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numbersandtech

There is a lot of information out there.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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I always strongly caution people to do their homework before taking any financial advice. You must be careful about who you trust.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Below are some questions you should ask yourself when listening to others:⠀⠀⠀⠀⠀⠀⠀⠀⠀
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1. What are their qualification?⠀⠀⠀⠀⠀⠀⠀⠀⠀
2. What are their conflicts of interest?⠀⠀⠀⠀⠀⠀⠀⠀⠀
3. Where do they get their information?⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Never confuse opinions with facts.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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#numbersandtech #grablifebythebottomline #idproaccounting #morejoylessoverwhelm #accountinglife #numbersdontlie #accountinginmyheart #entrepreneurspirit #collaborationovercompetition #womensupportingwomen #financialliteracy #boisebuisness #boisewomen #sheisboise #womeninbiz #femaleentrepreneurs #idahobusiness #supportlocal #smallbusiness

If you have employees, you must keep employment ta

If you have employees, you must keep employment tax records. I know - so many records to keep!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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You need to keep all employment tax records for at least four years after the date on which the tax return becomes due or the taxes paid, whichever is later.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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I recommend scanning documents so you save space in your office. Or get some cute office folders if you have to be looking at them for the next few years.

Let's look at how in-depth your record keeping nee

Let's look at how in-depth your record keeping needs to be and how long you need to keep your receipts.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Your receipts must support the claimed amount, the time and the place, the business purpose, and your business relationship to any other person involved.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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If your records are incomplete, they may not support your deductions.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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You must keep your records if their contents may be material in the administration of any IRS law.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Usually the statute of limitations for an income tax return expires 3 years after the return is due.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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To support items of income or deduction on your tax return, you must keep records until the statute of limitations for that return expires. Are you keeping all your receipts?

Let's discuss record keeping for your business.⠀

Let's discuss record keeping for your business.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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As a business owner you must keep receipts, sales slips, invoices, records for cash receipts, and expenditures, bank deposit slips, canceled checks, and other documents to substantiate items of income, deductions, and credits.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Although it may sound like a lot of work, unless you have records showing the source of your receipts, you may not be able to prove that some are non-business or non-taxable.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Remember, recording these items will help you pay only the tax you owe.

The relationships we make through our businesses c

The relationships we make through our businesses can be just as touching as those we have in our personal lives. Nicole @lilacandfernphotography reached out to me and asked if she could have a portrait made of Diego; my sweet dog by @shhhn_john. I loved the thoughtful gesture and sent over a few photos. Little did I know that just a few days later Diego would pass away unexpectedly. Today is exactly one month since we said goodbye to him but I will cherish this wonderful gift always as well as those relationships that make all the difference in our happiness. Support one another, cherish one another.

We need to be open to having the tough conversatio

We need to be open to having the tough conversations. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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We have a responsibility to be agents in the distribution of hope but this hope is created not by just talking about it, but through our actions. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Our ability to work through tough situations and generate positive outcomes creates hope. Merely talking about it turns hope into a wish, a pipe-dream, or a potentially lost cause.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Our ability to control our outcomes does not reside in hope. Rather, our outcomes are achieved through a combination of focusing on that which we can control and having realistic expectations.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Do not run away from your finances. You can do this. We can do this together.

Why your business needs an EIN - Employer Identifi

Why your business needs an EIN - Employer Identification Number.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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An EIN identifies tax returns filed with the IRS and, as a business owner, you may be required to get an EIN.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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You will need an EIN if you pay wages, operate your business as a partnership or corporation, or if you're required to file any tax returns.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Your type of business may not be required to attain an EIN, but you may need an EIN for dealing with other businesses, including banks, that require an EIN to set up business accounts.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The IRS will give you an EIN even if you don't need it for IRS purposes.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The fastest and easiest way to get an EIN is online.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Just go to www.irs.gov and type in the keyword EIN.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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From there you'll find out more information including the application.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The EIN assigned is the permanent Federal Employer Identification Number for your business.

More IRS materials and resources are now available

More IRS materials and resources are now available in multiple languages.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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For the first time ever, the agency has posted to IRS.gov a Spanish language Form 1040 and the related instructions.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The new Form 1040 Schedule LEP, in English and Spanish, with instructions available in English and 20 other languages, can be filed with a tax return by those taxpayers who prefer to communicate with the IRS in another language. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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They can indicate their language of preference for IRS-issued written communications or change their language of preference.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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More information is on the We Speak Your Language page on IRS.gov.

