Category: business tax

Top Reasons on Why You Need a Business Coach

If you’ve ever owned your own business, had to make an important decision, or simply been a human being on this planet, chances are you could have used the help of a great mentor or coach. Having someone who can encourage you and support you in moving forward to achieve your goals is invaluable. That’s what coaching does for my business.

Have you struggled before with certain parts of your business?

The right coach will help you address any and every aspect of your business. They can help you with marketing, sales, workflow—any area where you feel like you need support.

Your coach can also be a sounding board to bounce ideas off of or get feedback on new products or services. They can help you with your team and hiring process so that everyone works well together, they’ll even give advice on creating an employee handbook if needed! A great coach will also advise on financial planning, including saving money for future growth opportunities and creating budgets for each department that align with the company goals.

Do you have trouble getting traction when launching a new product or service?

Is your launch a success or a failure? Does it seem like no one is buying what you’re selling, even though your product/service is great and you work hard to ensure that it’s up to par? You may be looking at the wrong thing. It could be that people are just not familiar with what you have to offer because they haven’t heard about it before. This is where having a coach can help.

Coaches will provide advice on how to get traction when launching any new product or service, whether it’s an app, website, physical product, or service-based business (such as coaching). They’ll provide guidance on how best to present yourself as an authority figure in your industry so that more prospects will be interested in hearing about what you do for them. Coaches are also experts at marketing — so if there’s one thing they know how to do well …

Are you looking for support in reaching the next level in your business?

Are you looking for support in reaching the next level in your business?

Do you want to achieve more and be better at what you do?

If so, a business coach can help. A business coach will work with you to identify your goals, develop a plan to reach them, keep you motivated and focused on what matters most, and help set realistic expectations for yourself.

Do you have a dream to be an entrepreneur but aren’t sure what to focus on or where to begin?

Do you have a dream to be an entrepreneur but aren’t sure what to focus on or where to begin?

Business coaching is a great way to help you focus on what is important.

It can also help you set your priorities and create a plan to achieve your goals.

Do you want to make an impact in your industry and need someone to help keep you on track?

What if you could work one-on-one with someone who has been where you want to go? Someone who knows exactly what it takes to get there. A coach can help keep you on track. They will guide and support you in setting goals and working towards achieving those goals.

A coach can help guide and support you in setting goals and working towards achieving those goals. Coaching is about creating a plan for success, then providing resources for accomplishing that plan so that the client takes ownership of their growth process.

Business coaching can help at every stage of your company’s growth.

One of the great things about business coaching is that it can help you at every stage of your company’s growth. A coach will be able to provide guidance and support as you get your business off the ground, but he or she can also be there for you when things become challenging.

When starting a new business, it’s easy to get overwhelmed by all of the decisions that need to be made during launch. Whether it’s planning a new product launch or hiring employees for the first time, having someone on your side who knows how overwhelming this process can feel will make all the difference in helping you reach your goals.

As an established entrepreneur, one thing I hear often from my clients is how they want more clarity around what their next big step should be in growing their businesses—and sometimes even if they should grow or stay put! Having an outside perspective helps me see where they are stuck and where they might benefit from some outside guidance so we can devise a plan together based on these discoveries.

Conclusion

Just like you would train to run a marathon or hire a personal trainer to get in shape, a business coach can help you reach your goals faster, avoid making costly mistakes and stay accountable. Taking the time and investing in yourself will help you reach your entrepreneurial dreams more quickly, with more support along the way.

Do you need help or advice in setting up your business? Whether you need a website click funnel created, business structure, bookkeeping, help with your business credit, or even on getting your own virtual assistant.

Take advantage of this FREE business check-up.

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AVOID THESE 6 MONEY MISTAKES IN YOUR 30s!

As you get into your 30s, you’ll realize that they’re a crucial decade of your life. You may be past the point where you don’t know what to do but you can still find ways to be proactive with your money.

Here are money mistakes you should learn to avoid in your 30s:

1. NOT HAVING AN EMERGENCY FUND

It is important to have an emergency fund to avoid debt in later life. Ideally, this account should cover three to six months of your essential expenses so you can cover any unexpected events such as losing your job or costly medical issues. It is highly suggested to put your emergency fund in a saving account so you can access it immediately and do not need to worry about a downturn in the markets affecting how much money you have.

