JMS Tax & Business Solutions, Philadelphia, PA Videos

📆 It's that time again! Make sure your quarterly estimated tax payments are on time to avoid penalties and to help you reduce your tax liability. Here’s a quick checklist: Calculate your estimated taxes. Double-check your numbers to ensure accuracy. Submit your payment online. Save this post and tag your entrepreneur friends! 📊💼 #TaxTips #EstimatedTaxes #FinancialHealth #EntrepreneurLife #businesstipsforsuccess

5 Bookkeeping Tips Every Entrepreneur Should Know! 🧾⤵️ We wish more entrepreneurs knew these simple bookkeeping tips to save time and money in their business, and get the most out of the services they invest in: ✨Separate Business and Personal Finances: Keep your business and personal expenses apart for clear financial tracking. ✨Keep Updated Records: Stay on top of your financial records to avoid end-of-year stress. ✨Understand Financial Principles: A basic understanding of financial principles can help you make informed decisions. Learning how to understand your profit and loss or balance sheet reports. ✨Acknowledge Important Tax Deadlines: Don’t let tax or state deadlines sneak up on you—stay organized and ahead of the game. ✨Regular Communication is Key: Keep in touch with your accountant to ensure everything is running smoothly. Looking for a new accountant/bookkeeper? This is the best time to find a new accountant vs waiting until tax season. We can help your business save time, money, and headaches during tax time! 📲💬

Try this to Prepare for the Second Half of the year ⤵️ Review your mid-year financials: Assess your income statement, balance sheet, and cash flow to understand your current financial health. 💰 Adjust your budget: Based on the first half’s performance, set realistic targets for the rest of the year.💰Project your cash flow: Ensure you have enough liquidity to cover expenses and invest in growth opportunities.💰Review your tax obligations: Plan for upcoming payments or filings to avoid tax surprises. Tax planning is key! 💰Set clear financial goals: Define goals for the next six months and develop a strategy to achieve them.Need help freeing up your time while we take care of the numbers? Let’s chat. #BusinessStrategy #FinancialPlanning #MidYearReview #TaxPlanning #CashFlowManagement #SetGoals #GrowYourBusiness

🚨 The clock is ticking-time to act NOW! If you haven't filed your taxes yet, don't wait any longer. Consider filing for an extension if you're not quite ready to submit your return. Remember, even if you anticipate owing taxes, you still need to make a payment by 4/15 to avoid penalties. If you are behind on your bookkeeping, you will be required to file for an extension with us. Ignoring this deadline could end up costing you more in the long run. Don't let procrastination lead to unnecessary stress and expenses. Take control of your taxes today! 💸 We are here to help. Book your appointment now! SAVE and SHARE this post.

📝 Are you wondering which business forms to file? It's a common question that we get often, so here is a quick guide to the tax forms you'll need for different business structures. 🗓️For partnerships, multi-entity LLCs, and S-corporations, March 15 is the due date for filing 1065 and 1120S returns, along with the Schedule K-1s. (These returns are filed separately) 🗓️For C-corporations, single-member LLCs, and sole proprietors, April 15 is the due date for filing 1120 and 1040 returns. We get it – small business tax documents can pile up fast and is overwhelming. 😅 So we are here to help! Let us take the stress out of tax season and ensure you're filing correctly and on time to avoid hefty penalties. Partner with us for a smoother, less overwhelming experience this year! 💼☺️ ... .... ... #TaxSeason2024 #jmstaxsolutions #accountantlife #biztips #strhosts #virtualaccountant #businessowner, #entrepreneurship

It's a new month, which means it’s time to complete & finalize your books from last month. Here's our month- end bookkeeping checklist to help you stay on track. ✅Review your Quickbooks, Stessa, Wave or whichever accounting software you prefer to use, and reconcile all your bank accounts. (Keep personal transactions separate, no more commingling.) ✅Set aside 20-30% of your income for federal taxes/ estimated tax payments. ✅Review your profit and loss statement from previous months to see how your business is performing. ✅Don’t forget the best part, paying yourself! Make sure to transfer whatever you decide is your paycheck to your personal bank. Always keep them separate! Still unsure if you caught everything or feeling confused? Shoot us a message for assistance.☺️

Maximize Your Success as an STR Host & RE Investor by outsourcing these 4 Tasks! As a CEO, it's important to recognize your strengths and weaknesses. One of the key things to consider when running your business is outsourcing tasks that you are- less skilled at, don't enjoy, or can't afford to spend time on. By outsourcing these tasks, you can focus on what you do best. Some of the tasks that you should consider outsourcing include accounting and bookkeeping, payroll, tax planning, social media & admin tasks. We understand the challenges that come with running a business. That's why we offer a range of services to help you manage your business finances and succeed. Let's chat and see how we can help you reclaim your time & focus on what matters most!

