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...