Pick a day each month to review your financials.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Is today the day?⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Don't let another month go by without doing this.

The past year has been rough.⠀⠀⠀⠀⠀⠀⠀

The past year has been rough.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The IRS issued an announcement clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The amounts paid for personal protective equipment are also eligible to be paid or reimbursed under health flexible spending arrangements (health FSAs) and health savings accounts (HSAs).

it’s time to begin overcoming your fears by faci

it’s time to begin overcoming your fears by facing your finances, little by little.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Take small steps to address your finances:⠀⠀⠀⠀⠀⠀⠀⠀⠀
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1. Check your account balances once a week.⠀⠀⠀⠀⠀⠀⠀⠀⠀
2. Open bills as soon as you receive them.⠀⠀⠀⠀⠀⠀⠀⠀⠀
3. Create a budget.⠀⠀⠀⠀⠀⠀⠀⠀⠀
4. Set financial goals.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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You got this! What are your biggest money fears?

I am happy to announce that the next episode of th

I am happy to announce that the next episode of the Numbers and Tech podcast is out - Evolution Of An Artist.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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This was such an inspiring conversation with Beth Suter @bethsuterart as she shares her evolution from teacher to painter to small business owner to moon cycle coach.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Beth shares one of her favorite messages to "give yourself your own permission slip" to follow your dreams and she has done just that without a fine arts degree or business background. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Our episode covers:⠀⠀⠀⠀⠀⠀⠀⠀⠀
1. How being an entrepreneur has changed her life.⠀⠀⠀⠀⠀⠀⠀⠀⠀
2. Rerouting her business products due to Covid-19.⠀⠀⠀⠀⠀⠀⠀⠀⠀
3. How to price artwork.⠀⠀⠀⠀⠀⠀⠀⠀⠀
4. The best book that stuck with her.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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If you learned something new or felt inspired let me know. You can find this episode on apple podcasts, spotify and amazon.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Be sure to subscribe and not miss any future chats.

The most convenient way to check on a tax refund i

The most convenient way to check on a tax refund is by using the “Where’s My Refund?” tool at IRS.gov or through the IRS2Go Mobile App.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Taxpayers can start checking their refund status within 24 hours after an e-filed return is received. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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In addition, “Where’s My Refund?" provides a personalized date after the return is processed and a refund is approved.

The IRS announced that the third round of Economic

The IRS announced that the third round of Economic Impact Payments began reaching Americans last week.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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No action is needed by most taxpayers; the payments will be automatic and, in many cases, similar to how people received the first and second round of Economic Impact Payments in 2020. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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In general, most people will get $1,400 for themselves and $1,400 for each of their qualifying dependents claimed on their tax return.

World Poetry Day is a day to celebrate our fellow

World Poetry Day is a day to celebrate our fellow poets and promote the reading, writing, and teaching of this artistic language that brings people together around the world.

International Day of Happiness is a holiday that e

International Day of Happiness is a holiday that encourages everyone to spread happiness in both big and small ways. Celebrate with a random act of kindness or share positive content on social media.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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May today you be well rested, relaxed, at peace and content.

The federal tax filing deadline postponement to Ma

The federal tax filing deadline postponement to May 17, 2021, only applies to individual federal income returns and tax (including tax on self-employment income) payments otherwise due April 15, 2021, not state tax payments.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The IRS urges taxpayers to check with their state tax agencies for those details.

The IRS announced that the federal income tax fili

The IRS announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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"This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities," said IRS Commissioner Chuck Rettig. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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"Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to."

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Instagram post 18157021906140625

Welcome to The Numbers and Tech podcast. I love to

Welcome to The Numbers and Tech podcast. I love to talk about all things business, numbers, and money related and help others navigate the messiness of business finances.

Shy away from the real tough subjects? No way! How to start a business, understand your profit & loss, what has worked, what has not worked are all open topics.

Hearing from brilliant business owners about their journeys into building their businesses, the lessons they learned and the advice they wish they had gotten along the way. Giving you the real talk advice you crave.

I’m a CFO turned entrepreneur who packed it all up and left NYC for a more balanced life out West. Now I work with small business owners to help them set up, clean up, tech up and understand their accounting and financials to reach their dreams. I teach you the most efficient ways to manage your business money and use technology to help you do it.

So let’s tackle the reality of understanding finances, the struggles and triumphs of being an entrepreneur. Make sure you are cozy and get ready to learn and be inspired.

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