

https://linktr.ee/barnesfinancialconcierge

Happy Earth Day from all of here at Barnes Financial Concierge!

In honor of our planet and tax season, we wanted to share clean energy deductibles to keep in mind when you file your taxes both now and in the future.

1️⃣ Driving a clean vehicle has many benefits both for the planet and for your wallet. You can find deductibles for both driving a clean vehicle and also for having vehicle refueling and recharging property in your home or business.

2️⃣ If you make qualified energy-efficient improvements to your home after Jan. 1, 2023, you may qualify for a tax credit up to $3,200. You can claim the credit for improvements made through 2032.

3️⃣ If you invest in renewable energy for your home such as solar, wind, geothermal, fuel cells, or battery storage technology, you may qualify for an annual residential clean energy tax credit.

Visit the link below for full details on each deductible option!
https://linktr.ee/barnesfinancialconcierge

Part 1 of tax season may be over, but scammers are still out there! They are commonly targeting emails, your phone, and regular mail to try and trick not only individuals but businesses as well.

Things to note to help avoid scammers:

1️⃣ The IRS does NOT initiate contact with taxpayers by email, text, or social media channels to request personal or financial information.

2️⃣ Do not respond or click any link that seems to be from the Taxpayer Advocacy Panel (TAP). If you receive this scam, forward it to [email protected] and note it seems to be a scam.

3️⃣ The IRS does NOT demand a taxpayer use a payment method such as a prepaid debit card or gift card.

4️⃣ The IRS does NOT demand you pay taxes without the opportunity to question or appeal the amount owed.

5️⃣ The IRS does NOT threaten to bring in law enforcement to have you arrested for not paying.

It’s officially Tax Day!

Today, your 2023 tax return and payments are due. If you filed an extension to avoid a late filing penalty, remember your payments are still due today to avoid a late payment penalty. It’s also important to pay attention to upcoming dates leading up to the September 15th & October 15th extension deadlines.

Tax Day is quickly approaching! Are you able to file by Monday, April 15th?

If you are not able to meet this deadline, it is important to request an extension to avoid a late filing penalty. Barnes Financial Concierge can help you with this request at the link below. For any questions, send us a message!

https://linktr.ee/barnesfinancialconcierge

Happy April, everyone! As we make our way through this new month, it’s important to keep an eye on upcoming tax season deadlines. If you will not be able to file your taxes by the April 15th deadline, it’s important to file an extension so you avoid late filing penalties.

Visit the link below to request an extension with one of our tax experts.

https://linktr.ee/barnesfinancialconcierge

Do you understand the mortgage interest deduction? Let us help you! This deduction can help save you money when it comes to your taxes. Visit the link below to learn about what the mortgage interest deduction means for you.

Do you still need to file? You can also visit the link below to file an extension with one of our experts.

https://linktr.ee/barnesfinancialconcierge

Starting in July 2024, there will some be additional limits on which plans you can switch between.

If you’re on the SAVE Plan, you will not be able to re-enroll in the Pay As You Earn (PAYE) Repayment Plan or the ICR Plan after July 1, 2024. If you make 60 or more payments on the SAVE Plan on or after July 1, 2024, then you will not be able to enroll in the IBR Plan.

Questions? Leave a comment or send us a message! To learn more about the SAVE Plan updates, visit the link below.

https://studentaid.gov/articles/6-things-to-know-about-save/

Are you a soon-to-be graduate? Prepare for your transition into the workforce by taking control of your finances with the guidance of an accountant. Our services include strategic planning to efficiently manage and pay off your student loans, along with comprehensive tax accounting services that include an annual consultation to ensure your financial affairs are in order!

Visit the link below for more information on our services.

https://www.barnesfinancialconcierge.com/

If you’re self-employed or have significant income from sources other than employment (investments, capital gains, etc.), plan and pay estimated taxes quarterly to avoid underpayment penalties! These dates include April 15th, June 15th, Sept. 15th, and Jan. 15th.