2. BEING UNDERINSURED

Most people don’t like to buy insurance because it means paying for something that they hope to never happen/use. However, the consequences of being uninsured are so large that they can wipe you out financially. One accident on the job or medical emergency can change your financial structure just in the blink of an eye.

The types of insurance that are highly recommended are:

– Term life insurance

– Health insurance

– Disability insurance

– Renter’s insurance

3. MAKING MINIMUM PAYMENTS ON HIGH-INTEREST DEBT

If you have high-interest personal loans or credit card debt, it is suggested to pay them down as aggressively as possible before you focus on a low-interest loan or a mortgage. The faster you can pay those high-interest loans off, the more money you can put towards other financial goals that become increasingly important as you progress in your 30s.

4. BUYING TOO MUCH PROPERTY/HOUSE

Home/property ownership is gratifying and can lead to wealth creation. However, it is not guaranteed. You have to make sure that your housing budget includes room for things like unexpected repairs, maintenance, and potential changes to your future income if you start a family.

5. NOT AGGRESSIVELY SAVING FOR RETIREMENT

Retirement can seem far away when you are in your 30s. But every dollar you save for retirement now will be 10 to 20 extra years to accumulate compound interest than money saved in your 40s and 50s. You can set up an IRA (Individual Retirement Account) that will automatically move money from your checking account on payday.

6. SAVING FOR YOUR KIDS BEFORE SAVING FOR YOURSELF

When you become a parent, it is natural to want to put your kids’ needs in front of your own. However, saving for your children’s college education before you save for your own retirement is a terrible mistake. There are many ways to pay for college such as scholarships or applying to less expensive institutions but there is no way to pay for retirement other than saving.

When people enter their thirties, there are typically 20-30 common money mistakes they’re making. However, we’ve narrowed it down to the 6 most important money mistakes that need to be fixed if you want significant financial improvement.

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How to Save Money by Organizing Your Life

Organizing your finances will make you better at making spending choices. Organizing your purchases will help you deal with personal debt. Generating wealth is not always about having the most assets or money to spend. Sometimes analyzing your assets and planning for their future use pays off in an unexpected way. A lack of organization can harm your finances as much as being short on cash.

How you are potentially losing money because of disorganization.

Duplicate Items

You may have purchased duplicate items because you can’t find what you need when your need it OR you don’t even know you have it.

Late fees

23% of adults say they pay late fees because they can’t find the bills. How many late fees have you paid in the last year?

Excess Stuff

Just looking around your house, I bet you can see things you no longer use, or in reality, never used. How many hundreds of dollars are represented in your stuff?

Subscriptions

Do you have more than one streaming service subscription? Now, how often do you really use them?

Eating Out

This is an easy way to get food on the table, but it is definitely not the healthiest or the best financial decision.

What you can do starting TODAY

Go on a treasure hunt

Put like items together and see what duplicates are lurking. Visit your storage unit and make a plan to eliminate your dependence on this space.

Become more mindful of your future purchases.

You could even create a 30-day list and see if you still want the item(s) after 30 days. This reduces the spontaneous buying that is so easy to get caught up in.

Create a meal plan

One week I spent $30 on groceries because I already had most of the items at home. If I didn’t have a list or a meal plan, I would have certainly spent more than that!

Take really good care of your stuff

This includes your car, lawnmower, computer, sports equipment, children’s toys, etc. For example, it costs less to replace a spark plug and air filter every year than to buy a lawnmower every 3 years.

If your own peace of mind wasn’t enough to motivate you, maybe knowing there is a direct financial benefit to getting organized will do the trick!

Other financial benefits of organizing your life:

Make money on the items you are willing to sell. Have more time to spend on money-generating activities such as starting your dream business or pursuing a higher-paying job.

Have more time and energy to devote to your own self-care for better emotional and physical health.

More time and energy to explore free and active hobbies such as walking, yoga, library trips, journaling, biking, etc.

You may feel like money is a topic that has nothing to do with your life. However, it’s important to not think this way as personal finance has a huge impact on every aspect of your life. Regardless of your financial situation, whether you’re looking to make more money or trying to save money, it’s worth staying organized. It is crucial that you make financial organization a priority in your life. This will allow you to get a better understanding of the different aspects of your finances, create more wealth, and keep it over time.

