7 Ways to Increase your Income

You’re building your career and figuring out your future; amidst these processes, it’s likely that you’re encountering some periods where opportunities to make a little extra money would come in handy. Have you been saving up to buy something expensive, like a car or a house? Or maybe you simply want to have an emergency fund in place. Whatever your goals, there are lots of ways to save more on your budget by looking for ways you can make some extra money. Here are seven ways to increase your income.

Side Business

With a side business, you have another source of income. While it won’t make up for the loss of a lucrative day job, it can go a long way toward helping you as you look for another job. Plus, you can use the extra income to build up your emergency fund for just these situations.

Voiceover Work

Voiceover work is a way to make extra money by having your voice recorded.

How to Make Money at Home Using Your Voice

  • Voice Overs for Videos. One of the most popular at-home jobs using your voice is to voice over for videos.
  • Voice Overs for Commercials. Voicing commercials is another way you can make money at home using your voice.
  • Sell Radio Ads.
  • Create Audio Books.

Make money from your hobbies

If you do something you love, it can be turned into a new stream of income.

Here are 12 Profitable Hobbies that make money

  • Writing
  • Illustration and design
  • Music
  • Cooking
  • Gardening
  • Photography
  • DIY crafts
  • Comedy
  • Coffee
  • Memberships
  • Brewing beer
  • Gaming

Share your Ride

You can apply for Uber or other rideshare companies if you have a reliable vehicle and a good driving record.

Sell clothes online

The way to bring in extra money is by listing your old clothing on an online platform like Poshmark.

Online Surveys

Many companies are hiring people to answer surveys, so you can increase your income by doing them.

Share skills

Suppose you have any unique skills. You can share your skills online like Upwork, Fiverr, and others to increase your income.

Don’t forget to like, share and comment.

5 Tips For Running A Successful Online Business

The ability of e-commerce to connect you directly with your customers makes it the perfect place to promote various products and services. This really comes into the spotlight due to COVID-19’s influence on this generation. Starting a business online can feel intimidating at first, Given a large amount of competition in the market, it is important to carefully evaluate your strategy and follow certain steps (listed below) to ensure that you take full advantage of the enormous benefits available in e-commerce.

Organize Your Web Assets

This extends much further than just organizing your business. Your web assets are everything from your website to your social media profiles to your hosting account. These need to be in order.

Stay On Top of the Latest Trends

The online world is one that is constantly changing and evolving. It evolves faster than anything you’ll see in the real world. Furthermore, you’ll see social media trends evolving all the time.

Listen to your loyal customers

Listening to customers gives you valuable feedback

After all, the best business decisions are based on concrete data, not guesses or estimates. You want to understand how your customers really feel about the product or service you deliver. Use this feedback to guide your business and marketing decisions.

Protect Your Brand’s reputation

  • Define your brand’s journey. …
  • Take good and positive action to build trust. …
  • Leverage three to four social media platforms to boost your brand’s likability and brand engagement efforts. …
  • Believe in your brand’s purpose and growth potential. …
  • Have fun and stay positive. …
  • Perception is powerful.

Hire the right employees

A bad performing employee will negatively impact the other employees they are around, could drive down sales, and could cost a business a lot of unnecessary expenses. By hiring the right person – the business will move in a positive direction and will become more successful in the future.

Do you need help or advice in setting up your online 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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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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Tips for Success in Starting a Small Business

Starting a small business is a massive but rewarding undertaking. Part of starting a small business is doing things in a way that makes the most sense to you, but a little guidance can help as well. Consider these tips for starting your own company and incorporate them as needed:

Start with a simple business plan and grow it as needed

One of the first things you should do as a small business owner is to develop a business plan. It’s vital that you develop this essential document to steer future work and hold yourself accountable, but it’s also important to not go too in-depth during the early stages of developing your concept.

Recognize your strengths and weaknesses

Every small business owner has certain skills, abilities, knowledge and experience that give them an edge when it comes time to build up a business and start operating it.

