MeridianTax.Solutions

Now is a great time to review your year-to-date profit and cash flow. Will you hit your profit goal this year? Is your tax situation in order? Do you need to make an estimated tax payment?

Bookkeeping is the least sexy yet most effective 'tax reduction strategy' for small business owners and independent contractors.

Its March 1st, 2020

Beginning of a new month and last month of the 1st quarter...

What are you financial goals for the month?
(Revenue? Profit? Take home? Sales? Commissions? New Clients? Repeat clients? Reduced churn? Money saved? Invested? Returns? Other?)

Deductions List for Individuals. (it's not every possible thing, but a few)

Need help with navigating it all. We can help.

$$ Deductions List $$
*Lottery or gambling winnings and losses.
*Rental expenses, IRA contributions, and alimony paid.
*Mortgage Interest Statement - Form 1098
*Real estate and personal property taxes paid.
*State or local taxes paid (including sales tax*).
*Medical, eye care and dental expenses.
*Cash and non-cash charitable contributions.
*Tuition and Education Fees
*Student Loan Interest paid - Form 1098-E.
*Educator expenses paid (if a teacher/educator)
*Moving expenses paid (only if military)
*Casualty or theft losses (only in disaster relief areas)
*Total amount paid for a day care provider
*Qualified energy efficient home improvements paid.
*IRA Statements
*HSA Statements

Net income = Revenue (all income earned) - Expenses (everything spent to earn your income - supplies, advertising, staff, office rent, etc). The OPPPORTUNITY for business owners that you can include many things into business expenses - retirement savings, insurance, travel, licenses, etc.. If you own a business (or are self-employed, even part time) make sure you are taking advantage of ALL the deductions possible... not sure what's eligible? Call our office 501-823-0605