Krystal Carroll CPA

From bookkeeping to taxes to full CFO services, Krystal Carroll, CPA is here to take care of you. Download our Ebook, 10 Tips to Prepare for Tax Season: Small Business Edition

https://lp.constantcontact.com/su/ePzYlw

Operating as usual

06/25/2021

✅ Accounts payable refers to the money owed by a company to its creditors.
✅ Accounts receivable refers to the money owed to a company by its debtors.

The main difference between the two is that accounts payable is money that the business owes to someone else and accounts receivable is money that is owed to the business.

As a business owner, it’s important to keep track of both of these numbers to have an accurate view of where the finances stand in the business.

✅ Accounts payable refers to the money owed by a company to its creditors.
✅ Accounts receivable refers to the money owed to a company by its debtors.

The main difference between the two is that accounts payable is money that the business owes to someone else and accounts receivable is money that is owed to the business.

As a business owner, it’s important to keep track of both of these numbers to have an accurate view of where the finances stand in the business.

06/23/2021

Many small businesses can benefit from having an LLC.

An LLC can offer you some protection for your personal assets in the event that your business is ever sued. An LLC will separate your personal assets from your business, so your personal assets won’t be left vulnerable. 👏

Having an LLC can also impact your tax situation! Mainly: Pass-through taxation.
This income goes directly to the LLC owner, which makes taxes much easier. There are no additional taxes on LLC income, like there is on a corporation or other business structures.

If you decide that an LLC is right for you, we can help set it up to ensure everything is done legally and correctly. Reach out to the office to get started!

Many small businesses can benefit from having an LLC.

An LLC can offer you some protection for your personal assets in the event that your business is ever sued. An LLC will separate your personal assets from your business, so your personal assets won’t be left vulnerable. 👏

Having an LLC can also impact your tax situation! Mainly: Pass-through taxation.
This income goes directly to the LLC owner, which makes taxes much easier. There are no additional taxes on LLC income, like there is on a corporation or other business structures.

If you decide that an LLC is right for you, we can help set it up to ensure everything is done legally and correctly. Reach out to the office to get started!

06/21/2021

Many small businesses believe in the myth that bookkeeping is their biggest rival, but by understanding the basics of accounting and the importance of bookkeeping, those books can become your business’s best friend.

Accurate bookkeeping will have your back!

It will alert you to possible issues and help keep you in line toward your big picture goals 🙌🏻 It’s a guide to help you think big, stay positive, and work hard on what matters.

We would love to help support your business with monthly bookkeeping services. Book a free call to learn more. Link in profile!

Many small businesses believe in the myth that bookkeeping is their biggest rival, but by understanding the basics of accounting and the importance of bookkeeping, those books can become your business’s best friend.

Accurate bookkeeping will have your back!

It will alert you to possible issues and help keep you in line toward your big picture goals 🙌🏻 It’s a guide to help you think big, stay positive, and work hard on what matters.

We would love to help support your business with monthly bookkeeping services. Book a free call to learn more. Link in profile!

Here’s Who Will Get Advance Payments of the Child Tax Credit 06/18/2021

Here’s Who Will Get Advance Payments of the Child Tax Credit

If you’ve heard about the monthly checks for the child tax credit - here is a little bit of info from the IRS. We are putting together more details for you and will post them soon!

https://youtu.be/KMe3q9N5UHY

Here’s Who Will Get Advance Payments of the Child Tax Credit There have been changes to the Child Tax Credit that will benefit many families as they receive advance payments starting in summer 2021. For more details, v...

06/18/2021

A few tax tips for your Rental Property!

💸 Be sure to claim all of your deductions - direct expenses can be deducted in full, but some expenses must be prorated. It’s wise to speak to your CPA for more information on this.

💸 Depreciate your property - this will allow you to write off the cost of buying or improving your rental property

💸 Keep records of your property usage (your bookings and vacancies) - this will help you determine if you’re eligible for tax deductions

💸 Keep your receipts - don’t miss out on any opportunities to claim tax deductions - and receipts are essential in the event of an IRS inquiry

💸 Get tax advice, since taxes can be complicated! A tax professional can help you with personalized advice.

If you have any questions pertaining to your rental property, we would be happy to sit down to chat with you! Contact us today!

A few tax tips for your Rental Property!

💸 Be sure to claim all of your deductions - direct expenses can be deducted in full, but some expenses must be prorated. It’s wise to speak to your CPA for more information on this.

💸 Depreciate your property - this will allow you to write off the cost of buying or improving your rental property

💸 Keep records of your property usage (your bookings and vacancies) - this will help you determine if you’re eligible for tax deductions

💸 Keep your receipts - don’t miss out on any opportunities to claim tax deductions - and receipts are essential in the event of an IRS inquiry

💸 Get tax advice, since taxes can be complicated! A tax professional can help you with personalized advice.

If you have any questions pertaining to your rental property, we would be happy to sit down to chat with you! Contact us today!

06/16/2021

Do you own a summer rental, VRBO, or AirBNB? Here’s how to tell if your rental income is taxable:

1️⃣ The amount you owe depends on how many days you rent your place. If you rent for less than 15 days per year, or if you reside in your property for more than 10% of the total time you rent it or 14 days (whichever is greater), then you don’t have to pay taxes on the rental income.

