Dane Janas, EA’s Post

You've probably heard that taking a home office deduction or rounding numbers on your tax return can increase your chances of an audit... but here are some things that will DEFINITELY be flagged in the IRS's system: 🚩 Underreported Income The IRS has a document matching system that pairs the document your employer/payor files with them with the number you report on your tax return. When these two numbers don't match, it flags in their system! 🚩 Inconsistent Deductions If you are only reporting that you made $40,000, but you've also reported that you made $20,000 in charitable deductions, this could be flagged as inconsistent. Want to stress less about an IRS audit? Having a professional handle your taxes can help! 👋

You've probably heard that taking a home office deduction or rounding numbers on your tax return can increase your chances of an audit... but here are some things that will DEFINITELY be flagged in the IRS's system: 🚩 Underreported Income The IRS has a document matching system that pairs the document your employer/payor files with them with the number you report on your tax return. When these two numbers don't match, it flags in their system! 🚩 Inconsistent Deductions If you are only reporting that you made $40,000, but you've also reported that you made $20,000 in charitable deductions, this could be flagged as inconsistent. Want to stress less about an IRS audit? Having a professional handle your taxes can help! 👋 #taxtime #moneytips #taxprofessional

You've probably heard that taking a home office deduction or rounding numbers on your tax return can increase your chances of an audit... but here are some things that will DEFINITELY be flagged in the IRS's system: 🚩 Underreported Income The IRS has a document matching system that pairs the document your employer/payor files with them with the number you report on your tax return. When these two numbers don't match, it flags in their system! 🚩 Inconsistent Deductions If you are only reporting that you made $40,000, but you've also reported that you made $20,000 in charitable deductions, this could be flagged as inconsistent. Want to stress less about an IRS audit? Having a professional handle your taxes can help! 👋 #WomenInFinance #BusinessAdvisory #ScalingUp #FinancialClarity #Profitability #FractionalCFO #CFOservices #FinanceExpert #FinancialStrategy #StartupSuccess #SmallBusinessFinance #CashFlowManagement

You've probably heard that taking a home office deduction or rounding numbers on your tax return can increase your chances of an audit... but here are some things that will DEFINITELY be flagged in the IRS's system: 🚩 Underreported Income The IRS has a document matching system that pairs the document your employer/payor files with them with the number you report on your tax return. When these two numbers don't match, it flags in their system! 🚩 Inconsistent Deductions If you report only $40,000 but also $20,000 in charitable deductions, this could be flagged as inconsistent. Want to stress less about an IRS audit? Having a professional handle your taxes can help! www.integratedtax.net #integratedtaxsolutions #taxsolutions #taxes #taxseason #taxhelp #taxpreparer #taxrefund #taxreturn #tulsa

Tax Season is here! ��� As we all dive into the world of numbers and forms, let's not forget about some common tax filing mistakes that we should avoid. Here are 5 of them: 1️�� Not checking your Social Security number: Always double-check your SSN. Even a minor mistake can delay your return and cause headaches down the line. 2️�� Not keeping track of your deductions: Keep a record of all your expenses that could be tax-deductible. This includes everything from medical bills to charitable donations. 3️�� Not filing on time: Late filing can result in penalties. Make sure you're aware of the deadlines and plan accordingly. 4️�� Not using the correct filing status: Your filing status can significantly impact your tax return. Make sure you're using the one that benefits you the most. 5️�� Not taking advantage of tax credits: There are numerous tax credits available that can reduce your tax liability. Be sure to explore these opportunities. Remember, it's not just about filing your taxes, it's about doing it right! ��� Feel free to contact us: 561-939-2553 772-282-0922 #TaxSeason #TaxTips #AvoidMistakes #TaxFiling #FinancialHealth

Don't procrastinate! Get organised & deal with your Self Assessment Tax Return NOW! The UK accounting year for 2023/24 has just drawn to a close on April 5th, 2024. For the 11 million UK taxpayers who file Self Assessment Tax Returns (SATRs) electronically with HMRC, here is a short breakdown of what you need to know: The deadline isn't until January 31st, 2025. While you have time to gather paperwork, there's a strategic advantage to acting sooner! Don't wait until the last minute! Early engagement with your accountant will give you peace of mind and avoid a late-minute scramble to get it done. It also reduces the risk of penalties for late filing. Preparation is key. Gather income records (payslips, P60s, bank statements reflecting self-employment income, etc.) and any other relevant income sources. Don't forget expenses (travel, equipment, office supplies, etc.) and receipts for charitable donations, which may be tax deductible. Organise your paperwork now to avoid filing stress and potentially save money. Reach out if you need help. We offer expert advice and will guide you through the entire filing process, ensuring everything is completed accurately and on time. Avoid potential penalties and achieve financial peace of mind with us. Send a dm to discuss further. #SelfAssessment #TaxDeadline #HMRC #Accountancy #accountant #SelfEmployed #SaveMoney #TaxPlanning #PeaceOfMind #BukmosServices

