Laura Timmons Accounting Services

02/19/2020

The self-employment tax refers to the employer portion of Medicare and Social Security taxes that self-employed people must pay. Everyone who works must pay these taxes and they are 15.30% of the net income for the self-employed. The key word of the last sentence is “net income.” What this means is that every allowable deduction your business doesn’t take when your self employed costs you 15.3%! Now is the time before you file to make sure your accounting records are in order and you have ensured you have captured all legitimate business expenses. I can help you do just that. Reach out and set up a time to let me assist you this tax season.

I take a holistic approach to my clients accounting needs providing more than just your average bookkeeping services. My goal is to take the stress out of the accounting side of your business so that you can focus on the operations and increase your income.

02/05/2020

Tax season comes the same time every year. It shouldn’t be a surprise. But all too often, entrepreneurs leave taxes to the last minute. After slacking off on bookkeeping duties throughout the year, their books are in shambles. So, when the time finally comes to file, they’re left scrambling. Besides mental and emotional stress, this approach has some serious consequences.

First of all, if you end up filing your taxes late, or you file them incorrectly, the IRS can charge you penalty fees.

Plus, if your books are a mess come tax time, you don’t have a clear record of your expenses. That means you could miss out on deductions.

Now is the time to take a hard look and see if your ready your 2019 filings and seek assistance if your are not. I have been helping businesses for 25+ so just that and am available if you have any questions on what your next steps should be.

www.timmonsaccountingservices.com

www.timmonsaccountingservices.com

I take a holistic approach to my clients accounting needs providing more than just your average bookkeeping services. My goal is to take the stress out of the accounting side of your business so that you can focus on the operations and increase your income.

01/25/2020

January 31 is the deadline for your business to send out any 1099s to recipients. If you have questions on who you should be sending these to or need help preparing them feel free to reach out to me!