Robert Garcia CPA, PLLC

It's here!!! We survived, barely. It was a tough tax season. It's not really over yet,.....we still have a bit of extensions to file.

THANK YOU to our clients for trusting us and being patient with us this year as we are growing and having to tweak our processes. All part of the entrepreneur journey.

If you haven't filed, we highly recommend you file for an extension by today.

The first estimated quarterly tax payments are also due today!

S corporation (Form 1120-S) and partnership (Form 1065) tax returns are due March 15.

Your deadline is fast approaching! It's tomorrow. If you think you'll miss the deadline, March 15 is also the last day to file for an extension.

We don't know which need to hear this, but today is the last day to send out 1099s and have it postmarked by the 31st.

Another letter that you SHOULDN'T throw away!

The IRS is mailing out letter 6475 to recipients of the third round of the Economic Impact payments (stimulus checks) by the end of January.

You will need this letter to file your taxes. This payment was issued starting in March 2021 through December 2021.

We were so excited that yesterday was the start of tax season that we forgot to post about it (not really).

It's also , so there's that.

Need to file your tax return? Email us at [email protected] to get started.

Don't forget to file these forms by January 31st.

PLEASE take advantage of this grant!!

The United States Hispanic Chamber of Commerce and GrubHub have partnered to offer $5,000-$10,000 grants to Hispanic-owned restaurants across the country.

Application link:
https://ushcc.formstack.com/forms/ushccgrubhubgrant

Applications are due January 26th, 2022

If you have any questions, please email [email protected]

Q4 estimated tax payments are due TODAY 1/18/22.

When income earned in 2021 from September 1 to December 31.

Reminder: if you're self-employed or don't have taxes withheld from other sources of taxable income it's up to you to periodically pay the IRS by making estimated tax payments.

SAVE this post 👉

Common Business deductions along with other deductions for different industries.

The IRS will begin accepting and processing 2021 tax year returns on Monday January 24th.

BUT that doesn't mean to wait until then. We can start preparing your tax return and hit that FILE button on the 24th.

So start gathering your tax documents.
If you need a CPA, We will be your .

This past year quite a few of you opened your small business. Tax season is here and you're probably wondering what you can deduct. Here is an explanation of what tax deductions are. Later this week we will post which business expenses you can deduct.

In order to avoid any delays this year, please be sure to have either the IRS Letter 6419, a transcript or copies of bank statements showing the Child Tax Credit for 2021.

Dates of Deposit: July 15, Aug 13, Sep 15, Oct 15, Nov 15 & Dec 15.

The IRS has started mailing out Letter 6419 as of December, so please keep this for your records. DO NOT THROW THEM AWAY!

TIP: lost letter or didn't receive it - famalies who received the monthly payments can also check how much they got through the CTC Update Portal on the IRS website.

It's time to close them books! BYE FELICIA!

If you haven't already, close out the last quarter of 2021.

📝Checklist:
- Record any missed business transactions
- Classify each transaction
- Reconcile Bank accounts
- Reconcile credit card accounts
- Organize paper receipts by month
- Check for unpaid invoices
- Pay any outstanding bills
- Send overdue invoices
- Go through your personal expenses and look for any accidental business expenses
- Review quarterly sales tax
- Review payroll reports

It's TAX SEASON BABY!

It’s important to keep these letters in order to avoid filing and refund delays this tax season.

YIKES! the New Year is almost here!

More than ever, you gotta keep your books organized and so fresh and so clean clean!

Finish Q3 before the new year (which it's tomorrow 🙃)

Q2 Bookkeeping

For all of you that are following this challenge, the next is to clean up months April, May, and June.

- Record any missed business transactions
- Classify each transaction
- Reconcile Bank accounts
- Reconcile credit card accounts
- Organize paper receipts by month
- Check for unpaid invoices
- Pay any outstanding bills
- Send overdue invoices
- Go through your personal expenses and look for any accidental business expenses
- Review quarterly sales tax
- Review payroll reports

Schedule an hour this week to complete by Sunday the 19th.

Need help or feel stuck? Let us know

First thing first
One of the most important things and a MUST is having your books organized and up to date for Tax season.
We know this is not the most fun part of running a business but it will also help you prepare for next year's goals.

