By The Books Accounting Services

By The Books Accounting Services Our firm specializes in providing quality accounting services. Please call or visit our website for more details.

At By The Books Accounting Services our mission is to elevate our clients financial position through collaborative services designed to increase revenue, profits, and net worth, while providing them a professional, first class experience. We offer business valuation, tax planning, and financial planning for individuals and small businesses, as well as small business accounting.

The number of people who file an extension and then don't look at their taxes again until October 14th is waaay too high...
04/21/2026

The number of people who file an extension and then don't look at their taxes again until October 14th is waaay too high. 🫣

I'm not judging, here's what I'd recommend that you do between NOW and October:

Make a list of any missing tax documents. If you're a By The Books client and you've already uploaded a lot, we can let you know what we're still missing.

Make sure you've paid what you owe (an extension doesn't give you more time to pay, just to file your return).

If you don't have a plan to get your return filed, reach out to By The Books to schedule a new client call!

If you feel like you've heard "ordinary + necessary" a billion times, it's because it comes directly from §162 of the ta...
04/14/2026

If you feel like you've heard "ordinary + necessary" a billion times, it's because it comes directly from §162 of the tax code. ⚖️

If you want to write off a business expense, it needs to be both:

Ordinary → commonly accepted in your industry.

Necessary → helpful and appropriate for your business.

A photographer buying camera equipment? That checks out. ✔️

A photographer buying designer shades because they sometimes shoot outside? Probably not gonna fly with the IRS. 🤨

Filing an extension is step one! 1️⃣Step two is the one most people overlook...It's NOT acting like October is waaay in ...
04/10/2026

Filing an extension is step one! 1️⃣

Step two is the one most people overlook...

It's NOT acting like October is waaay in the future and hoping your return magically gets easier to file by then.

Your tax documents aren't going to gather themselves!

If you extended your return because you didn't have everything ready to file, here's what you need to do:

→ Make a list of all of your missing tax documents. If you need to follow up with someone to get these, start doing it now!

→ If you own a business and your bookkeeping was what held up your return, make a plan to get it caught up.

Do you need to sit down over a few weekends and get it done? Or do you need to bring in a bookkeeper? 📚

Whatever you do, I'm begging you, pleaseeee don't wait until October to start worrying about your taxes again!

My answer to this DM is *almost* always yes!I've worked with a lot of taxpayers who have fallen behind on their taxes. W...
04/09/2026

My answer to this DM is *almost* always yes!

I've worked with a lot of taxpayers who have fallen behind on their taxes.

We'll start by getting your past tax returns filed and addressing any notices you've received. Then, we'll set up systems to make sure you never end up behind on your taxes again.

Being just two years behind is verrrry manageable. The best thing you can do right now is not get any further behind!

Penalties + interest can stack up until you file and pay your taxes, so the sooner we start working together, the better.

If this is you, click the link in my bio to book a call and start getting back on track with your taxes today! 📲

PSA: Some business owners are leaving serious money on the table just based on how their business is structured! 🤑When y...
04/08/2026

PSA: Some business owners are leaving serious money on the table just based on how their business is structured! 🤑

When your business is set up as a single-member LLC, ALL of your income is subject to self-employment tax (which is 15.3% 😬).

Electing to be taxed as an S corporation splits your income into two buckets:

→ A reasonable salary (subject to payroll taxes)
→ Distributions (not subject to SE taxes)

Being able to move some of your income to distributions can mean thousands of dollars back in your pocket each year! 💸

But S corporations aren't a magic tax hack for every business... they come with their own cons (like additional tax filings + payroll obligations)!

If you're ready to have a convo about whether your business structure is optimized for taxes, let's connect!

What people get wrong about IRS notices is that (most of the time), it's not an individual auditor finding a problem on ...
04/06/2026

What people get wrong about IRS notices is that (most of the time), it's not an individual auditor finding a problem on your return. 🕵️

It's the IRS's auto-matching system that flags discrepancies between what you filed and what other third parties reported!