Understand your target customers and existing market

It’s possible to develop an excellent business concept and deploy it in the wrong area. That’s why it’s important to understand the area in which you want to start your small business as well as your target customers.

Focus on something you have a passion for

Having a passion for something doesn’t necessarily mean it’s your all-time favorite activity or type of business. It does mean that you won’t quickly grow tired of running that type of business, that parts of it appeal to you and, ideally, you can use some combination of existing knowledge or skills

Don’t be afraid to ask for help

Even when a business is on the right track, unexpected issues and chances for growth and improvement can quickly pop up. Addressing these problems and opportunities is critical for long-term stability and prosperity.

Would you like to make sure your business is operating efficiently? 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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6 Tips for First-Time Tax Filers

Filing your taxes for the first time can be intimidating. There’s a good chance you’ve heard people complain about having to file their taxes in the past, so it’s normal to be feeling a little apprehensive.


It’s easy! Don’t stress. Filing your taxes for the first time may seem complicated at first, but it doesn’t have to be. With simple tax filing basics, you can start benefiting from the thousands of dollars in tax credits and deductions available to you.


To help you out, we’ve come up with six useful tips to help you crush your first tax season.

  1. Start collecting tax information early
    One of the biggest frustrations of filing your taxes is locating the necessary documents and receipts you received throughout the year. When you suddenly can’t remember where you put the receipt for those medical expenses you had last summer, preparing your taxes quickly becomes a stressful task.
    Taking a little extra time to plan ahead can make your life a lot easier!
    If you haven’t created one yet, make your own simple filing system so that you can keep track of all the important paperwork. If it’s in one place, it will be much easier to find down the road when you need it. Don’t put any other documents in this file or box. You’ll save yourself a lot of sorting later on.
    Starting early, save important receipts for expenses related to tax deductions and credits. If you’re self-employed, be sure to keep all your receipts (both large and small) close during the year.
    Misreporting your business expenses can have a serious impact on your taxes, so it’s important to carefully report every single one of them. Things you may think of as insignificant, such as printer ink and parking meters can have a big impact when you file your tax return! Keep a notebook or consider tracking your business mileage electronically.
    As your tax forms start arriving in January, drop them in your tax file or box immediately. Try not to let them land on the countertop or any other area where they might be misplaced.
  2. Organize your tax documents
    Organizing your tax documents can be done by separating W-2 forms from other income and deductible expenses.
    If you’re self-employed or running your own business, make a list of the income and expenses in your company. It’s also worth noting any possible credits such as the Child Tax Credit.
    To help you stay organized, we have a handy tax preparation checklist you can use to ensure you have all the tax documents you need before you start filing. Once your information is organized, the rest is easy.
  3. Figure out if you are a dependent of someone else
    One of the most important things to consider when filing your taxes is whether you are considered a dependent by someone else.
    Ask yourself: Do your parents or another person pay at least half of your expenses? If so, the IRS generally considers you to be their dependent. This means that they can claim a tax credit or other tax benefit for you. In that case, simply indicate that you can be claimed as a dependent on someone else’s return when you e-file with us.
    It’s important to let the IRS know that you are not being claimed by anyone else on their taxes. If they don’t, your return may be rejected or you may owe them additional taxes. Discuss this with parents or relatives before the tax season begins if possible.

Tax Credits You May Qualify for This Year | Ingramtaxes.com

A tax credit is not the same as a tax deduction. Tax credits are used to offset taxes owed and can be applied to reduce how much you owe in taxes. A deduction reduces how much of your income is taxed and is often higher in value than a tax credit. Some credits are refundable, which means they will result in a refund if the amount of the credit exceeds the amount of taxes owed. Other credits are nonrefundable and can wipe out a taxpayer’s bill but won’t result in a tax refund. Because credits are so valuable, the government usually places income limits or other restrictions on who can claim them. These restrictions can vary for each credit. What’s more, both states and the federal government may offer credits for similar expenses, but each has its own eligibility criteria. The best way to make sure that your business is as financially viable as possible is to do your homework and know exactly what it is that you are getting into. Make sure you have a full understanding of the costs, the benefits, and the responsibilities. The IRS offers many credits, such as moving expenses and education credits, to help reduce your tax bill. However, some of these credits are nonrefundable and can be used to wipe out your tax bill. Some credits are limited to specific taxpayers, so you should know whether you qualify before you file.