2️⃣ If you rent for more than 15 days per year, you need to make sure you set money aside for income tax.

3️⃣ You may also be liable for state and local taxes related to your rental income.
As the summer ramps up, you may find your rental property getting more business. It is a great time to touch base with your CPA to determine where you stand with your income taxes and how much you should be setting aside. 🌞

Do you own a summer rental, VRBO, or AirBNB? Here’s how to tell if your rental income is taxable:

1️⃣ The amount you owe depends on how many days you rent your place. If you rent for less than 15 days per year, or if you reside in your property for more than 10% of the total time you rent it or 14 days (whichever is greater), then you don’t have to pay taxes on the rental income.

2️⃣ If you rent for more than 15 days per year, you need to make sure you set money aside for income tax.

3️⃣ You may also be liable for state and local taxes related to your rental income.
As the summer ramps up, you may find your rental property getting more business. It is a great time to touch base with your CPA to determine where you stand with your income taxes and how much you should be setting aside. 🌞

06/14/2021

🚨🚨🚨Your quarterly tax payment is due tomorrow, June 15th! 🚨🚨🚨 This payment should cover your income taxes from April and May.

How to pay your quarterly taxes:

Option #1 - Mail a check or money order to the IRS. Be sure to include any quarterly tax forms (like form 1040-ES).

Option #2 - Pay your taxes online through the IRS website. The IRS will get your payment almost immediately, you won’t worry about your payment getting lost, and you will have digital proof of payment with this method. (This is our preferred method!)

🚨🚨🚨Your quarterly tax payment is due tomorrow, June 15th! 🚨🚨🚨 This payment should cover your income taxes from April and May.

How to pay your quarterly taxes:

Option #1 - Mail a check or money order to the IRS. Be sure to include any quarterly tax forms (like form 1040-ES).

Option #2 - Pay your taxes online through the IRS website. The IRS will get your payment almost immediately, you won’t worry about your payment getting lost, and you will have digital proof of payment with this method. (This is our preferred method!)

06/11/2021

Do you pay yourself first?

🌟 When you start out in business, the cost of running the business may seem overwhelming. You may focus on all of your business expenses before even considering paying yourself...and then, simply pay yourself what is “left over” at the end of the month.

BUT...It’s important to pay yourself something first, even if it’s only a little bit at the beginning. WHY? Mainly, so you can put money aside for savings.

How to make this happen? Easy! Set up an automatic transfer. You’ll hardly notice it, and little by little your savings will grow!

👉👉👉 Pro Tip: If you aren’t comfortable setting up an automatic transfer (maybe your income fluctuates from month to month), then decide a percentage of income to pull out for your own wages. Be sure to commit to doing that each time you are paid.

Do you pay yourself first?

🌟 When you start out in business, the cost of running the business may seem overwhelming. You may focus on all of your business expenses before even considering paying yourself...and then, simply pay yourself what is “left over” at the end of the month.

BUT...It’s important to pay yourself something first, even if it’s only a little bit at the beginning. WHY? Mainly, so you can put money aside for savings.

How to make this happen? Easy! Set up an automatic transfer. You’ll hardly notice it, and little by little your savings will grow!

👉👉👉 Pro Tip: If you aren’t comfortable setting up an automatic transfer (maybe your income fluctuates from month to month), then decide a percentage of income to pull out for your own wages. Be sure to commit to doing that each time you are paid.

06/10/2021

When setting financial goals, it’s always a smart idea to ask yourself...

❓How much money will it take to sustain my business?
Be sure to take into consideration the cost of running your business, as well as what amount you’ll need to live on.

❓How much money would I like to make?
This is where you think about your plans and dreams. Pick a number that will make you stretch, but is still attainable.

🤔 After you have thought about and answered those questions, it’s time to think about how much you will need to make each month to meet those goals/dreams.
How much will you need to make each week? Each day?

You get the idea -- break it down. Once you know those numbers, you can focus on what actions you can take in your business to meet your goals! 👏

What financial goals are you setting for your business this summer?

When setting financial goals, it’s always a smart idea to ask yourself...

❓How much money will it take to sustain my business?
Be sure to take into consideration the cost of running your business, as well as what amount you’ll need to live on.

❓How much money would I like to make?
This is where you think about your plans and dreams. Pick a number that will make you stretch, but is still attainable.

🤔 After you have thought about and answered those questions, it’s time to think about how much you will need to make each month to meet those goals/dreams.
How much will you need to make each week? Each day?

You get the idea -- break it down. Once you know those numbers, you can focus on what actions you can take in your business to meet your goals! 👏

What financial goals are you setting for your business this summer?

06/08/2021

✈️🌞 Do you have travel plans this summer for professional development? Now that some conferences are in person (or a hybrid,) you may find yourself incurring expenses related to travel for professional development.

Wondering what is considered a tax write-off?

