Frazier Accounting, LLC

Any business coach worth investing in is going to want to know an accurate picture of your finances...

If your coach is going to help you set your prices, adjust your offerings, and grow your business, they need to know your numbers! 📊

💥 TRUTH BOMB: You can't show them what they need to see to help your business *without* having your bookkeeping done accurately!

My goal is to get your bookkeeping caught up so that you can confidently make those important decisions for your business.

FALSE! Let me clear up this super common misconception: your bonus isn’t actually taxed more, it just looks that way on your paycheck. ⤵️

That “extra tax” coming out of your bonus? It’s just withholding (aka your employer setting aside money for your taxes).

The IRS has different withholding requirements for supplemental income (aka your bonus) compared to your normal earnings.

The emphasis here is that your bonus isn't TAXED any differently from your normal wages; it's just WITHHELD differently!

When you file your taxes, everything gets reconciled. So if too much was withheld, you’ll see that money come back as part of your tax refund. 💸

The FIRST step if you're struggling with cash flow as a small business owner? 💸

CASH FLOW ANALYSIS ↓

You need to know exactly how much money your business has coming in, going out, and *when* all this money is moving in and out of your business each month.

If you're behind on your bookkeeping, it is SO much harder to get an accurate picture of your current cash flow (and super difficult to project future cash flows). 📊

DIY BOOKKEEPERS: Account reconciliation needs to be on your to-do list *every* month.

It's how you know your books actually match your bank statements!

And for business owners who moonlight as their own bookkeeper, this step is usually the first to go. Whether you're too busy, not sure what you're doing, or just simply hate reconciling, it happens!

Skipping your account reconciliation is a fast track to missing out on fraudulent charges, forgetting what an expense was for, and making a big bookkeeping mess... 🙃

That's where I can save your sanity! My clients get their accounts reconciled and updated monthly financial reports, so they always know where their money’s going. 💸

Listen, I'm all about maxing out your retirement accounts (it's a win-win to save for the future and potentially save on taxes!).

But, your accountant is doing you a disservice if they tell you to max out your accounts without asking these questions:

→ Do you have high-interest debt that needs to be paid?

→ Do you have an adequate emergency fund in place?

→ Will you need this cash in the next few years?

→ Is it smarter to defer taxes today or consider your future tax bracket?

Saving for retirement is great, but if you end up needing that money before retirement, early withdrawals can come with potential penalties and tax implications!

This post is not intended to be financial or investment advice. Please consult with a qualified financial professional who understands your unique situation.

If an IRS auditor asks you what that $20 Starbucks charge was for last October, can you answer that question? 🤔

Here's what you should be documenting for each client coffee meeting:

☕ Who you met with
☕ What you discussed (aka your business purpose)
☕ When + where the meeting happened
☕ The amount you spend

PRO TIP: Write all this info down on your Starbucks receipt, snap a photo, and upload it to your Google Drive "Receipts" folder!

If you're running your business based on vibes alone, tax season is gonna be a major wake-up call! 😅

Growing your business *can* happen by accident... but you can make your life SO much easier when you get intentional about your profits.

Keeping good records (a.k.a bookkeeping) is the foundation that every truly successful business is built on.

Ever want to hire employees? Pay yourself more? Increase your marketing budget?

Bookkeeping can help you make all those decisions!

Whether you already have a bookkeeping system in place or you're starting totally from scratch, I will meet you where you're at. 📚

☀️ HAPPY FIRST DAY OF SUMMER! ☀️

HOT TIP: If you've spent on qualifying, energy-efficient improvements for your main home, like:

⚡Insulation material that reduces heat loss/gain
⚡Windows & Skylights
⚡ Heat Pumps
⚡ Exterior Doors
⚡ A Home Energy Audit

You might qualify for this tax credit!

Check with your tax accountant to see whether your expenses qualify and how much you can deduct.

I specialize in working with small business owners to help them understand their numbers, grow their profits, and stress less during tax season. 📚

Want clarity (instead of chaos) around your numbers? I can help!

‼️Q2 Estimated Taxes Due TODAY‼️

This might be my LEAST favorite tax deadline of all time because it always sneaks up on you.

June 16th is the estimated tax deadline for the second quarter, and if you're self-employed (or have any income that isn't subject to withholding), you probably need to pay these!

Check with your tax accountant to determine your safe harbor payment amount to avoid penalties and interest.

P.S. You can schedule payments ahead of time on the IRS website; it's the easiest way to make sure you don't miss a deadline!

More tips for using the Ask My Accountant feature correctly.

These transactions are okay to put in this account:

✔️ One-time transactions, like a new loan or piece of equipment that you aren’t sure how to properly categorize

✔️ Any transactions that you aren’t sure if they’re 100% tax deductible

✔️ Large transactions that you need to find the receipt for to categorize accurately

You're doing it WRONG if the balance in this account isn't $0 by the time year-end rolls around. ❌

Are you treating Ask My Accountant like a junk drawer for all of your transactions that you aren't 100% sure how to categorize? 👀

You're doing it wrong!

Check back tomorrow for more tips on using Ask My Accountant!