Chartley Accounting Solutions LLC

10/04/2024

Got a side hustle you love these days? Tell us about it.

And, if you haven't already, make sure you know what you'll need to take care of with your taxes (we're glad to help).

10/03/2024

Keeping your phone secure might mean turning it off once a week. Here's why.

Powering off your phone regularly, avoiding public Wi-Fi, and using only trusted accessories are just a few of the NSA's security recommendations. Here's what else to know.

10/02/2024

Okay, so you've decided to start your own business and have knocked out all the legal stuff. What's next?

Here are some steps you should take:
♦️ Decide on a physical location for your business, and whether that’s a lease or purchase decision
♦️ Set up your workspace
♦️ Figure out pricing and establishing relationships with supply vendors
♦️ Decide how to store and track inventory
♦️ Identify your target market, create a brand, and make a plan for reaching your audience
♦️ Hire and train employees
♦️ Set up payroll properly and designate the right amount of taxes to be taken out for your employees
♦️ Set up your technology infrastructure and ensure data security
♦️ Research insurance policies and get the right ones to protect your business
♦️ Determine how to deliver your products or services

This is just a starter list. There are plenty of other things you'll have to figure out. 💡 Just remember: It's okay to adjust your plans as your business grows. And if you need some help figuring these things out, we've got time in our schedule.

10/01/2024

The extended return deadline is only 2 weeks away.
Are your 2024 taxes squared away yet?

09/30/2024

While you don't get married for the gifts, they're a nice perk... one the IRS joins in on...

🔶 The standard deduction is higher for married couples. This means you can deduct a larger portion of your income without itemizing deductions. (MFJ only)

🔶 Have kids? You could be eligible for the Child Tax Credit, the Child and Dependent Care Credit, and the Earned Income Tax Credit. (MFJ only)

🔶 Going back to school? There’s the American Opportunity Credit and the Lifetime Learning Credit. (MFJ only)

🔶 Adding to your retirement? The Saver's Credit could be applied. (MFJ only)

🔶 Building your life together? There’s the Mortgage Interest Deduction and the Property Tax Deduction. (Limits for MFS)

🔶 Other possible married couple tax deductions are available for charitable contributions, medical expenses, and state and local taxes. (Limits for MFS)

If you got married this year, take a look at how your taxes could potentially change for the better (you've always got us in your corner).

**NOTE: Some of these apply only if your filing status is married filing jointly (MFJ). Others will have limitations if you choose married filing separately (MFS).

09/27/2024

And you thought America's inflation rates were high? Check out the answer to question # 1 on this "How much do you know about money" quiz.

Feeling some extra gratitude for that Federal interest rate cut last week.

It’s the world economy, stupid.

09/26/2024

Have you tracked your progress on your 2024 business goals recently?

Reaching those goals requires accurate measurement, which provides feedback and helps you make informed calls.

If you measure your key metrics, you can manage their performance and get proper insight into your business's performance.

09/25/2024

Did you recently get 💍 👰🏾🤵🏻 married (or plan to soon)? Here's a list of tax priorities you'll need to take care of when you say I do:

🔹 Update your W-4s. You have 10 days after your wedding to update your W-4 to adjust your tax withholding. To avoid a surprising tax bill next April, use the IRS Tax Withholding Estimator to figure out how much should be withheld: https://www.irs.gov/individuals/tax-withholding-estimator

🔹 Update your address and name with the IRS and the Social Security Administration.

🔹 Decide your filing status. Filing jointly is generally the preferred route for most couples because it opens the door to more credits and deductions. Filing separately can be beneficial for those wanting to stay in a lower tax bracket or who have large itemized deductions.

Check your W-4 tax withholding with the IRS Tax Withholding Estimator. See how your withholding affects your refund, paycheck or tax due.

09/24/2024

Yes, the third estimated tax payment deadline has passed, but if you missed it, you still need to make that payment to avoid underpayment penalties and interest.

How do you do it? Well, consulting your tax pro would be the easy button for it (we're here for you).

But if you want to do it on your own, it involves up-to-date data collection, math, and knowledge of applicable tax deductions and credits. Form 1040-ES should be used to calculate all of that together.

So, you'll need to calculate your expected annual taxes and then divide that amount by four. This will give you your quarterly estimated tax payment.

If you’re experiencing similar revenue to last year, then last year’s tax return can be a good guideline. We’re talking about your business income, wages, and other sources of income.

But also factor in any deductions or credits that may reduce your taxable income, such as the standard deduction, itemized deductions, or tax credits like the earned income tax credit or the child tax credit.

09/23/2024

The first step in dealing with money stress is building a healthier mindset. You have to reduce the pressure and the noise of it all. Once you get your mind focused, here are some other practical things you can do right now to reduce the stress:

📝 List your debts so you know where things are currently at before you start tackling them.

💵 Rank your spending, aka see where your money’s been going and figure out where you want it to go.

❌ Eliminate impulse spending, buying things or making decisions that make you feel better in the moment but don’t often make you feel better in the long term.

📟 Automate your financial transactions… this can even save you money in some cases and will ensure you don’t miss payments or pay late fees.

💰 Find an extra source of income… a lot of people have a side hustle these days because they’re in the same boat you are. There are lots of opportunities out there.

🏦 Start saving — Yes, even when things are tight, because you know from experience you’ll need to rely on those savings to get you through.

09/20/2024

If you missed the September 16 estimated tax deadline, it doesn't mean you shouldn't still go ahead and pay your taxes... ESPECIALLY if you missed making the payments in April and June.

This goes for any businesses whose tax liability exceeds 1k (or $500 for corporations) at the time of filing.

At this point in the year, the IRS expects you've already paid them 75% of your taxes owed. If you haven't paid that amount, you'll be liable for underpayment penalties (8% for underpayments & 10% for large corporate underpayments). And those compound by the day.

So, take some time as soon as possible to figure out what you'll owe and make sure you make a payment. Waiting until tax filing time is going to cost you more.

09/19/2024

The Fed announced a bold rate cut of 0.5% on federal interest rates yesterday, which lowers the federal funds rate to around 5%. That's the first interest rate cut since 2020 and will offer some relief for the economy--especially the housing and auto markets (and credit cards!).

And, more good news, it looks like there could be more rate cuts before the end of the year. The aim is to slowly bring inflation rates down to 2%.

If you're in the market for a house or car, and you can hold out until the new year, you'll be looking at a much better deal. Same goes for refinancing.

The Federal Reserve on Wednesday lowered the federal funds rate to a range between 4.75%-5%.