Dukes Accounting and Tax Services

Dukes Accounting and Tax Services QuickBooks Advanced ProAdvisor
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02/10/2026

If you’re a business owner wondering if you will owe taxes…start looking at your profit and loss statement. While you may be use to a paycheck and W2 to determine if you will owe taxes, now as a business owner you’ll rely on your profit and loss statement and quarterly estimated tax payments.

💼 W-2 Paychecks vs. Self-Employed Income: Here’s the Difference

If you’ve ever had a W-2 job, taxes felt easy… because they were handled for you.

W-2 Employees:
✔️ Taxes withheld from every paycheck
✔️ Employer sends those payments to the IRS
✔️ Refund or balance due is usually small

Self-Employed:
✔️ No automatic tax withholding
✔️ You’re responsible for paying taxes yourself
✔️ Your Profit & Loss statement replaces a paycheck

📊 Think of your P&L like this:
• Net profit = your “gross paycheck”
• Estimated tax payments = your “withholding”

💸 What happens at tax time?
• Underpaid estimates → taxes owed
• Overpaid estimates → refund
• Accurate estimates → no surprises

🚨 No P&L = flying blind
📈 Updated P&L = confident estimates and better cash flow

💡 Pro tip: Self-employed taxes aren’t higher — they’re just not withheld automatically.

👉 Save this post
👉 Review your P&L monthly
👉 Adjust estimated payments as income changes

EntrepreneurFinance

02/10/2026

If you’re a business owner wondering if you will owe taxes…start looking at your profit and loss statement. While you may be use to a paycheck and W2 to determine if you will owe taxes, now as a business owner you’ll rely on your profit and loss statement and quarterly estimated tax payments.

💼 W-2 Paychecks vs. Self-Employed Income: Here’s the Difference

If you’ve ever had a W-2 job, taxes felt easy… because they were handled for you.

W-2 Employees:
✔️ Taxes withheld from every paycheck
✔️ Employer sends those payments to the IRS
✔️ Refund or balance due is usually small

Self-Employed:
✔️ No automatic tax withholding
✔️ You’re responsible for paying taxes yourself
✔️ Your Profit & Loss statement replaces a paycheck

📊 Think of your P&L like this:
• Net profit = your “gross paycheck”
• Estimated tax payments = your “withholding”

💸 What happens at tax time?
• Underpaid estimates → taxes owed
• Overpaid estimates → refund
• Accurate estimates → no surprises

🚨 No P&L = flying blind
📈 Updated P&L = confident estimates and better cash flow

💡 Pro tip: Self-employed taxes aren’t higher — they’re just not withheld automatically.

👉 Save this post
👉 Review your P&L monthly
👉 Adjust estimated payments as income changes

02/02/2026

✨ Small Business Owners: It’s Time to Clean Up Those Books! ✨

If your bookkeeping fell behind last year (or… the last few years), you’re not alone. Running a business is demanding, and the financial side often gets pushed to the bottom of the list. But here’s the truth:
Messy books cost you money, clarity, and peace of mind.

A Bookkeeping Cleanup can help you:
📌 Understand what your business actually earned
📌 Catch missed deductions and avoid overpaying taxes
📌 Get accurate financial statements for lenders, grants, or investors
📌 Start the new year organized, confident, and in control

Your numbers tell the story of your business — but only if they’re accurate.
If you’re ready to stop guessing and start growing, now is the perfect time to get your books cleaned up.

💬 Comment “CLEANUP” or send a message to get started.
You (and your tax preparer) will be so thankful you took this extra step.

02/02/2026

✨ Small Business Owners: It’s Time to Clean Up Those Books! ✨

If your bookkeeping fell behind last year (or… the last few years), you’re not alone. Running a business is demanding, and the financial side often gets pushed to the bottom of the list. But here’s the truth:
Messy books cost you money, clarity, and peace of mind.

A Bookkeeping Cleanup can help you:
📌 Understand what your business actually earned
📌 Catch missed deductions and avoid overpaying taxes
📌 Get accurate financial statements for lenders, grants, or investors
📌 Start the new year organized, confident, and in control

Your numbers tell the story of your business — but only if they’re accurate.
If you’re ready to stop guessing and start growing, now is the perfect time to get your books cleaned up.

💬 Comment “CLEANUP” or send a message to get started.
You (and your tax preparer) will be so thankful you took this extra step.

01/30/2026

You've got , I've got answers. Join me this Saturday for a virtual Q&A to get answers to the tax questions you’ve been waiting to ask. 20+ years in and admitted to practice before the

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💡Keeping good bookkeeping records can go a long way when preparing for taxes. As a small business owners this one of th...
01/30/2026

💡Keeping good bookkeeping records can go a long way when preparing for taxes. As a small business owners this one of the foundational steps to keeping your tax bill low. Track your income and expenses regularly and avoid overpaying in taxes. This will also help you keep from missing deductions that can happen as a result of poor record keeping. Use an accounting software such QuickBooks to make this task easy and less time consuming for you.💰

Before: messy ledgers, uncategorized expenses, and payroll that didn’t match bank records. After: reconciled accounts, c...
01/29/2026

Before: messy ledgers, uncategorized expenses, and payroll that didn’t match bank records.

After: reconciled accounts, corrected expense categories, and payroll aligned — all without sharing any client details.

The result? Clear cash visibility, faster tax prep, and less stress if an IRS letter arrives.

Even if you aren’t required to file a tax return, you may still need to file one to claim refundable tax credits. ...
01/29/2026



Even if you aren’t required to file a tax return, you may still need to file one to claim refundable tax credits. These credits can generate a refund even if you had no income or didn’t work during the year.

Get ahead this tax season—save time and uncover every deduction with a little prep. Gather these before your appointment...
01/28/2026

Get ahead this tax season—save time and uncover every deduction with a little prep. Gather these before your appointment: profit & loss and balance sheet for the year, 1099s and W-2s, bank & credit card statements, receipts for expenses and mileage logs, payroll summaries, depreciation schedules, and any IRS letters. At Dukes Accounting & Tax Services, our streamlined intake makes meetings faster and more productive so you get returns sooner and reduce audit risk

01/27/2026

Got an IRS letter? You don’t have to face it alone. At Dukes Accounting & Tax Services, we help you understand your options—like installment agreements, offers in compromise, and penalty abatements—so you can choose the right path and reduce stress. Sharon Dukes guides individuals and small-business owners through notices with clear, jargon-free explanations and personalized plans. 😊

Address

1175 Vickery Lane , Suite 201
Cordova, TN
38016

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 1pm

Website

https://proadvisor.intuit.com/app/accountant/search?searchId=sharon-dukes

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