Parnell Accounting Solutions, LLC.

November is the month to improve your financial reach.

Ready... Set... Let's Go!!

Invest In Growth.

Pay Yourself.

Don’t Be Afraid of Loans or Business Lines of Credit.

Manage Your Cash Flow.

Spread Out Tax Payments.

Contribute To Retirement Plans.

Monitor Your Books.

Focus on Return on Investment.

Be Proactive.
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This is a judge-free zone.

We meet you where you are…. understanding your current financial position is the first step to getting to where you’d like to go.

Let’s start with analyzing your bookkeeping needs, schedule an introductory here: https://calendly.com/latanza-parnell0810/consultation-bookkeeping-accounting-servic-clone
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As sole proprietors, it is normal to be the customer service rep, the salesperson, the planner, the chief financial officer, etc.

Avoid developing the mindset that you are the only one who can get the job done… Especially in your areas of weakness. This will set yourself up to become overwhelmed, frustrated, and spending double to clean up do-it-yourself jobs.

Once you learn your strengths, it is highly recommended to hire or outsource tasks that slow you down. Not only does this create balance in your business, but it also creates time for yourself and peacefulness within.
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Please be advised and plan accordingly.

The 3rd quarter estimated payment is for income earned June 1 through Aug. 31st.

Interest rates are increasing (wow, again?!). Up from 5% and sadly it is compounded daily.

All things considered, you don’t want to mistakenly delay filing because you’re unable to pay what is owed. There is an option for an installment agreement or offer in compromise.

Having financial peace is NONNEGOTIABLE. We are professionals who can help… If you have questions, don’t hesitate to reach out: www.parnellaccountingsolutionsllc.com.

It's my business anniversary!

After several years of serving as an Accountant in different spaces, there is nothing more rewarding than supporting small businesses who are equally passionate about growth.

I would like to thank each and every one of our clients/followers for allowing us to be of assistance.
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Controversy at its finest…

Whether someone agrees with President Joe Biden's statement or not, you can not ignore the emphasis placed on the need to have professional resources…

Lawyers and Accountants are NON-NEGOTIABLE for a successful business.

Here's a great law resource to start with: https://www.wisbar.org/forPublic/INeedaLawyer/Pages/Small-Business-Assistance.aspx

Of course, if an Accounting resource is needed, check out our link in the bio!
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Unfortunately, we DO NOT have control over the gas prices...

We DO have control over documenting our expenses. Which leads to paying less taxes and keeping more money in our household.

If you are one who prefers to manually document, download our FREE business mileage tracker spreadsheet here: https://www.parnellaccountingsolutionsllc.com/resources

As always, Parnell Accounting Solutions is here to save you time and money.
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Are you aware of this increase? 10% in interest and fees is hefty.

We can assist you with filing your tax return.

Our services include:
*E-Filing
*Recommendations for the current tax year
*In-person & Remote Options
*IRS Credentials
*3 Easy Steps to file!

To learn more, schedule an appointment here: https://calendly.com/latanza-parnell0810/15min
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According to a recent report by Forbes, 7 in 10 Americans live paycheck to paycheck and struggle to manage their finances, leaving them in a constant state of economic uncertainty.

Parnell Accounting Solutions has a mission to change this...

We are passionate about helping business owners create a solid foundation, keep money in their household, and to continuously grow.
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Fathers are blessing.... Today and everyday we acknowledge you!

Happy Father's Day!
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"Unfortunately, a business owner that doesn't consistently tax plan loses money."

5 reasons why it makes sense to pay estimated tax payments throughout the year:

1. Payments are more accessible.
2. Avoid penalties.
3. Less surprises when filing your annual tax return.
4. Provides a better understanding of your cash flow.
5. You'll be less inclined to modify your income which can jeopardize your purchasing power for that new home, auto or business loan, etc.
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"Unfortunately, a business owner that doesn't consistently tax plan loses money."

5 reasons why it makes sense to pay estimated tax payments throughout the year:

1. Payments are more accessible.
2. Avoid penalties.
3. Less surprises when filing your annual tax return.
4. Provides a better understanding of your cash flow.
5. You'll be less inclined to modify your income which can jeopardize your purchasing power for that new home, auto or business loan, etc.
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It’s ! We couldn’t wait to share this feedback…. It always a phenomenal outcome when passion and great people meet.
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The clock is ticking… Almost half of 2022 has passed.

As of today, the Child Tax Credit has not been expanded - there will not be any monthly or increased payments.

Although, the standard deduction is adjusted for those claimed as a dependent… they may be entitled to a refund if they had taxes withheld.

Yes, this is a seller’s market and rental costs are rising. Not a complete deterrent but something to be mindful of during your search.

The stock market is down… this is the best time to buy low so you can sell high. Choose wisely.

As of July 1, 2022, outstanding payments owed to the IRS will have 5% interest applied.

Budgets should not be fixed but updated as things change. A solid budget or forecast can enable a business to plan and predict cash flows. When you can predict cash flows, it is possible to determine how much money is necessary to meet operations and find means of offsetting shortages.

We are better humans when we aren’t stressed, and our vision isn’t clouded. To grow, we must acknowledge our capacity… know our strengths… then delegate/outsource those tasks that don’t fit.

These are just a few things to-do list items follow-up on… Feel free to add more below.

Renewing your LLC is necessary as you don’t want to become a non-existent entity.

