MeridianTax.Solutions

Now is a great time to review your year-to-date profit and cash flow. Will you hit your profit goal this year? Is your tax situation in order? Do you need to make an estimated tax payment?

Heads up:

If you received unemployment benefits in 2020, you may want to hold off on filing your return. Stimimuls package tax changes (like the first $10,200 of unemployment being nontaxable) havent been signed into law yet.

Currently amendments processing is taking anywhere from 6 months to a lifetime to process.

Bookkeeping is the least sexy yet most effective 'tax reduction strategy' for small business owners and independent contractors.

Its March 1st, 2020

Beginning of a new month and last month of the 1st quarter...

What are you financial goals for the month?
(Revenue? Profit? Take home? Sales? Commissions? New Clients? Repeat clients? Reduced churn? Money saved? Invested? Returns? Other?)

Deductions List for Individuals. (it's not every possible thing, but a few)

Need help with navigating it all. We can help.

$$ Deductions List $$
*Lottery or gambling winnings and losses.
*Rental expenses, IRA contributions, and alimony paid.
*Mortgage Interest Statement - Form 1098
*Real estate and personal property taxes paid.
*State or local taxes paid (including sales tax*).
*Medical, eye care and dental expenses.
*Cash and non-cash charitable contributions.
*Tuition and Education Fees
*Student Loan Interest paid - Form 1098-E.
*Educator expenses paid (if a teacher/educator)
*Moving expenses paid (only if military)
*Casualty or theft losses (only in disaster relief areas)
*Total amount paid for a day care provider
*Qualified energy efficient home improvements paid.
*IRA Statements
*HSA Statements

Net income = Revenue (all income earned) - Expenses (everything spent to earn your income - supplies, advertising, staff, office rent, etc). The OPPPORTUNITY for business owners that you can include many things into business expenses - retirement savings, insurance, travel, licenses, etc.. If you own a business (or are self-employed, even part time) make sure you are taking advantage of ALL the deductions possible... not sure what's eligible? Call our office 501-823-0605

Attn: Business owners- Net income, taxable income, and cash flow are not the same. Net income is calculated as revenue less expenses. Taxable income takes into account deductions like depreciation, amortization, prior year losses, and gains or losses due to non-operating activities. Cash flow the balance of your net proceeds in and cash outflows... Each of these are important for different reasons. I’ll go into this further over the next few days....

Tax Season begins on the 27th... -

Tax Season begins on the 27th... First off my wife and I would like to thank you for working with us.  The new tax season is here and we are excited about helping maximize your refunds and minimize your tax liability. No doubt this year will bring unpredictability and change.  This is the second year of the Trump tax plan and t...