LUXE Financial Consultancy

📊 **Accounting Tip of the Day!** 📊

Regularly reconcile your bank statements with your accounting records.

Why? Reconciliation helps catch errors, prevent fraud, and ensure that your financial statements are accurate. By comparing your bank statements to your accounting records, you can identify discrepancies and address them promptly.

✨ **LUXE Tip:** Schedule a specific time each month to reconcile your accounts.

Got questions about reconciliation or need more accounting tips? Drop them in the comments or send me a DM!

Ja’Don Johnson
Owner and CEO
LUXE Financial Consultancy
404-618-6780
[email protected]

Hey everyone! It’s been a minute since my last consistent post—motherhood and managing multiple businesses has kept me on my toes! But don’t worry, we didn’t stop; we just took a little social media hiatus. Back now and excited about the things coming down the pipeline! And we are more energized than ever to help take your businesses to the next level!

To all the multitasking moms out there, you are doing an amazing job, we’ve got this!
📸: .focus.media

Ja’Don Johnson
Owner and CEO
LUXE Financial Consultancy
404-618-6780
[email protected]

🗣FREE TAX GAME!!! I'm going LIVE!

Join me tomorrow at 5:30pm EST with my colleague as we talk about tips for reducing your tax bill!

You don't want to miss this!

Tax season is here and will be hosting one-on-one tax consultations at Pittsburgh Yards to help PY tenants and members get a health snapshot of your businesses. Myself along with other Accountants and tax professionals will provide individualized tax overviews of your small business. Schedule your session today to help formulate your financial strategy, learn the best practices for filing your taxes, tools to manage your cash flow, and more! Bring your questions and get ready to ELEVATE Your Business.

Event Details:
Tuesday, January 24, 2023 | 10 am - 2:30 pm
Pittsburgh Yards
352 University Ave SW
Atlanta, GA 30310
Virtual options are only available for businesses not located in/near metro Atlanta.

Tickets are limited and require a refundable deposit to secure your spot. Deposits will be returned once you have completed your session. Click here to RSVP Now or RSVP at https://OVUtaxfacts.eventbrite.com

We hope to see you there!

Many of life’s failures are people who did not realise how close they were to success when they gave up. Persevere! Keep going.

“To succeed in life in today's world, you must have the will and tenacity to finish the job.“

As the year wraps up, here are some things you should add to your checklist to finish the year off strong!

The 🔑🔑 to investing in your business!

Join the LUXE fam! Here are three, out of the many, ways we can work best with each other!

Click the link in our bio if you want to learn more!

There are a lot of myths and confusion out there about accounting and it’s importance. Let us help debunk some of them for you.

Drop a question below in the comment section or DM us… We would love to answer them for you!

If you’re looking for a more one-on-one session, head over to the link in our bio to schedule a discovery call today!

Here’s some tips for you on this beautiful Tuesday!

Book a discovery call today by using the link in the bio if you want some more 🔑🔑 to a successful business!

We recommend opening three accounts to help you stay on top of your small business finances: checking, money market, and high-yield savings.

A business checking account - allows business owners to quickly and easily withdraw and deposit money without paying heavy fees.

A money market account - helps business owners grow and save capital. Use it as a place to store cash for short-term goals or upcoming expenses. They offer more flexibility than savings accounts when it comes to accessing your cash, with some offering perks like check writing privileges or debit cards.

A high-yield savings account - ideal for all business owners — save for taxes, bonuses, and any other long term goals.

Looking to learn more? Book your discover call today! Link in the bio.

Rest assured… with LUXE Financial Consultancy you and you’re business will get the best quality services. We are here to provide a top tier luxury experience when it comes to the financial health of your business.

You have to choose the best if you want the best! Choose LUXE.

Book a discovery call today!

Knowledge is power and we’re here to help you know the way of the land. Tap in to some words that you should have in your vocabulary bank when it comes to your finances.

Today is the deadline for individuals who filed an extension!

If you found yourself waiting until the last minute, sifting through documents, frustrated, etc. book a discovery call today so we can start planning for the 2022 tax season!

According to the IRS, if you give business gifts in the course of your trade or business, you can deduct all or part of the costs subject to the following limitations:
• You deduct no more than $25 of the cost of business gifts you give directly or indirectly to each person during your tax year.
◦ If you and your spouse both give gifts to the same person, both of you are treated as one taxpayer.
◦ Incidental costs such as engraving, packing or shipping aren't included in the $25 limit if they don't add substantial value to the gift.
◦ For purposes of the $25 per person limit, don't consider gifts costing $4.00 or less that have your business name permanently engraved on the item and which you distribute on a regular basis.
• Any item that could be considered either a gift or as entertainment is generally considered entertainment and cannot be deducted.
• You need to have records that prove the business purpose of the gift as well as the details of the amount spent.