In general, most people who do the credit math come up with a negative number. They’re not wrong – it’s just that there are two sides to every story. Here’s the reality: If you have a big refund coming your way, it could be the result of one of the following.

If you get a $600 refund, you may be eligible for:

• American opportunity credit

• a lifetime learning credit

• a child tax credit

• a dependent care tax credit

• an investment tax credit

If you get a $1,000 refund, you may be eligible for:

• the American opportunity credit

• The lifetime learning credit

• a child tax credit

• a dependent care tax credit or an investment tax credit

• The Adoption Credit

• The Earned Income Credit

• The Premium Tax Credit

• The Recovery Rebate Credit Tax Credits for College Tax Credits for college, Bump-up to a bigger credit:

If you don’t get the full amount with the American opportunity tax credit, you can apply it towards your taxes if you earn up to $100,000 a year. The same is true for parents of dependent students. As with the American opportunity tax credit, they’re eligible for a $2,500 per student credit for the first four years of undergraduate education. Of that, up to $1,000 is refundable. Eligible expenses include tuition, fees and expenses that are required for attendance in class, such as books. The other option is the Hope scholarship. “To claim the credit, students must be enrolled at least half time for one academic period, be pursuing a degree or other recognized education credential and not have previously claimed an American opportunity credit or the former Hope credit for more than four tax years. Eligible expenses include tuition, fees and expenses that are required for attendance in class, such as books.” This is a good example of how a simple phrase can become very confusing to someone who doesn’t know what they’re reading about.

In this case, the confusion comes from the words “phased out” which means that the credit is only available for students with incomes up to $31,500. You may only claim the lifetime learning credit if your modified adjusted gross income is below a certain amount for each filing status (married filing joint: $138,000; married filing separate: $69,000; single: $69,000. The credit is limited to the total of $2,000 you have claimed for the year. If you enroll in an Amazon University course that lasts for one or more years, you can receive a lifetime learning credit, regardless of your age or where you enroll. You don’t need to complete a degree program to enroll in a class. Tax Credits for Families There are some other new tax credits for families in place, like the Child Tax Credit and Earned Income Tax Credit, which is designed to provide financial relief to lower-income individuals and families.

The earned income tax credit is a refundable tax credit for individuals and couples with income below a certain level. It provides money back in the form of a monthly payment, and it can be used for almost any purpose, such as paying down debt or making home repairs. The amount you can claim is based on your age and number of children. Parents who received advance payments in 2021 will need to file a tax return to reconcile the payments they received with the amount they are owed. Those who are eligible for the full credit will have the remainder applied to their tax return. If someone received advance payments and is not actually eligible for the credit, they may be able to keep the money depending on their income.

For 2022, the child tax credit reverts to its previous level of $2,000 for each child younger than age 17 who lives with a taxpayer for more than half the year. Marriages between two individuals who are either married to each other or live together and file jointly generally result in higher income than a single taxpayer or one person living alone. Child and dependent care tax credit. The child and dependent care tax credit is another tax credit that got a boost in 2021. Normally, the maximum credit that can be received is 35% of $3,000 in allowable expenses for a single child or $6,000 in allowable expenses for two or more children. However, for 2021 only, the credit can be claimed on up to $8,000 of qualifying expenses for one child and $16,000 of expenses for two or more children. This credit is available to those who pay for childcare so they can work. However, the credit and the exclusion can’t be for the same adoption costs. Qualifying expenses include care for children younger than age 13, spouses who are physically or mentally incapable of self-care or other qualifying individuals who are incapable of self-care. In all cases, the person receiving care must live with the taxpayer for more than half the year. Adoption credit. This credit can help reimburse parents for their legal fees and other costs associated with adoption.

