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?? Cash Basis Financials: The Good, The Bad, and The "Oops, I Forgot About That!" ?? Hello business owners and aspiring tax gurus! ?? Let's chat about cash basis financials and how they might be sneaking up on your year-end tax planning. Grab your coffee (or your calculator), and let's dive in! ?? Equipment and Car Payments: The Invisible Expenses Thinking you can deduct that shiny new truck payment? Not so fast! Under cash basis accounting: Only the interest portion of your loan payments is deductible. If you fully depreciated your vehicle last year, you can't claim additional deductions on it this year. ?? ? Timing is Everything In the cash basis world, it's all about when money changes hands: Income is taxable when you receive it. Expenses are deductible when you pay them. It's like a financial game of hot potato! ?? Bunching Expenses: Not Just for Lunch Orders If this year's income is higher than usual, consider "bunching" your expenses: Pay next year's bills early to maximize deductions this year. It's like time travel for your wallet! ?? The Mailbox Rule: Uncle Sam's Sneaky Cousin Thinking of "forgetting" to check your mailbox for those year-end checks? Nice try! The IRS has a "constructive receipt" rule—if the money is available to you, it's considered income, even if you haven't deposited it. They're onto your tricks, clever fox! ?? Remember: Cash basis financials are like a snapshot—they show what's happening right now, not what's on the horizon. Great for simplicity, but they might not give you the full picture. ?? Pro Tip: Before making any year-end moves, consult with your friendly neighborhood tax pro. We're like financial fortune tellers—but we use spreadsheets instead of crystal balls. What's your biggest cash basis conundrum? Share your tales of tax-time triumphs or challenges in the comments! #TaxPlanning #SmallBusinessFinance #CashBasisAccounting #YearEndTax #FinancialLiteracy

My Client JUST realised his $16,000 mistake. (Read only if you don't want to be the same). My client was earning a high tech salary, but wanted to organise his taxes the standard way. Before we met he was paying $57,000 in taxes, Now, he pays $41,000 while also growing his wealth. Are you tired of feeling like your tech salary is disappearing in taxes? You're not alone. Many tech professionals feel the sting of a hefty tax bill, even after working hard to earn a high income. It's frustrating to see your hard-earned money going all to the tax man. But there's good news! Smart financial planning can help you keep more of what you earn and watch your wealth grow. Here are 3 ways to keep more of what you earn: → Optimise deductions You’re probably giving the tax man too much. → Invest tax-smart Make your money grow while paying less tax. → Plan strategically It’s not just about your yearly return; think long-term. I hear all the time: "Thanks, but I got this covered." Then after 10 mins chat, guess what? It's not covered and you are leaving money on the table. Even savvy professionals leave money on the table. A 10-minute chat could save you thousands. Book a financial clarity meeting today, and get a detailed report with actionable insights, along with personalised strategies to secure and improve it. Send me a DM!

This piece highlights strategies for getting your business ready for tax season, covering six key preparation tips: 1. Maintain well-documented financial records 2. Start cash flow forecasting 3. Plan ahead for quarterly taxes 4. Take a collaborative approach 5. Build up cash reserves that can be used beyond your payment 6. Leverage an interest-bearing account

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Navigate tax season with ease ???? Explore our latest blog on innovative tax payment options and credit solutions tailored for individuals and businesses.? From LMA accounts to HELOCs, our blog simplifies complex financial concepts, making it easy for you to preserve your financial well-being without disrupting your long-term strategies. Dive deeper into strategic tax planning. ?? Read our Full Blog here- https://shorturl.at/QBz3S Toni DasGupta Ph.D. MBA #FinancialPlanning #TaxSolutions #VedaFinancial

The Million Dollar Mindset: It's Not About the Money, It's About You Forget the champagne wishes and caviar dreams. The real treasure of the millionaire journey isn't the final destination, it's the transformation you undergo to get there. As the quote says, "The first million is hard, but the second million is inevitable." Why? Because the person you become to conquer that first million – driven, resilient, resourceful, and above all, strategic – becomes your most valuable asset. ATM Tax Pro Solutions isn't just about filing taxes – it's about empowering you to become that millionaire-caliber individual. - Sharpen your financial acumen: Our user-friendly software and comprehensive resources equip you with the knowledge and skills to navigate the complex world of taxes with confidence. - Unlock hidden income potential: Streamline your operations, attract new clients, and maximize your earnings with our industry-leading tax preparation tools. - Cultivate a winning mindset: Our supportive community of tax professionals provides invaluable guidance, mentorship, and the motivation to push past obstacles. - Embrace continuous learning: The tax landscape is ever-evolving, and ATM Tax Pro Solutions is your lifelong partner in staying ahead of the curve. The path to financial freedom starts with the investment in yourself. At ATM Tax Pro Solutions, we help you build the skills, knowledge, and confidence to not just reach your financial goals, but become the best version of yourself in the process. For inquiries regarding tax solutions, contact ATM Tax Pro Solutions at (855) 829-6277 or via email at [email protected] #millionairemindset #atmtaxpro #beyondmoney #taxyourcareergoals #buildyourfuture

