Wojo Bookkeeping

Wojo Bookkeeping Quickbooks Online | Financial Management | Clean Ups | Bookkeeping Guru | QBO Certified | Proadvisor

Mistakes can happen when filing a federal income tax return, but most are preventable.Always review your entire return b...
04/08/2026

Mistakes can happen when filing a federal income tax return, but most are preventable.

Always review your entire return before submitting it. Even if a professional prepares it, you are ultimately responsible for the accuracy of the information.

Here are common errors to avoid:

- Filing too soon without all required tax documents
- Selecting the wrong filing status
- Entering incorrect income amounts such as wages, dividends, or interest
- Misspelled names or missing Social Security numbers
- Miscalculating credits and deductions
- Forgetting to sign and date the return
- Entering incorrect bank account or routing numbers for direct deposit

An unsigned return is considered invalid. On joint returns, both spouses must sign unless a valid exception applies.

Filing electronically can help reduce errors. The e file system often catches common mistakes and sends the return back for correction before it is processed.

Slow down. Review carefully. File accurately.

Follow for more reminders and tax tips to make running your business easier.




There is no standard formula for calculating reasonable compensation. It is not a fixed percentage or a simple calculati...
04/07/2026

There is no standard formula for calculating reasonable compensation. It is not a fixed percentage or a simple calculation.

The IRS looks at facts and circumstances to decide what is reasonable versus unreasonable.

Some key factors include:

- The financial condition of the business
- The duties you perform
- The number of hours you work
- The company’s compensation policy for all employees
- What similar roles in your industry are paid
- Your qualifications, including degrees, certifications, and experience

Each situation should be evaluated individually.

Your reasonable salary may also change over time. As your business grows and your responsibilities shift, your compensation should reflect that.

Stay organized, compliant, and confident with our year-round bookkeeping and tax support.

Book a call to make sure your books are truly tax ready.




Happy Monday.May your coffee be strong and your Mondays short!What is your favorite way to start the week?
04/06/2026

Happy Monday.

May your coffee be strong and your Mondays short!

What is your favorite way to start the week?




If you did not pay enough tax during the year through withholding or estimated payments, you may owe a penalty.Most taxp...
04/05/2026

If you did not pay enough tax during the year through withholding or estimated payments, you may owe a penalty.

Most taxpayers avoid this penalty if they meet one of these thresholds:

- You owe less than 1,000 dollars after subtracting withholding and refundable credits
- You paid at least 90 percent of the current year’s tax
- You paid 100 percent of the prior year’s tax, whichever amount is smaller

Estimated payments are generally made in four equal installments.

The IRS may waive the penalty if:

- A casualty event, disaster, or unusual circumstance prevented payment and it would be unfair to impose the penalty
- You retired after age 62 or became disabled, and the underpayment was due to reasonable cause and not willful neglect

Estimated tax penalties are largely about timing and thresholds. Knowing the rules helps you stay ahead and avoid surprises.

Have a question? Drop it in the comments or send us a message.




Bank statements alone do not substantiate your deductions. They show that a transaction happened, but they do not explai...
04/04/2026

Bank statements alone do not substantiate your deductions. They show that a transaction happened, but they do not explain the business purpose behind it.

Here is what proper documentation actually looks like:

- Mileage logs with the date, destination, business purpose, and miles driven

- Asset purchase records showing the invoice, in service date, and business use percentage

- Payroll reports, filed tax forms, and proof that payments were made

- Meal receipts that show the date, total, and clear business purpose

- Home office records that prove exclusive use and accurate square footage

Clean books are step one. Solid documentation is step two.

Follow for more reminders and tax tips to make running your business easier.




Cash flow problems rarely happen overnight.They usually start as small warning signs that get ignored. Shrinking margins...
04/03/2026

Cash flow problems rarely happen overnight.

They usually start as small warning signs that get ignored.

Shrinking margins. Rising expenses. Unreconciled accounts. Negative balances.

The earlier you catch them, the easier they are to fix.

When was the last time you reviewed your reports?

If you are seeing any of these red flags in your business, it may be time for a full review of your business finances.

Send us a message to schedule a review or cleanup.




Drop a gif or comment where you are really working from today.
04/02/2026

Drop a gif or comment where you are really working from today.




Q1 is done.But have you actually reviewed your numbers?Your first quarter tells a story.It shows you what is working, wh...
04/01/2026

Q1 is done.

But have you actually reviewed your numbers?

Your first quarter tells a story.

It shows you what is working, what is draining cash, and where profit may be slipping.

Revenue is only part of the picture.

Margins, expenses, cash flow, debt, and owner pay matter just as much.

If your reports feel confusing, outdated, or incomplete, you are not making decisions with clear data.

And that impacts everything.

If you need help reviewing your Q1 numbers or cleaning up your books, we are here to support you.

Send us a message to schedule a review or cleanup.




Alright, business owners… what kind of empire are you building?Drop your business model below and if you chose other, te...
03/31/2026

Alright, business owners… what kind of empire are you building?

Drop your business model below and if you chose other, tell us what you do. We want to know!




The difference comes down to timing.Cash accounting records income when money hits your bank account and expenses when y...
03/30/2026

The difference comes down to timing.

Cash accounting records income when money hits your bank account and expenses when you pay them.

Accrual accounting records income when it is earned and expenses when they are incurred, even if no money has moved yet.

Cash shows what is in your bank.

Accrual shows what your business has actually earned and owes.

Both methods have pros and cons. The right one depends on your business size, goals, and reporting needs.

Do you know which method your business is using?

Found this helpful? Follow our page for stress free and helpful tips for your business finances.




You still have time to get organized. You just need to focus on the right things.Here is where to start:1. Reconcile all...
03/29/2026

You still have time to get organized. You just need to focus on the right things.

Here is where to start:

1. Reconcile all bank and credit card accounts so your books match your statements and your reports are accurate.

2. Review your profit and loss to identify missing income, uncategorized expenses, or unusual transactions.

3. Gather receipts and documentation for large purchases, travel, meals, equipment, and any major deductions.

4. Gather documents immediately by collecting W 2s, 1099s for income, and mortgage interest or charitable contribution records.

5. Review all personal and business information before filing, including social security numbers, employer identification numbers, calculations, and signatures, since small errors can cause rejected returns or delayed refunds.

6. File an extension if needed by submitting Form 4868 by April 15 for an automatic extension to October 15, and pay any estimated taxes owed to help avoid penalties and interest.

Do not aim for perfect. Aim for accurate and complete.

And if your books feel too messy to tackle alone, it is okay to ask for help, we are here to help.




Address

Los Angeles, CA

Opening Hours

Monday 9am - 4pm
Tuesday 9am - 4pm
Wednesday 9am - 4pm
Thursday 9am - 4pm
Friday 9am - 4pm

Telephone

+15627747031

Website

https://shop.wojoenterprise.com/

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