It's specially designed to catch things like:

🚩 Forgetting to include income from a 1099

🚩 Fraudulently claiming tax credits (like the EITC)

🚩 Credits, deductions, or losses that are significantly different from those of other similar taxpayers

The best way to avoid getting an IRS notice is to file a complete + accurate tax return. I can help you do that!

Not ready to file your personal return (aka Form 1040) just yet?The deadline (for most taxpayers) to file your extension...
04/02/2026

Not ready to file your personal return (aka Form 1040) just yet?

The deadline (for most taxpayers) to file your extension this year is April 15th! 📆

But before you extend and call it a day, make sure you know this: if you owe any taxes, they're still *due* on April 15th.

But Rhea, how do I know how much to pay in taxes if I haven't filed my return?

Really good question! Swipe for my tips on how to get a decent estimate of your extension payment. ➡️

Let's start with the official IRS rule: you can claim qualifying medical expenses only if you itemize your deductions on...
03/30/2026

Let's start with the official IRS rule: you can claim qualifying medical expenses only if you itemize your deductions on Schedule A, and even then, you can only deduct the unreimbursed amount that exceeds 7.5% of your AGI.

A little confusing?

Let's break down each part of that rule! ↓

Right off the bat, if you take the standard deduction, you can keep scrolling! Deducting medical expenses on Schedule A isn't for you.

Okay, now let's talk qualifying medical expenses: per the IRS, they are "the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and for the purpose of affecting any part or function of the body."

Think expenses like doctor visits, dentist appointments, hospital services, and prescription meds!

This is key: only unreimbursed expenses are deductible here.

So, if a portion of an otherwise qualifying medical expense is covered by your insurance, you can't deduct that portion.

And then the final tricky part, you can only deduct the amount of total qualifying expenses that are OVER 7.5% of your adjusted gross income.

Yes, that's a calculation I can definitely do for you! 🔢

If there's no way you'll get together all your 1099s, W-2s, and other tax docs by April, the IRS has a handy solution: f...
03/27/2026

If there's no way you'll get together all your 1099s, W-2s, and other tax docs by April, the IRS has a handy solution: filing an extension.

Three things you need to know?

First, filing a tax extension is NOT a bad thing. It actually helps you avoid late filing penalties!

Second, you don't need to give a reason to the IRS for why you extended. You automatically get your extension when you file Form 4868.

PRO TIP: E-file it so you have an electronic confirmation for your records. 📧

And third, an extension only applies to your filing date. The due date to pay your taxes remains the same, so don't forget to make your payment. If you don't, you can rack up late payment penalties + interest.

If you're still missing tax documents in March, ask yourself these questions:→ What docs am I missing?→ Have I checked a...
03/26/2026

If you're still missing tax documents in March, ask yourself these questions:

→ What docs am I missing?

→ Have I checked any online portals to make sure I didn't overlook it?

→ Could it have been sent to an old mailing address?

→ Is it a K-1 that's waiting for the corresponding tax return to be filed?

If you're sure you haven't missed the document in your mail or email, it's probably time to reach out to the payor.

If you go that route and still can't get a W-2 or 1099-R, you can use Form 4852.

If it's a K-1, and you know who prepares the entity's tax return, you could reach out to them for an estimated delivery time.

Here's the thing with K-1s: The tax return for that business or entity MUST be filed first for an accurate K-1 to be gen...
03/26/2026

Here's the thing with K-1s: The tax return for that business or entity MUST be filed first for an accurate K-1 to be generated.

If you're a little lost, a K-1 is a summary of your share of income, deductions, and credits from a pass-through entity you have an interest in (like a partnership or S corporation).

So, if the entity's business return is still in process, you'll be waiting on your K-1.

And without all of your K-1s, you can't file your personal tax return!

Address

6802 Paragon Place, Suite 410
Richmond, VA
23230

Opening Hours

Monday 10am - 8pm
Tuesday 10am - 8pm
Wednesday 10am - 8pm
Thursday 10am - 8pm
Friday 10am - 8pm

Telephone

+18042004500

Website

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