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Universal Tax & Accounting

Happy Holidays from our little family to yours 🤍🎄

Happy Holidays from our little family to yours 🤍🎄

Our Valentine’s this year just got a little more special ❤️

REHAAN SINGH🩵
Feb 8th
8:14am
6lb 14.6oz

Our Valentine’s this year just got a little more special ❤️

REHAAN SINGH🩵
Feb 8th
8:14am
6lb 14.6oz

A few clicks from yesterday’s gender reveal. We’re so thankful to be surrounded by such amazing family and friends to share this moment! Let the countdown begin to meeting our baby boy 💙

A few clicks from yesterday’s gender reveal. We’re so thankful to be surrounded by such amazing family and friends to share this moment! Let the countdown begin to meeting our baby boy 💙

Here’s to a new chapter….🤍

I know I’ve been MIA on socials and now you know why😅 We’re both beyond excited for this adventure and can’t wait for our little bundle of joy to be here.

With my client’s patience and understanding I’ll still be working the upcoming tax season😄

Looking forward to all that 2024 has in store☺️🤍

Here’s to a new chapter….🤍

I know I’ve been MIA on socials and now you know why😅 We’re both beyond excited for this adventure and can’t wait for our little bundle of joy to be here.

With my client’s patience and understanding I’ll still be working the upcoming tax season😄

Looking forward to all that 2024 has in store☺️🤍

Tax season is finally over 😮‍💨Now what?

I know the stress of doing your taxes just began to wear off and I’m on the same page as you! This is when most tax professionals usually go on a little vacation🏝️ but it’s never too early to start financially planning for the next year! Here’s why you shouldn’t wait to plan:

✨If your income bracket is changing it’s important to know if you’re paying enough in taxes and more importantly how you can save!

✨Buying a home? Let’s talk about the benefits of what purchasing a home can do for you!

✨Thinking of starting a business? Get that money 💰 But let’s help you strategize on ways to maximize your savings and discuss the best entity type for you to operate under!

✨Retirement Contributions! It’s never too late to contribute towards your future. Let’s discuss what’s the most beneficial for you!

Regardless of any major life changes, let’s talk taxes

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Tax season is finally over 😮‍💨Now what?

I know the stress of doing your taxes just began to wear off and I’m on the same page as you! This is when most tax professionals usually go on a little vacation🏝️ but it’s never too early to start financially planning for the next year! Here’s why you shouldn’t wait to plan:

✨If your income bracket is changing it’s important to know if you’re paying enough in taxes and more importantly how you can save!

✨Buying a home? Let’s talk about the benefits of what purchasing a home can do for you!

✨Thinking of starting a business? Get that money 💰 But let’s help you strategize on ways to maximize your savings and discuss the best entity type for you to operate under!

✨Retirement Contributions! It’s never too late to contribute towards your future. Let’s discuss what’s the most beneficial for you!

Regardless of any major life changes, let’s talk taxes

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

If you make a mistake on your tax return, should you amend it? 🤔

When it comes to your tax returns, it can be very confusing and errors can happen.

Here are some examples:

✨Forgetting to report a dividend or interest payment

✨Forgetting to take advantage of certain tax credits/deductions

✨Receiving new info you didn’t have when you originally filed

Some people choose to wait for an audit or hope they don’t get one! But you’ll definitely receive a letter!

Whether or not you should file an amended return depends on the size, type, and reasons for the error, as well as the amount of errors.

Regardless, it’s possible to create even more problems trying to fix the original one(s) because it’s rarely a simple change!

For most of my tax strategy clients, we amend the last couple years worth of tax returns.

This can help them them back tens of thousands of dollars that they overpaid over those years.

At the end of the day, there is no black & white answer for every individual person, small business, etc. This is where a tax consultant can really come in handy. 🤓

Made a mistake? I got you! ☺️

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

If you make a mistake on your tax return, should you amend it? 🤔

When it comes to your tax returns, it can be very confusing and errors can happen.

