Skip to main content

Missed Tax Deadlines: What You Need to Know

By Tax Strategy, TaxesNo Comments

Missing a tax deadline can feel like a sinking ship and understanding the implications and knowing how to navigate the aftermath is key to staying afloat. Today, we’ll dive into the specifics of missed income tax deadlines, shedding light on penalties, extensions, and potential remedies.   Penalties for Missed Deadlines   Let’s break it down. When you miss an income tax deadline, you may face…

Read More

Which Bookkeeping Software should you Use?

By Bookkeeping, Tax Strategy, TaxesNo Comments

If you’re keen on managing your own bookkeeping but don’t know where to start, this guide is tailored just for you. In this video, we’ll cover the basics of bookkeeping, explore different tools available, and dive into using Excel for your bookkeeping needs.   Choosing the Right Tools   While there are various software options available, we’ll focus on Excel for its accessibility and familiarity….

Read More

3 Steps to Bookkeeping in Excel

By Bookkeeping, Tax Strategy, TaxesNo Comments

Embarking on the journey of managing your own business finances can feel daunting, especially when it comes to bookkeeping. But we’re here to make it more simple. With the right tools and knowledge, you can master the art of DIY bookkeeping right from your Excel workbook. Let’s dive into the essential steps to get you started on the right track.   Step 1: Create Your…

Read More

A Guide to Doing your Bookkeeping in Excel

By Bookkeeping, Tax Strategy, TaxesNo Comments

Are you ready to take control of your finances and tackle bookkeeping head-on? Whether you’re a small business owner or a freelancer, maintaining accurate financial records is crucial for success. Today, we’ll walk you through the ins and outs of setting up your own bookkeeping system using the power of Excel.   Step One: Get Started with Incite’s Template   If you’re new to bookkeeping…

Read More

How the Rich are Saving on Taxes

By Tax Strategy, TaxesNo Comments

A recent question we received had us take a deep dive into the idea of paying taxes like the rich. But what does that even mean? Let’s dissect this loaded question and explore strategies used by different income brackets to navigate the tax landscape.   Defining “Rich” in the Tax Code   First things first, what constitutes being “rich” in the eyes of the tax…

Read More

How Can I Do My OWN Bookkeeping?

By Bookkeeping, Tax Strategy, TaxesNo Comments

If you’re looking to do your own bookkeeping, let us help you streamline your financial management. In this post, we’ll explain why bookkeeping is crucial and how our video guide can empower you.   Why Bookkeeping Matters   Bookkeeping is the backbone of financial management for small businesses. It ensures accurate records of income, expenses, and overall financial health. Without it, informed decision-making becomes challenging,…

Read More

Mastering Bookkeeping: A Step-by-Step Guide to Excel-ence

By Tax Strategy, TaxesNo Comments

Are you ready to take back control of your finances and become a bookkeeping wizard? If so, you’ve come to the right place! In this comprehensive guide, we’ll walk you through the essential steps to setting up your own bookkeeping system using the power of Excel.   Step One: Create Your Template   The first order of business is to create a template in Excel…

Read More

How Can I File Taxes Myself?

By Tax Strategy, TaxesNo Comments

It’s that horrible time of year when we have to roll up our sleeves and dive headfirst into the abyss of tax documents. Don’t worry too much though, because we’ve got your back with the ultimate guide to filing your taxes like a pro, even if you’re doing them by yourself.   First things first: What documents do you actually need? This answer to this…

Read More

What Documents do YOU need to File your Taxes?

By Tax Strategy, TaxesNo Comments

Welcome, fellow IRS haters! As tax season rolls around, it’s time to tackle the age-old question: What documents do you actually need to file your taxes? Well, strap in because we’re about to decode the mystery for you.   Every year, we field the same question: What documents are essential for filing taxes? The unfortunate truth is, there’s no one-size-fits-all answer. Your tax journey is…

Read More

How Can You Write Off your Car?