You may be a great business owner, but not a good manager of your business finances. You may have the knowledge to track expenses and revenues, but lack the time and patience to ensure it is done correctly.
Delegate what you don't enjoy andlor don't have time for.

Allow us to releive you of the stress of managing your books while you focus on building a successful business.

Don't forget to check the budget first.
We offer three packages to help meet our client's needs: Basic, Essential, and Luxury! Don't wait, go now and Book your discovery call today!

*See "book now" link in bio

Yes! You can write off your education on your taxes.

According to the IRS you may be able to deduct the cost of work-related education expenses paid during the year if you're:
* A self-employed individual
* An Armed Forces reservist
* A qualified performing artist
* A fee-based state or local government official
* A disabled individual with impairment-related education expenses

To be deductible, your expenses must be for education that (1) maintains or improves skills needed in your present work or (2) your employer or the law requires to keep your present salary, status or job. However, even if the education meets either of these tests, the education can't be part of a program that will qualify you for a new trade or business or that you need to meet the minimal educational requirements of your present trade or business.

Here are some expenses that you can deduct include:
* Tuition, books, supplies, lab fees, and similar items
* Certain transportation and travel costs
* Other educational expenses, such as the cost of research and typing

Like to learn more? Book a discovery call today!

Every small-business owner in the US is required to files taxes. Taxes can be the biggest expense associated with running a busniess. The average small business pays a 19.8% tax rate on their income.

Small business owners that file their taxes late, inaccurately, or abandon them altogether can face fines, interest, penalties, etc.

Good news: Small-business taxes aren’t as complex as you might think. We can help you legally reduce your tax liability, make estimated tax payments, etc.

We also ensure you have accurate financials throughout the year so you don't have to scramble at year end.

Book a consultation today! Click the link in the bio.

Are charitable contributions deductible in 2022?

Unfortunately, as of April 2022, the answer is no. In the 2021 tax year, the IRS temporarily allowed individuals to deduct $300 per person (those married filing jointly can deduct up to $600) without itemizing other deductions. But that change does not apply to the 2022 tax year.

So, what can you take a tax deduction for?
In order to make a donation tax-deductible, you’ll need to itemize your deductions. That means all of your itemized deductions should be greater than the standard deduction.

When planning your charitable contributions for 2022, first calculate your other potential itemized deductions. That gives you a starting point to see how much you would need to donate in order to make a difference in your taxes. Ultimately, the total would need to exceed the standard deduction amount for your filing status.

What do you need in order to claim a charitable contribution deduction?
- The name of the organization and the donation amount.
- A bank or credit card statement showing the amount that came out of your account and on what date.
- A receipt from the organization.

Filing away this information right away makes tax season easier and also keeps you prepared in case of a future audit.

Choose a tax preparer who will meet your needs:

- Do some research: Check the preparer's history with the Better Business Bureau.
- Know what you are getting into: Ask about the fees from the beginning. Avoid tax return preparers who base their fees on a percentage of the refund or who offer to deposit all or part of the refund into their own financial accounts.
- Check their availability
- Familiarize yourself with the tax preparer’s credentials
- Ensure the preparer signs and includes their preparer tax identification number.

Please ensure that you find some one that best fits your needs! We are now accepting clients for the 2022 tax season. Book a consultation today.

Before the day is over, remember that the deadline for S-Corp and partnership ends today!

Knowledge is the Key to wealth 🔑

Gentle reminder that the S-Corp and Partnership deadline is tomorrow September 15th.

Mark your calendars!

Employees vs. Contractors

Which one should I choose?

A 1099-MISC is used to report payments made to independent contractors (who cover their own employment taxes). This is a huge benefit to the bottom line because the company doesn’t pay employment taxes nor provide benefits for them.

A W-2 form, on the other hand, is used for employees.

Business owners must withhold employment tax to cover income taxes — federal and state/local, where applicable, as well as the employers share of Social Security and Medicare (F**A).

Happy Friday! Always remember, a good spreadsheet can alleviate a lot of problems!

Click the link in the bio to schedule a discovery call with LUXE. We can discuss which spreadsheet is best suited for you and your business’ needs!