Here are some examples:

✨Forgetting to report a dividend or interest payment

✨Forgetting to take advantage of certain tax credits/deductions

✨Receiving new info you didn’t have when you originally filed

Some people choose to wait for an audit or hope they don’t get one! But you’ll definitely receive a letter!

Whether or not you should file an amended return depends on the size, type, and reasons for the error, as well as the amount of errors.

Regardless, it’s possible to create even more problems trying to fix the original one(s) because it’s rarely a simple change!

For most of my tax strategy clients, we amend the last couple years worth of tax returns.

This can help them them back tens of thousands of dollars that they overpaid over those years.

At the end of the day, there is no black & white answer for every individual person, small business, etc. This is where a tax consultant can really come in handy. 🤓

Made a mistake? I got you! ☺️

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Have your business pay for your retirement...💰

Not sure where to start?!

One way is through a SEP:

✨SEP = Self-Employed Tax Pension plan

The SEP is a formal, written tax-deferred retirement savings plan adopted by an employer (both self-employed and small business owners).

It also allows your business to make tax-free contributions to an individual retirement account for each of your employees if you have them! SEPs are funded solely by the employer using TAX-DEDUCTIBLE dollars.

Yes, you heard that right - your business can pay for your retirement‼️

Here’s how it briefly works:

➡️Employers can contribute up to 25% of each employee's annual compensation.

➡️Self-employed persons can contribute up to 25% of their net self-employment earnings towards their own account.

Soooo why choose this route?

➡️Unlike other retirement plans, SEP plans do not offer Roth or post-tax contributions.

Some of the benefits of a SEP:

✨ Can be funded as late as the due date of the tax return (with extensions) for a specific tax year

✨Employer-only contributions fund the IRA even if employee contributes nothing

✨This is typically less complicated and less expensive to maintain than other small business retirement plans

✨Employees are always 100% vested

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Have your business pay for your retirement...💰

Not sure where to start?!

One way is through a SEP:

✨SEP = Self-Employed Tax Pension plan

The SEP is a formal, written tax-deferred retirement savings plan adopted by an employer (both self-employed and small business owners).

It also allows your business to make tax-free contributions to an individual retirement account for each of your employees if you have them! SEPs are funded solely by the employer using TAX-DEDUCTIBLE dollars.

Yes, you heard that right - your business can pay for your retirement‼️

Here’s how it briefly works:

➡️Employers can contribute up to 25% of each employee's annual compensation.

➡️Self-employed persons can contribute up to 25% of their net self-employment earnings towards their own account.

Soooo why choose this route?

➡️Unlike other retirement plans, SEP plans do not offer Roth or post-tax contributions.

Some of the benefits of a SEP:

✨ Can be funded as late as the due date of the tax return (with extensions) for a specific tax year

✨Employer-only contributions fund the IRA even if employee contributes nothing

✨This is typically less complicated and less expensive to maintain than other small business retirement plans

✨Employees are always 100% vested

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

5 Ways To Avoid Audit Risk 🔍

IRS Audits are coming! But don’t worry...I’ve got you covered.

Here are FIVE ways to avoid audit risk:

1️⃣Track and report ALL of your income 📈

2️⃣Take ALL of the legitimate deductions you can 💰

3️⃣Keep good documentation 📄

4️⃣Keep your receipts!! ✔️

5️⃣Have a separate account for business and personal spending 💰

Still have questions? No need to panic because I amhere to help you get your taxes aligned with your goals and make sure you have a very low audit risk.

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

5 Ways To Avoid Audit Risk 🔍

IRS Audits are coming! But don’t worry...I’ve got you covered.

Here are FIVE ways to avoid audit risk:

1️⃣Track and report ALL of your income 📈

2�️⃣Take ALL of the legitimate deductions you can 💰

3️⃣Keep good documentation 📄

4️⃣Keep your receipts!! ✔️

5️⃣Have a separate account for business and personal spending 💰

Still have questions? No need to panic because I amhere to help you get your taxes aligned with your goals and make sure you have a very low audit risk.

