G-Land Tax

Need something interesting to listen to other than the doomsday scroll and the latest tax change?

Try one of the most popular Ted Talks of All Time.
Ever listened to one of these before?
Which one and what did you like about it?

https://www.ted.com/playlists/171/the_most_popular_ted_talks_of_all_time

Bookkeeping cleanup usually becomes necessary for two main reasons: error and neglect. See how you do on the following little quiz:

🛑 Do you have expenses that have been incorrectly entered in QuickBooks?
🛑 Do you have expenses or income that hasn’t been tracked at all?
🛑 Has an employee ever misclassified an expense?
🛑 Ever forget to record a transaction?
🛑 Have your business books been reconciled at least on a monthly basis?
🛑 Do you audit your financial statements regularly to make sure everything that needs to be recorded, is being recorded?

Whatever your reasons, you might be realizing right now that you’re sitting on a financial mess.

Are you having a hard time getting an accurate picture of your finances?

What a Good San Francisco Bay Area Bookkeeper Does for Your Business

What a Good San Francisco Bay Area Bookkeeper Does for Your Business If you need to clean up your business books, here’s what a bookkeeper does to get your books in tip-top shape again.

Q: When will the IRS start levying your wages to pay off your tax debt?

A: It's one of the most common problems that drives clients to our office. An IRS wage levy is a situation that can be solved. The IRS mostly just wants effective communication and an agreed-upon plan for compliance. Levies are issued (generally) when they haven't heard anything from you about payment.

Here's a "big picture" concept that will bring large returns: Investing in sales and marketing automation.

Marketing is the key to growing your business. And, automation is a way to run your company while you work on growing your company ... in a systematic, "hands-free" sort of way.

Which marketing/sales tasks have you successfully automated in your business? Or how has automating some of those processes been helpful?

Looks like sitting can make you... dumber(?). One more good reason to get some physical activity in your daily work routine.

Got any favorite or creative short workouts that could be done inside or around your work schedule?

Neuroscience Says 6 to 10 Minutes a Day Can Make You Smarter, More Focused, and Even Increase the Size of Your Brain Surprisingly, one study shows that even two minutes of this type of activity provides clear cognitive benefits.

What makes debt to the IRS so difficult is that it often comes paired with other difficult financial situations. Which makes it seem so much easier to avoid the issue altogether.

However, the reality is that avoiding your tax debt can be worse than facing it. The IRS charges penalties and interest on unpaid taxes. If you're afraid to file your tax return before the extension deadline or in April -- because you know you can't pay -- well, you're just digging a deeper hole with failure to file penalties and other (increased) penalties in the new tax code.

So let's move past avoidance, and finally take positive action.

When you're interacting directly with clients, can you explain what you offer in 10 words or fewer? Perhaps 20? If not, it's time to work with your team to craft a concise elevator pitch. When you have this ready, you can clearly present your value proposition when the opportunity arises.

And then online, prep straightforward and readable content. Make sure your website or digital platforms have clear descriptions, including upfront pricing.

Have you managed the 10 words or fewer sales pitch for your business? If so, share below.

Using AI in your business can be transformative... as far as the employees are willing to learn it and implement it into their processes. And it can be difficult to figure out the best way to help them do that. Here's one CEO's approach to AI integration.

What are some AI tools you've adopted into your line of work?

https://www.zdnet.com/article/3-ways-to-help-your-staff-use-generative-ai-confidently-and-productively/

How To Close A Business, Legally: Steps for San Francisco Bay Area Business Owners

How To Close A Business, Legally: Steps for San Francisco Bay Area Business Owners When it’s time to call it quits, here’s how to close a business, legally.

How do you feel about the IRS using AI to help them with the auditing process?

A. Unsure
B. The IRS has my full trust
C. Could be good
D. Are they crazy?

Less than two months until the tax extension deadline. It'll be here before you know it.

Reminder: A filing extension doesn't mean more time to pay Uncle Sam.

Time to get your filing squared away.

Do you have a problem knowing what to do with your financial data?

You need an experienced accountant to break it all down into understandable insights and actionable takeaways.

Some examples of what an accountant can do with the data your bookkeeper provides:
🔹 revenue and expenses analysis to assess profitability
🔹 cash flow examination to evaluate a company's liquidity
🔹 debt-to-equity ratio calculation to measure financial risk
🔹 inventory turnover numbers to gauge efficiency in managing stock
🔹 customer payment cycle analysis to assess collection effectiveness
🔹 industry benchmarks to compare a company's performance to competitors.

Sometimes we all just need a good story to help us see the good and have hope for the future.

This one is extra good. Let us know what you think.

https://www.stripes.com/history/2024-08-12/nurse-hospital-wwii-14840208.html

Considering the Bookkeeping Accounting Difference In Your San Francisco Bay Area Business

Considering the Bookkeeping Accounting Difference In Your San Francisco Bay Area Business The Bookkeeping vs. Accounting difference: Which one do you have? Which one do you need? A guide for business owners…

The tax gap – the difference between taxes owed and taxes paid – is a yawning chasm. Estimates suggest it's somewhere around 688 billion, and the IRS is determined to close that gap with the help of AI.

What exactly does AI and auditing mean for you as a taxpayer?

You need to understand how the IRS is using AI (especially in the realm of auditing)...
And you need to take proactive steps to protect your interests.

Accuracy and completeness are essential, so...
🗂️ Keep detailed records of income, expenses, and deductions.
🔎 Make sure you’re looking out for potential errors... either with software or an expert’s help.

We all know that politicians pledge a lot of things in their campaign cycle that seem like good things. Example: Both Harris and Trump are pledging to end taxes on tips.

Sounds great for those who work in industries that rely on tips, right?

