Stephanie Wagner’s Post

📊 Attention Side Hustlers! 📊 Keeping accurate records is paramount when filing taxes for your side hustle. Here are three compelling reasons why: 1. Maximize Deductions: Accurate records allow you to track all business-related expenses, ensuring you claim every deductible item. From supplies to mileage, meticulous record-keeping can significantly lower your taxable income and maximize your deductions. 2. Stay Compliant: The IRS requires accurate reporting of income and expenses from side hustles. By maintaining detailed records, you demonstrate compliance with tax laws and reduce the risk of audits or penalties. 3. Financial Insight: Accurate records provide valuable insights into your side hustle's financial health. Tracking income and expenses helps you understand profitability, identify areas for improvement, and make informed decisions to grow your business. In summary, meticulous record-keeping is essential for side hustlers to maximize deductions, stay compliant, and gain valuable financial insights. Don't overlook this crucial aspect of tax preparation! Click the link below, so I can help you file this tax season! https://lnkd.in/gQcPkxP2 #SideHustle #TaxTips #RecordKeeping #FinancialInsight #TaxSeason

🌟 Calling All Solopreneurs! 🌟 Separating business and personal expenses is crucial! Here's why: 1. Financial Clarity: Keeping business and personal expenses separate provides clear visibility into your business finances. It simplifies tracking income and expenses, making it easier to monitor cash flow, track profitability, and prepare accurate financial statements come tax time. 2. Legal Protection: Separating business and personal finances helps establish your business as a distinct legal entity. This separation can protect your personal assets from potential liabilities and legal claims against your business. Maintaining separate accounts and records strengthens your legal standing and safeguards your personal wealth. 3. Tax Compliance: Mixing business and personal expenses can lead to complications during tax filing. By separating the two, you ensure compliance with tax regulations and maximize your deductions. It simplifies tax preparation, reduces the risk of errors, and minimizes the chance of triggering an IRS audit. Don't blur the lines – keep your business finances organized and separate! Click the link below, so I can help you begin maximizing your personal and business expenses this tax season! https://lnkd.in/gQcPkxP2 💼💡 #Solopreneur #BusinessFinance #TaxCompliance #FinancialClarity

🚨 Attention Everyone! 🚨 Just a friendly reminder that the tax deadline is approaching fast – only 30 days left! ⏰ Whether you're a busy professional, a dedicated side hustler, or simply someone who hasn't had a chance to tackle their taxes just yet, now is the time to take action. Don't wait until the last minute and risk missing the deadline! Alright, I have a few ways to help you stay on track: 1. Gather your documents: Start collecting all necessary tax documents, including W-2s, 1099s, receipts, and any other relevant paperwork. 2. Schedule your appointment: Reach out to your tax preparer or set aside time to prepare your taxes yourself. Lock in your appointment now to avoid the rush later. 3. Stay organized: Keep all your tax-related documents and information in one place to streamline the filing process. 4. Don't procrastinate: Avoid the stress of last-minute filing by tackling your taxes early. Remember, the sooner you file, the sooner you can receive any refunds owed to you. If you have any questions or need assistance with your taxes, don't hesitate to reach out. I'm here to help ensure you meet the deadline and navigate the tax season smoothly. Hit the link below and fill out the intake form if you are ready to begin filing. Or If you have any tax questions that you need to ask before you file, then sign up for a 1 on 1 meeting with me. Let’s get the ball rollin! https://lnkd.in/gQcPkxP2 💼💪 #TaxDeadline #30DaysLeft #TaxPreparation #StayOnTrack #Don'tWait

👻 Feeling haunted by tax season? With CheckMark, you can conquer payroll and accounting fears. Say goodbye to nightmares and hello to hassle-free business management! Learn More: https://buff.ly/3HFXCu1 #Halloween #BusinessSolutions #CheckMark

Congratulations to those of you who are just wrapping up another busy season!! This tends to be the time of year for accounting firms to host "after busy season" parties. Maybe you have one coming soon? The end of busy season is definitely something worth celebrating! But how much celebrating did you do before busy season ended? Probably not enough! Let's conspire, together, to change this! What if we learned how to take a breath after we accomplish one thing, to acknowledge and celebrate it? How might that change things in our profession? Check out our latest blog to learn more. https://lnkd.in/gZQnkCK7