When it feels scary to jump in, that is exactly when you jump. Wise words to live by, especially in the entrepreneurial journey. The moments of fear and uncertainty often precede the most remarkable successes. It's natural to feel apprehensive about taking the leap, whether it's starting a new business, exploring innovative strategies, or embracing change. However, these are the pivotal moments that define entrepreneurs. At ATM Tax Pro Solutions, we understand the significance of those leaps. Our mission is to empower individuals and tax professionals with the best tax preparer software, tax planning, and tax research solutions. We're here to make your journey simpler, faster, and more accurate, ensuring you save not only time but also hundreds or thousands every year with your tax returns. As you navigate the challenges of entrepreneurship, remember that our team of qualified tax professionals is here to support you in every aspect of your business, from tax returns to payroll and more. We're more than just a software and education company; we're your reliable partner in financial success. Explore comprehensive tax solutions at https://lnkd.in/ev-gbU3Z or contact us directly to discuss your individual tax needs: Call: (855) 829-6277 or (470) 651-4210 Email: [email protected] Hours of Operation: Monday - Friday: 9:30 AM - 7:00 PM Saturday: 12:00 PM - 6:00 PM Sunday: By appointment only Your success story begins with ATM Tax Pro Solutions! #atmtaxpro #entrepreneur #takeaction #businessempowerment #successmindset

?? Set Up Direct Deposit for Faster Refunds ?? Why wait for a check in the mail when you can get your refund faster, safer, and more conveniently? opt for direct deposit and let your money zoom straight into your bank account. The IRS typically processes direct deposit refunds within 21 days of e-filing—talk about instant gratification! Make tax season work for you choose direct deposit and skip the wait. Reach out to us for expert assistance @[email protected] or call 678-247-6541 or visit www.jmtaxadvocates.net #TaxSeason #DirectDeposit #FastRefunds #FinancialTips

If there’s one thing we’re all guilty of, it’s spending way too much time on our phones throughout the day.? ? Whether it’s texting, going on social media, or making a call, very few things get a better workout than our smart phones.? ? In fact, few things can cause us to panic like seeing our phone on low battery with no charger in sight.? ? Knowing this, we make it a priority to recharge our phones every night, so we don’t have to worry about it running out of juice tomorrow.? ? If only we allowed our corporate bank accounts to recharge every day.? ? With tax season in full swing and many incorporated professionals about to file their personal returns, this time of year is always a great reminder that taxes is one of the biggest expenses you incur throughout the year. ? So what’s one easy and simple way to reduce that expense? ? Be mindful of all of your other expenses.? ? Why is that? ? Because when you’re spending a lot personally and paying at high personal tax rates to do so, you’re retaining far less corporately and therefore not benefiting from a much lower corporate tax rate (12.2% on the first $500,000 of net revenue). ? So if you think your personal tax bill is too high this year, just remember that a lot of it probably has to do with how high all of your other expenses are. ? And unfortunately, those who get lured in by the temptation to spend and not maximize the benefits of incorporation will see their corporation run out of juice down the road.? ? Those who buy-in to the importance of saving, retaining, and investing their money, however, will always have peace of mind knowing their accounts will be fully charged tomorrow. ?

?????? ???????????????? ??????????????? ???????? ?????????????????? ???????????? ?????????????? ???? ???? Is the looming deadline for Income Tax Returns (ITR) filling you with dread? You're not alone. But what if I told you that filing your ITR early could be a game-changer? Let's break down the myths and unveil the real benefits of getting your tax affairs in order sooner rather than later. ???????? 1: ?? ???????? ???????????? ???? ????????. Reality: Procrastination is a tax thief. Delays can lead to hefty penalties, interest charges, and a world of unnecessary stress. ???????? 2: ??'???? ?????? ?? ???????????? ???????????? ??????. Reality: While it's true that many taxpayers receive refunds, early filing can expedite this process. Imagine having extra cash in your pocket sooner rather than later. ???????? 3: ???? ?????????????????? ?????????????????? ???? ????????????. Reality: Even the simplest tax returns can benefit from early filing. It allows you to identify potential deductions and credits, maximizing your savings. ????, ???????? ?????? ?????? ???????? ????????????????? * ?????????? ?????????????????? ?????? ????????????????: Late filing and underpayment can result in significant financial penalties. By filing on time, you can avoid these costs altogether. * ???????????? ??????????????: If you're expecting a refund, early filing can expedite the process, putting money back in your pocket quicker. * ???????????????? ???????????? ??????????: Timely tax payments positively impact your credit score, making it easier to secure loans and credit cards in the future. * ???????????? ?????????????????? ????????????????: Filing your ITR early provides a clear picture of your financial health. This information can be invaluable for budgeting, investing, and making informed financial decisions. ???????????? ??????????: * Gather all necessary documents: salary slips, investment proofs, etc. * Utilize available online tools and resources to simplify the process. * Consider consulting a tax professional for guidance if needed. Remember, peace of mind is priceless. By taking the time to file your ITR early, you’re not just fulfilling a legal obligation; you're taking control of your financial future. ???????? ?????? ?????????????????????? ?????? ???????????????? ???? ?????????? ?????? ????????????? ?????????? ???????? ???????? ?????? ?????????????????????? ???? ?????? ???????????????? ??????????! #itr #tax #incometax #finance