Well, maybe not and here's why...

https://www.npr.org/2024/08/11/nx-s1-5071144/no-tax-on-tips-campaigns-trump-harris

Better Sales Strategies to Reach Your San Francisco Bay Area Customers

Better Sales Strategies to Reach Your San Francisco Bay Area Customers Sales strategies are worthless if you don’t have a compelling offer. Here are 5 components of an offer your customer can’t refuse.

We all know social media isn't necessarily the place you should get authoritative information about serious things in your life. So why would you believe someone discussing tax hacks there either?

Right now there's a scam circulating called the Household Employment Taxes Scam. Social media scammers tell you to make up household employees and claim wages for them on Schedule H (Form 1040). They advise claiming sick and family leave wages that you never actually paid.

Filing false claims like these can lead to severe penalties, including fines and potential criminal prosecution. The IRS will hold your refund and require proof of these wages.

This is one of four out there right now. If it sounds too good to be true or promises you a bigger refund in a way that's just not legitimately possible, steer clear.

Nobody likes dealing with audits. A simple solution to helping you avoid audit triggers as much as possible would be to lean on your favorite tax pro to keep you on the right side of things. However, there's never a foolproof guarantee you won't get audited (sometimes your number just comes up).

But, there are some basic steps you can take to keep yourself on the right path with the IRS:
1) Make sure that any third-party income and reports agree with your records.
2) Make sure you have selected the correct forms and schedules to fill out. Ask yourself: Do the forms apply? Am I stretching the situation?
3) Keep track of bank deposits so that all items will be easy to trace. Write the source of the check directly on the deposit slip, especially transfers between accounts, so that these are not inadvertently counted as income.

Thumbs up or thumbs down on this one:
I dread getting letters from the IRS.

If you don't feel dread, is it because you have a tax professional you trust handling things? Or because you are really good at handling that kind of communication?

Let us know why in the comments.

Sales strategies (that work) start with a good offer. And your offering is only as good as the ease in which you can describe it, especially when it comes to pricing.

When meeting with prospective clients, address pricing in a straightforward way. By being transparent with your pricing, you’re providing clear expectations AND building trust. Clients appreciate consistency, and dodging the topic can seem, well, dodgy.

As for your rates – these should be based on the real value of your services. Then stick to them confidently, which actually provides credibility.

The game of Monopoly can set off some serious unhappiness if it gets cutthroat enough... worse if someone cheats. Nobody likes a monopolist. Which is why a US federal judge declaring Google guilty of cornering the market on search and text advertising has a lot of people cheering.

Google loses antitrust case over search Google has illegally held a monopoly in search and text advertising, a federal judge ruled on Monday

Did you know that when it comes to unpaid tax, the federal government isn't the only one who will come after you?

Unpaid state sales tax can quickly snowball with penalties and fees, just like your federal taxes. On average, states charge a 6.4 percent interest fee on late remission of sales taxes. That might not seem like a huge amount, but there's another piece to the puzzle...
The average PENALTY fee that states levy against a late filer of sales tax is 17.85 percent.

You need to have someone on your side. We can work with states to set up a payout agreement or a payment plan to help you pay back what you owe, as well as help to repair the consequences of any federal actions.

Does the TV you use for video conferencing get glitchy sometimes? Well, there might be a way to fix that. (This works for your smart TV at home too.)

https://www.zdnet.com/home-and-office/home-entertainment/how-to-clear-the-cache-on-your-tv-and-why-you-should-do-it

Your approach to bookkeeping shouldn't be like Forrest Gump's proverbial life is like a box of chocolates metaphor. You always want to know what you're going to get when you open up the books.

And the truth is, a lot of business owners are flying by the seat of their pants trying to manage all the operational logistics of their business, all while the bills pile up, errors increase, and reports stop running.

If you're finding yourself guessing at the health of your business's finances, it's time to start thinking about entrusting those matters to a pro who can get things organized and get your company back on the success track.

Estate Planning: A Starting Place For San Francisco Bay Area Business Owners

Estate Planning: A Starting Place For San Francisco Bay Area Business Owners Estate planning is something every business owner needs to be thinking about. Don’t have one? This will help you get started.

Having a good credit score is one thing. We all know that you need that in order to borrow for things like buying a house or a car. But what makes up your credit score?

Here's a breakdown of your credit score and how your habits affect it:
❇️ Payment history (35 percent): This is the most crucial factor. On-time payments are a very important key.
❇️ Amounts owed (30 percent): Keep your credit utilization ratio low. Ideally, aim between 2% and 9% of your total credit limit.
❇️ Length of credit history (15 percent): The longer your positive credit history, the better.
❇️ New credit (10 percent): Avoid applying for too many new credit cards in a short period.
❇️ Credit mix (10 percent): Having a healthy mix of credit types (revolving credit like cards and installment loans) is beneficial.

Knowing the breakdown will help you know better how to build your score.

Have you considered paying yourself MORE out of your business?

In some cases, it actually might make more sense to pay yourself less -- but bring home more at the same time. It all comes down to having the right plan in place.

If you're not clear on how you could accomplish that, then let's sit down for a strategy session to look at how your business is using its revenue, from a smart tax perspective. Perhaps you can give yourself a raise, through proactive, careful planning.

Airlines are struggling right now even as you and millions of others are heading out on summer travel plans. It's difficult to keep up with demand when you have labor shortages and plane malfunctions.

Now, Southwest (which has a unique boarding and seating setup) is reconsidering its longtime model. And, if you want that cheapest flight option, you'll most likely pay for it in legroom and location.

Southwest Airlines plans drastic boarding and seating changes The struggling airline is facing massive pressure to make major changes from an activist investor.