Elevating Finances with a Legacy of Expertise!

1️⃣ 1099 NEC - Not an alien spacecraft, but close! 👽 Remember to report non-employee compensation (freelancers, gig workers) using the 1099 NEC form. If you've paid an individual $600 or more for their stellar services during the year, it's time to show them some love on paper. 💸💕

📌 Rule Reminder: Ensure you're tracking payments to contractors and freelancers throughout the year. Accuracy is key!

2️⃣ 1099 MISC - More Interesting (and Silly) Stuff to Count! 🤪 Miscellaneous income like rents, prizes, and awards? Oh my! 1099 MISC has got you covered. It's not just about contractors; it's the catch-all for various types of income. From rent payments over $600 to golden trophy winnings - it all falls under the MISC umbrella. 🏡🏆

📌 Rule Reminder: Don't overlook any income streams. Review all payments to individuals or businesses that exceed $600.

3️⃣ Sorting Receipts Like a Boss! 🧾🕵️♂️ The secret weapon against chaos? Organization! Get those receipts in order, brew some coffee, and embrace the paperwork dance. 💃☕️ It's not glamorous, but neither is paying unnecessary fines!

📌 Rule Reminder: Keep detailed records of all business expenses. It's the golden ticket to deductions and a smooth tax season.

Let's turn those tax season blues into a melody of triumph!

-Amy Stormer, Stormer ABC

As we cozy up to the holiday season, it's not just about festive lights and gingerbread houses – it's also the perfect time to shed some light on your year-end tax strategy. Here's a quick guide to help you sleigh your year-end tax planning:

1. **Review Your Income and Deductions:**
- Assess your current income and estimate your taxable income for the year.
- Consider accelerating or deferring income to manage your tax liability.
- Maximize deductions by prepaying certain expenses or contributing to tax-advantaged accounts.

2. **Take Advantage of Tax Credits:**
- Explore available tax credits, such as education credits or energy-efficient home improvements.
- Ensure you've maximized contributions to retirement accounts, like a 401(k) or IRA.

3. **Charitable Contributions:**
- Consider making year-end charitable donations to eligible organizations.
- Don't forget to gather receipts for your contributions to claim deductions.

4. **Evaluate Capital Gains and Losses:**
- Review your investment portfolio and assess capital gains and losses.
- Strategically sell assets to offset gains with losses and minimize your tax liability.

5. **Check Your Health Savings Account (HSA) and Flexible Spending Account (FSA):**
- Contribute to your HSA or FSA before the end of the year to maximize tax advantages.
- Ensure you've used funds in your FSA before they expire.

6. **Stay Informed About Tax Law Changes:**
- Keep an eye on any recent tax law changes that might impact your financial situation.
- Consult with a tax professional to ensure you're aware of all available options.

Remember, everyone's financial situation is unique, so it's essential to consult with a tax professional to tailor your year-end tax plan to your specific needs. Taking proactive steps now can help you minimize your tax burden and set the stage for a financially successful new year.

-Amy Stormer, Stormer ABC

-by Amy Stormer, Stormer ABC

👋 As we navigate the complex landscape of finance, here's a shoutout to all the diligent professionals working with accountants. 🌐✨ Ever wondered what your accountant secretly wishes you were doing? 🤔 Let's dive into some key habits that can elevate your financial game and make your accountant's job a breeze:

1️⃣ Early and Organized Documentation 🗂️: Stay ahead of the game by providing your financial documents promptly and in an organized manner. This not only saves time but ensures accurate and efficient financial reporting.

2️⃣ Regular Communication 🗣️: Your accountant isn't just a number cruncher! Keep the lines of communication open throughout the year. Share updates on your business, changes in your financial situation, or any upcoming plans. It helps in proactive financial planning.

3️⃣ Embrace Technology 🌐: Leverage the power of accounting software and tools. Automated processes not only reduce errors but also make it easier for your accountant to track and manage your finances effectively.

4️⃣ Set Realistic Financial Goals 🎯: Work collaboratively to set achievable financial targets. This not only provides a roadmap for your business but also allows your accountant to align strategies and resources accordingly.

5️⃣ Stay Compliant with Regulations 📜: Tax laws and regulations are ever-evolving. Ensure you're aware of the latest changes and work hand-in-hand with your accountant to stay compliant. It saves headaches during tax season!

6️⃣ Invest in Financial Literacy 📚: A little financial know-how goes a long way. Take the time to understand basic financial concepts and ask questions. A well-informed client makes the accountant's job smoother.

7️⃣ Plan for the Future 🚀: Long-term planning is crucial. Discuss your future financial goals with your accountant – whether it's retirement planning, investment strategies, or expansion plans. They can provide valuable insights to help you reach those milestones.

Remember, your accountant is not just a service provider but a partner in your financial journey. By adopting these habits, you not only make their job easier but also set the stage for financial success. Here's to thriving together!