Talk Business With Rachel Williams, CPA

01/12/2022

Sorry for the inconvenience website being updated!!!

01/04/2022

01/02/2022

It's officially a New Year let’s take time to organize our books and plan for 2022:
1. Are all business expenses categorized?
2. Are your business accounts consolidated?
3. Evaluate annual spending for 2021 a - where could you save money in 2022?
4. How is your personal & business credit?
5. Have you completed open enrollment?
6. Do you have a bookkeeper & tax preparer for this year’s taxes?
7. What business moves do you want to make in the first 3 months of the year?

Feel free to use this as a checklist for the end of your year. If I can help you with launching or scaling your business, as well as bookkeeping & taxes, please let me know. Have a wonderful rest of your year! ♥️
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01/01/2022

Tax Season is among us, so please have your affairs in order! 🧾📋🗂 Before you run and file your taxes, there are few things that you should know:

For all my TurboTax filers, there are so many changes this year…complex changes! If you are a beginner with filing taxes…you will leave money on the table.🤷🏾‍♀️

First thing I would do I’d call 1-800-304-3107 to find out my tax status before filing! This will let you know if you owe debts, how much you owe and who you owe the debt to.✅ This way you can get ahead of the situation. (Try to get a resolution now)🗣

If you received ACTC (Advance Child Tax Credit) you will need letter 6416 before filing and if you received stimulus payments, you will need letter 6475 before filing.✅ Filing taxes without the forms can cause your return to go into a review status. You don’t want that.

This is not the year to let other people claim your children.🙄 You will miss out on so much money by
doing that. Oh and self employed taxes will be under microscope this year, so watch your step! ✅

Make sure you have the documentation that you need to cover your tracks in case of an audit.😩 Deductions are good but not when you need to make a large purchase.✅

Expect a chaotic tax season!🗣🗣 There will be delays this season.

Book Today to learn more!

Prepare & File 1040 using W2/1099; Schedule C; and Form 1165(S-Corp). Rachel is a CPA and Tax Preparer she will personally prepare and e-File your Income Tax Returns with precision and professionalism to maximize your tax refund. If you were an Essential Worker or Healthcare Worker in 2020, or if yo...

01/01/2022

2022 is here!🥂

May this year be everything we NEED it to be, and may we walk in the amazing will of God. Ready to see even more of what He has in store for me and my family.

Happy New Year. From Talk Business With Rachel Williams, CPA ♥️🥂

12/31/2021

Nothing too big or too small!!!! Leave the past mistakes behind and let 2022 be the year of recovery and improvement.
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12/31/2021

As the year is coming to its end . Its a celebration for clients to walk into 2022 with higher credit scores.
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12/31/2021

Thank you for trusting the process.
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12/31/2021

Another DELETION! Can’t wait to see the update for this client!! 😊 2022 many will be getting into their desired homes! ❤️
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12/31/2021

Just an FYI!

Credit Karma is NOT Free!

Credit Karma makes money off of the personal information you volunteered!

Credit Karma is NOT a credit monitoring site! - They collect your information from the credit agencies to create targeted campaigns based on your personal information which makes Credit Karma an affiliate marketing site!

Credit Karma DOES NOT give you FICO scores! Which is what mortgage lenders use.

Credit Karma provides you with Vantage scores (Not heavily used by lenders)

Credit Karma buys your information for pennies on the dollar, this is how they are able to provide you with updates every 7 days.

Why?... To get you to look at your scores and their AFFILIATE offers! You know, the offers for those credit cards that say you have a fair, good or very good chance of being approved for....

Have you noticed they never say "You have a bad or poor chance”?

Apply, get denied and now you have an inquiry on your credit profile.

For those of you that are seeing you have a "chance" of getting approved for an American Express 💳 think again... You would be surprised to know, American Express only pulls from Experian for credit cards?

Credit Karma DOES NOT give you Experian credit report or scores

You’re Welcome 💎

12/31/2021

Last night and this morning I've came across a couple of post about ppl that has income from illegal activity need to report. 😩 ok so YES its true but many most definitely not hearing none of that. 😅

Let me give some background on what this means....

Let's say hypothetically you came into possession of some illegal drugs. What’s your next move? According to some states, you should immediately pay the state’s tax on controlled substances. And yes, there is a way to do that.
💎You go to the state’s Department of Revenue to purchase illegal drug tax stamps that become your proof of tax payment—for your illegal ma*****na, co***ne, moonshine, etc. Without getting locked up 😲 HOW you ask?
💎State revenue agencies assure residents that the identities of buyers of the drug tax stamps are not shared with law enforcement. This makes tax payments possible, and also reflects historical precedent: states only began adopting drug stamp taxes more than a decade after the original federal stamp tax on “marihuana” was declared unconstitutional in 1969 because it violated Fifth Amendment protections against self-incrimination. Ok theres your back history.

💎Now back to what i was saying....
On paper, these taxes are imposed at specific rates such as $3.50 per gram of ma*****na in North Carolina (using NC as an example because thats where i reside) and other variable rates based on weight or dosage units for other controlled substances. The criminal justice implications are key to understanding how the illegal drug stamp taxes work in practice.

💎Paying the state’s drug tax does not make possession of the drug any less illegal, but failure to pay the tax is typically classified as a felony punishable by prison time, a fine, or both. (So when you get caught these are the charges brought on you and the money you owe from your case)

💎Even if someone is not convicted of criminal charges for drug possession or tax evasion, they may still face civil (monetary) penalties that vary by state: these can require payments of up to double the original amount of tax owed, as well as interest on the tax owed. Revenue agencies can use all their standard tools to collect this tax, including issuing tax liens, seizing assets, or garnishing wages.

💎Now, actual, upfront sales of tax stamps are rare, indicating that most revenues are collected as penalties after the fact. Because ppl are scared to purchase a tax stamp.

💎As states have moved to legalize and tax recreational ma*****na, taxes on other controlled substances may face an uncertain future. Similarly, convictions for drug tax charges may be relevant in future debates around expunging past ma*****na convictions from individuals’ records.

🗣Business is Business
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12/29/2021

Take note!
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