Social Media Content - Beckenson Financial
Lindsay Hanson
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Below are samples of content I created for Beckenson Financial, a tax consulting firm.
How to tell if an expense is tax deductible👇🏻
1️⃣️ IS IT NECESSARY?
Is this expense something you need in order to keep your doors open and make money?
A laptop? Probably necessary.
A family trip to Disney? Probably not.
2️⃣ IS IT REASONABLE?
I always like to use the scissors example…
You may need a pair of scissors, but do you need a pair of $200 golden scissors?
8️⃣️ IS IT COMMON?
Is this expense something that others in your industry buy?
Yard signs for real estate agents, medical supplies for doctors, etc.
If you answered YES to all 3 questions, the good news is that most likely the expense is deductible.
BUT if you don't keep the proper documentation (i.e. receipts, notes and/or memos), odds are that if you ever get audited, the expense will not hold up in front of the IRS.
And if your books are not up to date, making sure you're taking all eligible deductions will be an almost impossible task.
If you're ready to clean up your books & understand what you can deduct in your business…
Click the link in my bio to schedule a 30-minute consultation 👩🏻💻
Business owners on average overpay $11,638 in taxes every year 💸🗑️
Yep, you read that right. Here is another fact:
Most people stay with their CPA for 10+ years.
Over ten years, that's a total of $116,380 in overpaid taxes💰
Let's take that a step further:
If you were to put that $11K every year into the stock market for 10 years, you could have made $215,666 📈
Before you freak out, let me tell you the good news - we can get some of this money back!
Here are three questions to ask your CPA right now to make sure they're saving you as much money as possible on your taxes:
1️⃣ What can I do to save more money on taxes?
If they give you an answer without asking questions about this upcoming year, they are not being proactive.
2️⃣ Should I put more away for retirement?
This will tell you if they understand your financial goals and align them to your taxes, or if they're just focused on filing the forms, sending you an invoice, and then ignoring you until next tax season.
3️⃣ What purchases can I make to help save money on taxes and grow my business?
This will tell you if they understand your business and can identify opportunities for growth.
If any of the answers you get don't make sense or don't provide any insight, it might be time to break up with your accountant.
If you want a free tax assessment to see if you can get some of your money back, let's set up a time to talk.
Click the link in my bio to book your free discovery call today!
Do you pay 1099 contractors? Don't make this costly mistake.
Improper payroll classification is the ticking time bomb most businesses don't know they have 💣
Meaning, you're paying people as 1099 Contractors when you should be paying them as W-2 Employees.
So, why is this a problem?
If the state government does a payroll audit and your employees/contractors are not classified correctly, you could be held responsible for all the back taxes, fines, and interest for EACH employee that is not properly classified.
We're talking thousands of dollars per employee per year💰
The common triggers that set off the ticking time bomb are:
✔️A former employee filing for unemployment
✔️A current employee getting hurt at work and claiming workers comp
Here is the good news:
If you have not been running payroll properly, it CAN be fixed - and be a major write off for your business.
Not to mention, it can provide opportunities for tax credits (like a $10k tax credit per employee 💸)
So if you're ready to diffuse the bomb and take advantage of payroll opportunities…
Click the link in my bio to schedule your free discovery call today.
How can you write off Taco Tuesday? 🌮🍹
For 2021 and 2022, business meals are 100% deductible (normally only 50% deductible), as long as certain conditions are met:
✔️You (the business owner) are present
✔️The meal is from a restaurant (no groceries, pre-packaged foods, etc.)
✔️The restaurant is not located on your business premises (such as an employee cafeteria)
✔️The expense is not lavish or extravagant (it's reasonable for the amount of people there)
Tip: Make sure to keep your receipts, along with notes about who was there and what business you discussed, to make sure your deduction stands up against an IRS audit.
Are you taking advantage of the temporary tax changes that could benefit your business? 🤔
If you want to learn more, click the link in my bio to schedule your free discovery call today.
Ready to transform your social media presence?
Click here to book a call so we can discuss your needs and find the right package to elevate your business.
