Let's talk TAX

  Ethical Tax and Business Services | #SolutionsBeyondTax Are you leaving money on the table? If you’re a health coach, yoga instructor, therapist, esthetician, doula, or wellness entrepreneur, you likely spend money every month on tools, services, and education that support your business. But here’s the question: Are you deducting those expenses at tax time? Below is a checklist of common (and often overlooked) tax write-offs for women-led health and wellness businesses. These deductions could help reduce your taxable income and give you a clearer financial picture of where your money is going. 🧾 Business Operations Home office expenses (portion of rent, utilities, internet, etc.) Office supplies (printer ink, paper, pens) Business insurance Software subscriptions (Acuity, QuickBooks, Canva, Zoom) Business cell phone usage 🧘‍♀️ Health & Wellness-Specific Expenses Continuing education & certifications (CPR, yoga training, etc.) Professiona...

Who wouldn't want to know whether or not it is possible for them to pay absolutely $0 in taxes?!  I know I would want to know and well the answer is...It is possible to pay nothing in taxes, BUT it depends on your income level and deductions.  In general, if your income is low enough, you may not have to pay any taxes. If you qualify for enough deductions and credits, you may be able to reduce your tax liability to zero. However, it's important to note that while it may be possible to pay nothing in taxes, it is not legal to evade paying taxes and these are two totally different things, one of which we will discuss at a later time.  For now though, back to the possibility of paying no taxes. Here are a few ways that this concept can be considered. Low income earners: If your income is low enough, you may not have to pay any taxes.  The IRS has a tax bracket system, and if your income falls below a certain threshold, you may not have to pay any taxes. Additionally, so...

A tax audit can be a stressful and daunting experience, but with the right preparation, you can minimize your chances of an audit and be ready in case one does occur. Here are a few things you can do to prepare for a tax audit: 1. Keep accurate records : The most important thing you can do to prepare for a tax audit is to keep accurate records. This includes keeping receipts, invoices, bank statements, and any other documentation related to your income and expenses. 2. File your taxes on time: Filing your taxes on time can reduce your chances of an audit. The IRS has a three-year statute of limitations on audits, so if you file your taxes on time, the IRS may not have the opportunity to audit your return. 3. Be honest: Be honest and accurate when filling out your tax return. If you're not sure about something, ask a tax professional for help. 4. Understand your deductions: Make sure you understand the deductions and credits you're claiming, and that you're eligible for t...

You may be wondering if there are tax deductions when selling a home. Welp the answer is: Yep Yep! So, you might remember way way back to 2017 and its new tax code, aka the Tax Cuts and Jobs Act TCJA, changed some rules for homeowners. Well, if you sold your home in 2024 (or are planning to in the future), your tax deductions can still amount to significant savings. Want a full rundown of all the deductions and exemptions or other write-off at a home seller’s disposal? Keep reading to make sure you don’t miss any of them! Selling Costs/Expenses These deductions are allowed IF they are directly tied to the sale of the home AND you lived in the home for at least two of the five years preceding the sale. Another caveat: The home must be a principal residence and not an investment property. Abstract fees (abstract of title fees) Charges for installing utility services Legal Fees             -   title search           ...

  Getting married can have significant tax implications for you and your spouse. Here is what you need to know about tying the knot and how it can affect your finances: 1. Filing status: When you get married, you have the option of filing your taxes jointly or separately. Filing jointly can often result in lower tax rates and higher deductions, but it's important to calculate the tax liability for both filing options to determine which is best for you. 2. Standard deduction : The standard deduction is higher for married couples filing jointly than for single filers or married couples filing separately. This can result in a lower tax liability for married couples. 3. Income tax rates : Income tax rates for married couples are often lower than for single filers or married couples filing separately. This can result in a lower tax liability for married couples. 4. Personal exemptions: Personal exemptions were eliminated with the Tax Cuts and Jobs Act, but in previous years, m...

  3 Things You Can Do... To make your Accountant happy at tax time ☺ Want to be your accountant’s favorite client? (Well, even more than you are now, of course) The key is to take a bit of time now to start preparing for your tax return appointment, so your accountant has everything they need, when they need it, to complete your return.     Of course, as a favorite client, you already know that the days of dropping off a shoebox of receipts and tax documents at the front desk…waiting for a call to let you know you forgot such-and-such documents…stopping by to drop off the missing info…waiting for the call that your return is done…then stopping in to pick up the finished return, is in the past. (Thank goodness, right?) Today’s financial world has evolved to a near-breathtaking level of efficiency and digital delivery. So much, in fact, that you don’t even have to drop the information off in person anymore.  And that is exactly what some firms prefer.😁    ...