July, 2023 Edition - Smart Entrepreneur Tax & Bookkeeping News You Can Use

July, 2023 Edition - Smart Entrepreneur Tax & Bookkeeping News You Can Use



The Tax Minded Bookkeeper Round-Up is a monthly communication of bookkeeping, tax strategy related tips and resource information for small business owners. In this newsletter, you'll receive support to level up your financial awareness and maximize tax savings within your business as an entrepreneur for success.

Summer, Sun, Sand and Side Season!

I absolutely love Summers! Especially, being in the tax and bookkeeping industry, Summers are a little more relaxed outside the busier tax season which will be here again before we know it.

As a financial professional, I also meet a larger number of entrepreneurs this time of year who are starting their businesses. Are you someone about to start your business too?

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If so, here are some important questions to help with planning and making sure you are in a stronger position financial wise when starting your business:

  • What structure will the business be and how does that affect things tax-wise?
  • How will you track your income / expenses?
  • Do you have a 1st year budget to reveal investment cost, if any to get started? Will you have any employees or contractors?
  • Will your business have any additional sales, state, or franchise tax obligations?

We support start-ups!

This year to support new business owners, a popular resource we are offering is the Tax Minded Bookkeeper Tax & Bookkeeping Entrepreneur Bootcamp Course! The Bootcamp will provide you as a business owner with a combination of?online course training on topics that help you understand taxes and financial management as a business owner to avoid surprises later. You'll also have access to the private?Tax & Bookkeeping for Entrepreneurs Facebook community?and an opportunity to have live sessions with me sharing my experience as both a Quickbooks Elite ProAdvisor and a registered IRS Tax Practitioner. Sign-up today at: https://bbizsolution.com/bootcamp and we'll see you inside the community!


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Is Summer A Slower Time of Year for Your Business?

With many of our customers on vacation this Summer, has activity slowed down in your business? If so, this may be the right time to do a check-in with your business financial planning!

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Let me share some ideas with you based on how we're helping our clients use this time wisely. For example, taking a look at your current processes to make sure you have a system in place for the following now that we're in Q3 of the year:

  • Income and Expense Tracking
  • Financial Reporting
  • Analyzing Mid-Year KPIs
  • Tax Compliance
  • Managing Payroll
  • Collecting Contractor W9s
  • Information + Data Security
  • Tax Planning
  • Onboarding New Clients or Team Members

Reviewing these now to make any adjustments needed will definitely help to have a smoother year-end later on!


IRS Scam Warning

Although this is not business specific, I still wanted to spread the news about this scam reported earlier this week occurring on the tax front to individual taxpayers. The Internal Revenue Service warned individual taxpayers in a News Release on July 3, 2023 to be on the lookout for a new scam mailing that tries to mislead people into believing they are owed a refund.

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The new scheme involves a mailing coming in a cardboard envelope from a delivery service. The enclosed letter includes the IRS masthead and wording that the notice is "in relation to your unclaimed refund."

Like many scams, the letter includes contact information and a phone number that do not belong to the IRS. But it also seeks a variety of sensitive personal information from taxpayers. See the IRS website for the full story and more information on precautions you can take to avoid this and other similar scams occurring. Source: IRS.gov


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Want to see how I can help you achieve your business goals? You'll want to check out our new Services Guide to learn all about services, pricing, onboarding process and more about the advantages of working with a licensed tax and certified bookkeeper professional like me. We're especially proud to announce our new VIP Experience Support designed for busy CEO professionals who desire a more dedicated bookkeeping and tax support experience.

As both a Quickbooks ProAdvisor and IRS licensed tax practitioner, here are some of the ways in 2023, I'm here to support your business:

Hit reply and let me know that you'd like a copy of our new Services Guide with a complete list of services or schedule your Discovery Call today if you'd like an appointment to discuss your business bookkeeping or tax planning needs. Also, our business is based on word-of-mouth and referrals, so your support is the greatest compliment!

Have a wonderful July on purpose!

Regards,

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