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

MAJOR KEY🔑 to your financial future‼️

When planning your financial future you need to consider what will give you the biggest return on your investment 💰

I am a huge fan of having a ROTH IRA account because:

✨ You deposit money already taxed
✨You can invest your money in the stock market.
✨The money grows tax free

However, there is a $6000 limit per year for anyone under the age of 50. But if you are 50+ you can contribute up to $7000.

Make too much for a ROTH? I can let you know the workaround😌

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

MAJOR KEY🔑 to your financial future‼️

When planning your financial future you need to consider what will give you the biggest return on your investment 💰

I am a huge fan of having a ROTH IRA account because:

✨ You deposit money already taxed
✨You can invest your money in the stock market.
✨The money grows tax free

However, there is a $6000 limit per year for anyone under the age of 50. But if you are 50+ you can contribute up to $7000.

Make too much for a ROTH? I can let you know the workaround😌

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

I know, I know I’ve been a little MIA… but I’m back with another tax tip for you😏

Are you maximizing your deductions for your home office? 🤔

If not, you should be and let me tell you why! 🥰

If you have a home office you are ENTITLED to these deductions so don’t go missing out on ways to save your money 💰

🏡Rent
💡Electricity
🖥Internet
💰Insurance
💵Mortgage Interest
💧Water & Gas
📺Cable (only if you have a TV in your office!)

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

I know, I know I’ve been a little MIA… but I’m back with another tax tip for you😏

Are you maximizing your deductions for your home office? 🤔

If not, you should be and let me tell you why! 🥰

If you have a home office you are ENTITLED to these deductions so don’t go missing out on ways to save your money 💰

🏡Rent
💡Electricity
🖥Internet
💰Insurance
💵Mortgage Interest
💧Water & Gas
📺Cable (only if you have a TV in your office!)

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Bookkeeping Mistakes I see Frequently:

➡️Poor Invoice Management
➡️Not Keeping Receipts
➡️Not Staying Current in your Books
➡️ Wrong Categorizing of Expenses

And the biggest…

‼️Missing out on tax deductions you qualify for‼️It really hurts my heart 🥹

Leave it to me to really max out your deductions and get you those savings!

You take care of your business, let me take care of your books!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Bookkeeping Mistakes I see Frequently:

➡️Poor Invoice Management
➡️Not Keeping Receipts
➡️Not Staying Current in your Books
➡️ Wrong Categorizing of Expenses

And the biggest…

‼️Missing out on tax deductions you qualify for‼️It really hurts my heart 🥹

Leave it to me to really max out your deductions and get you those savings!

You take care of your business, let me take care of your books!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Here's why you SHOULD NOT be doing your own bookkeeping 🙅🏼‍♀️🚫

As a small business owner you might think of bookkeeping as something you could do/learn for yourself - and save you some 💰since you don't have to pay someone to do it for you...

But the reality is in the long run this could cost you more than expected 👎🏼

Every. Single. Time I have looked at a client's set of books - I've been able to save them money.

As a professional I will categorize each transaction in the most tax advantageous way possible.

I know where every transaction should go.

I reconcile regularly so that no transaction is missed.

AND I keep an eye out for tax strategies that could save you thousands of dollars per year so YOU keep that 💰 in your pocket!

You take care of your business, let me take care of your books!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Here's why you SHOULD NOT be doing your own bookkeeping 🙅🏼‍♀️🚫

As a small business owner you might think of bookkeeping as something you could do/learn for yourself - and save you some 💰since you don't have to pay someone to do it for you...

But the reality is in the long run this could cost you more than expected 👎🏼

Every. Single. Time I have looked at a client's set of books - I've been able to save them money.

As a professional I will categorize each transaction in the most tax advantageous way possible.

I know where every transaction should go.

I reconcile regularly so that no transaction is missed.

AND I keep an eye out for tax strategies that could save you thousands of dollars per year so YOU keep that 💰 in your pocket!

You take care of your business, let me take care of your books!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Guess what?!??! 99.5% of the tax code is written to help you REDUCE your taxes 💵

People always ask me how I am able to save people so much money in taxes. Easy: I read the tax code! 🙌🏼

Did you know there are only a couple dozen pages of the Internal Revenue Code that tell you what taxes you have to pay?

