Trinity Bookkeeping Services LLC

01/10/2020

For those of you self-employed folks, here is your reminder to have this past quarter's tax payment postmarked by January 15th.

If you started your own business in 2019, know that you must make estimated tax payments throughout the year. Generally, you need to pay at least 90% of the taxes you will owe. If you don't, you may end up owing an estimated tax penalty.

12/18/2019

Employers take notice of new Federal Form W-4 required in 2020

The Change:
The Employee's Withholding form (W-4) has been updated for 2020 due to the 2017 Tax Cuts and Jobs Act. This results in certain employees being required to fill out the new form.

Who will be required to fill out the new form?
* Employees hired on or after 01/01/2020
* Employees who make changes to their withholding elections after 01/01/2020
* Any employee who never previously provided you with Form W-4

Read up on the new form and download it at www.irs.gov

07/02/2018

Buyer's Remorse, what a terrible feeling. Check out this great article that lists 20 things that will probably end in Buyer's Remorse.

The temptation can be great, but stop and think before you buy these items. You’ll save yourself money and trouble.

06/28/2018

Have you checked your Withholding in a while? This article mentions Retirees, but it's a good idea for anyone to run your numbers. Check out this article...

Tax reform isn’t just affecting paychecks. It’s also affecting retirement income. Find out how you could get in trouble later if you don’t make the right moves now.

02/07/2018

How are you feeling after the latest market downturn? If you're freaking out, you may have too much money in stocks. If you're in it for the long haul, as you should be, just hang tight. Here's a great article that you should check out.

Here’s the simplest, clearest explanation you’ll find for how we got where we are, and what the future might hold.

11/29/2017

We all need some life hacks. I recently came across this list and it has some superb ideas that I am incorporating into my days. As we get into this holiday season, gratitude for love, family, and friends are what's important. Happy Holy-days!

With moves that take as little as two minutes you can revolutionize your health, home, finances and relationships.

10/06/2017

Yesterday, a friend asked me how I was. My answer? "I don't know, this ol' world has me down lately. Between the storms here in the Gulf and Carribean, the Mexico earthquake, and now Las Vegas, there's lots of sorrow to go around."
So I pray a lot and count my blessings. Here's a good list of what "Happy People" are doing, check it out.

If you want to walk through life with a smile on your face, try these habits on for size.

10/05/2017

Where has the year gone? October already?! Then the holidays and p**f, it will be 2018. Meaning another tax year will be awaiting us. While April seems eons away, it will sneak up on us before you know it.
So before the mayhem of the holidays sets in, start considering some of the things that will reduce you tax liability.

Here's a short list of items small businesses often overlook (you regular folks too).

*Business mileage - if you create a log, you maybe surprised at the mileage you wrack up, don't forget to include mileage for volunteer activities and trips to the doctor.

*Depreciation - you have business assets right? Depreciation lowers your income and tax liability dollar for dollar!

*Did you improve your business property? Did you paint, upgrade plumbing, A/C system? Don't forget to expense those items, if they were big ticket items, you may have to depreciate them over time.

*State sales tax - speaking of big ticket items, and because of Hurricane Harvey you probably did. Did you replace a car or Heaven forbid two?! Had to buy new appliances, building materials? Before those things are too far in the rear view mirror, gather those receipts. Your actual sales tax paid may exceed the IRS deduction.

Look, we live in the greatest country in the world, but we shouldn't pay a penny more in tax than we have too. Pay attention to these now, so you're not scrambling for them next April.

09/08/2017

As I write this, my folks' home is still underwater in west Houston and they have yet to fully assess the extent of the damage. Even so, they are counting their blessings. Yes, God is still good. They will rebuild just as Houston and the rest of Texas. Check out this super article on the far reaching economy of Houston. While you're at it, say a prayer for those being ravaged by Irma. God bless us all!

The Houston that was battered by Hurricane Harvey is an economic powerhouse whose influence reaches far beyond its region, leading many to worry about when its economy be able to stand up again. Houston produces the plastic used in everything from sports cars to baby bottles and is part of...