🗣️Get Your Finances in Order for Tax Season 📊💰
Are you stressing out? Here's why- You've been neglecting your bookkeeping for the past couple of years, so you're basically navigating your business blindfolded. 🙈 This not only hinders your business growth to scale but also leaves you unprepared for the tax season. Operating in the dark isn't the recipe for success. As a business owner, you need solid financials to accurately file your taxes – no guesswork allowed. 📊 We strategize; it's the foundation for becoming a true CEO and scaling your empire. But don't worry, I’m here to assist you. Only if you are ready to change your business narrative in 2024! Get on my calendar, asap so I can help you prepare for tax season and also explore ways to reduce your tax liability that you’re afraid of. 💰 New clients receive a discount this month, so don’t wait! https://calendly.com/jmsbooking/15min . .. #taxseason2024 #Ceogoals #LetsConquerTogether #taxstrategist

🎉Tax Season & BOI Reporting 🚨

🎉🎉 Tax Season Updates: Let’s discuss the new BOI reporting, how to avoid the $500 a day penalty & tax changes. Now accepting new tax clients: 📲 https://calendly.com/jmsbooking/taxconsult

Happy Holidays 🎁🎄✨

Maximize your Real Estate investments with these last minute tax strategies 💰💰

🗣️ If you haven’t done your bookkeeping all year, lack financial clarity, can’t see your profits or feel like your paying to much in taxes, you need our CEO Financial Blueprint Package! ⏰ We only have 1 month left to get you back on track, reduce your tax liability & help you prepare for the upcoming tax season. 40% off, until tomorrow! Dont wait until tax time to clean up your books, bc it’s going to cost you more. 😫 DM me, if you are ready.

🗣️Costly mistakes you’re making in your business! You need an Accountant now!
🗣️Costly mistakes you’re making in your business. You need an Accountant now!

Ready to scale your business or gain clarity on your tax and finances? Book a discovery call! 📞 In just one call, you'll gain clarity on how I can help you with: 💼 Monthly Accounting & Bookkeeping Services 🚀 Business Funding 💰 Tax Planning 📑 Business Formation Start up & Scaling your business ...And more! We'll explore how my services align with your unique business needs especially your tax liability. Let's chat about optimizing your business operations and finding ways to save you money.💰 Schedule your discovery call today and take the first step toward financial success! Click link below. Let’s work 👉🏾https://calendly.com/jmsbooking/taxconsult

Remember it’s important to keep your business and personal funds separate. You should never operate your business without a business bank account! There are several reputable banks that are known for offering business bank accounts. While options may vary depending on specific needs and preferences, here are a few recommended business banks💼: 🏦 Chase Bank 🏦 Key Bank 🏦 Truist Bank 🏦 Navy Federal Cu 🏦 Local Credit Unions 👉Research and compare the specific features, fees, and services offered by each bank. Consider your business requirements and choose the bank that best aligns with your needs and goals. 💪💼 What’s your favorite bank? Comment below.