AND that there are thousands upon thousands of pages of how to NOT pay those taxes.

Crazy, huh?!? 😱

It pays to be a business owner, as long as you have a tax strategist on your side like me helping you save thousands of dollars per year!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Guess what?!??! 99.5% of the tax code is written to help you REDUCE your taxes 💵

People always ask me how I am able to save people so much money in taxes. Easy: I read the tax code! 🙌🏼

Did you know there are only a couple dozen pages of the Internal Revenue Code that tell you what taxes you have to pay?

AND that there are thousands upon thousands of pages of how to NOT pay those taxes.

Crazy, huh?!? 😱

It pays to be a business owner, as long as you have a tax strategist on your side like me helping you save thousands of dollars per year!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

I get asked this question all the time...

“Why didn't my current accountant tell me about this?”

The real answer is…I don't know 🤷🏼‍♀️

But here’s what it could be:

👉🏻They haven't been trained in tax strategy - or it isn't something they were taught in undergrad or grad school.

👉🏻They think it's too complicated - it is complicated but once you know the tax law, case law, and documentation - you'll have professionals like me to properly guide you!

👉🏻They think it will take too much time - tax strategy does take a lot (A LOT!! ) of time but is worth the tax savings for my clients!

👉🏻They don't know how to document it or how to prepare it on a tax return - this takes yearssss of learning and practice- All of which I have!

👉🏻They don't think clients will pay for it - WRONG. As long as clients are saving (which all of my clients do), they'll be happy to pay to save!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

I get asked this question all the time...

“Why didn't my current accountant tell me about this?”

The real answer is…I don't know 🤷🏼‍♀️

But here’s what it could be:

👉🏻They haven't been trained in tax strategy - or it isn't something they were taught in undergrad or grad school.

👉🏻They think it's too complicated - it is complicated but once you know the tax law, case law, and documentation - you'll have professionals like me to properly guide you!

👉🏻They think it will take too much time - tax strategy does take a lot (A LOT!! ) of time but is worth the tax savings for my clients!

👉🏻They don't know how to document it or how to prepare it on a tax return - this takes yearssss of learning and practice- All of which I have!

👉🏻They don't think clients will pay for it - WRONG. As long as clients are saving (which all of my clients do), they'll be happy to pay to save!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Have real estate investments? Here's why you should if you don't:
⁣
DEPRECIATION⁣
⁣
This is one of the best tax advantages that real estate investors get. This is also why a lot of profitable rentals don’t have any taxable income.⁣
⁣
👉🏻Residential rental properties get depreciated over a 27.5 year period.⁣
⁣
👉🏻Commercial rental properties get depreciated over a 39 year period.⁣
⁣
What does that mean?⁣
⁣
✨Say you buy a condo rental property for $275,000. You get to divide the cost of that property by 27.5 years and take that as your depreciation expense every year for 27.5 years.⁣
⁣
Cost: 275,000⁣
——————⁣
Years: 27.5 ⁣
⁣⁣
= ⁣
⁣
a $10,000 expense you get to take every year for 27.5 years 😎⁣
⁣
Check your tax returns and make sure you've taken depreciation! ⁣

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Have real estate investments? Here's why you should if you don't:
⁣
DEPRECIATION⁣
⁣
This is one of the best tax advantages that real estate investors get. This is also why a lot of profitable rentals don’t have any taxable income.⁣
⁣
👉🏻Residential rental properties get depreciated over a 27.5 year period.⁣
⁣
👉🏻Commercial rental properties get depreciated over a 39 year period.⁣
⁣
What does that mean?⁣
⁣
✨Say you buy a condo rental property for $275,000. You get to divide the cost of that property by 27.5 years and take that as your depreciation expense every year for 27.5 years.⁣
⁣
Cost: 275,000⁣
——————⁣
Years: 27.5 ⁣
⁣⁣
= ⁣
⁣
a $10,000 expense you get to take every year for 27.5 years 😎⁣
⁣
Check your tax returns and make sure you've taken depreciation! ⁣

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Who doesn't like saving money 💰?!

