SMT Bookkeeping

I love getting updates to better help my clients. Another IRS Tax Forum down and ready for the next tax season!

Another year means another . A whole week of tax education to stay up to date on changes and how to best help my clients while also spending time with the man who got me interested in the first place. Now, I'm more than ready to help my clients be successful in the upcoming tax season!

Tax season is here, and you don't have to tackle it alone! Partnering with a pro like me eases your stress, and I offer budget-friendly solutions. Reach out, and I can give you a cost estimate.

Don't forget to file your payroll tax returns (941) today, even though it's Halloween

Remember that you need to file 4 times a year
April 30th
July 31st
October 31st
January 31st

Halloween can be spooky, but bookkeeping should never be!

While ghosts and ghouls may give you a fright, your financial records should always be clear and well-organized.

Don't let the fear of numbers haunt you; I'm here to keep your books in perfect order, no cauldrons required.

Trust me for a spook-free, stress-free financial experience. Happy Halloween!

Okay okay I may have over did it with the puns 😅

Everyone's home office looks different

It can be as simple as a laptop on a desk or a full desktop with note pads all over the place

What is important is that it works for you!

Did you know that contributing to retirement accounts can potentially save you money on taxes? Here's how:

1️⃣ **Lower Taxable Income:** When you contribute to retirement accounts like a 401(k) or an IRA, the money you put in is typically deducted from your taxable income. This means you pay less in taxes.

2️⃣ **Tax-Deferred Growth:** The earnings on your retirement savings grow tax-deferred. You only pay taxes when you withdraw the money during retirement, and the hope is that you'll be in a lower tax bracket at that time.

3️⃣ **Saver's Credit:** If you're a lower-income earner, you might qualify for the Saver's Credit. This credit can directly reduce your tax bill and reward you for saving for retirement.

4️⃣ **Self-Employed Options:** As a self-employed individual, you have retirement savings options like a Solo 401(k) or a SEP-IRA, which can offer even more tax benefits.

Remember, the tax rules can be a bit complex, and it's always a good idea to consult with a tax professional or financial advisor to determine the best retirement savings strategy for your unique situation.

By strategically planning your retirement contributions, you not only secure your financial future but also potentially reduce your tax burden. It's a win-win!

Answering some bookkeeping FAQs for yall

If I didn't answer your question or you have follow-up questions, send me a DM or drop a comment, and I'll do my best to help you out!

The IRS has updated the 1099K requirements.

If you receive over $600 via Venmo, CashApp, or PayPal, you'll receive a 1099K.

This suggests they consider the received money potentially taxable. You or your tax preparer will need to differentiate what's taxable and what isn't.

Hey, business owners, listen up!

If you have employees, then you need to have these dates saved in your calander

Stay on top of this, and you will avoid any late fees or penalties