TST Accounting, LLC

Our mission is to improve the success rate of new small businesses and help existing small businesses, even very successful ones, improve their overall performance and profitability.

Trying to stay on top of all the possible year-end tax savings moves you can make can get overwhelming. So, what should you prioritize? Retirement contributions should be near the top of the list (especially if you’re 50 or older and have access to those extra catch-up contributions). And if you do manage to max out your 401(k) for 2024, some plans even allow after-tax contributions above the standard limits (which grow tax-free and can be withdrawn tax and penalty-free). While the deadline for 401(k) contributions is the end of the year, IRA contributions that count towards your 2024 taxes can be made up until the tax filing deadline of 2025. Want some help figuring out how to maximize your contributions and harvest tax savings? Give us a call.

MYTH: As a business owner, you don’t have to think a lot about retirement because your business is your “retirement cash cow.” The reality is, you need to make serious retirement plans for how exactly your business will BE that cash cow. Here are some questions to get you started: - Do I know how much income I will actually need at retirement? - How much control in the business must I maintain to secure my retirement income? - Have I looked into financing options for key employees to buy me out? - Do I want to be running my business, full-time, five years from now? - Do I have contribution protection for my retirement if I were to become disabled? Had success in this area? Tell us about it.

Companies are looking for very specific factors in their hiring process – and they’re not all what you’d expect. Direct experience in the field might not be essential to include on your resume anymore... IF you can use similar experiences to stand out. Have you seen success with this hiring tactic before? https://lnkd.in/enkhH4Av

True or False: Small businesses don’t need to worry as much about cybersecurity risks as big corporations do. ?? Why?

A common sentiment once you've hit a certain age and have no retirement savings is that you should expect to NOT retire. There's not much you can do at this point to catch up on savings, right? But it's NOT TRUE! Even if it seems like retirement isn’t possible for you, there are steps you can take starting now that will set you on the path toward a more stable financial future. It's not too late. But the imperative is to act NOW and act SMART. Ask us how to take advantage of the time you have left. Hit the like button if you’re ready to get started.

Want to know one year-end tax move to make for big savings? Let's talk transferring wealth with the gift tax exclusion. Making this move can strategically reduce your taxable estate while also helping those you love. In 2024, the annual exclusion is $18,000 per recipient without incurring a taxable gift. And spouses splitting gifts can double that to $36,000. Now, this is only one end-of-year tax moves that could be key to saving you on your tax bill. Want to know more? Comment "EOY2024" below.

This one problem could lead to a cash flow problem in your business even if business is booming: Inefficient operations and financial systems Some ways to fix it: ?? Provide incentives to clients who pay things early ?? Get invoices sent out right away ?? Open the door to electronic payments ? Adjust for inflation and charge more for your products or services ?? Go for a lease option instead of purchasing real estate, tools, and supplies (pay in smaller increments) Hit that like button if you're up for the challenge.

Year-end is less than two months away. Lock in every possible tax benefit for your business by doing these things: ?? Collect Social Security Numbers or EINs from contractors now for 1099-NECs (file electronically if you have 10 or more). ?? Get payroll done—pay yourself, your spouse, and even your kids as employees by Dec 31. ?? If you’re starting a business or putting real estate into service, make it official to lock in deductions. ?? Set up your retirement plan now, even if you’re not funding it yet. ?? Put an accountable plan in place to reimburse work expenses tax-free. ?? Stack up charitable donations to maximize deductions every other year if you’re close to itemizing. ?? Catch your books up. You don't want to go into tax season money blind. ?? Register with FinCen.gov if you have a business entity—the deadline is Jan 1, 2025, and there are fines if you don't comply. Got any to add that we missed?

The most wonderful time of the year…more like the most expensive time of the year. So, how do you make it through the holidays feeling like you’ve maintained (at least some of) your financial sanity? Whether you're a "November 1 is the official start of Christmas" or a "not until after Thanksgiving" type of person, keeping holiday spending in check is a priority. Here are a few ways to spread a little less holiday cheer with your wallet this year: ?? Set a little aside from each paycheck into a sinking fund. ?? Find out if your bank offers holiday savings accounts. ?? Price check for better deals at another store. ?? Go the DIY route with gifting. ??? Plan ahead to make the most of sales and coupons. Which one of these ideas is something you could implement this year?