Can Personal Deductions Lower What Business Taxes You Owe?

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Tax day is right around the corner… By now your business taxes should be completed. Congratulations! But, before you celebrate, we still have a bit more work to do on your individual taxes. As you’ll remember, if your business is an S corp, partnership, single-member LLC, or sole proprietorship, your business’ taxes “passed through” to you. This means we now have to deal with them on your individual taxes at your personal rate instead of your business rate.

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IRS Business Tax Deductions: What’s “Ordinary” and “Necessary?”

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Everyone loves taking deductions on their business taxes. Everyone, that is, except the IRS. In a perfect world, you could deduct anything under the sun and have to pay no taxes at all! The reality, though, is that some deductions are safer than others. The IRS is only somewhat helpful in determining what can be deducted and what cannot. On the one hand, it’s a good move to build flexibility into their system. Not every industry or business has the same needs, after all, so trying to force them all into the same cookie-cutter shape is a bad move right from the start.

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Does my S Corp, Partnership, or Single Member LLC owe taxes? Nope!

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If you are like many of our clients at Monarch CPA, you may feel anxiety at the thought of the big tax question: “How much money does my business owe?” When your business is an S corp, partnership, single-member LLC, or other similar “pass-through entity” we’ve got an easy answer for you! Unless you’ve elected to be taxed as a corporation, your business doesn’t owe any federal taxes!

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Make Next Year’s Taxes Easy: Jumpstart Your Bookkeeping Today

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Did getting all your papers together for your accountant feel like frenetic chaos in the middle of a hurricane? Do you want to make next year’s tax season a gentle breeze? We get it. Many of our clients feel overwhelmed come tax season. Whether you’re grabbing random receipts stored in grocery bags, hunting for lost files, or even realizing your expensive accounting software hasn’t been updated in months… Getting ready to file your taxes can feel insurmountable.

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Everything You Need to Know to Be Ready for Tax Season

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Hello lovely clients! If you haven’t already started gathering things together for tax time, consider this your friendly reminder that it’s time to get me your important papers. We’ll break down what exactly I mean by that.

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Countdown to Deductions: End of Year Tax Planning To-Dos

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The holiday season is a busy time of year for many of us, both at work and in our personal lives, but shortly after it will time to get your taxes prepared! We understand that getting ready for tax season is probably one of the last things on your mind right now but now is the time to take a look at your reports while you can still make some adjustments. The choices available will change based on your situation, so there’s no advice I can give that really applies to everyone. That said, here’s a rundown of some of the big variables that might affect your tax balance come April 15.

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Getting in the Spirit for Strategic Planning

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If you’re at all familiar with our approach to accounting for business success and personal wellbeing, it won’t come as a surprise that we’re not really the types to set New Year’s resolutions just for the sake of tradition. Because financial and sales goals usually revolve around the tax year, it’s convenient for many business owners to review those things in December. But for us, there’s also a natural lull in activity in the last few weeks of the calendar year that makes it a great time to make adjustments to our strategic plan that affect daily processes and workflows. Learn more about some of the strategies we use in our latest blog post.

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Top 3 Financial Literacy Action Items for Business Owners

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Do you know where all of the money in your business bank account came from and where it’s going? How much income you’re missing from unpaid invoices? How much money you have set aside for quarterly taxes? What you can afford to invest in now and what you need to save for? When your financials are up to date, you can find the answers to these questions anytime. In this article, we’ll take a look at the nuts and bolts of some critical bookkeeping and accounting practices I recommend to most business owners.

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What does Financial Health (Really) Look Like for a Business? 

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One client came in feeling disappointed because she wasn’t making what she expected in sales this year. When Katie asked about her original intentions for the year, she said what she really wanted was to push herself to grow as a business owner and a person—which she definitely did! Once that shame was out of the way, we were able to have a great conversation about where to go from here. This perfectly illustrates why we prefer to talk about “intentions” rather than goals. There’s no need to put any more pressure on ourselves!

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Meet the Monarch Team

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We love getting to know our clients on a personal and professional level so we thought it’d be fun to give you all a peek into the lives of the hardworking women behind Monarch CPA. Get to know Amy, Shannon, Ella, Jessica and Katie!

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