Beving Books LLC

The DOL is considering changing who gets OT pay. Many low-paid salaried employees who have been working side-by-side with hourly employees, doing the same tasks and often working over 40 hours a week. The new threshold would be for those making less than $55,068 a year ($1,059 a week)—an increase from the existing $35,568 ($684 a week), in place since 2019. What do you think about the possible change?

Selling your home? You may be able to exclude all or part of any gain from the sale from your income when filing your tax return.

Here are some of the details:

- You must have owned the home and lived in it as your main home for at least two years.

- You may be able to exclude up to $250,000 of that gain from your income. If you file a joint return, you may be able to exclude up to $500,000.

- If you experience a loss when you sell your main home for less than what you paid for it, the loss is not deductible.

- If you own more than one home, you can exclude the gain only on the sale of your main home. You must pay taxes on the gain from selling any other home.

- If you don't qualify to exclude all of the taxable gain from your income, you must report the gain from the sale of your home when you file your tax return.

For more details, visit: https://www.irs.gov/forms-pubs/about-publication-523.

If you don't agree with an IRS decision, you may be able to skip a court trial and have the IRS Independent Office of Appeals review your case. In this situation, a fair and unbiased appeals officer will meet with you informally and review your case.

For more info and an overview of the appeals process, visit: https://www.irs.gov/appeals/what-to-expect-from-appeals.

I am still on a high from the eWomenNetwork’s Success Summit on Tuesday with Sandra Yancey and over 100 successful women entrepreneurs! So much inspiration and so much fun!

I am jumping on the Barbie selfie trend to remind you that I am here as your “financial friend” and can help get your company’s income, expenses and overall finances on a positive track.

Please feel free to reach out and learn more about what I can offer you and your business!

We are passionate about helping non-profit organizations with their accounting and bookkeeping needs and we provide our services to non-profits across the U.S.

Contact us today to find out how we can help!

📣EXCITING NEWS! Beving Books is now offering their services in AUSTIN, TEXAS and surrounding areas!

Contact us today for a complimentary consultation!

Call: 512-766-5297

Email: [email protected]

If you are wondering what you can or cannot write off on your taxes for business travel expenses, here are some helpful details from the IRS:

▪️ Business travel deductions are available when employees must travel away from their tax home or main place of work for business reasons. A taxpayer is traveling away from home if they are away for longer than an ordinary day's work and they need to sleep to meet the demands of their work while away.

▪️ Travel expenses must be ordinary and necessary. They can't be lavish, extravagant or for personal purposes.

▪️ Employers can deduct travel expenses paid or incurred during a temporary work assignment if the assignment length does not exceed one year.

▪️ Travel expenses for conventions are deductible if attendance benefits the business. (There are special rules for conventions held outside North America.)

▪️ Deductible travel expenses include:

▶️Travel by airplane, train, bus or car between your home and your business destination.

▶️Fares for taxis or other types of transportation between an airport or train station and a hotel, or from a hotel to a work location.

▶️Shipping of baggage and sample or display material between regular and temporary work locations.

▶️Using a personally owned car for business.

▶️Lodging and meals.

▶️Dry cleaning and laundry.

▶️Business calls and communication.

▶️Tips paid for services related to any of these expenses.

▶️Other similar ordinary and necessary expenses related to the business travel.

💕 Hoping you all have a Happy Valentine’s Day!!! 💕

💗Hoping you all have a Happy Valentine's Day! 💗

I love the gift box I received from the eWomenNetwork Success Reimagined event! And I LOVE all the strategies and tips I'm learning for my businesses. Watch out 2023!!!

It might be time to stock up on forever stamps before the stamp price increase goes into effect!

Beginning January 22, 2023, the United States Postal Service will be increasing the cost of postage by 4.2%. Here are the price changes:

- Letters (1 oz.)
Price increasing from .60 cents to .63 cents

- Letters (metered 1 oz.)
Price increasing from .57 cents to .60 cents

- Domestic Postcards
Price increasing from .44 cents to .48 cents

- International Postcards
Price increasing from $1.40 to $1.45

- International Letter (1 oz.)
Price increasing from $1.40 to $1.45

The USPS is also raising the cost to send:

- Priority Mail (up 5.5%)
- Priority Mail Express (up 6.6%)
- First-Class Package Service prices (up 7.8%)
- Priority Mail commercial rates (up 3.6%)

It might be time to stock up on forever stamps before the stamp price increase goes into effect!