Lucky for you, helping biz owners save money is what I LOVE to do.

If you’re a small business owner, you NEED to be looking for ways to save and I promise you, it’s worth the extra digging.

Here are 4 ways to save on business taxes:

1️⃣The Qualified Business Income Deduction
2️⃣Take Tax Credits to Lower Your Income
3️⃣Fund a Retirement Plan
4️⃣Deduct the cost of gifts

And as always, consult with a qualified tax advisor. I do this on and off tax season!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Who doesn't like saving money 💰?!

Lucky for you, helping biz owners save money is what I LOVE to do.

If you’re a small business owner, you NEED to be looking for ways to save and I promise you, it’s worth the extra digging.

Here are 4 ways to save on business taxes:

1️⃣The Qualified Business Income Deduction
2️⃣Take Tax Credits to Lower Your Income
3️⃣Fund a Retirement Plan
4️⃣Deduct the cost of gifts

And as always, consult with a qualified tax advisor. I do this on and off tax season!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Did you know having a home office typically saves my clients $2,000-$8,000 per year? 🤯

Ready to experience the same perks? You can deduct one of two ways:

🏡 Use $5 per square foot of your home office

🏡 Use the percentage of your home square footage used for business times your indirect expenses

For example, if your home office is 100sq.ft. and your entire home is 1,000 sq.ft, then you can take 10% of the following expenses: Total rent or mortgage interest, property taxes, renter’s or home owner’s insurance, HOA fees, utilities (gas, electric, trash, water, internet, etc), security system, cleaning crew, etc.

Bonus Tip 👉🏻 Be sure your home office isn’t used as a guest room or have a secondary purpose as well.

Have you been taking full advantage of all the home office deductions available to you? Reach out if you have any questions!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Did you know having a home office typically saves my clients $2,000-$8,000 per year? 🤯

Ready to experience the same perks? You can deduct one of two ways:

🏡 Use $5 per square foot of your home office

🏡 Use the percentage of your home square footage used for business times your indirect expenses

For example, if your home office is 100sq.ft. and your entire home is 1,000 sq.ft, then you can take 10% of the following expenses: Total rent or mortgage interest, property taxes, renter’s or home owner’s insurance, HOA fees, utilities (gas, electric, trash, water, internet, etc), security system, cleaning crew, etc.

Bonus Tip 👉🏻 Be sure your home office isn’t used as a guest room or have a secondary purpose as well.

Have you been taking full advantage of all the home office deductions available to you? Reach out if you have any questions!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Running your business- you are the expert👏🏼👏🏼👏🏼 Doing your taxes is my expertise so leave it to me while you run your business! 😌Here's what's needed to complete your business taxes:

1️⃣Profit and Loss Statement

This will include your gross income of what you’ve made during the year and a list of itemized deductions your business has incurred. Your gross income deducted by your total expenses will give you your net profit or net loss.

2️⃣Balance Sheet

This will show your company’s assets (I.e how much cash your business has), liabilities ( credit card debt, loan payments, etc) and shareholder’s equity.

3️⃣W-2 forms

Remember those forms you issued out your employees? Those are addition deductions for your business! Shareholders running your own salary you also issued yourself a W-2 and is also a business deduction!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Running your business- you are the expert👏🏼👏🏼👏🏼 Doing your taxes is my expertise so leave it to me while you run your business! 😌Here's what's needed to complete your business taxes:

1️⃣Profit and Loss Statement

This will include your gross income of what you’ve made during the year and a list of itemized deductions your business has incurred. Your gross income deducted by your total expenses will give you your net profit or net loss.

2️⃣Balance Sheet

This will show your company’s assets (I.e how much cash your business has), liabilities ( credit card debt, loan payments, etc) and shareholder’s equity.

3️⃣W-2 forms

Remember those forms you issued out your employees? Those are addition deductions for your business! Shareholders running your own salary you also issued yourself a W-2 and is also a business deduction!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Selling your investment property and using that profit to buy another investment property? WAIT!

