Ijahnay the CPA

04/20/2022

Hopefully you all got your returns or extensions filed by the deadline. We are now officially out of tax filing season (Jan-April) and into tax planning season (aka the rest of the year).

If you are a business owner, you should be taking this time to assess the 2021 tax year and plan for the 2022 tax season. This could mean (among other things):

✨organizing bookkeeping to help tax preparation go smoothly
✨planning for quarterly estimated payments and/or payroll tax
✨making business moves that lower next year’s tax liability (the IRS rewards business-like activity)
✨hiring a bookkeeper or accountant 😉

10/01/2021

Happy October, y’all! I’m excited for this month because it means 2 things:
1) ✨It’s the beginning of Q4 and a great time to assess whether or not your business is meeting its’ goals for the year. If you’re a business owner and you’re not familiar with business cycles and fiscal years, take the time to research!

2) ✨It’s the beginning of tax planning season. Most people are familiar with tax filing/paying season (January-April), but you should be preparing for that in tax planning season (October-December). Don’t wait until the last minute to get your affairs in order. Know where you stand now so that your tax bill is not a surprise!

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09/28/2021

The US tax code can seem like a book of insider information, but as a small business owner it’s in your best interest to understand it and put it to work for you! Please know that filing your business as an LLC is a great way to protect your personal assets, however there are several ways an LLC can be filed for tax purposes. They are not one in the same. 😉

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08/17/2021

The US tax code can seem like a book of insider information, but as a small business owner it’s on your best interest to understand it and put it to work for you! One of the most common questions I get asked by small business owners is “what deductions can I take?”. US tax code section 162 stated that businesses can deduct all ordinary and necessary expenses of the business. Are you leaving deductions on the table?

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08/16/2021

Cheers! 🥂Congratulations on becoming a business owner. Let’s work together to make sure your business finances are in order 🙂

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Consultation with Ijahnay the CPA

07/20/2021

Tag a small business/entrepreneur below 🙂

07/20/2021

Reason #1 why you should be bookkeeping for your small business is to RECORD YOUR REVENUE! Cash is your most important asset and there’s nothing worse than not knowing how much cash your business is generating. This is step 1 to getting your business financials on track.

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07/19/2021

✨Here are my top 5 reasons why you should be bookkeeping as a small business owner! We will be exploring each of these in depth in upcoming posts.

07/15/2021

This is the basic accounting equation: Assets=Liabilities+Owners’ Equity. It’s the foundation of record keeping for business.

✨Assets are anything your business owns - they generate future cash inflows

✨Liabilities are anything your business owes - they represent future cash outflows

✨Equity is your stake in the business - essentially what’s left over after liabilities are subtracted from assets

Once you understand this key concept, you realize that the balance sheet is more important that the income statement when it comes to long term business success.
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