💎𝐇𝐨𝐰 𝐓𝐨 𝐁𝐮𝐢𝐥𝐝 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐂𝐫𝐞𝐝𝐢𝐭 💰🏦💳 Building strong business credit is essential for the long-term success and growth of your company. It not only establishes your credibility as a reliable borrower but also opens doors to various financing options and favorable terms. Here are some crucial steps to help you lay a solid foundation and construct a robust business credit profile:⬇️ 1️⃣ Create and register a business: Start by legally establishing your business as a separate entity. Register your business with the appropriate government agencies and obtain an EIN #. This step ensures that your business is recognized as a distinct entity, & is separate from your personal credit. Also, set up a business phone number and virtual business address. 🔑 2️⃣ Open a Business Bank Account: Maintain a separate bank account for your business transactions to build credibility and ensure clean financial records. 🏦 3️⃣Create Net 30 accounts with business vendors (3-4): Partner with vendors who report payment histories to credit bureaus, enabling your positive payment behavior to be recognized. This builds a strong credit profile. 📈 4️⃣Make 3-4 purchases a month and pay-off invoices ASAP: Purchase necessary supplies and equipment for your business operations. This could include office supplies, machinery, software licenses, or any other items essential to running your business. Be sure to keep receipts and track these expenses. 5️⃣ Apply for a business credit card (PG or Non PG): Apply for a business credit card and use it responsibly. Pay them off in full each month to demonstrate your creditworthiness. 💳💯 6️⃣ Make sure all payments are on time: Consistently meet payment obligations to vendors, suppliers, and lenders. Timely payments reflect your financial responsibility and reliability. ⌛ If you’re ready to start your business credit journey and

📣S-Corporation Owners: Are you making these common COSTLY mistakes in your business? 💸💼 👉Commingling personal and business funds - You should maintain separate bank accounts for personal and business funds. Personal transactions should never be mixed with the company's funds, and all business transactions should be conducted through the account registered under the EIN. 👉Failing to set up payroll for yourself - You should ensure to set up payroll for yourself and pay Reasonable Compensation in the form of W-2 wages. A recommended way to handle this is to use payroll software, which will take care of tax reporting and form filing with the IRS. 👉Not implementing an accountable plan - As an S Corp owner, you lose some business deductions, including home office deduction, mileage, and cell phone expenses. Setting up an Accountable Plan can help reimburse yourself and employees for business-related expenses without it being considered taxable income. Documentation & records must be maintained. 🚫Don't risk getting audited by the IRS! As a Tax Strategist specialized in serving business owners like you, I can help you navigate the complexities of S-Corporation tax compliance, minimize your audit risk or assist you with making the S-corp election! If this sounds like you, let’s connect, click the link in bio for assistance. ☺️ #SCorp #jmstaxsolutions #TaxHacks #TaxTips #TaxStrategies #smallbusinesstips #scorpowner #smallbusinessadvice #BusinessTaxes #BusinessFinance #TaxPlanning #CEOmillionaires #entrepreneurlife #financialcoach #airbnbcoach

Are you a sole proprietor or single-member LLC? Converting your business to an S Corporation can potentially save you thousands of dollars in taxes each year. If you're a sole proprietor or single-member LLC, you'll pay self-employment taxes on the entire $150,000. Now if you become an S Corporation and pay yourself a reasonable salary of $50,000, you'll only pay self-employment taxes on that amount, not the entire $150,000. The remaining $100,000 can be distributed to you as a shareholder distribution, which is not subject to self-employment taxes. 🤩 In this scenario, the S Corporation owner could potentially save over $15,000 in taxes compared to a sole proprietor or single-member LLC. And as your business profits increase, so do your potential savings.💰 This may not be the best structure for your business just yet.. So before making any decisions, it's important to consult with a tax professional 🙋🏽‍♀️and evaluate the pros and cons of converting to an S Corporation. There are also other fees & costs to consider when switching to an S-Corp as well. If this sounds like you, click the link below to set up a discovery call! 📲> www.calendly.com/jmsbooking/taxconsult #Wholesellers #topproducingagent #atlrealtors #dallasrealtors #jmstaxsolutions #bizcoach #scorporation #accountingtips #smallbusinessaccounting #taxsavings #smallbizsquad #RealEstateInvesting101 #RealEstateCoach #SixFigureBusiness

Happy Friday!🎉 Today, let's affirm our way to a successful and abundant business! Remember, you are worthy and deserving of financial abundance. ✨ Embrace the positivity and attract success with ease. Have a great day! 💪 …. … .. #HappyFridayEveryone #FridayAffirmation #PowerfulAffirmations #SuccessMindsets #PositiveMindsetdaily #jmstaxsolutions #accountantlife #professionalaccountant #financialadvise #phillyaccountant #texasrealestate #airbnbcoach #rentalarbitrage #realestateinvestors #buildingwealth