Paige Bigham’s Post

Download our free 2024 Key Federal Tax Figures summary today for a helpful reference tool you can use throughout the year! https://hubs.la/Q02l0yrm0 #NonprofitTax

Don't forget to file.... Happy Tax Day To All, I saw this posted somewhere yesterday, it seems to be a screenshot from the IRS website, not sure if it is real or not, because I am not a tax preparer, but it is quite humorous, so I thought I would share. Now to add some value to this post, here are a few LEGAL ways to lower your tax bill. 1- Pre-tax contributions to IRA/401(K) 2- 529 contributions can be deductible in some states 3- HSA contributions 4- Business expenses (CPA) 5- Depreciation (Isaac Weinberger) 6- Tax-loss harvesting 7- Charity There are many other ways not mentioned above, but if you are not taking advantage of all those, its a good place to start! reach out today to start planning for 2024's tax bill. #April15th #TaxDay

#IRSTIPS From the Desk of Terrill Miller TMM Financial And Tax Services 🗣️Attention High Income Earners‼️ (Business Owners you can come too) Don’t continue with the high tax bills each year, do your tax planning. Here are some tips to lower your tax liability: 👉🏾Take 5%-10% of each paycheck and set it aside for the taxes; you can do this alone or in conjunction with having an additional $10-$20 withholding 👉🏾 evaluate, which is more beneficial, standard deduction or itemization 👉🏾 also explore if there are any sales tax breaks that you qualify for. 👉🏾 are you eligible for any military deductions? 👉🏾Contribute to an Individual Retirement Account 👉🏾Contribute to a 501(c)3 Charitable Organization 👉🏾Open a Flexible Spending Plan 👉🏾Contribute to a 529 Plan 👉🏾Contribute to an ABLE Account(doesn’t have to yours) 👉🏾Contribute to a Health Savings Plan 👉🏾Find an investment account 👉🏾Start a Side Hustle 💟Just to name of few ways that you can help possibly lower your tax liability, can’t promise a refund, but definitely lower what you owe each year! For more tips on lowering your tax liability please feel free to purchase my book ➡️ https://lnkd.in/gWEw8qXt As well as visiting the irs.gov website for more information !

The IRS has raised its penalty interest rate for individuals, to 8% per year. Failure to keep up with your tax payments or withholding may cause the IRS to assess a penalty for underpayment of estimated taxes. The amount of the penalty is determined by the balance still owed after you’ve filed your annual tax return. The IRS charges its 8% interest rate until the balance is paid in full. By following this checklist, you can manage your estimated taxes more efficiently and avoid any surprises when tax time rolls around. Remember, staying proactive about your taxes is crucial for maintaining the financial health of your camp. Consulting with a tax professional can provide personalized guidance tailored to your specific financial situation, helping to ensure that your estimated tax payments are accurate. Schedule a call with us today to learn more. . . . #TaxTips #SmallBusinessSupport #VirtualBookkeeping #RemoteBookkeeper #BookkeepingPro #Bookkeeper #BookkeepingTips #Accounting #Bookkeeping #CloudBookkeeping #BusinessOwner #EntrepreneurLife #Entrepreneurship #SmallBiz #TaxTime #TaxTips #TaxHelp #nonprofit #nonprofitsofinstagram #nonprofitorganization #youthcamp #youthcamps #outdooreducation #outdooreducationprograms #educationoutdoors #virtualbookkeeper #remotebookkeeper #CampLedger

☀️ Summer Tax Tip! ☀️ Did you know? Summer is a great time to review your tax deductions. Whether it’s for donations or business expenses, get ahead now and relax later! #TaxTips #SummerFinance #CalgaryAccounting #yycsummer #yycsmallbusiness

Monday Morning Money Thoughts: We are now under 2 years from a very huge tax law issue. The Tax Cuts & Jobs Act of 2017 was responsible for: - Decreased income tax rates - Increased the standard deduction - Increased estate & gift tax exemption - Virtually eliminated the “marriage penalty” - Increased tax deduction for gifts to public charities And here’s the scary part 👻 If Congress does nothing to extend these provisions, they’ll “sunset” after December 31, 2025. 👉🏻 That means they go away If nothing changes: - Your income bracket goes up - Your estate tax exemption goes down - Dual income married couples could pay more taxes So what can you do? - Take advantage of Roth IRAs and Roth 401(k)s - Consider a Roth conversion - Work on your estate plan And most importantly - Talk to your financial, tax, and estate advisors about how to prepare for a number of possible outcomes. Don’t know where to get started? Send me a message ✌🏻 P.S. First of many Monday Morning Money Thoughts kicks off with a snow day and time to take a break with wife and baby. 10/10 would recommend

Looking for tax tips management? 💡 Here are some key strategies to streamline your tax process and maximize your returns! 📊 1. Stay organized throughout the year by keeping track of all your financial documents and receipts. This will make tax time much smoother and help you avoid any potential audit issues. #OrganizationIsKey 2. Take advantage of tax deductions and credits that you qualify for, such as home office deductions, education expenses, or charitable donations. 💸 Maximize your savings by claiming all eligible tax breaks. #MaximizeSavings 3. Consider consulting with a tax professional to ensure you're taking full advantage of all available tax benefits and to minimize your tax liability. Their expertise can help you navigate complex tax laws and regulations. #TaxExperts 4. Keep up to date with any changes in tax laws that may impact your financial situation. Staying informed will help you make strategic decisions to optimize your tax planning. #StayInformed 5. Plan ahead for your taxes by setting aside funds throughout the year or adjusting your withholding to avoid any surprises come tax season. #SmartPlanning Remember, effective tax management is not just about compliance but also about making the most of your financial resources. By implementing these tax tips, you can take control of your tax situation and keep more money in your pocket! 💰 #TaxManagement #FinancialPlanning

📣 November 15 🔔 File on time & avoid late fees & losing the tax exempt status 501(c)3 #nonprofit #extension #extensions #deadline #taxextension #taxexemption #tax #taxes #taxadvice #taxadvisor #taxadvisory