If you need any financial help or advice, check out Ingram Taxes. They offer FREE Financial Consultation and FREE BUSINESS CHECK-UPs, and credit repair assistance, 24/7.

 Call or text 866-824-1440 to join the Ingram Taxes Club or visit www,ingramtaxes.com to know more about the services they offer.

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TO-DOs after filing a TAX EXTENSION

Many people might need to file their taxes late because of the disruption of the pandemic. This could be a result of either not having an income as well as changes in your routine.

If you missed the deadline and had to file for an extension. Here are a few tips to help you keep your tax return on track before October 17.

GATHER all the documentation that you have and create a checklist of missing items.

MARK any estimated amount on the returns so you won’t forget to go back later.

KEEP your checklist UPDATED and ORGANIZE every time your receipts and other documentation arrive.

ENTER any estimated PAYMENTS you made when you asked for an extension.

Did not make the deadline and still need to file your taxes? No worries, Ingram Taxes is still accepting tax clients. If this is you, or someone you know, don’t hesitate to reach out so we are able to take care of you.

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FTC sues TurboTax owner Intuit for advertising tax software as ‘free’

(If you need help filing your taxes professionally visit ingramtaxes.com)

KEY POINTS

The FTC filed a complaint with both an administrative and federal lawsuit against the tax software company Intuit on Monday, both involving alleged deceptive marketing practices.
TurboTax has a free version. The FTC claims this is “bait and switch” because most users are charged when they file their tax returns.
The company says the arguments are “simply not credible.” TurboTax was part of the IRS Free File program until last year. The FTC sued Intuit on Monday and claims that it has deceived customers by marketing TurboTax as free and charging most people when they file their taxes. Around 56 million people filed their taxes with TurboTax in 2021, according to an Intuit shareholder presentation in January. Those individuals filed 54 million W-2 and 40 million 1099 tax forms, the company said.


The Federal Trade Commission sued Fast Intuit Inc. in U.S. District Court for the Northern District of California, asking for an immediate halt to its “false advertising” as taxpayers rush to meet the April 18 deadline to file their overdue tax returns.
The agency also issued a parallel administrative complaint on Monday. That proceeding will determine whether Intuit’s conduct violated the FTC Act, the lawsuit said. Intuit is deceiving customers by advertising that they can file their taxes for free online using TurboTax, when in reality, this service isn’t available to most users. The FTC has taken legal action and requested that the court stop this misleading advertising immediately. This is especially important as tax season peaks.

“TurboTax is bombarding consumers with ads for ‘free’ tax filing services, and then hitting them with charges when it’s time to file,” Samuel Levine, director of the FTC’s Bureau of Consumer Protection, said in a written statement.
Kerry McLean, executive vice president and general counsel of Intuit, said the agency’s arguments “aren’t credible.” Almost 100 million Americans have filed their taxes for free with TurboTax in the last eight years, McLean said. The firm’s most recent advertising campaign led more than 17 million taxpayers to file for free in 2021, up from 11 million in 2018 before the campaign launched, McLean added. “This lawsuit is unfortunate, but we are confident in the merits of our case,” said McLean in a written statement. “Our free advertising campaigns have raised awareness of free tax prep services and led more Americans to file their taxes for free.”

Filing for ‘free’

TurboTax users can file their taxes for free if they have a “simple” tax return, as defined by Intuit, according to the FTC complaint. The definition of a “simple return” changes from year to year; for tax-year 2021, Intuit refers to a simple return as one that can be filed on a Form 1040 with limited attached schedules. If users don’t have a simple return, they must upgrade to a paid version of the tax service, which is what the FTC alleges. “In truth, TurboTax is only free for some users, based on the tax forms they need,” according to the FTC lawsuit. “For many others, Intuit tells them, after they have invested time and effort gathering and inputting into TurboTax their sensitive personal and financial information to prepare their tax returns, that they cannot continue for free.” About two-thirds of American taxpayers are ineligible to file their taxes using TurboTax’s free service, according to the FTC. TurboTax was a member of IRS’ Free File program in 2002 until last year. This is part of the IRS’ mission to provide low-income Americans with access to tax filings without undue effort or cost.