In addition to a credit of $14,400 for a qualified adoption, taxpayers may be able to exclude $14,400 from their income in 2021 if an employer pays for qualifying expenses. If you’ve been thinking about starting a side business, this is a great place to get started. It walks you through the basic steps of how to begin, what to expect when you’re ready to launch your side business, how to market your business, and what type of products or services you should consider offering. Tax Credits for Income-Eligible Households The Earned Income Tax Credit (EITC) is available for families who qualify, and it can be lucrative if you qualify. It’s also one of the most overlooked tax credits, but if you’re eligible, you may be able to claim the full amount. The maximum credit is $6,728 for a family with three or more children, and it varies based on household income and number of children.

Income limits for dependents who are eligible to claim the earned income tax credit range from $12,600 for a single taxpayer with no children to $31,700 for a married couple filing jointly with three or more children. Taxpayers may claim this refundable credit only if their modified adjusted gross income (AGI) is below the threshold, and not above a phaseout threshold. The Affordable Care Act includes the Premium Tax Credit. It is available to any income-eligible household that buys health insurance through the government’s health insurance marketplace. The amount each eligible household receives depends on the price of health insurance and income in their area. At tax time, people need to file a return and include the amount they received in subsidies. A significant increase in an individual’s income means they might have to pay back some or all the credit. Recovery rebate credit.

The government sent out several rounds of stimulus checks – also known as economic impact payments – to help American households during the COVID-19 pandemic. Those who were eligible but didn’t get a payment can claim a recovery rebate credit on their 2021 tax return. If you missed your first or second stimulus payment, you’ll need to file or amend a 2020 tax return. Your eligibility for the third stimulus payment was limited to those with incomes of less than $160,000 for those who are married and filing jointly. The income limit for heads of household is $120,000, and it is $80,000 for other tax filing statuses. Tax Credits for Investments Foreign tax credit. If you have paid foreign taxes on dividends you have earned from certain investments, you may be able to get a credit for them when you file your taxes. This credit is available even to middle-class taxpayers. It can be worth thousands of dollars for a family with investments in a foreign fund. Retirement savings contributions credit. This credit is available to individuals who are 18 years or older but not full-time students. It provides a tax credit of 10%, 20% or 50% of contributions to an IRA, employer-sponsored retirement plan or ABLE account. “It’s worth contributing to these accounts to get the tax benefits,” says Susan Schwartz, CPA and managing director at Avera McKennan’s Accounting and Business Advisory Services. “Income limits are higher for the tax credits on retirement savings accounts versus the standard income deduction.” Married couples filing jointly can’t have an adjusted gross income of more than $57,500 in 2021. You’ll get 20% of your credit score if you earn between $39,501 and $43,000 and 10% if you earn between $43,001 and $66,000.

Whether you’re trying to get the most bang for your buck, you need to understand which tax credits you can claim. Each credit has its own threshold, and some credits are better than others. This article helps you understand how tax credits differ from deductions and which federal tax credits apply to your situation. Conclusion: Tax season is upon us, and if you want to reduce how much you pay the government, you should learn about tax credits. They are an efficient way to lower a tax bill, but there are some that are confusing and others that only apply to certain situations. If you would like more information on this subject or any other business consulting services we offer, please get in touch today by calling us at +1 866-824-1440 or email us at info@ingramtaxes.com. We look forward to helping you get set up and ready to pay taxes this year!

Filing LLC Taxes

Ingramtaxes.com

LLCs are a great way for entrepreneurs to make their personal and business finances separate.

But how will they be taxed?

LLC taxes are one of the first things that you need to take care of on the way to starting your own company. You will need to file both state and federal tax returns as a single-member LLC. These documents will be required for opening your new business bank accounts, so it’s best to get them done as soon as possible.