Before you file your taxes, you need to decide… 👉 Should I take the Standard Deduction or Itemize? 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗗𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻, 𝗶𝗻 𝗹𝗮𝘆𝗺𝗮𝗻’𝘀 𝘁𝗲𝗿𝗺𝘀, 𝗶𝘀 𝗮 “𝘄𝗿𝗶𝘁𝗲-𝗼𝗳𝗳” 𝗲𝘃𝗲𝗿𝘆 𝘁𝗮𝘅𝗽𝗮𝘆𝗲𝗿 𝗴𝗲𝘁𝘀 • $13,850 for Single filers • $27,700 for Married Filing Jointly • Those age 65 or older get a slightly increased deduction However, you can opt to Itemize instead of taking the Standard Deduction. 𝗜𝘁𝗲𝗺𝗶𝘇𝗶𝗻𝗴 𝗶𝘀 𝗲𝘀𝘀𝗲𝗻𝘁𝗶𝗮𝗹𝗹𝘆 𝘁𝗵𝗲 𝘀𝘂𝗺 𝗼𝗳 𝘁𝗵𝗲𝘀𝗲 𝟱 𝗲𝘅𝗽𝗲𝗻𝘀𝗲𝘀 • Medical + Taxes + Interest + Donations + Casualty Losses ✅ General guideline: You would need to have substantial expenses in 2-3 of these categories for Itemizing to make sense. Because there are many limitations: 1️⃣ Medical Expenses • That are in excess of 7.5% of your adjusted gross income 2️⃣ Taxes Paid • Includes state and local tax (or sales tax) + property taxes • Capped at $10,000 3️⃣ Interest Paid • Mortgage interest (up to two homes) • HELOC interest allowed (if used for home improvement) 4️⃣ Charitable Contributions • Must be to a qualified 501(c) organization 5️⃣ Casualty Losses • From a federally declared disaster (This isn’t an exhaustive explanation of Itemizing, but this is the gist.) 👉 For the next few years, while the Standard Deduction is at an all-time high, most people are taking it. However, tax laws are set to change in 2026, which may have you taking a closer look at Itemzing!

What's your favorite tax deduction? Whether it's mortgage interest, charitable contributions, or business expenses, share your insights with us! At Consuella's Accounting & Tax Firm, we're here to help you maximize your deductions and minimize your tax liabilities. Schedule a consultation with us today at www.scheduleconsuellas.com and let's explore personalized tax strategies tailored to your unique circumstances. From small business owners to individuals, we've got you covered. Don't miss out on potential savings – let's make tax time less taxing together! #RandomThoughtsThursday #TaxDeductions #TaxSavings #Consultation #ConsuellasAccounting #fyp #viral #everyone #trendingnow

Corporate Counsel, Do you have a bunch of RSUs or options that vest this year? Here are a few ideas to help lower your taxable income... First, max out your deductible savings into the following kinds of accounts: - 401ks/403bs/457s (pretax not the Roth) - HSA or FSA - Or traditional IRA (if you or your spouse qualify) Next, could you do a bunching strategy? What deductible expenses could you pay in advance this year, say in December for 2025 bills? Your real estate taxes are a great one. Then, if you have other company stock laying around, could you donate it for charity? One's you've held over a year could be perfect, especially if they've gone up a lot in value. And double check your tax withholding. It's possible the full amount for FICA wasn't withheld (Social security and Medicare) So, If you're expecting a lot of vesting stocks, make sure you try to lower the total tax bill this year too. Don't wait before the year is out to have a plan. #financialplanning #corporatecounsel #generalcounsel #law

Corporate Counsel, Do you have a bunch of RSUs or options that vest this year? Here are a few ideas to help lower your taxable income... First, max out your deductible savings into the following kinds of accounts: - 401ks/403bs/457s (pretax not the Roth) - HSA or FSA - Or traditional IRA (if you or your spouse qualify) Next, could you do a bunching strategy? What deductible expenses could you pay in advance this year, say in December for 2025 bills? Your real estate taxes are a great one. Then, if you have other company stock laying around, could you donate it for charity? One's you've held over a year could be perfect, especially if they've gone up a lot in value. And double check your tax withholding. It's possible the full amount for FICA wasn't withheld (Social security and Medicare) So, If you're expecting a lot of vesting stocks, make sure you try to lower the total tax bill this year too. Don't wait before the year is out to have a plan. #financialplanning #corporatecounsel #generalcounsel #law