TurboTax made that service available to taxpayers with $39,000 or less in adjusted gross income according to the FTC’s complaint. The threshold was higher for active-duty members of the military. Intuit insists that TurboTax adheres to IRS requirements and points out that the legal complaint is inaccurate in this regard. “The fact that Intuit complied with the rules and regulations of one government agency, but is now being targeted by another, demonstrates a significant disconnect,” McLean said. “The FTC’s ruling may make it harder for companies to enter into public-private partnerships with the government and benefit consumers.” A spokesperson for the FTC declined to comment for this story in time for publication. An IRS spokesperson was unable to provide comment by press time.

Business Tax and How Does It Differ from Personal Tax?

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Whether you’re starting a new business or looking to expand your existing one, it’s important to understand your options when it comes to filing taxes. Tax filing is a complex process that requires considerable attention to detail. Most people don’t enjoy the idea of tax season, and they often put it off until the last moment. However, if you do your own tax preparation you can make crucial mistakes that will increase your tax liability and cost you more money. The first step in avoiding costly mistakes is knowing what to expect from your taxes.

If you can stay on top of what is happening with your business and personal taxes, it will be easier to file them on time and reduce your chances of getting audited. When do you file taxes? What’s the difference between business tax and personal tax? These are just some of the questions people ask when looking at filing their taxes. But it’s confusing for many to know what kind of taxes they must pay, or in which state. Business taxes are an important part of running any business. Taxes are an expense that every business must incur, and they vary depending on the type of business.

Business taxes can include corporate income tax, self-employment tax, employment taxes for employees, sales & use tax, excise tax and property tax. Every business owner needs to pay taxes but knowing the difference between personal and business tax can avoid a lot of headaches. Business tax refers to the taxes paid by a company or business on its earnings. It is different from personal income tax, which is the tax on an individual’s income. The two may look similar but they are in fact very different.

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The biggest difference is that personal income tax is based on your earnings while business taxes are based on your profits. For example: If you made $100,000 in profit last year and $60,000 in profit this year, you would be taxed $20,000 in business tax instead of paying personal income tax on the full $100,000 because the government taxes businesses on their profits. On the other hand, personal taxes are individuals who owe money on their earnings from wage-earning jobs or self-employment. Personal taxes include income tax, self-employment tax, SEP contribution etc. They file a single form at the end of each year, which handles all these types of taxes in one go. Business tax is a term that encompasses several taxes that a business must pay. Types of business taxes can range from income tax, employment related taxes, and sales tax. Sales tax is required by law in some countries or regions, while income tax may be voluntary or mandatory depending on the country. This includes federal, state, and local level taxes on the profits from the sale of goods or services by a corporation or other legal entity to external customers. Employment related taxes are only required by law if you have an employee at your company.

Business tax is a financial obligation that a business or organization must pay in order to conduct its business. Businesses must file the income tax return every year because it tells the government how much income was generated in a specific period. Businesses also must pay the employee withholding taxes, which are meant for individuals who work for them. Businesses need to register with their state and federal governments for business tax purposes and pay both state and federal taxes accordingly. They also need to file various forms with the government and maintain records about their payments and expenses. Business tax refers to the taxes paid by a company or business on its earnings. It is different from personal income tax, which is the tax on an individual’s income.

The two may look similar but they are in fact very different. Conclusion: At the end of the tax year, it’s tempting to put off tasks such as filing taxes until last minute. However, when you use a tax preparation service like ours, you can rest assured that your taxes will be filed on time without any effort on your part. We hope these tips have been helpful! If there is anything else we can do for you, please let us know by following our Instagram page or visiting our website today. The IRS has a lot of information available to help you with your personal tax filing, but it takes some time to understand the process. If you are looking for assistance to file your taxes and make sure that you get all the deductions that you deserve, contact us today.

If you would like more information on this subject or any other business consulting services we offer, please get in touch today by texting/calling us at +1 866-824-1440 or email us at info@ingramtaxes.com.

Here At Ingramtaxes.com we look forward to helping you get your company set up and ready to pay taxes this year!