You may be able to prepare both sets of taxes on your own if you have experience with accounting software or some basic knowledge of taxes. However, there is a lot of information that you may not know about LLCs and related taxation matters, so consulting a lawyer or accountant is always a good idea before proceeding.

LLCs are taxed differently than traditional corporations. Corporate taxes are calculated by taking the company’s net income and dividing it by the total number of shares to get a “taxable income per share,” which is then multiplied by the total number of shares to determine the total corporate tax payable. 

On the other hand, LLCs are required to calculate their taxable income in a slightly different way. LLCs pay taxes on their net profit with no division into separate taxable incomes for each member.

The Internal Revenue Service (IRS) provides that an LLC member’s distributive share of the company’s profits or losses is determined in proportion to his or her percentage interest in the profits and losses of the company, without considering any adjustments for items such as capital.

Incredibly, LLCs can be taxed as a corporation or a sole proprietorship, but not as an individual.

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LLCs are taxed like a sole proprietorship or partnership. A one-member LLC is taxed like a sole proprietorship. The member reports the LLC’s income or loss on his/her individual tax return and pays taxes at his/her individual tax rate. If you are the only member of your LLC, you do not need to file an annual tax return with the IRS because you are self-employed by default.

Filing LLC taxes can be challenging for new entrepreneurs, especially if they are not sure how to prepare their tax returns. Tax attorneys can help with this process and make the entrepreneur feel more confident in their new business.

The Internal Revenue Service requires all its taxpayers to file federal income tax returns, regardless of whether or not they have any income. If you are a one-member LLC, it is very important that you follow the correct procedure to file your federal tax return so that you don’t get penalized by the IRS.

Filing LLC taxes is not as straightforward as it seems. Many people end up owing money due to errors and misspellings. It is best to hire tax professionals who specialize in the field and can save you from any penalties or fines.

You can’t file your taxes unless you have a business name. This is the only way to distinguish your company from others. The IRS allows for several different types of business names, including a sole proprietorship, partnership, corporation, or LLC.

If you are planning to start a business, then consider forming an LLC instead of a sole proprietorship or partnership. This way, you will have limited liability for your business’ mistakes andpay less taxes on your profits.

You may need to do some research before filing your taxes as an LLC if you want to find out what an LLC is and how it’s taxed. If you want peace of mind when it comes to the financial aspect of running your company, then it might be worth looking into using an accountant and/or lawyer for help with filing and organizing your taxes.

If you have any questions about how your LLC will be taxed, consult with a tax attorney.

If you have an attorney prepare your taxes for you, they will charge an hourly fee. You can also work with a CPA if you decide to do your own taxes in order to get peace of mind that they were completed correctly because CPAs have clients whose files they must review before filing them with the IRS.

Conclusion: When you’re filing LLC taxes, it’s important that you do so correctly. 

While there are a lot of things to consider, with the help of the tips provided here, you should be able to file your taxes in no time at all. 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!

Should I buy a Condo, House, or Multi-Family|How to Get Started In Real Estate

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When I started my first time home buying process, I questioned myself whether or not if I wanted to move into a condo, single family home, or multi family.

Here’s what it came down to. I wanted to move into something that wasn’t going to need any work that was one. With houses, they typically require a lot of handy work, meaning you may need to replace some fixtures, in a few months time you may need to replace the roof, or the siding. There’s a ton of things you may have problems with. Houses are typically more expensive than condos price wise, monthly payment wise, single family’s are generally cheaper. You don’t have to pay for a HOA fee, which are tacked on fees that cover everything from building management, building upkeep, water bills, garbage fees, and so and so forth.

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Not having to pay that HOA fee means saving yourself an extra 200 to 500 dollars a month!

Now buying a two family home is even more expensive than buying a single family house, you have all the same expenses as buying a single family and then some. The only difference is, when owning a multi family, you have the opportunity to rent the opposite side out, saving you on your mortgage payment.

