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Small Business Taxes for Beginners

Small Business Taxes for Beginners

By Business, IRS, Tax Strategy, TaxesNo Comments

Small Business Taxes for Beginners As a small business owner, you’ve got loads of priorities, fires, and problems… I know, because I’ve been there, walking in your shoes… There is a never-ending list of tasks and responsibilities that all fall on your desk. “The buck stops with you.” as they say (I think that’s what they say!).  All of these fires are really getting in…

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What triggers an irs audit

What triggers an IRS audit?

By IRS, Tax Strategy, TaxesNo Comments

 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…

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How to do taxes for the first time?

How to do Taxes for the First Time

By Tax Strategy, TaxesNo Comments

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…

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How do I avoid taxes as an independent contractor?

How do I avoid taxes as an independent contractor?

By Tax Strategy, TaxesNo Comments

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…

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A Checklist for Bookkeeping

A Checklist for Bookkeeping

By Bookkeeping, Cash ManagementNo Comments

 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,…

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Bookkeeping Red Flags

Bookkeeping Red Flags

By Accounting, Blog, Bookkeeping, Business, Cash Management, IRS, Profit First, Tax Strategy, TaxesNo Comments

 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…

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Monthly Bookkeeping Checklist

Tax Tips To Clean Up Your Books

By Bookkeeping, Tax StrategyNo Comments

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…

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2023 tax deadline and important extension filing dates blog post.

2023 Tax Deadline & Important Extension Filing Dates

By Tax Strategy, TaxesNo Comments

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,…

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Best Way to Forecast Revenue & Expenses for 2023

By Bookkeeping, Cash ManagementNo Comments

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…

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Small Business Health Insurance Options and How to Deduct it from Your Taxes

By Bookkeeping, Tax Deductions, TaxesNo Comments

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…

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Personal Financial Management with Profit First

By Cash Management, Profit FirstNo Comments

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…

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Making Confident Decisions for Your Business

By Business, TaxesNo Comments

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…

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How to Create a Positive Company Culture

By Business, ResponsibilityNo Comments

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…

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How to Hire the Best Employees

By BusinessNo Comments

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…

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Top 13 IRS Red Flags

By IRS, Tax StrategyNo Comments

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…

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S Corp Taxes and Setup

By Tax Strategy, TaxesNo Comments

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…

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