By Tax Strategy, TaxesNo Comments

Hey there, tax enthusiasts! Today, we’re diving into the world of tax deductions, specifically answering that all important question: Can you deduct your car expenses, and if so, how on earth do you do it? 1. Actual Expenses vs. Miles: The IRS, gives you not one but two paths to choose: actual expenses or the straightforward mileage deduction. It’s like choosing between a scenic route…

Read More

Need Help Reconciling Your Accounts? A QuickBooks Tutorial

By Accounting, Bookkeeping, QuickBooks, Taxes, Year End TaxNo Comments

We know it’s difficult to make sure your finances are in order and nothing is left behind. As you start the journey of managing your accounts in QuickBooks, reconciliation becomes the cornerstone of maintaining financial records. We’re here to explain reconciliation with precision and make sure your financial overview remains pristine.   Navigating Reconciliation Procedures for Success   You’ll start reconciling by navigating to the…

Read More

QuickBooks: Loan Payments and Personal Credit Card Payments

By Accounting, Bookkeeping, QuickBooks, Taxes, Year End TaxNo Comments

Have you ever encountered the challenge in QuickBooks of navigating a payment to your personal credit card from your business account? We understand that it can be trickier than it seems. In our video linked below, we aim to give you a comprehensive tutorial to make bookkeeping a lot easier.   As we shift our focus to loans, we recognize that there can be complications…

Read More

Adding Transactions and Creating and Editing Rules in QuickBooks Online

By Accounting, Bookkeeping, Taxes, Year End TaxNo Comments

How to Add Transactions to QuickBooks Online   Once you get logged into QuickBooks Online, the process of adding transactions is the MOST IMPORTANT step in incorporating them into your company’s data. Transactions that sit idly won’t reflect in reports or impact your financial statements. You have to add transactions for your reports to reflect the correct information. For instance, a transfer from checking to…

Read More

Linking Bank Accounts in QuickBooks Online

By Accounting, Bookkeeping, Taxes, Year End Tax2 Comments

Why It’s Crucial to Conduct Year-End Bookkeeping in QuickBooks   Conducting year-end bookkeeping in QuickBooks helps you to maximize tax deductions and make sure you have accurate financial records. By linking bank accounts and importing data properly, you will get a comprehensive overview of your finances. This allows you to identify deductible expenses, reconcile accounts efficiently, and put yourself in a prime position to plan…

Read More

Strategies to Pay Taxes Like the Rich

By Tax Strategy, TaxesNo Comments

Paying taxes, a universal obligation that transcends almost all boundaries. However, the approach to taxation becomes a nuanced game as one continues to climb the ladder of wealth. In this article, we are going to unpack the intricacies of paying taxes “like the rich.” Rich, a term that prompts us to dive deeper into the layers of the tax code that extend far beyond the…

Read More

Tax Tips: Three Ways to Reduce Your Tax Bill

By Business, Culture, Profit First, Responsibility, Tax Strategy, Taxes, Trust, ValueNo Comments

Navigating the intricate landscape of taxes can be a daunting task, but don’t worry – we’re here to share three quick and easy ways to reduce your tax burden. These strategies are designed to help both individuals and business owners make the most of available opportunities and minimize the amount they owe to the taxman. Let’s dive into these easy tax tips that can make…

Read More

4 Ways to Quickly Catch Up on Your Bookkeeping

By Business, Culture, Profit First, Responsibility, Tax Strategy, Taxes, Trust, ValueNo Comments

The concept of time – it’s a fleeting commodity, an ever-elusive dimension of our lives. And if you’ve found yourself on the edge of a new tax season or year-end planning with a pile of neglected bookkeeping tasks, it’s at that point where time starts to feel very unforgiving. It’s a situation we encounter often, especially right after those ominous extension deadlines. Perhaps you were…

Read More

Best Bookkeeping Practices

By Bookkeeping, Tax Strategy, TaxesNo Comments

Bookkeeping. It’s a term that often feels like a colossal, complex endeavor, lurking in the background, demanding our attention as business owners. With its intricacies, it can seem overwhelming, but the reality is, it’s a task you simply can’t avoid. Whether you’re growing a business with a team, securing investments, or working as an independent contractor, the commitment to bookkeeping is a given. Without it,…

Read More

The Pivotal Role of Bookkeeping in Your Taxes

By Tax Strategy, TaxesNo Comments

Why is bookkeeping so vital when it comes to taxes? It’s a question that often lingers, and the answer lies in the fundamental connection between bookkeeping and the taxation process. In this comprehensive guide, we’ll explore the critical relationship between bookkeeping and taxes, emphasizing why meticulous bookkeeping is the cornerstone for both optimizing your financial strategy and staying in good standing with the IRS.  …

Read More
how to prepare for taxes blog

Prepare for Taxes Now: Your Guide to Year-End Planning

By Tax Strategy, Taxes2 Comments

While taxes may be the last thing you want to think about right now, it’s precisely the time to shift your focus towards the upcoming tax year. By embracing year-end planning, you can lay the foundation for a smoother, more tax-efficient financial future. In this guide, we’re going to break down the importance of year-end planning and outline the steps of how to prepare for…

Read More