I chose to go with a condo, because A. I didn’t have to put any work into it, if I did I would end up making the home worth more so that was a place. B. the mortgage was affordable as was the HOA fee, C. the price tag compared to other condominiums 30 minutes away was generally cheaper by hundreds of thousands of dollars!

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Get a free sample of my Ebook on my social media, which will go into extreme detail on how to buy real estate. Or go to the link below and get the full book

A book that helped me in my journey was “rich dad poor dad” and it may help you! Link below

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7 Sensational Daily Routines That Will Create Success and Build Wealth

Follow these 7 routines to motivate yourself throughout the day. Start off small and then work you way up the list, this will keep you focus and unlock your potential to build wealth.

 1.  Write down 5 things that you want

Every Morning when I wake up the first thing i do is write down 3 things that i want, i’ll simply just grab my phone and type in the “I want 15 houses” or “I want to be a millionaire by 30 years old” the more you focus on what you want, the more you will bring what you want to yourself. It’s called the Law of Attraction, you have to keep a clear and positive mind to focus on what you desire most. By writing what you want down, you’re physically writing and seeing what you want at the same time mentally speaking what you want into existence.

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2. Write down 3 things you’re grateful for

Now that we’ve taken a minute to write down what we want in life, let’s take 60 seconds to write down what we’re grateful for. It could be ” I’m grateful for my health“, it could even be “I’m grateful for my family.” As long as your showing gratitude for the life you have and what you are receiving in it you will be rewarded tenfold. Spreading Positive feelings by showing gratefulness will only attract good things into your life. In order to create success we must start our days off to a great start, and by stating how grateful we are, we will boost our spirits.

3. Read the news find out what’s going on in the world

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It’s always good to know whats going on in the world and whats going on with the economy. You don’t want to buy into real estate when the housing market is down. But if interest rates are down, you might be able to save a lot of money. The interesting question is, would you know if interest rates were down if you didn’t read or watch the news? That’s a big NO. There’s a bunch of websites or articles that you can read! There’s even blogs that can help you invest in real estate, like my last bog where you can find by (clicking here).

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4. Spend 30 minutes on the stock market

Spending at least 30-45 minutes looking at stock charts, getting a hint of how they go up and go down, can get you acclimated to how companies react to bad news and good news. Investing in stocks is a great way to earn interest and dividends on your investments. Putting your money into well-run companies, that have an excellent financial history, will set you up for success in the long run. But we must be consistent and study how the stock market operates to profit from it.

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5. Spend 30 minutes looking at real estate on Zillow or Trulia 

Next is Real Estate, I went from investing tens of thousands of dollars in the stock market to taking that money out of stocks and investing it into Real Estate. One of the greatest ways to build wealth is investing in real estate. From buying a home i was able to make money off of rental income and also building wealth as its value appreciates year by year. Before doing this, i would spend hours on zillow and trulia, looking at the numbers of different properties. Focusing all of my energy on real estate apps kept me on track of my goals and helped envision myself in a home. One book that i suggest you to read to motivate yourself is “Rich dad poor dad” by Robert kiwosaki put your money to good use and invest in educating yourself.

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6. Hit the Gym

Not only is mentally preparing yourself the key to creating success, but also Physically. Exercise or any physical activity is going to get the heart rate up and blood flowing, releasing endorphins to raise your energy level. And everyone knows when your energy is up, your able to get through your day feeling strong and ready to take on the world. So go out there, lift some weights, and boost your confidence.

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7. Invest as little as a dollar on cash app

Whats easier than taking a dollar from you bank account and transferring it into an investment account to accumulate wealth. I mean unless you don’t have the money then i understand, that’s a different story. But if you have a dollar try putting it away into your cash app, where you can invest in stocks with as little as $1. If you don’t have cash app, use my referral code https://cash.app/app/LDJRRBT to give you $5 to start your account off . Back to fractional investing, so if Apple is worth $265 you can literally buy $1 worth of Apple and if apple goes up your dollar increases as well.