Sunshine 'n Taxes

?? Earning income or holding assets abroad? Don't make these costly tax mistakes! The IRS requires full disclosure of foreign income and accounts, and missing key reports like FBAR & FATCA can lead to severe fines. Here are 3 mistakes to avoid: 1?? Not reporting all foreign income (The IRS tracks global earnings!) 2?? Ignoring FBAR & FATCA (Required if your foreign accounts exceed $10K) 3?? Overlooking tax treaties (Avoid double taxation!) ?? Stay compliant and avoid penalties. Watch our latest video for essential insights! #TaxCompliance #GlobalTax #ForeignIncome #IRS #TaxStrategy

As a small business owner, you juggle a lot—but one mistake with your taxes can bring unwanted IRS scrutiny. ?? Here are 3 common red flags that could trigger an audit: ?? Mixing personal and business expenses – That family dinner? It’s not a business write-off. Keep finances separate! ?? Misclassifying employees as independent contractors – The IRS has strict rules, and mistakes here can be costly. ?? Skipping quarterly tax payments – The IRS expects estimated payments. Missing them can lead to penalties. Protect your business! Watch our latest video for practical tax tips to stay compliant and avoid costly mistakes. #TaxPlanning #SmallBusinessFinance #IRSCompliance #AvoidAudit #SunshineNTaxes

Tax season is here, and while most taxpayers file with good intentions, small mistakes can still lead to an IRS audit. ?? Here are the top 3 errors to avoid: ?? Underreporting Income – The IRS matches your reported income with W-2s and 1099s. Missing something? That’s a red flag. ?? Claiming Ineligible Deductions – A ‘creative’ tax return could lead to penalties. Make sure you qualify! ?? Math Errors – Even small miscalculations can delay your return or invite IRS scrutiny. Stay ahead of tax season! Watch our latest Sunshine ‘n Taxes video for expert tips to keep your return audit-proof. #TaxPlanning #IRSCompliance #TaxSeason #SmallBusinessFinance #AvoidAudit

?? Need a Tax Preparer? Choose Wisely! Your tax preparer handles sensitive financial details, so it’s crucial to pick the right one! ?? Types of Tax Preparers: ?? Certified Public Accountants (CPAs) – Experts in tax and accounting ?? Enrolled Agents (EAs) – Federally authorized tax professionals ?? Tax Attorneys – Specialists in complex tax matters ?? Annual Filing Season Program (AFSP) Participants – Trained in tax preparation ?? Watch Out for “Ghost” Preparers! Some unethical tax preparers don’t sign returns and may submit false information. Always check credentials before hiring! ?? How to Verify a Tax Preparer: ?? Use the IRS Directory of Federal Tax Return Preparers ?? Check professional organizations for membership ?? Avoid preparers who promise huge refunds or charge based on refund size ?? Protect yourself and file with confidence! #TaxFiling #TaxPreparer #IRS #TaxTips

As an S-corporation owner, setting your salary correctly isn’t just about compliance—it’s about protecting your business from IRS audits and penalties. Here are three critical mistakes you should avoid: ?? Paying yourself too little – The IRS could reclassify your distributions and hit you with payroll taxes. ?? Ignoring market rates – Your salary should align with industry standards to avoid red flags. ?? Skipping documentation – Without proof, your salary decisions could be challenged in an audit. Don’t wait until it’s too late! Watch our latest Sunshine ‘n Taxes video to stay ahead of costly tax pitfalls. #SCorp #Entrepreneurship #TaxStrategy #SmallBusinessFinance #PayrollCompliance

Are You Paying Yourself the Right Salary as an S-Corporation Owner? As an S-corp owner, your salary isn’t just about what you take home—it impacts payroll taxes and your risk of an IRS audit. Set it too low, and the IRS may reclassify your distributions as wages, hitting you with penalties and back taxes. How do you determine a reasonable salary? Consider: ?? Industry standards ?? Your job role & responsibilities ?? Hours worked & business performance Plus, documenting your salary decision is crucial for IRS defense. Learn more in our latest Sunshine ‘n Taxes video. Stay compliant and confident in your payroll decisions! ?? hashtag#SCorp hashtag#TaxCompliance hashtag#EntrepreneurTips hashtag#Payroll hashtag#BusinessOwners Subscribe to our Youtube Channel here: https://lnkd.in/duEzZGvN

?? Where’s My Refund? Check Your Status! Wondering when your 2024 tax refund will arrive? Use the Where’s My Refund? tool to track it! ?? When Can You Check? ?? 24 hours after e-filing a current-year return ?? 3–4 days after e-filing a prior-year return ?? 4 weeks after filing a paper return ?? Prefer mobile? Download IRS2Go to check your refund on the go! ?? Refund Status Updates: ? Return Received – Processing your return ? Refund Approved – Refund scheduled for deposit or mailing ? Refund Sent – It’s on the way! ?? Delays? Your refund may take longer if corrections or extra review are needed. Check IRS.gov before filing again! #TaxSeason #IRS #WheresMyRefund

Are You Paying Yourself the Right Salary as an S-Corporation Owner? As an S-corp owner, your salary isn’t just about what you take home—it impacts payroll taxes and your risk of an IRS audit. Set it too low, and the IRS may reclassify your distributions as wages, hitting you with penalties and back taxes. How do you determine a reasonable salary? Consider: ?? Industry standards ?? Your job role & responsibilities ?? Hours worked & business performance Plus, documenting your salary decision is crucial for IRS defense. Learn more in our latest Sunshine ‘n Taxes video. Stay compliant and confident in your payroll decisions! ?? #SCorp #TaxCompliance #EntrepreneurTips #Payroll #BusinessOwners Subscribe to our Youtube Channel here: https://lnkd.in/duEzZGvN

Are You Paying Yourself 'Reasonable Compensation' as an S-Corporation Owner? "Setting the right salary as an S-corporation owner is more than just good practice—it’s required by the IRS. But what qualifies as 'reasonable compensation'? This week on Sunshine 'n Taxes, we talk about the essentials: ?? Factors influencing 'reasonable compensation' ?? How to avoid costly IRS audits ?? Tips to document and defend your salary Stay ahead of tax season challenges! Watch our latest video and share it with your network to help others stay compliant. ?? #SCorp #TaxCompliance #BusinessOwners #TaxStrategy #ReasonableCompensation

?? Why Learning About Taxes Matters Confused about taxes? You’re not alone. But understanding their history and impact can make a big difference in how you navigate them. Join Michael McCarthy on Sunshine ‘n Taxes as we explore decades of research and international experience to make taxes clear and approachable for everyone. #SunshineNTaxes #FinancialLiteracy #TaxEducation #MichaelMcCarthyCPA