Thinking about electing S Corp status? Don't skip this step first. In this video, I sit down with one of my clients to walk through exactly what needs to happen before you can elect S Corp. Start with opening a legal entity (like an LLC) in place if you're currently operating as a sole proprietor. I also talk about why paying yourself a reasonable salary isn't optional, it's an IRS requirement. Want to know if S Corp makes sense for your business? I help business owners implement tax strategies the right way. 📩 DM me "CLEAR" to get started

Making $100k+ in your business this year? Read this before December. 💸 Most new business owners don't realize how big their tax bill actually is until it's too late to do anything about it. If you're not setting money aside now, you could be blindsided. The good news: there are legal strategies that can dramatically cut what you owe, but they only work if you act before the year ends. 📌 Link in bio to see the 4 core tax strategies we use to help business owners keep more of what they earn. (Simplified example for illustration. Actual tax liability depends on deductions like QBID and the SE tax adjustment. DM me "CLEAR" if you want to know your projected tax bill before the year ends)

If your accountant is telling you to “just buy stuff” before year‑end, that’s not tax strategy. It’s bad advice disguised as a write‑off. Business deductions don’t work like tax credits. Your tax bill is based on your net profit, which determines which tax bracket you'll be taxed in. If you're spending $50K to save $19K without a clear purpose. That math isn’t mathing. And if you financed it? Now you’ve added debt you may not even be able to leverage unless the asset actually increases your productivity or revenue. So ask yourself: Will this purchase help me make more money? If the answer is 'NO', it’s not a tax strategy, it’s a liability. There are 4 real tax strategies that can lower your taxes by year‑end. 🔗 Link in my bio to find out what they are.

PSA for Gamblers 🎰 You can LOSE money and STILL owe taxes on your winnings. Yep. Even if you walked out of the casino down bad, the IRS still wants its cut.. unless you know how itemized deductions work. Most people don't, and it leads to a brutal tax surprise. Watch the video to see how a $5k win & an $8k loss can cost you big time. Do you think this rule is fair? Lmk in the comments. 👇🏻 #gamblingtaxes #itemizeddeductions #taxadvice #accountingtips #InTheClearAccounting

When does it ACTUALLY make sense to elect S Corp in your service business? The real answer is... it depends! 🤷🏻‍♂️ Here's a scenario where it makes sense to start having that S Corp conversation 💬 Keep in mind, the potential for tax savings increases as you have a higher Net Income and depending on your "reasonable salary" DM me "S Corp" if you want me to do an exact scenario for your service business using your actual financials 🤝 #AccountingServices #SCorp #BusinessOwners #TaxTips #InTheClearAccounting

Your side hustle is officially making real money… now what? 🤔 Before you accidentally hand over more of it to Uncle Sam than necessary, you need to hear this. Most business owners wait until December to take action, and end up overpaying in April. If you want to keep more of what you make, do these 3 things FIRST: 1️⃣ Track your finances religiously. (If you don’t know your numbers, you aren’t fully committed yet.) 2️⃣ Review your P&L every month. (Your tax bill shouldn't be a surprise. The answers are already in your financial statements). 3️⃣ Talk to your accountant QUARTERLY. (If your accountant only appears in April, or doesn't return your texts, it’s time for a upgrade). Stop guessing and start strategizing. 💸 👇 Drop a comment below: Do you currently track your business expenses, or are you still winging it? #SideHustle #SmallBusinessTips #TaxStrategy #Entrepreneurs #MoneyMindset #BusinessOwner #InTheClearAccounting

If you're paying IRS underpayment penalties every year, watch this! 🤚 📈 What is the Underpayment of Estimated Tax Penalty? If you don't pay enough tax throughout the year through withholding or estimated tax payments, the IRS may charge an underpayment penalty. The penalty is generally calculated using the federal short-term interest rate plus 3% on the amount underpaid. 🤔 How much should I pay? To avoid penalties, many taxpayers follow the IRS Safe Harbor Rules by paying: ✅ At least 90% of their current year's total tax liability, OR ✅ At least 100% of last year's total tax liability (110% if prior-year AGI exceeded: • $150,000 for most filers • $75,000 if Married Filing Separately) ⏰ Estimated Tax Due Dates Q1 Payment Due: April 15 Q2 Payment Due: June 15 Q3 Payment Due: September 15 Q4 Payment Due: January 15 (of the following year) If a due date falls on a weekend or holiday, the deadline moves to the next business day. 🐕 Follow for more accounting and tax tips! #Accounting #Tax #Bookkeeping #TaxTips #EstimatedTaxes #SmallBusiness #InTheClearAccounting

You already know why becoming an S-Corp makes sense. 👉 The tax savings. The payroll setup. The write-offs. The credibility. If you’ve been eyeing that S-Corp election for your service business, your runway is officially running out. Here’s the harsh reality: 🗓️ It’s already May. We are well into Q2. 🐌 The IRS takes 4–6 months (sometimes longer) to process S-Corp submissions. ✉️ Until that official approval letter lands in your mailbox, nothing is set in stone. The Risk: If you wait until later in the year, you’re looking at messy backdated payroll, compliance nightmares, and a very expensive cleanup bill. 💸 Take action now so you can set up payroll and bookkeeping properly before the year slips away. 💬 Is an S-Corp right for your situation? DM me “S CORP” and let's find out. #accountingservices #BookkeepingServices #SCorp #BecomingAnSCorp #SmallBusinessOwners #Entrepreneur #InTheClearAccounting

Here's everything you need to know if you filed a tax extension... If you filed a tax extension, you’ve bought yourself extra time to file your paperwork, but NOT extra time to pay your taxes. The most expensive mistake taxpayers make is assuming they can wait until October to pay up. If you owed money on April 15th, the “Failure-to-Pay” penalty is possibly adding up every single month. In this video, I break down: ✅ The difference between Failure-to-File vs. Failure-to-Pay penalties. ✅ Why waiting is costing you interest. ✅ How to stop the clock if you're behind. Action needed: 📂 Clients: Log into the portal and upload your docs, let’s get this filed now. 📩 New here? DM me ‘TAX’ and I’ll help you figure out your next steps. #TaxExtensions #WhatToKnow #SmallBusiness #AccountingServices #InTheClearAccounting