Here are some requirements the IRS has for small business owner’s to be able to write off these trips:

1️⃣ The majority of your trip must be business related
2️⃣ Conventions should be planned in advance and meetings should be scheduled
3️⃣ Save all receipts over $75 and any lodging expenses (regardless of amount)
4️⃣ Take notes to prove you were in attendance at each meeting
5️⃣ Expenses should be reasonable to write-off (travel, accommodations, meals)

When in doubt, ask! Your CPA should be able to advise on this!

✈️🌞 Do you have travel plans this summer for professional development? Now that some conferences are in person (or a hybrid,) you may find yourself incurring expenses related to travel for professional development.

Wondering what is considered a tax write-off?

Here are some requirements the IRS has for small business owner’s to be able to write off these trips:

1️⃣ The majority of your trip must be business related
2️⃣ Conventions should be planned in advance and meetings should be scheduled
3️⃣ Save all receipts over $75 and any lodging expenses (regardless of amount)
4️⃣ Take notes to prove you were in attendance at each meeting
5️⃣ Expenses should be reasonable to write-off (travel, accommodations, meals)

When in doubt, ask! Your CPA should be able to advise on this!

06/07/2021

Now that the kids are out of school, you might be wondering if you can hire them to work for your business. You get some help, they get some money--sounds like a great deal! 🤩

Something to note 👉 your kid actually has to do the work and the pay has to be reasonable for the tasks being completed.

Benefits of “hiring” your child to help you in your business:
⭐️ Saves you money and time
⭐️ Your child will keep more of their pay
⭐️ You get a business deduction (their wages)
⭐️ Your kids learn real-world lessons

Fun fact - your child can work for you and won’t be subject to social security or medicare taxes. But - they will be subject to income tax, though. Be sure to speak with your CPA about the nuances here so you are sure to get it right.
.
.
.
.
.
.
#smalltowncpa #madisonvilletx #financeblogger #entrepreneurmindsets #entrepreneurspirit #entrepreneurtips #bossmode #taxpro #taxtime #taxseason #taxpreparer #smallbusinesssupport #smallbusinesslife #smallbusinesslove #businesshelp #smartmoney #taxhelp #taxseason2021 #taxtip #virtualcfo #savvybusinessowners #filetaxes #financialadvice #buildalifeyoulove #hustlewithheart #lovemybiz #putthemtowork #familybusiness #familybusinesses #familybusinesslife

Now that the kids are out of school, you might be wondering if you can hire them to work for your business. You get some help, they get some money--sounds like a great deal! 🤩

Something to note 👉 your kid actually has to do the work and the pay has to be reasonable for the tasks being completed.

Benefits of “hiring” your child to help you in your business:
⭐️ Saves you money and time
⭐️ Your child will keep more of their pay
⭐️ You get a business deduction (their wages)
⭐️ Your kids learn real-world lessons

Fun fact - your child can work for you and won’t be subject to social security or medicare taxes. But - they will be subject to income tax, though. Be sure to speak with your CPA about the nuances here so you are sure to get it right.
.
.
.
.
.
.
#smalltowncpa #madisonvilletx #financeblogger #entrepreneurmindsets #entrepreneurspirit #entrepreneurtips #bossmode #taxpro #taxtime #taxseason #taxpreparer #smallbusinesssupport #smallbusinesslife #smallbusinesslove #businesshelp #smartmoney #taxhelp #taxseason2021 #taxtip #virtualcfo #savvybusinessowners #filetaxes #financialadvice #buildalifeyoulove #hustlewithheart #lovemybiz #putthemtowork #familybusiness #familybusinesses #familybusinesslife

06/05/2021

Are tips a big part of your business? Just a friendly reminder that any income received--INCLUDING TIPS--is taxable and must be included in your gross income.

What about...

✔︎ Tips directly from customers? Yep.
✔︎ Tips added using credit cards? Yep.
✔︎ Tips from a tip-splitting arrangement with other employees? Yep.

Plus, the value of non-cash tips (passes, tickets, etc.) is also considered income and subject to tax.

To accurately report your tip income, be sure to:

✔︎ Keep a daily tip record
✔︎ Report your tips to your employer
✔︎ Report all tips on your income tax return

If you have any questions about how to report your tips as income, please reach out! We are happy to answer any questions you may have!

Are tips a big part of your business? Just a friendly reminder that any income received--INCLUDING TIPS--is taxable and must be included in your gross income.

What about...

✔︎ Tips directly from customers? Yep.
✔︎ Tips added using credit cards? Yep.
✔︎ Tips from a tip-splitting arrangement with other employees? Yep.

Plus, the value of non-cash tips (passes, tickets, etc.) is also considered income and subject to tax.

To accurately report your tip income, be sure to:

✔︎ Keep a daily tip record
✔︎ Report your tips to your employer
✔︎ Report all tips on your income tax return

If you have any questions about how to report your tips as income, please reach out! We are happy to answer any questions you may have!

Videos (show all)

Telephone

Address


1308 East Main
Madisonville, TX
77864

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 8am - 5pm
Friday 9am - 5pm
Other Tax preparation in Madisonville (show all)
H&R Block H&R Block
1608 E Main St, Ste 119
Madisonville, 77864

Liberty Tax Liberty Tax
207 E Main St
Madisonville, 77864