Urgent Bookkeeping, LLC

Urgent Bookkeeping, LLC Helping Service-Based Businesses Reduce Tax Liabilities through Bookkeeping

05/15/2022

đź’ˇSEPRATE BUSINESS & PERSONAL FINANCESđź’ˇ

Having just 1 account for business and personal use is harmful to your growth. Doing this will cause huge headaches for your business, when it's time to prove how money was used within the organization.

🎲 It's very hard to cherry pick between the two 🎲

Open a business bank account as soon as you decide to go through with your startup, and begin operating all things business out of this account.

This is your very first step to tax planning🥇

01/18/2022

Income V.S. Expense Revealed 🔌

Most business owners are flying blind and embarrassed to admit to friends and family that they don’t know how much money they’ve made or lost.

In short income is the money your business takes in and expenses are what the business spends money on.

Ex: Income would be money generated from sales or services.

Expenses would be the cost of the inventory you have purchased. Or if you have a storefront then another expense for your business is rent/lease.

If you’re a braider, the cost of hair and utensils etc. are all expenses

Even your marketing efforts I.e. biz cards, website, crm.
đź’°Which all means TAX WRITE OFFSđź’°

TAKE ACTION

đź“ť Most business owners can do this on their own, but for those who need a smidge of help, start by keeping a track record of what you are spending and making.

It may not matter now for some but we all answer to the IRS one way or another.

08/11/2021

Running a business can result in a steep learning curve. For me, it was understanding "my expenses", which resulted in losing a ton of money, that I would have rather enjoyed keeping. What have you learned? What would you change if you could turn back time?

02/23/2021

Discover The Secrets To Leaving An Audit Trail

-The reality is anyone can be audited at anytime for any reason. The main reason someone wants to audit your business is because you need to be able to justify and explain your expenses.

-If you received any loans in this season or last season, start to think about how you will prove how you used those funds just in case the IRS wants answers.

-Audits are a very real measure and can creep in like a thief in the night. Stay woke and track those expenses!!!

Now you’re ready for the unexpected...
Email us: [email protected]
DM us: Urgentbookkeeping, LLC

02/19/2021

⚠️Invoicing Dangers of Service-Based Businesses Revealed⚠️

Invoices leave a paper trail, which is a good thing 👏🏽👏🏽👏🏽

The Danger here is in the event you get audited, you’ll need to have organized, numbered invoices, so you can explain to the IRS where your money came from.

If you fail to pay the taxes after an audit within 21 days, the IRS will charge you additional penalties of 0.5 percent for each month you are late in paying the taxes. An IRS tax audit will result in "criminal penalties" if you are convicted of crimes, such as tax evasion.

➡Discover how your Business can easily avoid these petty penalties:
Email us: [email protected]

02/18/2021

"7 Alarming signs You Need a Bookkeeper"

➡You don’t have clarity on what you’re spending and making

➡You are behind on sending out client invoices

➡You are too busy categorizing transactions to focus on other parts of your business (like selling, creating, or growing)

➡You are literally keeping bills and receipts in a shoebox

➡You have way too many accounts to gain any valuable business
insights

➡You are spending more than 5 hours per month on bookkeeping tasks…

➡You scramble to catch up every year-end to get your books in order for tax season

…then it may be time for your business to consider hiring a bookkeeper

02/15/2021

>>Separate business and personal finances

Address

Chicago, IL

Website

Alerts

Be the first to know and let us send you an email when Urgent Bookkeeping, LLC posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Share

Category