You will be taxed on all of that money😭Here's how to keep that money in your pocket💰

TAX DEFERRED SECTION 1031 TRANSACTION

With a well executed transaction, you too can...

💵Sell your old property
💵Buy the replacement property
💵Pay no taxes on the profit

You'll need to engage an intermediary and plan to buy a property of equal or greater value to the one you plan to sell 🏡

The property in this situation allows for real property exchanges, but no longer covers personal property exchanges (like trading in your vehicle).

Keep in mind that this is not a trade or swap, it's a sale and purchase, but uses the Section 1031 rules to defer the taxes!

I can work with you to guide you through this and reflect it on your tax return and help you keep your money!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Selling your investment property and using that profit to buy another investment property? WAIT!

You will be taxed on all of that money😭Here's how to keep that money in your pocket💰

TAX DEFERRED SECTION 1031 TRANSACTION

With a well executed transaction, you too can...

💵Sell your old property
💵Buy the replacement property
💵Pay no taxes on the profit

You'll need to engage an intermediary and plan to buy a property of equal or greater value to the one you plan to sell 🏡

The property in this situation allows for real property exchanges, but no longer covers personal property exchanges (like trading in your vehicle).

Keep in mind that this is not a trade or swap, it's a sale and purchase, but uses the Section 1031 rules to defer the taxes!

I can work with you to guide you through this and reflect it on your tax return and help you keep your money!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

CRYPTO HAS ENTERED THE CHAT💬

Don’t freak out when you hear the term “capital gains tax” 😅

This is what my clients hand over to me to help them calculate each year with the rest of their taxes!

Capital gains are profits you make from selling an asset- so think land, a business, stocks/ investments, etc. The money you lose is capital loss.

The tax amount depends on:

💵How long you’ve owned the asset before you sold it (this will determine if they are short- term or long term capital gains)

And

💵 Your Tax Bracket

📌 Short-Term = tax on profits from an asset you’ve held for less than or equal to a year

📌Long-Term = tax on profits from an asset you held for OVER one year

My Advice: Hold on to your assets 1+ year that way you’re ensured the long term capital gains tax rate once you decide to sell because it’s taxes much lower than the short term capital gains rate!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

CRYPTO HAS ENTERED THE CHAT💬

Don’t freak out when you hear the term “capital gains tax” 😅

This is what my clients hand over to me to help them calculate each year with the rest of their taxes!

Capital gains are profits you make from selling an asset- so think land, a business, stocks/ investments, etc. The money you lose is capital loss.

The tax amount depends on:

💵How long you’ve owned the asset before you sold it (this will determine if they are short- term or long term capital gains)

And

💵 Your Tax Bracket

📌 Short-Term = tax on profits from an asset you’ve held for less than or equal to a year

📌Long-Term = tax on profits from an asset you held for OVER one year

My Advice: Hold on to your assets 1+ year that way you’re ensured the long term capital gains tax rate once you decide to sell because it’s taxes much lower than the short term capital gains rate!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Thinking about filing your own taxes? STOP RIGHT THERE 🛑✋🏼

Would you diagnose on your health or diagnose your car engine problem yourself? No, right? You leave it to the professionals!

That’s why you should leave your taxes to the experts! We know about some great credits and deductions and can actually help you save on your taxes! And we regularly educate ourselves on the ever changing tax laws so you don’t have to!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Thinking about filing your own taxes? STOP RIGHT THERE 🛑✋🏼

Would you diagnose on your health or diagnose your car engine problem yourself? No, right? You leave it to the professionals!

That’s why you should leave your taxes to the experts! We know about some great credits and deductions and can actually help you save on your taxes! And we regularly educate ourselves on the ever changing tax laws so you don’t have to!

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Now that tax season is here, one of the most common questions when it comes to a business is knowing whether or not you file separate return and it can get confusing. If you are feeling overwhelmed or lost already, don’t panic because you have plenty of time.

