LFS Bookkeeping

01/13/2024

New Year, New Financial Goals! My name is Gay, your Tax Professional & Bookkeeper, ready to make your 2024 tax season stress-free? Let's connect and start the year on a financially organized note. Comment below or send a message to book your appointment!

01/02/2024

CORRECTION: First quarter taxes are due January 15, 2024.

IT'S TAX TIP TUESDAY! Mark your calendars for these important tax deadlines in the new year!

In January 2024, the 2023 tax season begins. This marks when the IRS will begin accepting and processing 2023 federal tax returns.

Follow us for the latest tax updates and invaluable bookkeeping tips!

Have questions about the upcoming tax season? Drop them below!

01/01/2024

Wishing you a Happy New Year! Start 2024 with financial clarity. Let's make your tax season smooth and successful together. Cheers to a year of financial prosperity!

09/18/2023

Is your "business" a business, or is it still just a hobby?

The IRS has strict guidelines about what activities constitute a business.

Here are the key differentiating factors:

1. Profit Motive: A business is driven by the intent to make a profit, while a hobby is pursued primarily for personal enjoyment.

2. Consistency: A business involves regular and systematic efforts to generate income, whereas hobbies might be more sporadic.

3. Record-Keeping: Businesses maintain detailed financial records, while hobbies might not require the same level of record-keeping.

4. Deductibility: Business expenses are generally deductible, helping to offset taxable income. Hobby expenses are typically not deductible, except for certain limited deductions.

5. Time and Effort: A substantial amount of time and effort invested in an activity is more indicative of a business rather than a hobby.

It's important to note that the distinction isn't always black and white, and each situation can be unique.

Consulting with a tax professional can help you determine whether your activity qualifies as a hobby or a business.

Found this helpful? Follow us to stay connected and stay ahead with business and financial insights.

09/06/2023

As a business owner, using QuickBooks can sometimes feel like decoding a complex puzzle!

Although QuickBooks is the most widely used accounting software for small businesses, there can be a learning curve, particularly if you’re unfamiliar with the basic principles of accounting.

From reconciling transactions to navigating reports, there's a lot to manage.

When QuickBooks feels like
a financial maze, here's how we can help:

1. Simplified Setup: Let us set up your QuickBooks and customize it to your business needs.

2. Expert Guidance: We'll guide you through the process and answer your urgent questions.

3. Stress-Free Management: Focus on growing your business while we handle the numbers.

Let's chat about how we can simplify your business finances because you deserve focus, not frustration.
Contact us @ Gaylittlejohn.com

09/05/2023

Attention all business owners⏰

The upcoming deadlines are just around the corner.

Don't let the deadlines sneak up on you – take proactive steps to avoid any last-minute stress.

If you find yourself in need of some assistance with your business finances, contact us today @ gaylittlejohn.com!

09/04/2023

📊 Tax Tips for Service-Based Businesses: 5 Deductions to Maximize Your Savings 📊

If you're a service-based business owner, you know that every dollar counts when it comes to your bottom line. Fortunately, the tax code offers several deductions that can help you reduce your tax liability and keep more of your hard-earned money. Here are five tax deductions every service-based business should be aware of:

1. Home Office Deduction 🏡:

If you use a portion of your home exclusively for your business, you may be eligible for the home office deduction. This deduction can include a portion of your rent or mortgage interest, utilities, and even home maintenance costs. Keep detailed records and consult with a tax professional to ensure compliance.
2. Business Expenses 💼:

Track all your business-related expenses meticulously. This includes office supplies, software subscriptions, marketing expenses, and any fees associated with professional organizations or memberships. These costs are generally deductible, so don't miss out on potential savings.
3. Vehicle Expenses 🚗:

If you use your vehicle for business purposes, you can deduct a portion of your vehicle expenses. Keep a mileage log to differentiate between personal and business use. Alternatively, you can choose the standard mileage rate provided by the IRS.
4. Retirement Contributions 💰:

Saving for retirement is essential, and it can also provide tax benefits. If you have a retirement plan, such as a Simplified Employee Pension (SEP) IRA or a Solo 401(k), your contributions are typically tax-deductible, helping you save for the future while reducing your current tax burden.
5. Health Insurance Premiums 🏥:

As a self-employed individual, you may be able to deduct the cost of health insurance premiums for yourself, your spouse, and your dependents. This deduction can be a significant benefit, as healthcare expenses can be substantial.
Remember, while these deductions can help you save money, it's essential to maintain accurate records and consult with a tax professional to ensure compliance with tax laws and regulations. Tax laws can be complex, and the eligibility criteria for deductions may change over time, so staying informed is crucial.

As you navigate the tax landscape for your service-based business, consider partnering with an experienced accountant like myself. I'm here to help you maximize your savings and keep your finances in top shape. If you have any questions or need assistance with your tax planning, feel free to reach out. Your financial success is my priority! 💼📈💰

02/16/2023

Why you might get a smaller tax refund for 2022

1 Reason is the Expiring pandemic relief measures like the Child Tax Credit and more
This is the number one reason you may receive a smaller refund this tax season.

Due to the pandemic, many tax credits were expanded for tax year 2021, increasing credit amounts and making some credits refundable that previously weren’t. However, most of these enhancements expired in 2022, making some credits less valuable than the previous year.

11/20/2022