Pierre-Louis & Associates CPA, P.C.

Business owners, is it hard for you to keep on top of your business’s financials during the whirlwind of the holiday season? Holiday sales can be chaotic, which means it’s all the more important that you stay financially nimble – because the chaos means things are more likely to fall through the cracks.

Because if you get distracted from your financials now, you might end up with some serious cash flow issues that could ripple into next year (and end-of-year closing will be a nightmare).

A little organization now can save you BIG stress later. And if the numbers feel overwhelming, give us a call or shoot us a DM.

Here’s your friendly reminder that tomorrow is Small Business Saturday, so make sure to get out and support your favorite local businesses – because shopping small has a bigger impact than you might think.

Which local business will you be shopping at tomorrow? Share your recommendations in the comments!

Today, we take time to reflect on what we’re thankful for. And for us, that’s you – the clients we get to serve each day.

We’re wishing you and your loved ones a Thanksgiving filled with joy and gratitude (and hopefully plenty of pumpkin pie).

If any of these items are on your to-do list, tackling them before year-end could mean major tax deductions for your business:

✅ Knocking out business renovations – like HVAC systems or lighting.
✅ Getting new equipment.
✅ Expanding or upgrading your facility.
✅ Investing in furnishings or fixtures.
✅ Modernizing your business operations (like finally updating your outdated software).

Thanks to bonus depreciation, you can get 60 percent of these costs deducted. But, this deduction rate is set to drop by 20 percent with the new year, so the time to hustle on that to-do list is now.

Every move you make to take advantage of the bonus depreciation rate before year-end means more resources available for you to invest in your business’s growth. And if you’re not sure how to get started, give us a ring.

Thinking about quitting your job, but scared it might be too soon? If you’ve been at your job for less than a year, quitting can make you look like a job-hopper (not a quality employers typically like to see). But, career experts say you can leave a job you’ve recently stepped into without damaging your future career prospects – if you do it the right way.

https://www.cnbc.com/2024/09/03/its-ok-to-quit-your-job-after-less-than-a-year-says-recruiterbut-theres-a-catch.html

We don't say this enough but we are extremely grateful for our clients. Thank you for putting your trust in us to handle your tax matters with the IRS. We work hard to deliver for you and guide you through the many regulations, changes, and updates to your tax situation.

One thing we're putting on our wishlist this year is more reviews from our happy clients. Would you leave us a Facebook review? A little shoutout goes a long way.

Thank you!

Postage is going to cost you more next year. Make plans for a postage increase in 2025 (then a few more price raises through 2027). Something to consider with those holiday cards, wedding invitations, and graduation announcements next year.

https://www.axios.com/2024/09/26/usps-stamp-price-increase-2025

Reasons why you want to get an Identity Protection PIN (IP PIN) from the IRS.

1. In the past, identity theft cost Americans over $43 billion.
2. The Federal Trade Commission (FTC) receives over a million reports of identity theft every year, making it one of the most common types of fraud in the U.S.
3. Children are increasingly becoming targets, with over 1 million child identity theft cases reported annually, according to the Identity Theft Resource Center.
4. Tax-related identity theft has affected nearly 100,000 taxpayers, according to the IRS, as fraudsters attempted to steal refunds or use stolen Social Security numbers to file returns.
5. The Dark Web Is a Thriving Market: Beyond the traditional black market, the dark web has become a hub for trading stolen personal information. This includes everything from Social Security numbers and credit card details to medical records and biometric data.

Getting an Identity Protection PIN (IP PIN) from the IRS adds an extra layer of security to your tax filing process.

Beyond the immediate financial impact, not filing taxes can impact your long-term financial health.

👷🏿‍♀️ For self-employed individuals, failing to report income can jeopardize future Social Security benefits 😬.
🏡 And when it comes to major financial milestones like buying a home or applying for student loans, lenders often require recent tax returns.

An unfiled return can ⏱️ delay or even 🛑 derail these plans.

The best thing to do right now is to get those past-due taxes 💸 paid. Procrastinating on those isn’t doing you any favors (even if you have a valid reason).

If you want help figuring out where to start, let's talk 📲. DM us to get the conversation going.

As a business owner, consider now what your retirement plans are so you can make a plan for your business and for yourself.

Here are some questions to get you started:
- Do I know how much income I will actually need at retirement?
- How much control in the business must I maintain to secure my retirement income?
- Have I looked into financing options for key employees to buy me out?
- Do I want to be running my business, full-time, five years from now?
- Do I have contribution protection for my retirement if I were to become disabled?

Too many business owners view their business as their "retirement cash cow" but have not made serious plans for how it can BE that cash cow.

Right now companies are looking at much different factors in their hiring process than before. So if you're applying for a job you've never done before, standing out to them means doing some things differently, according to the experts.

https://www.cnbc.com/2024/11/14/how-to-prove-you-can-do-a-job-even-if-youve-never-done-it-before.html

There are multiple options of pursuing debt reduction, but some come with some setbacks that you should consider ahead of time. Here are two:

1) Debt Settlement: This method means inviting a third party to negotiate out of standing debt in your name. However, it's deceiving in that you often end up paying more out of pocket than if you had just taken on the debt yourself.

2) Debt Consolidation: The consolidation method is used by companies that essentially roll all your debt into one lump sum, then charge you at a lower interest rate. And although that seems nice to start with, it actually (usually) just means you'll be in debt for a longer period of time.

Tax debt isn't something you can take a magic wand to and make it go away. It takes intention and focus. But it is possible to pay it down and get a clean slate.

DM us if you want to talk options...

True or False: Small businesses don’t need to worry as much about cybersecurity risks as big corporations do. 🤔

Why?

We all know that once you've hit a certain age, if you haven't saved anything for retirement, you should expect to not retire. There's not much you can do at this point to catch up on savings, right?

WRONG. Even though 30 percent of Americans don’t think retirement is even in the cards for them (https://www.marketwatch.com/story/zero-thats-how-much-28-of-the-country-has-saved-for-retirement-9cc31bc5), there are steps you can take starting now that will set you on the path toward a more stable financial future.

It's not too late. But the imperative is to act now and act smart. Ask us how to take advantage of the time you have left.

Do you ever hesitate to do that one thing on your to-do list that just seems too hard? If a previous year tax return is "that one thing" for you - you haven't filed, but are hesitant to do so because you can't pay what you'll owe - don't freeze. It is best to file, even if you can't pay right away.

Penalties rack up the longer you delay, so facing the reality now means you could tackle the problem before you end up paying a lot more than you originally owed.

Thank you to all of our veterans out there for your service to our country.

As a way to give back just a little, we want to share some important exemptions and assistance programs you qualify for.

If you've got questions, our office would be happy to help answer them.

https://www.irs.gov/individuals/information-for-veterans

Even when business is booming, if your operations and financial systems aren't running efficiently, you could find yourself in a cash flow shortage in your business.

For example, if receivables aren't trickling in before your bills are due, you're going to end up with a cash flow problem that can spiral and affect other areas of business -- payroll, credit lines, etc.

But there are some strategic moves you can make to help your cash flow woes:
💵 Provide incentives to clients who pay things early
📩 Get invoices sent out right away
🧾 Open the door to electronic payments
↩ Adjust for inflation and charge more for your products or services
🏢 Go for a lease option instead of purchasing real estate, tools, supplies (paying in smaller increments helps with cash flow)

Whether you're a "November 1 is the official start of Christmas" or a "not until after Thanksgiving" type of person, keeping holiday spending in check is a priority.

Which one of these ideas is something you could implement this year?

https://finance.yahoo.com/personal-finance/holiday-savings-tips-215534991.html