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The Ultimate Self Employed Deduction Cheat Sheet!

September 17, 2017 January 26, 2019

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5 BOOKKEEPING TASKS TO DO EACH MONTH + CHECKLIST

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If you receive a Tax Bill from the IRS and cannot pay the full balance, you do have options. ⁣
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What are some common reasons why you owe the IRS? ⁣
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1. For the Taxpayers who receive a W-2, not paying enough federal income tax withholding would be a common reason for receiving a Tax Bill. ⁣
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2. For the Taxpayers who are self employed, not making adequate estimated tax payments would be one. ⁣
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If you are receiving a W-2, check to make sure you do not need to increase your withholding. ⁣
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If you are self employed, make sure that you have an estimate of what your quarterly income tax payments are and make those payments during the year at the appropriate quarters to prevent a tax bill plus penalties and interest. ⁣
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There are payment plans available if you cannot pay the full balance off. Here are the two most common payment plans: ⁣
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1. Extension of time to pay: ⁣
The IRS will grant you up to 120 days to pay the full balance off. There is no set up fee to set this payment plan up. ⁣
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2. Installment Agreement: ⁣
This is the IRS's structured payment plan where you will send them one monthly payment by a certain date each month. There will be a setup fee applicable to this payment plan. ⁣
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No matter which option you choose, penalties and interest will continue to accrue until the balance is full paid. The Payment Plans with the IRS does not stop this unfortunately. Try to pay as much down as you can to reduce the amount that accrues on your balance.

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Yes, ABSOLUTELY! Keeping your receipts are a part of good Bookkeeping practices for your Business. If your Tax Return is ever audited by the IRS, you want to be able to show substantiation, if necessary, to your valid business expenses right? Here are some ways to keep your Business Receipts: ⁣
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1. Your Accounting Software. Most Software's have document attachment features where you can add a receipt to the actual expense transaction. ⁣
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2. Google Drive- You can download the Google Drive app and snap photos of your receipts or add any email receipts to a designated folder. ⁣
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Keeping your receipts are a good habit to create and will assist in audit proofing your Business.

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You become what you believe.

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Matcha Latte = My new obsession. ❤️🍵

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Today marks the beginning of the Last 90 days of the year! I can't believe how fast 2019 has flown by! Time to get all the loose ends of your business together! Procrastinating on your bookkeeping??? Now is the time to start. Not sure if you need to be paying estimated tax payments...now is the time to find out. Do you know you need to hire help in your Business or personal life (Hello Fresh anyone?😆)...now is the time to start looking. Whatever you are dreaming right now....time to change the dream to a plan and put it into action. ⁠⠀
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#bossmom #dreams #writeitdownmakeithappen #bookkeeping #taxes #ets #last90days

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