Beginning January 22, 2023, the United States Postal Service will be increasing the cost of postage by 4.2%. Here are the price changes:

- Letters (1 oz.)
Price increasing from .60 cents to .63 cents

- Letters (metered 1 oz.)
Price increasing from .57 cents to .60 cents

- Domestic Postcards
Price increasing from .44 cents to .48 cents

- International Postcards
Price increasing from $1.40 to $1.45

- International Letter (1 oz.)
Price increasing from $1.40 to $1.45

The USPS is also raising the cost to send:
- Priority Mail (increasing by 5.5%)
- Priority Mail Express (increasing by 6.6%)
- First-Class Package Service prices (increasing by 7.8%)
- Priority Mail commercial rates (increasing by 3.6%)

It’s Thankful Thursday so I just want to take a minute to thank all of my clients for allowing me to do what I thoroughly enjoy for all these years!

I'm thankful for the opportunity to have helped so many businesses with their accounting needs so they can focus on what they do best and why they started their business in the first place. I love being known as their “financial friend!”

If you’d like to see how I can help you and your business, feel free to reach out! 520-689-6005.

Photo credit: Tricia Turpenoff

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It’s Thankful Thursday so I just want to take a minute to thank all of my clients for allowing me to do what I thoroughly enjoy for all these years!

I'm thankful for the opportunity to have helped so many businesses with their accounting needs so they can focus on what they do best and why they started their business in the first place. I love being known as their “financial friend!”

If you’d like to see how I can help you and your business, feel free to reach out! 520-689-6005.

Photo credit: Tricia Turpenoff

🦃 We hope your day is filled with delicious food and lots of laughter! Happy Thanksgiving!

🍂 Thursday is the first day of Fall! 🍂

With the end of the year right around the corner, now is a great time to start your year-end tax planning.

Here are some tips to help you plan for & optimize your tax savings:

1. Start working on setting your goals for 2023 and creating a budget for the upcoming year.

2. Review your year-to-date financial statements and adjust your estimated taxes as needed.

3. Before the end of the year, make any large purchases and/or improvements that can be written off to help offset taxes owed.

4. Consider setting up a 401(k), Simple IRA or SEP IRA to reduce your taxable income.

5. Meet with a tax pro to make sure you are maximizing your deductions.

Give me a call if you need some help with tax strategies and setting goals for next year!

I have a question for you…

Why did you start your business?

Was it because you saw the potential of turning a passion or an idea into a successful business?

Or was it because you like to do bookkeeping and analyze financial statements?

I am guessing it was the former.

But that's where I can step in...

I LOVE the accounting side of a business!

To me, it’s endlessly satisfying to make sense of the numbers that keep an organization moving forward.

Give me a call and see how I can help you focus on what you do best and why you started your business in the first place!

I understand that your books are personal. And if they’re a mess, it’s even more personal. I never judge my clients for what they do or don’t know or their company’s financial state.

I am on your side and here as your “financial friend” to help get your company’s income, expenses and overall finances on a positive track.

Please feel free to reach out and learn more about what I can offer you and your business!

Are you a small business owner and still filing your taxes on paper? You might want to reconsider!

Filing on paper is LESS SECURE, takes LONGER TO PROCESS and is more PRONE TO MISTAKES because it is manually keyed into the IRS system. E-filing is the quicker and safer way to file and if there are any errors, they are usually discovered and corrected faster!

This all also applies to paying your employment taxes - so consider doing that electronically as well! (The IRS prefers the Electronic Federal Tax Payment System (EFTPS), which is free.)

You know all those things you’ve always wanted to do? You should go do them!

Happy National Girlfriends Day!

I appreciate all of my girlfriends TODAY and EVERY day! 💜 I love the laughter we share together (especially over a glass of wine!) 🍷 and how we support each other, give each other advice and celebrate our life successes together.

To all my girlfriends: thank you for making my life complete! 😘

Because of the recent gas price increases, the IRS has updated the optional standard mileage rate for the rest of this year, starting 7/1/22.

Taxpayers may use these rates to calculate the deductible costs of operating an automobile for business, medical and moving purposes. The standard rates increases are:

- 62.5 cents per mile for business travel
- 22 cents per mile for medical or moving expenses (available for active-duty members of the military)

Visit https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022 for more info.