What triggers an IRS audit? If you decide to file your own tax returns, what triggers an IRS audit? We’ve covered a couple videos recently about red flags and what to be aware of so you won’t be audited. We will link that video in the description of this video. I’m going to go over a couple more red flags today. Filing a Schedule C…
How to do taxes for the first time? Let’s start with brackets. The first thing we look at is the filing status, because each status has a different tax bracket: single, married filing jointly, head of house, married filing separately and surviving spouses. Each is a separate tax bracket. Know your tax bracket Single is pretty obvious. Married, filing jointly, if you’re married and you…
How can I file my personal taxes by myself? First thing I’ll say is don’t fill out the forms by yourself, by hand. Everyone I know who has filled out papers by hand has been audited, because at a minimum they have messed up some calculations. If you’re going to file it by yourself the first thing you need to know is that you need…
How do I avoid taxes as an independent contractor? An independent contractor is someone who has a 1099 income or self-employed income. This allows you to take advantage of the same tax code that large corporations, like Fortune 100 companies take. To file your taxes you first are going to have to determine how you’ve set up the entity structure for your income. We have…
A checklist for bookkeeping. What does that look like? First of all, we recommend that you update your books no more than once a week with a checklist for bookkeeping. More than once a week is just a lot of unnecessary effort. We follow the Profit First system, so a lot of our clients and a lot of our recommendations also will fall into biweekly,…
Bookkeeping Red Flags | John Briggs – Incite Tax What are some bookkeeping red flags to watch out for? The first red flag is you want to run a profit and loss statement by month. When you’re looking at the statement, it’ll show January, February, March, April, however many months you’re looking at in separate columns. You wanna notice trends, mainly inconsistent trends. If…
Tax Tips to Clean Up Your Books with a Monthly Bookkeeping Checklist The first thing you want to do is make sure that you actually have all of your transactions in your accounts. Accounting software has a reconciliation function. Reconciliation is an accounting word that basically means you go in and look at your books. You can see the transactions inside of your book software…
Here’s a quick summary of the 2023 tax deadline, quarterly payment due dates, and tax filing extension dates. And then a quick explanation about how extensions work. Tax Filing Deadlines March 15th is the deadline for S-corporations and partnerships. April 18th is the deadline for your personal income tax return and C corporations. Also, if you’re making estimated payments for next year,…
I hear small business owners ask all the time, “How do I get to the point where I can work more on my business, and not in the business?” It will be a struggle, but I’ll show you how to stop working in your business. Small Consistent Changes I think the first thing to note is what we’re talking about here is not…
When cash flow is tight, do you find yourself putting a band-aid on the symptom instead of trying to find the root cause, trying to dig a little bit deeper? The Problem Tight cash flow could be from a variety of reasons. It could be simply from inflation, or your expenses have increased. Maybe as a small business owner, you haven’t raised your…
Forecasting financials for the next year can be a daunting task. Sometimes it feels like a guessing game or worse, pointless. But after following these steps of the best way to forecast revenue and expenses, you’ll have a roadmap to guide you to success the way you want it. We have a free forecast template spreadsheet for you to use. The template is from my…
Let’s talk about small business health insurance options. Especially for you as the business owner, and then I’ll end with a brief mention of how to pay for health insurance and deduct it from your taxes. I’m only covering a small snippet of small business health insurance options here. You really do need to talk to a health insurance agent about the specific options that…
You could have an entire panel of people talking about the pros and cons of owning a small business and get hundreds of different reasons. I’ll just share with you some of the first ones that come to mind. PRO – Set Your Own Schedule First pro I think, is that you get to set your own schedule. Now, at the same time,…
Can Profit First apply to personal financial management? Uh, yeah, totally. Look, Profit First as a system, like the guidelines that it offers, is really about spending money first on paper, setting aside money, and putting boundaries around your money, before you’re actually tempted to use it on other things. If you need a refresher on the basics of Profit First, download this free overview…
I was asked recently, “How can I be confident in making the best decision for my business?” They went on to explain how they tend to have hesitancy when making big decisions. This is something I’ve dealt with firsthand. It’s not easy making confident decisions for your business, especially with outside forces changing so rapidly. No need to panic, though. Hopefully these tips I’ll share…
Company culture continues to be more and more important to small businesses as they realize the impact it has, both positive and negative. What’s great about culture and values in your organization is that you have control over building the culture you want. So, let’s get into the principles of how to create a positive company culture that we’ve used to create and maintain our…
As Incite Tax has accelerated its growth the past couple years, I’ve had many opportunities to talk about and help other small businesses with more than just accounting. Recently I was asked how to hire the best employees. I first need to start with some disclaimers. Years and years ago I met with a consultant named Dr. Sabrina, and she gave us a foundation. We…
Have you heard this before? I’m content where my business is at. Why should I change? It feels like embracing change is the farthest thing from their mind. Now, I’m totally great with working hard for a season and then you reach a goal or get to a point where you’re gonna take a little breather. That’s totally fine. I mean, I took a four-week…
Year end tax planning is a simple thing you can do that has huge benefits when tax season arrives. But don’t wait until March of next year to think about your taxes. That’s the filing and payment deadline. It’s too late at that point to do anything to change your taxes, because basically the tax strategy deadline is the end of the year. Luckily the…
Triggering an audit is one of the biggest fears of small business owners when it comes to taxes. You’re probably even willing to overpay if it means avoiding any IRS red flags. Generally, when we think of red flags, we are thinking of an audit. It might surprise you to know that we are audited by the IRS more often than we realize. I think…
When talking about business entities and the best tax structures for small businesses, the S Corporation comes up a lot. In general, it’s the best structure for small businesses. So, let’s get into all the important stuff about S Corp taxes and setup. Entities, or tax structures, are the S-Corp, LLC, Partnership, Corporation, Sole Proprietor, etc. When it comes to the best entity selection for…
There seems to be a stigma that it’s wrong to use tax strategies or even legal loopholes to make our tax obligation as low as possible. Somehow, they are more patriotic if they overpay on taxes. Is it our job to fill the treasury by paying as much as we can in taxes? I think it might come down to our understanding of taxes. So,…
What matters most to the success of your business, employees or profit? To think through this issue, we’ll look at return on team cost metrics and discuss a concept from a new book I’m writing. 80% Capacity So, I am writing a book. The current working title is The 80% Capacity Method. The book is for business owners who are burnt out, or they…
Incite Tax & Accounting is a Certified Public Accountant (CPA) firm with offices in Draper, Utah. With over 10 years of experience handling business taxes for large and small Utah companies, Incite Tax is one of the most qualified business CPA firms in all of Utah. No matter your tax needs, Incite Tax is the firm for the job.
Incite Tax believes in sticking it to the IRS. If you’re looking to better your financial situation contact us!
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