Tannery Company

Your Tax Refund Isn’t Free—It’s a Missed Opportunity Think of it this way: If a friend borrowed $5,000 from you and paid it back a year later, you’d be happy to have your money back—but wouldn’t you rather have access to it all along? That’s exactly what happens when you overpay your taxes. Instead of waiting for the IRS to return your money, you could be using it, earning interest, investing, or simply having more flexibility in your budget. A refund isn’t a bonus—it’s a sign your tax strategy needs adjusting. And the worst part? Many people fall for tax myths that cost them even more. From misunderstanding tax brackets to thinking there’s a secret senior citizen discount on taxes (spoiler: there isn’t), misinformation leads to missed financial opportunities. Are you making costly tax mistakes? Check out our latest blog to find out #taxplanning #richardsoncpa #financialstrategy #wealthmanagement #taxrefunds

Spring Cleaning Isn’t Just for Your Closet—It’s for Your Finances Too We all love the feeling of a freshly decluttered home, but what about your financial life? If your budget has been collecting dust, your accounts are scattered, or debt is piling up like unopened mail, it’s time for a financial refresh. 1. Tidy Up Your Budget – Cut those unused subscriptions and track where your money is really going. 2. Simplify Accounts – Fewer accounts mean fewer headaches (and fewer fees). 3. Tackle Debt with Strategy – The avalanche method can help you pay off high-interest debt faster. 4. Review Financial Documents – Life changes? Your financial plan should change, too. 5. Set a Net-Worth Goal – Small, intentional steps today create a wealthier tomorrow. Spring is all about fresh starts—why not give your finances the reset they deserve? Check out our latest blog for expert tips on financial spring cleaning. #springcleaning #financialwellness #tannerycompany

Is the IRS about to send you a surprise? If you use Venmo, PayPal, CashApp, or Stripe, your tax season might look a little different this year. The 1099-K threshold has dropped significantly, meaning more people than ever will receive this form—whether they expect it or not. Did you sell personal items, freelance, or get paid through a payment app? You need to know how to report it correctly to avoid costly mistakes. We broke it all down in this morning's blog: ?? What Form 1099-K is ?? How to handle sales of personal items ?? What freelancers and gig workers need to watch out for ?? Why this matters for millions of taxpayers At Tannery Company, we don’t just file taxes- we help you understand them. #TaxSeason #IRS #1099K #Freelancers #TaxTips Check out our latest post to make sure you’re ready for tax season:

'Tis the season…for taxes! But don’t worry, we’ve wrapped some financial wisdom in a touch of holiday cheer. ??? ‘Twas the Season for Taxes ‘Twas the night before taxes, and all through the land,? Not a deduction was stirring, no credit on hand.? The W-2s were stacked on the desk with no care,? In hopes that refunds soon would be there. The clients were nestled all snug in their beds,? While visions of tax breaks danced in their heads.? And I with my spreadsheet, and you with your math,? Had just settled down to calculate our path. When out on the lawn, there arose such a clatter,? I sprang from my forms to see what was the matter.? Away to the window, I flew in a flash,? Tripping on receipts in my great income dash. The moon on the mess of my itemized heap,? Gave a luster of chaos that made my heart leap.? When what to my wondering eyes should appear,? But a savvy accountant with financial cheer! With a red pen in hand and a brain oh so quick,? I knew at that moment that it must have been Tax Nick.? More rapidly than audits, his strategies came,? And he whistled and shouted and called them by name: “Now, Deductions! Now Credits! Now Investments galore!? On IRAs, Roths, and a Safety Net Store!? To the top of your goals, to the top of your worth,? Let’s grow your net value and prove your true mirth!” As dry forms before the IRS fly,? When they meet with a loophole, lift to the sky.? So, up the deductions, my income did rise,? With smart planning and savings, a newfound surprise. And then, in a twinkling, I heard on the roof,? The prancing of dollars—a net worth proof!? As I drew in my breath and spun around quick,? In walked that genius—the clever Tax Nick. He was dressed in deductions, from head to toe,? And his tie was pure gold with a 401(k) glow.? A bundle of savings he flung on his back,? And he looked like a broker just opening a pack. His eyes—how they twinkled! His strategy, merry!? His cheeks were like refunds, his nose a tax query!? His droll little mouth was drawn up like a chart,? And the beard on his chin screamed, “Compound growth start!” He spoke not a word but went straight to his work,? And filled out my forms, then turned with a smirk.? And laying a finger aside of his head,? He nodded and grinned, "You’re growing instead!" He sprang to his sleigh, and his team gave a whistle,? And away, they all flew like a financial missile.? But I heard him exclaim as he soared out of sight,? “Grow your net worth to greatness—good luck and good night!”

