Rocket Income Tax

08/17/2024

Business Owners of LLC's:
Please don't pay yourself with W2 or 1099. Avoid an Audit!

08/06/2024

If you buy/sell Cryptocurrencies you MUST report this on your tax returns. Avoid getting audited these coming years.

06/19/2024

Own a small business or self-employed? Watch this video to track your income and expenses to know how your business is doing.

In this video I will show you how you can do your own bookkeeping or track the finances for your small business. This is a template I created that is simple ...

06/14/2024

Rocket Income Tax Tip of the Day! You should open a separate business checking account as soon as you start a new business. Or keep your personal purchase away from your business account.

This is one of the biggest mistakes I see business owners make. They mix their personal expenses with their business expenses. I help them clean it up, but it's time consuming. Imagine what it would be for a business owner that does not know how to track their expenses?

Let me tell you a short true story.

James went to his bank to get a business loan because he wanted to invest in his business by doing more marketing. The bank rep asked him, can I see your financial statements?

James looked at him like what? So, he handed him his business account bank statements. The bank rep told him, not just this, I need your balance sheet and profit & loss statement. So, James went online to research how to do that and started watching YouTube videos.

He saw he had to take all his business expenses and income for a whole year. When he started looking at his bank statement, James noticed a lot of personal purchases made through his business account.

That's when he came to me and asked if I could do this for him. I told him, this is bookkeeping sir, and I will include the reports. But 1 year of expenses and income tracking will be time consuming and I will have a lot of questions for you.

When I was done, first thing I told him was, hey James, I know you have to buy personal stuff, like pay your home, car, clothes, and food. But the best way for you to handle this is, just pay yourself, and use that money to buy/pay your personal and anything you buy or pay for your business, you use your business account.

James went back to the bank, the bank rep saw the reports I provided him, and said, wow this is amazing. Let me approve this 60k loan for you!

Long post, sorry, but I wanted to give a real life example of how you can help your business if you are looking for a loan. If you are interested in me doing the bookkeeping for you, DM me.

06/12/2024

Check out these 6 tax myths...

06/11/2024

Did you know that most of the income you make if it's not W2 income, you are charged a penalty if you don't make estimated tax payments?

Let's make sure I don't bore you.

To keep it short, this means that if you get income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes, and award, and you don't pay estimated taxes ahead of time during the year, when you file your taxes, you will be charged a penalty for not doing this.

This is one of the penalties charged by the IRS and State that you live in that many people are not aware of. This is one of the reasons you say, why do I owe so much?

To avoid paying this fee, make sure you calculate what your estimated tax payments supposed to be and make sure to make those payments.

Here are the due dates for the estimated tax payments:

April 15
June 15
September 15
January 15 (of the following year)

Comment below so I can post the link where you can make these payments if you want to avoid paying it.

06/03/2024

Business Owners:

If you want to know where you are going business wise, you need to know where you been. That is what my bookkeeping services provide you. Know where you been to know where you're going ;-).

03/04/2024

Own a Nonprofit, S-Corp, or Partnership business? We are now accepting new clients. Don't miss the deadline. Avoid paying late filing penalties or even late payment fees. Contact us today by clicking the link below:

https://www.rocketincometax.com/contact-us

02/24/2024

Want to know how to fill out the IRS W4 form? Take a look at this video that all employees should watch to know what to do when filling out the W4 form for tax withdrawal from your job.

https://youtu.be/76h3vxqgyWE?si=gh8nTTXz4xWHiEBI

Learn quickly how to fill out the IRS W4 Form your job provides you.In this video, I go over why it's important to not claim any dependents throughout the ye...

02/24/2024

Live in DE and want to know how to fill out the IRS and DE W4 form? Take a look at this video that all employees should watch to know what to do when filling out the W4 form for tax withdrawal from your job.

https://youtu.be/Ml95c4x-gow?si=GFici_xhHTj-sEmW

Learn quickly how to fill out the IRS W4 Form your job provides you.In this video, I go over why it's important to not claim any dependents throughout the ye...

01/06/2024

To know what you need to file your taxes, click the link below to take a look at a tax checklist.

Getting your taxes prepared sometimes can be challenging. So we decided to create a checklist to help you prepare for what you need to provide us to complete your taxes.

05/12/2023

One of the biggest mistakes an entrepreneur can make is thinking that they can do everything themselves.

Running ads.

Product development.

Customer service.

Building a team.

Accounting.

And a bajillion other things.

While this is great and even necessary when you’re first starting out…

It’s not the best thing to rely on when your business starts to scale.

Why?

Because as you scale, the reward gets higher but so does the risk.

And one thing you shouldn’t risk is the accuracy of your numbers.

See, ecommerce businesses may try to cut corners by doing all their accounting and bookkeeping themselves.

But it doesn’t mean they’re doing it correctly or taking advantage of every financial strategy that can maximize their profits.

The truth of the matter is that they’re wasting their time doing it by themselves.

Why?

Because their time would be better spent working in their zone of genius rather than attempting to become a financial expert.

Not only is it a waste of their time…

But it also ends up costing them thousands in the long run.

How would I know?

Because cleaning up books is a service I offer to ecommerce businesses.

And it DOES end up costing them more to fix their books rather than if they had hired to work with my team to begin with.

Building businesses is your expertise.

While building a financial system that maximizes profits and produces accurate reports so that you’re able to sustainably scale your business is mine.

You need BOTH to build a successful ecommerce brand.

And if you want my personal help to make sure your ecommerce business has the right profit levers in place to make the most informed decisions for your business…

Just click the link below to book a free call with me.

On our call, we’ll identify the financial “alarm bells” in your business that are decreasing your profits.

Plus, I’ll walk you through the profit levers every ecommerce business needs to have in place on the path to scaling or exiting from their business.

Discover the financial “alarm bells” draining your ecommerce profits. Schedule a FREE consultation with Rocket Income Tax.