Open Velocity’s Post

You may have noticed our new logo popping up in your social media feeds or email inbox recently. 🆕 Our previous logo served us well over the years, but as our company has grown and evolved, we felt it was time for an update. This update may seem small, but it marks a significant shift in our identity to reflect our growth and forward-thinking approach in tax services. Our mission to simplify taxes and maximize your savings remains unchanged. 😀 Discover our logo's evolution in a quick video! 📽 Excited for you to check out our new look! We're here as always for your tax needs—fresh style included. Reach out today to find out more. #TakeAwayTax #TaxServices #BrandRefresh #Entrepreneur #WomenInBusiness #Technology #Innovation #Finance #ArtificialIntelligence #itsinthename #texas

🚗 Important Update on Business Car Purchases! 🚗 As of 1st July, the tax rules have shifted. Now, cars over $20K (+GST) must be depreciated over 8 years, while those under $20K can be written off instantly. This change could impact your business strategy, but don't worry—Tax Integrity Group is here to help you navigate these updates and keep your business on the road to success! 💼🚀 Let’s make sure you’re getting the most out of your investments. 💪 #TaxUpdates #BusinessGrowth #StayInformed #TaxIntegrity

🚗 Thinking of buying a luxury car through your business? While it may seem like a great idea, there are some important tax implications to consider, such as fringe benefits tax and the benefit in kind tax if the car is used personally. These hidden costs can quickly add up! But here’s the good news—recent updates could mean an exemption for electric vehicles. Want to know more? 🎥 Watch the full video to learn how to make the right decision for your business! 📞 Contact Waterford Accountants on 02 4940 2800.

It’s that time again! The deadline for filing taxes is tomorrow - April 15th. 🗓️ You work hard all year, so be sure to check with your tax pro to maximize your business deductions – including your investment in marketing! 💰 #obsessedwithsuccess #marketingmagicmakers #digitalmarketing #marketing #business #marketingdigital #digitalmarketing #branding #socialmedia #entrepreneur #socialmediamarketing #advertising #online #entrepreneurlife

So, you're considering adding a shiny new vehicle to your business? Using your S Corp to buy a car can have some perks, but it's not as simple as driving off the lot with a tax deduction. Let's dive into the details and help you make...

So, you're considering adding a shiny new vehicle to your business? Using your S Corp to buy a car can have some perks, but it's not as simple as driving off the lot with a tax deduction. Let's dive into the details and help you make...

You Can Write Off Your Clothing? Even as an entrepreneur, our personal clothing does not qualify as a tax write-off. But here’s the secret: If your clothing is branded with your company logo, slogan, or product advertisement, it can be considered a marketing expense—and that makes it a legitimate tax write-off! Think about branded hats, t-shirts, jackets, or hoodies that promote your business that can be worn in everyday settings. As long as they prominently feature your business and are worn to generate conversations it's a marketing expense. December is the final month of the year to capitalize on every opportunity for write-offs before 2024 is over. Would you like more ideas and yearend tax strategies? Leave a comment below. #HomeBusinessTaxSecrets #TaxWriteOffs #HomeEntrepreneurTips #HomeBusinessSuccess #TaxSavings #MarketingExpenses

Negotiating with brands : Brand - What’s X person’s budget for a reel ? 1.5 lakh plus taxes Brand - can they please do it for 25k ? NO 35 ? 38? Acha 42.567899999876 #agencylife #brands #influencereconomy

Thinking about turning your entire lifestyle into business deductions? Not so fast! 🤔 Let's dive into a common misconception: that launching a business turns personal splurges into tax write-offs. True, business-related expenses like home office and auto use are deductible. But personal pleasures? The IRS isn't having it. ❌ Many influencers might flaunt deductions for everything from cosmetics to clothing to jets and yachts by branding it under "business image," but beware—the IRS guidelines are clear. Personal appearance costs are generally not deductible as they also benefit your personal life. 🛥️ Consider this: even custom suits with a hidden company logo inside aren't typically deductible. Clothes need to be exclusively for work—like uniforms or specific protective gear, not something you'd wear out to dinner. Before you try creative deductions, double-check with a tax pro. Better safe now than sorry later with hefty fines! Curious about what actually qualifies as a deductible expense? Drop your questions below! #TaxMyths #CPA #TaxTips #BusinessDeduction #Entrepreneurship

Thinking about buying a luxury vehicle for your business? Let’s talk about what that really means for your taxes. There is a misconception that if you buy a luxury SUV in the business' name, it is a “full tax write-off”. Tempting, right? But here’s the real deal: while certain vehicles can qualify for a partial deduction, it’s not quite the free pass it’s made out to be. Here’s what you need to know: 🚗 Section 179 Deduction: Sure, vehicles over 6,000 pounds might qualify for some deductions, but only up to a certain limit—and it’s usually a fraction of the sticker price. 🚗 Depreciation Caps: Luxury vehicles (like that shiny new G-Wagon) face extra depreciation limits, so you can’t write off the full cost in one go. 🚗Business Use Only: This is a biggie. The IRS requires these vehicles to be used primarily for business (50%+), so if it’s doubling as a personal ride, that deduction shrinks. Our advice? Consult with a tax professional before making any big purchases. Tax deductions are great, but they’re not freebies! A quick consult with your accountant can help you understand what’s truly deductible, so you’re maximizing benefits in a way that keeps everything above board.