Tax Savi

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05/30/2024

Don’t sleep on a tax strategy! It can turn a whole lot of confusion into an actionable plan. 💫

Nobody taught you about taxes in school, let’s be honest though, if they did would you have listened anyway? You’re an adult now and have a business to run. Taxes will be one of your largest expenses. Hire a qualified tax strategist to help you!

I’m taking a limited amount of new client strategy consults starting next week. DM me if you are interested.

03/05/2024

Let’s talk about money baby.

Healing bad money mindsets starts with talking about money. Think about it, when you go to a therapist you’ve got to talk about your problems to learn to heal and move forward. Same goes for money.

Money mindsets are generational. What did your parents teach you about money? What are you going to teach your kids about money?

All I’m saying is it’s 2024, money isn’t taboo anymore.

03/02/2024

Are you thinking.. “duh Sav?!”

Well you’d be surprised to hear that I get asked this question a lot.
👇🏼👇🏼👇🏼

“What income do I have to report?”

My answer is always ALL of it. It is illegal and dishonest to not report all of the income you make.

If the IRS catches wind of you not reporting all of your income, you’ll likely be subject to an audit and penalties and interest which can be steep for understatement of income.

My biggest advice I always to give to avoid an audit is to be honest and report all of your income. ✌🏼

02/06/2024

STORY TIME:

I recently read the books “The Psychology of Money” and “Die with Zero.” Both are excellent books and I highly recommend. Both of them teach profound money lessons that are highly impactful. They lead me to the conclusion below. 👇🏼

So to get on with it - I recently just came back from a 3 month unpaid maternity leave. (Ouch, I know) I had saved up the money so I wouldn’t be stressed and could enjoy the time with my baby. However, it depleted some of our emergency fund. So when I came back to work I knew I needed to work hard. Fast forward to a week ago I got a call from a family member saying we had the opportunity to go on a once-in-a-lifetime (not to mention last time ever) vacation tour put on by my favorite podcaster. I immediately shut down the idea because I didn’t currently have the money for it. But… I couldn’t sleep at night thinking about how I’d miss out on this once in a lifetime opportunity. I talked with my husband who - bless his amazing soul - agreed that if I wanted to go badly I should go. I don’t currently have all the money to pay for this trip. I’m going to have to work my butt off. But I could NOT sleep at night knowing I would miss this experience.

Is this good financial advice? NO!! Horrible in fact. But I decided to start seeing my money as a tool for me to live and experience life instead of survive and that has made all the difference.

💸You can always make more money. You can’t always get experiences and opportunities back. 💸

02/01/2024

A lot of business owners I talk with stress about retirement accounts. Truth is.. it’s not that complicated!

Always start with a IRA. They are easy to set up and you can contribute to them so long as have income to report.

Once you are wanting to contribute more than $7000 each year, move on to a SEP or a Solo 401k. The contribution rates are higher but you need to meet certain net income levels to make large contributions!

Let me know what other questions you have about retirement! 😊

01/19/2024

Business owners this is for you!

I know it’s scary, but it’s time to analyze your business finances. I’m not talking about just reviewing your revenue. That’s the easy part right? You need to review your expenses, your liabilities and cash flow.

Deep dive into your subscriptions.. are they proving your business value? Are they bringing in income or making your business more efficient? Once you have some solid books together start asking yourself these questions about your business expenses.

As a business owner it’s your responsibility to make good financial decisions. Accountants, bookkeepers and CPAs can help, but ultimately it’s your business and your decisions.

01/05/2024

I’m not like other accountants, that’s on purpose.

I care about educating you about the tax code.

I care about your future wealth.

I want your business to be as lean and profitable as possible.

I want you to earn as much money as you can.

I’m not here to save you as much as possible UNLESS it makes sense and checks all the boxes.

I care about you and your business! 🫶🏼

12/29/2023

I said what I said.

Right now, business owners are scrambling to make purchases because they want the tax write off. Now this is okay IF you were going to spend that money anyway. Such as prepaying your rent for your office.

What is not okay is randomly spending money so you can decrease your taxes. This isn’t smart.

Think of it this way: Your utility company is having a promotion that if you buy a washer from Home Depot, you can get 22% off your next utility bill. You don’t even need a washer you already have one… is buying the washer worth getting 22% off your next utility bill? Not likely. That’s kinda what spending needless money on expenses is like, just to pay less taxes.

I’m not about people spending money just to decrease taxes. I’m more worried about your cash flow. Because spending needless money to lower your taxes will not decrease your taxes low enough to make it worth it ever.

It’s all about cash flow!

12/25/2023

Use this Christmas season as a catalyst to help you let go of a scarcity mindset. That warm, fuzzy feeling of gratitude that you’re feeling right about now… can be felt everyday.

Someone with a scarcity mindset has a fixed mindset. They believe growth and success can only come from one avenue. They also believe they will never have enough or that the world is out to get them. If someone else is doing well that means there is less to go around.

Does that sound like you? If so, it’s time to fix that mindset. Because the truth is, there is enough to go around. There will be unlimited amounts of opportunities to make more money, meet new friends etc. You just have to accept it. Do the mental work to get out of that mindset. I promise you will feel so much more wealthy when you do.

Merry Christmas! I hope you feel abundance and joy as you celebrate this season. ✨

12/24/2023

My hot take this Christmas season. 👇🏼

Every family has different budgets, needs and traditions. Some save up all year to be able to provide a good Christmas. Some have all they need so they get vacations and experiences. Some get the bare essentials for Christmas.

So my message is don’t worry about what other people are spending their money on and don’t compare. Comparison is the thief of joy! You have no business comparing yourself to your friends or neighbors because their goals are different. There will always be someone who is smarter, richer or better looking. So it makes no actual sense to be comparing ourselves to other people. Control what you can control!

Remember, you decide what wealth looks like to you, no one else. 🫶🏼

12/22/2023

As a small business owner taxes are terrifying. I’ve had clients tell me their biggest fear is taxes and the IRS. I get it! There is so much to learn.

I have good news.. both taxes and the IRS don’t have to be scary! With a little education and planning you will no longer fear them.

It’s important to note that audits are pretty rare and as long as you have your ducks in a row (*cough* bookkeeping *cough*) you’ll be just fine.

So trust me. If you’re trying, you are doing better than you think you are. 😊

12/18/2023

Sorry this one is spicy. 🌶️

I can’t tell you how often business owners will call and text me last minute asking me how they can save money in taxes.. the first question I ask is, “what do your books look like?”
Most of the time the response is… “I don’t have books.” —How the heck are we supposed to know where we can save money in taxes if we don’t even know how much money you’ve made? Sorry there’s the spice. 🙈

It’s like going to the doctor and and saying you’re in pain but not knowing if it’s your nose or leg that is causing the problem.

You need to be doing your bookkeeping regularly! This could be weekly, monthly or quarterly! Just do it!

Moral of the story… when making financial decisions for your business your books should be your starting place. If you don’t have them you are lost.

QuickBooks online is a great option for those starting out!

Address

Orem, UT

Website

https://calendly.com/slrtax-cpa/taxsavi

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