If you forget to complete the annual filing, your company will be listed as ‘inactive’ or ‘administratively dissolved.’ Be sure to update your annual filing date on your calendar to eliminate unnecessary headaches.

In 20 days, the 2nd quarter tax payment is due. It’s great to pay most of your taxes during the year, as you receive the income, rather than paying at the end of the year.

Altogether, you will avoid tax underpayment penalties and create a manageable tax bill at year end.

Mark your calendars…

“It's better to be prepared for an opportunity and not have one, than to have an opportunity and not be prepared.”
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87% of businesses consider their Accountant to be one of their most trusted advisors.

Having said that, it is important to understand that accounting advisory services should be more than a once-a-year experience.

These are the top 5 reasons to hire an Accountant:

-To stop overpaying taxes. This is a result of reporting more income than you received - consistently recording ALL business expenses is necessary. Don't pay more than you must - we can help you keep more money in your household.

-Increase your opportunities to obtain funding. It is almost impossible to borrow money without ACCURATE financial statements. This limits your ability to grow.

-Learn what to pay yourself without hindering the future. This is determined by analyzing net income, future cash flow, tax liability, business debt/savings, etc.

-Gain management of outstanding accounts which increases cashflow. Outstanding invoices need to be organized and have consistent follow-up.

-Create a cash flow analysis and business financial plan. Cash flow is vital to your success. In most cases, it’s more important than profit. Planning allows one to allocate time, effort, and resources strategically.

Bonus!!! QuickBooks does not replace having an Accountant. It is software to help organize your financial transactions. Unfortunately, it CANNOT help you interpret your financials, eliminate roadblocks, and assist in your overall success.

How does these reasons resonate with you? Take a load off and outsource your accounting to us. We can help you… Schedule an introductory appointment to learn more about our offerings: https://calendly.com/latanza-parnell0810/consultation-bookkeeping-accounting-servic-clone

Shout out Monday! All our clients are extraordinary at Parnell Accounting Solutions…. Today’s acknowledgement goes to the founder of NCMPRBL, Dr. Mario McCoy. He is a solid businessman who has earned several accolades. Be sure to check out his brand of watches and accessories… It is a quality selection that you won’t regret purchasing from --- www.ncmprbl.com

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"Life is a balance of holding on and letting go..."
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It is that time of the month again… Time to review your April financial statements.

Your financial statements have a lot of value…. They help to reflect on where you came from and are instrumental in predicting where your business is going.

Cash flow is needed to keep operations going. In some form or another, all shortages need be recognized and attended to immediately.

Prices/rates should be monitored to ensure a profit is being made. Otherwise, the organization you worked so hard for is a mere hobby.

We tend to have exact knowledge of the amount of money coming in but are surprised when we analyze where our money is being spent. There is nothing like having a budget to keep things in alignment.

These tasks only touch the surface of what your statements provide. Check out our quarterly service offering…. It’s a one-on-one session that digs deeper into how to make the most of your financial details. We can help by scheduling here: https://calendly.com/latanza-parnell0810/consultation-bookkeeping-accounting-servic-clone

Maximize your financial resources – Your business deserves it.
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What our clients are saying…. Your complexities are in great hands. We love saving you time and money.

These documents are necessary to apply for mortgages, car loans, business credit lines...

As we witnessed when COVID surfaced, even grants (free money) require proof of operations.

Always plan at 2 years in advance - advancement is a necessity.

Today is the tax filing deadline to submit your tax return.

Taxpayers requesting an extension will have until Monday, October 17, 2022 to file a return.

Reminder: Extensions extend the time to file your tax return - they do not extend the time to pay your tax liability.

Interest accrues on any unpaid tax from the due date of the return until the date of payment in full.

As the saying goes, it is better late than never…. If you need assistance organizing your bookkeeping and/or filing your tax return, we are here to help. Schedule an appointment here: https://calendly.com/latanza-parnell0810/15min

Parnell Accounting Solutions, LLC. updated their business hours.

Parnell Accounting Solutions, LLC. updated their business hours.

Are you a self-starter? Are you well organized? Are you a quick thinker? Virtual assisting could be for you!

We are looking forward to you joining us! Registration here: https://form.jotform.com/220375983436059

Finances matter... Structure is everything.
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The sky is the limit... Please continue to support growing businesses!

"When the world tells you to shrink, expand."
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LLC owners/sole proprietors should pay themselves by transferring funds from their business account to their personal account. Aim for consistency in frequency and the amount paid.

S-corp owners should be paid via payroll NOT by owner draws.

If you need more insight, schedule an advisory session here: https://calendly.com/latanza-parnell0810/business-q-a-session-clone

Let's elevate your processes sooner than later.
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It's. time. to. elevate.

Once your organization earns $50k annually, it is time to consider restructuring.

Being registered as an LLC has no tax benefits - it serves as legal protection.

Let's discuss tax elections that are beneficial to saving your business money. Schedule an introductory call here: https://calendly.com/latanza-parnell0810/consultation-bookkeeping-accounting-servic-clone

Reminder - Small Corporation (S-Corp) elections are due next month, March 15th!
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Not a shocker, just posting for awareness.

Typically, when there is not a state income tax, there’s higher property tax, excise tax, and/or sales tax. The cost of living and affordable housing is a factor. Lastly, the impact of lower state taxes affects the state's ability to invest in social services, such as infrastructure, education, and healthcare.

Always look at the big picture because the elimination of one thing can shift everything else – pros and cons.

Nothing compares to having awareness and planning ahead.
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