Need help? Visit the link below to chat with one of our experts on the best way to go about your taxes.

https://linktr.ee/barnesfinancialconcierge

We are officially less than one month away from the April 15th filing deadline for individuals and C-Corps!

If you still need to file, make sure to schedule your intake appointment with one of our tax experts by April 4th to avoid a late filing fee.

Schedule with us: https://linktr.ee/barnesfinancialconcierge

Are you looking to better understand what your business may be able to write off? Understanding what is deductible when filing taxes is crucial for several reasons:

1. Reduce tax liability
2. Maximize your refunds
3. Optimize business operations

There are many more reasons why deductibles are beneficial, and our list of common deductions is here to help. Visit the link below for more deductions you should keep in mind.

https://drive.google.com/file/d/1xs1Q7JulY_ljN5OiEDa6caCKNxx5sEob/view

Did you know there are two different due dates for LLCs? This can often be confusing for business owners, so we want to help! Swipe through to learn about the differences between the March 15th and April 15th deadlines.

If you need help clarifying which structure fits your business, we recommend signing up for a Tax Analysis with BFC. To schedule your intake appointment, please email us at [email protected]

We are nearly one month away from the tax filing deadline! Here are some common questions regarding tax filing extensions.

Do you still need to file? Visit the link below to schedule an intake appointment with one of our experts.

https://linktr.ee/barnesfinancialconcierge

Paying off owed taxes can be an overwhelming experience, often causing significant stress during this time of year.

An effective way to manage what you owe and help make your way through tax season is by setting up a payment plan with the IRS. These plans include short-term and long-term structures, depending on your needs. To learn more, visit the link below.

If you still need to file your taxes, we can help! Visit the second link below to schedule your intake appointment with one of our experts.

IRS Information: https://www.irs.gov/payments/payment-plans-installment-agreements
Schedule with us: https://linktr.ee/barnesfinancialconcierge

Happy International Women’s Day!

Today we celebrate the incredible achievements of women who are breaking down barriers and paving the way for future generations. Did you know that women-led firms grew by over 16% in the last 7 years?

Women continue to put their ideas into action by creating projects and businesses that support our families, communities, and larger networks.

Keep pushing forward!

Join us for our FINAL session of our live Q&A and work session tonight at 7pm EST!

This is a free 60-minute event where we gather together online, listen to soothing sounds, and compile the traditional documentation needed for your taxes. Aquaila will be present to answer any questions that may arise as we get these forms together. Visit the link below to register!

https://us02web.zoom.us/meeting/register/tZYof-ytpz4uE9aqjWyuCryodebZXmsYpSge #/registration

Do you use your cellphone for work? Learn how to claim it as an expense! Swipe ➡️ to see how.

As we come to the end of February, we wanted to share another resource for amazing Black-Owned businesses that you can support not only during Black History Month but all year round.

Visit the link below to view NBC’s list of 200 Black-Owned businesses that span across shopping categories like beauty, home and kitchen, fashion, and more.

https://www.nbcnews.com/select/shopping/black-owned-business-guide-ncna1258948

There are over 3 million Black-owned businesses in the U.S. — here are 200+ we love Shop clothing, beauty products, home goods, snacks and more from these brands during Black History Month and beyond.

Balancing student debt and retirement savings can feel challenging, but a new workplace benefit allows both.

The recent omnibus spending bill, signed by President Biden, permits employers to match 401(k) contributions with payments towards student debt starting January 2024.

Learn more here: https://www.fa-mag.com/news/how-to-save-for-retirement-by-paying-down-student-loans-71648.html?section=43&utm_source=FA+Subscribers&utm_campaign=2f270aa339-EMAIL_CAMPAIGN_2022_12_15_02_40_COPY_01&utm_medium=email&utm_term=0_-4509a27748-%5BLIST_EMAIL_ID%5D

How To Save For Retirement By Paying Down Student Loans Employers can now extend their 401(k) match programs to employees' student loan payments.