🚀 Attention Solopreneurs! 🚀 Understanding your tax obligations is crucial when filing taxes. Here's why: 1. Avoid Penalties: Ignorance isn't bliss when it comes to taxes. Failing to understand your tax obligations could lead to penalties and fines. Knowing what you owe and when it's due keeps you compliant and penalty-free. 2. Maximize Deductions: Knowing your tax obligations helps you identify eligible deductions and credits, lowering your taxable income and reducing your tax bill. From business expenses to home office deductions, understanding tax rules can save you money. 3. Financial Planning: Understanding your tax obligations allows for better financial planning. Knowing how much you'll owe helps you budget effectively and set aside funds for tax payments. It also enables strategic decisions to minimize tax liability in the long run. Stay informed to stay ahead! Click the link below, so I can help you begin maximizing your credits and deductions this tax season! https://lnkd.in/gQcPkxP2 💼💡 #SideHustle #TaxObligations #MaximizeDeductions #FinancialPlanning

🕯️ The third Advent is here! And here's a little joke: How many accountants does it take to screw in a lightbulb? 🎄 🎄 🎄 🎄 🎄 🎄 🎄 🎄 🎄 🎄 🎄 🎄 ->ANSWER: How many did it take last year? 😁 Don't worry - we've got it all covered, so you don't have to!✨ Wishing you a wonderful third Advent!🎄 #3rdAdvent #Taxjoke #Fiduciairy #TaxAdvisory

🔍 Are you aware of the significance of understanding your tax filing status? Here are three compelling reasons why it's crucial: 1. Maximize Tax Benefits: Your filing status determines your tax bracket and eligibility for credits and deductions. Accurately identifying your status ensures you claim all available tax breaks, maximizing your potential savings. 2. Compliance and Accuracy: Filing under the wrong status can lead to errors on your return, potentially triggering audits or penalties. Understanding your status helps you comply with IRS regulations, ensuring accurate and timely tax filings. 3. Financial Planning: Your filing status impacts various financial decisions, from retirement contributions to healthcare expenses. Knowing your status allows for better financial planning, helping you make informed choices to achieve your long-term goals. Need help deciding which status aligns more with your financial picture? Click the link below, so I can help you file the right status this tax season! https://lnkd.in/gQcPkxP2 #TaxTips #FinancialPlanning #TaxSeason #IRS #TaxSavings

Guidance from CPAs appreciated for the following items: 1. Are gifts to staff members taxed different from gifts to clients/prospects? 2. I know entertainment with clients is not a deductible expense. However, are team/staff entertainment deductible? Such as team building activities. 3. Are meals while at a company event tax and different from standard 50% meals? These are for any meals while the staff is traveling for the event. 4. Perks provided to team members like a maybe a DoorDash membership, how are these expensed? 5. For marketing client that do several events, are there pros/cons to posting all expenses related to that event just under an "Event Expense" (the travel, all food, any activities the team/staff does, etc).

I am grateful for 50 state survey tools. My practice is broadly multi-state in nature. I have cases pending coast-to-coast, and routinely work with my clients to evaluate their tax compliance obligations (proactively as well as under appeal) in states other than the one their headquarters is based in. These days, it has felt as if I'm doing a whole heck of a lot of 50 state tax surveys for clients in different industries. When I attended lawschool, online research tools were in their nascence - available, but not yet robust. Even then projects like this would have taken ages to complete. I am grateful that the tech has evolved and that more research databases recognize the real benefit in facilitating this style of research. Do you do 50 state surveys routinely? What tools do you use? -My firm relies on CCH (a Wolters Kluwer product) and Westlaw. Westlaw finally launched a 50 state survey tool in its latest Precision platform. So far, so good! ~~~~~ If you've been connected with me long enough, you know I start every week with a post expressing gratitude. And if you've been connected with me for a few years, you know I expand that gratitude practice for the full week of Thanksgiving every year. Cultivating a gratitude practice has been so beneficial, helping me start my week with a better frame of mind. I invite you to join me this week. What are you grateful for? #iamgrateful #gratitude #thanksgiving2024