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The Power of Technology

It starts with you

We live in the golden age of technology. There is no better time than now to take advantage of the computing power on our desks, on our laps,  and in our pockets.

Tools of successMobile Phone

Online banking is a powerful tool,  a tool that is convenient, diverse, autonomous,  and highly underrated.

Do you use your smartphone to maximize your wealth building?

Most of us only use online banking for cash flow monitorization. We check our balances,  verify our income,  and observe posting expenses. “Pending.”

ARE YOU A CASUAL SAVER?

The “I can do it for my self-er. ” download-1

Rarely do we use the full arsenal of mobile and online banking. It’s time to make a change

Taking the You out of Saving

I frequently hear from clients,  friends,  and family members that they do not possess the saving mentality.

Usually summing it up along the lines of:

I’m not a saver,  I’m a spender.” burning dollar

 

What if I told you,  the secret to success is to save just a little bit of money every single week.

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Would you admit defeat?

Imagine. Instead,  you started a bank account called “Pizza Money.” The money you saved Not eating at Dominos.  No offense Dominos.

The Point.

Or, are you the type to argue, I’m too set in my ways and will never be financially stable. I will counter argue, Yes, you will. 

All is not lost,  there is another way, a way,  using your tech savvy ingenuity. A way to save every week, without even trying. An easier way.

Automatic account transfers 

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Approach saving money the same way you pay your Netflix, and  LA Fitness memberships. Automatic REOCCURRING account transfers.

Your job doesn’t offer 401ks? Invest in yourself automatically each week.

With apps like StashTd Ameritrade, and Betterment you have an abundant selection of investment vehicles at your fingertips. k12282224

The Foundation

I guarantee that this strategy will, at the very least, support the foundation of your financial goals.  You can make this small change and begin saving every single week.

About the Author:

Dezmone Hooks

Dezmone Hooks is a small business owner, a writer, and a business tax and financial consultant.

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Dezmone works with Hooks Financial Services a team that focuses on the tax filing for families, entrepreneurs and small business with the objective to promote their growth and success. Follow Dezmone on Twitter: @Dez_Taxhooks for more of the latest tax tips and business advice.

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Getting ready for business taxes

Small business advice that will save you thousands

By Dezmone Hooks, Contributor
Published: February 2, 2017

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Tax season for most of us brings a lot of pressure and for the typical entrepreneur record keeping errors inevitably follow. Tax deductions go unclaimed, paper trails go awry, all because of the lack of a bookkeeper.

So let’s review eight of the most common tax preparation mistakes that small businesses make so that you can spot them and take appropriate action to save your business thousands of dollars.

Expenses worth analyzing

New business owners can write off start-up costs incurred before opening the doors OR you can assign these values to an account that will amortize annually.Amortization is a process similar to depreciation, but it is used for non-tangible assets. Don’t overlook this important decision. Click here to learn more.

Automobile Expenses

Often times there’s a lot of confusion about legitimate auto deductions. A good rule of thumb for mileage is if it is to conduct business or generate a sale then it is a business driving expense. If you are just commuting to work, then it is no longer a business expense that mileage should be reported as personal. The one exception is if you work from home and deduct a home office.

The Standard mileage deduction for the tax year 2016 is 54 cents per mile.

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Do not be one of those business owners that only writes off mileage for automobile expenses.

Fuel and oil changes, tires, car insurance, lease payments, travel tolls and parking fees are all tax-deductible business expenses if you can prove they are directly related to business.

The power of petty purchaseslosing-money-5404374

Small everyday expenses can add up, and cash receipts can disappear quickly. Make sure you or your bookkeeper track all your expenses and check with your tax advisor about what you can and can not deduct.

Guesstimates just won’t cut it anymore

Before the internet of things, guesstimates and projections were a common occurrence in tax filing, however, now your accountant should have an obligation to make sure you do not overdo or exaggerate your deductions. Dramatically fluctuating business expenses that are considered abnormal for your industry or business type will leave you vulnerable in the case of an IRS audit.

Pie-chart-icon.pngOnly one slice of the pie

The IRS is not the only organization that relies on credible record keeping and accurate tax information.  The EDD requires accurate record keeping and business tax information. Financial service providers like banks,  credit unions, insurance companies, and loan financiers need accurate recordkeeping and business tax information.

Personal tax deductions, non-deductible personal expenses, and business expenses

You will save thousands of dollars by separating your personal and business bank accounts. A significant cause of confusion around tax time that makes tracking income and expenses difficult is forgetting to separate personal from business and deductible from non-deductible. We can help! Click here for more details

Are you on payroll?

Payroll tax compliance is tedious and something that many small business owners struggle to keep current. The financial consequences of getting it wrong aren’t pleasant either. To make sure that your payroll taxes are deposited correctly, outsource your payroll function to a payroll company. The benefits often far outweigh the fees.

Keep your records up-to-date

This is a common problem for small businesses and often leads to missed opportunities for reducing your taxable income for the year. Make sure your expenses are reconciled, tracked and supported with receipts (the IRS requires it). Spend time each week to review your accounts – receivable, payable, credit card transactions, bank statements. Monitor your cash flow to determine if your business is growing, consider accounting software (which synchronizes all your financial operations and activities in one centralized dashboard) or hire a bookkeepercropped-hooks-and-books-logo-01.png

About the Author:

Dezmone Hooks

Dezmone Hooks is a small business owner, a writer, and a business tax and financial consultant.

20170124_114332

Dezmone works with Hooks Financial Services a team that focuses on the tax filing for families, entrepreneurs and small business with the objective to promote their growth and success. Follow Dezmone on Twitter: @Dez_Taxhooks for more of the latest tax tips and business advice.