A big Texas-sized thank you to Dan Glanville and the team at Hotchkiss Insurance for this incredible gift! This isn’t just any pecan pie – it’s a Texas pecan pie from Goode Company, voted Best Mail Order Pie by Bloomberg. It's a testament to your excellent taste, Dan, and it's full of rich, gooey goodness. Texas pecans from the banks of the Brazos River make this a sweet reminder of the relationships we value most. At Tannery Company, we’re proud to partner with professionals like Dan, who know that trust and thoughtfulness go a long way. Your contribution to our professional relationship is truly valued. Thanks again, Dan. This pie will be savored and shared… if I don’t finish it first! #ThankYou #TexasPecanPie #GoodeCompany #HotchkissInsurance #Grateful #PartnershipsMatter #MadeInTexas

Happy Thursday to our community of forward-thinking business owners and professionals. Let’s talk about this week’s Tannery Tip: ?? Cut hidden tech costs and reclaim your budget. Back in the 1960s, The Jetsons painted a futuristic picture of convenience, filled with smart gadgets and effortless living. Today, that vision feels closer than ever—but all those modern conveniences come with a cost. For many households, tech spending on streaming services, smart devices, and internet plans can quietly balloon to $5,400–$7,320 a year. Here’s how to keep that in check: Take inventory: Review your subscriptions and gadgets. If it’s gathering dust or you barely use it, let it go. Think before you upgrade: Ask if the latest device or service truly adds value—or is just an impulse buy. Shop smarter: Compare mobile, internet, and streaming options to avoid overpaying for services you need. While we might not have flying cars, living in our own version of The Jetsons’ world means balancing convenience with intentional spending. By auditing your tech costs now, you can save money and invest in what matters most. Want more insights on managing your spending in today’s high-tech world? Don’t miss tomorrow’s blog! https://lnkd.in/gKR2M2Dz #SmartSpending #TechnologyCosts #FinancialFreedom #JetsonEconomy

The days are dwindling fast, you have two choices do nothing or do something. We work with the people that want to do something. Ready to minimize your tax for 2024 and set yourself up for a great 2025?

Year-End Tactics for High-Income Business Owners and Partners It’s that time of year—everyone’s Googling ways to lower their 2024 taxes. But with only days left, is there anything you can do? Maybe. But probably not. You’re in good shape if you are working with Tannery Company as we continually work to ensure our clients have the best alternatives to minimize their income tax and increase their net worth. But if your CPA has failed to help you plan and prepare, here are a few last-minute moves for high-income business owners or partners, small business owners with stable cash flow, or business owners approaching retirement. You play a crucial role in leveraging the tax code to your advantage. Unlike your regular CPA, we are here to make you money, not just file paperwork. Tax planning is a year-round game, not just a last-minute sprint. Want to get started? Best, Michael #tannerycompany #financialindependence #RichardsonCPA

?? Corporate Transparency Act Update On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction blocking the enforcement of the Corporate Transparency Act's (CTA) Beneficial Ownership Information (BOI) reporting requirements. This legal development has created some uncertainty for reporting companies, but preparation remains essential. Here’s what you need to know: ?? The injunction is temporary and could be overturned by an appeals court. ?? If the injunction is lifted, pre-2024 Reporting Companies will still need to file their Initial BOI Reports by January 1, 2025. ?? Non-compliance carries significant penalties: $591 per day, up to $10,000 per entity. While the Financial Crimes Enforcement Network (FinCEN) is still accepting BOI reports, they have yet to comment on the court’s decision. If you haven’t filed yet, now is the time to gather the necessary information and be ready to act quickly. We’ll continue monitoring this case closely and keep you updated on any changes. Questions or concerns? Feel free to reach out! And on a lighter note, my office assistant (pictured here) seems unbothered by the twists and turns of compliance deadlines. But while she's busy perfecting her relaxation skills, I’m here to help you stay informed and prepared for whatever comes next. #richardsoncpa #CTA #financialreporting

'Tis the season for giving—and budgeting! Check out our latest blog for actionable tips to help you balance the joy of giving with the reality of budgeting. From creative gift-giving ideas to practical ways to track your spending, we’re here to make sure your celebrations are memorable—for the right reasons. This season doesn’t have to be a battle between your wallet and your wish list. Let’s embrace smarter spending and focus on what truly matters—family, friends, and meaningful moments. #holidayspending #tannerycompany #richardsoncpa