Let's get you ready by splitting up the work by quarter to get you up to date and be more than half ready for Tax season 2022.

Q1 Bookkeeping - go back to the months of January, February, and March
- Record any missed business transactions
- Classify each transaction
- Reconcile Bank accounts
- Reconcile credit card accounts
- Organize paper receipts by month
- Check for unpaid invoices
- Pay any outstanding bills
- Send overdue invoices
- Go through your personal expenses and look for any accidental business expenses
- Review quarterly sales tax
- Review payroll reports

Schedule an hour on your calendar this week to complete.

Finish this task by Sunday Dec 12 and come back to this post and comment DONE!

2 words TAX PREP

It’s the last month of the year!!! Let's get you ready for the upcoming tax season. It's almost here.

All month long we will be posting tips on how you can successfully organize your business financials and be ready to file your tax return. Your will appreciate it!

Happy National Veterans Small Business Week!

During the week, November 1-5, SBA hosts events across the country and share information about the resources available to veteran entrepreneurs.

There are resources like Boots to Business or connect with your local Veterans Business Outreach Center to develop your business plan, receive marketing tips, and access government contracting opportunities.

Go visit sba.org to view and register for a free webinar and learn how you can start, grow, or expand your veteran-owned small business.

Resource: sba.org

It's end of the month and here are 5 things all small business owners should do every month.

What are some of your best practices at the end of each month?

There are lots of different taxes and it can be hard to keep up with all of them when you are running a business.

But's its very important to know about each one of them and how it affects your business, how they are calculated and when they are due.

This week we are going to go over probably one of the most asked and confusing - sales tax.

Which tax do you find to be overwhelming to deal with?

Automation can make many workflows a whole lot simpler—and the less admin and data entry you need to do, the more time you can spend making money and actually running your business. That’s what small business automation is all about.

A CRM is one of the best ways to keep track of all leads and clients. You can automate most workflows within the CRM.

We use Dubsado for our small business and we LOVE it!

Dubsado is used for capturing leads, contracts/engagement letters, invoices, proposals, forms and automated workflows.

Fun Fact it's run by a husband and wife team.

They do a great job of listening to their customers feedback and are constantly improving their systems and have TONS AND TONS of resources to ensure you get the best out of their CRM.

Want to give Dubsado a try?

Use our promo code "cpaguy" to get 20% off the first month OR year of Dubsado.

Reminder: Sales Tax are due tomorrow

If you are a C corporation that filed for an extension, your income tax return is due next week on October 15th.

A CPA has the experience and capabilities to handle all services from bookkeeping, accounting, tax planning, and auditing.

Only a CPA (or attorney) can represent you or your business entity to the IRS.

All Certified Public Accountants are accountants, but not all accountants are CPAs.

To become a CPA, accountants need substantial training lasting anywhere from six months to two years of accounting experience, depending on state requirements, and must pass the CPA exam.

The CPA exam is no joke. I remember spending months studying for the exam. Some say is harder than the LSAT.

Accountants' goals revolve around managing accounts, reconciling and handling month- and year-end close, ensuring that financial statements are accurate, meaningful, and timely.

Not ALL accountants are CPA's

Note, they are different than CPAs as they have not completed the additional educational and testing requirements to be licensed as a CPA.

Basically, a bookkeeper's role is to keep track of the money moving in and out of the business.

Unlike a CPA or enrolled agent that specifically has extensive tax preparation education and experience, a bookkeeper typically only has tax knowledge from filing their own personal returns.

This week we are going to go over the differences between an Enrolled Agent (EA), Bookkeeper, Accountant and CPA.

They are NOT all the same!

Each one of them provide different services with some similarities. It's important to understand which services you need for your business.

The primary difference between an EA vs CPA is that EAs specialize in taxation, and CPAs can specialize in taxation and more.

Small Business owners 👉 sales tax are due today!

TIP: Even if you have low transaction volumes, you should still be reconciling your accounts each month.

Are you reconciling every month? Do you feel you could use extra support in this area? Let us know and book a discovery call with us.