Causey Streeter, CPAs, LLC

If we could wave a magic wand and fix one thing about your finances, what would it be?

A recent comment from a friend of mine about BOI reporting: “You’d think they were planning a trip to the Caribbean with the amount of flip-flops we’re seeing.” Indeed. But the latest update in the BOI reporting saga is actually good news for you. A few weeks ago, FinCEN set a filing deadline for most businesses of March 21st. Then, on February 27th, they announced they are NOT issuing any penalties for failing to make that deadline. They set that March 21 date as a deadline for themselves, to decide an interim final rule about extending BOI reporting deadlines. Your action steps here are the same as they’ve been all along: Watch for changes, and have your documentation at the ready. It wouldn’t be at all surprising if more flip-flops were in store. And if you need help getting BOI-prepared, drop a comment below.

Excuses that DON’T count for failing to file and pay your taxes: 1. My dog ate my documentation. 2. I wasn’t feeling well…every day of tax season. 3. I thought the deadlines didn’t matter because of the IRS layoffs and budget cuts. 4. I heard the IRS is going kaput, so I thought I was off the hook. Yes, there’s lots of IRS buzz happening in Washington right now. But so far, tax deadlines are still on schedule. Which means you need to STICK TO that schedule. And no matter what talk there’s been about nixing the IRS (which is JUST a proposal right now) – you need to file your taxes this year. Because failing to file/pay comes with significant costs. Don’t let your financial wellbeing get hijacked by what-if scenarios. Practice good tax strategy, and let the IRS chips fall where they may. Let’s get your taxes taken care of, on time, together.

The home office deduction could mean a bigger refund for you this tax season, IF you’re self-employed. Catch that? You (unfortunately) can’t claim it if you’re just a work-from-home employee. But if you DO qualify, here are 3 things you need to know… ??Your office must be regularly and exclusively used for business. ??Your office must be your principal place of business. ???You can also deduct expenses like printers, monitors, furniture, and more. We can help you with the nitty-gritty of claiming this deduction at your filing appointment, so make sure to grab a spot on our schedule soon. Does working from home help or hurt your work flow efficiency?

Depending on the choices you make right now, you'll end up in one of two groups: 1) Sitting on top of a mountain of tax benefits that are available to those who use them effectively, or 2) Crying at the bottom of a pit of missed tax opportunities. We're here to help YOU process tax season and ensure that your taxes are as locked tight, cost-efficient, and SAVINGS-OPTIMIZED for you as (legally and ethically) possible. So if you’d rather end up in the first group post-tax season, just give us a call.

True or false? "The one thing that unites all human beings, regardless of age, gender, religion or ethnic background, is that we all believe we are above-average drivers." - Dave Barry

Be honest – have you been skipping or underpaying your estimated taxes? Because if you have, we have some not-great news for you: IRS interest rates have recently gone up. Meaning the longer you put off your payments, the more it’ll cost you. So let’s talk about getting your estimated payments on track.

What's one thing you can do TODAY to get a step closer to your financial goals?

One step forward, two steps back. That's what it feels like to try to make financial moves right now, with everything happening in the world (and especially with the continual changes our new president is imposing). But ultimately, that’s all you can control – taking that one step forward every opportunity you get. And I’m here to help you do that at your tax filing appointment. THIS is your chance to take the positive step forward that’s in your control.

False alarm – Elon Musk didn’t delete the IRS Direct File program (and it’s still available for this tax season at least). But, this instance highlights something that you can’t ignore anymore: You can’t entrust your financials to a program that can be “deleted” with the click of a button (or an X post from a tech-genius-billionaire). You need a much sturdier foundation under you than that – a team of experts committed to YOUR financial well-being. If that’s something you’re up for, just give us a call. https://lnkd.in/ggjDjygY