📌If you are a sole proprietorship or single member LLC, you file your individual taxes with your business! Your tax deadline is April 18th.

📌But, if you are an S Corp or Multimember LLC, you will have to file them separately. Your tax deadline is March 15th.

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Now that tax season is here, one of the most common questions when it comes to a business is knowing whether or not you file separate return and it can get confusing. If you are feeling overwhelmed or lost already, don’t panic because you have plenty of time.

📌If you are a sole proprietorship or single member LLC, you file your individual taxes with your business! Your tax deadline is April 18th.

📌But, if you are an S Corp or Multimember LLC, you will have to file them separately. Your tax deadline is March 15th.

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Preparing taxes is easy when you have all the right materials. Here’s what you should bring to your tax appointment:

1️⃣ Personal Information: Names, DOB, SSN #, Bank Account, Routing #, and a Copy of your Last Year’s Tax Return

2️⃣ Information About your Income: W-2’s, Rental Property Income/Expenses and 1099’s

Some common 1099’s are:

•1099-NEC (Non Employee Income)
•1099-G (Unemployment/ State Refund)
•1099-R (IRA/ Pension Distribution)
•1099-S (Sale of Property)
•1099-Int/Div (Interest/ Dividends)
•1099-SSA (Social Security Income)

3️⃣Other Forms: Health Insurance Coverage, Childcare Expenses, Charitable Donations, Adoption Costs, Medical/ Dental Expenses, Taxes you Paid (State & Local/ Real Estate), 1098’s

•1098-Int (Mortgage Interest Paid)
•1098-T (Tuition Paid)
•1098-E (Student Loan Interest Paid)

Preparing taxes is easy when you have all the right materials. Here’s what you should bring to your tax appointment:

1️⃣ Personal Information: Names, DOB, SSN #, Bank Account, Routing #, and a Copy of your Last Year’s Tax Return

2️⃣ Information About your Income: W-2’s, Rental Property Income/Expenses and 1099’s

Some common 1099’s are:

•1099-NEC (Non Employee Income)
•1099-G (Unemployment/ State Refund)
•1099-R (IRA/ Pension Distribution)
•1099-S (Sale of Property)
•1099-Int/Div (Interest/ Dividends)
•1099-SSA (Social Security Income)

3️⃣Other Forms: Health Insurance Coverage, Childcare Expenses, Charitable Donations, Adoption Costs, Medical/ Dental Expenses, Taxes you Paid (State & Local/ Real Estate), 1098’s

•1098-Int (Mortgage Interest Paid)
•1098-T (Tuition Paid)
•1098-E (Student Loan Interest Paid)

Okay, so you know they take your money but what do they actually do❓

The Internal Revenue Service is the bureau of the US Department of Treasury that enforces and oversees the tax laws set by Congress.

💸The majority of the IRS budget is to:

-Collect and process tax returns
-Enforce tax payments that are due
-Issue refunds to overpaid taxes
-Organize criminal investigations
-Oversee some retirement plans

They also collect annual tax revenue and estimated quarterly payments from those who are self employed.

And we all know that there’s some pretty harsh consequences too if you don’t pay🥹

However, the IRS is also responsible for:

1️⃣ Managing tax credits and subsidies for low and middle income families (Earned Income Tax Credit)

2️⃣Subsidies under the Affordable Care Act

3️⃣Education tax credits that help individuals go through college

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Okay, so you know they take your money but what do they actually do❓

The Internal Revenue Service is the bureau of the US Department of Treasury that enforces and oversees the tax laws set by Congress.

💸The majority of the IRS budget is to:

-Collect and process tax returns
-Enforce tax payments that are due
-Issue refunds to overpaid taxes
-Organize criminal investigations
-Oversee some retirement plans

They also collect annual tax revenue and estimated quarterly payments from those who are self employed.

And we all know that there’s some pretty harsh consequences too if you don’t pay🥹

However, the IRS is also responsible for:

1️⃣ Managing tax credits and subsidies for low and middle income families (Earned Income Tax Credit)

2️⃣Subsidies under the Affordable Care Act

3️⃣Education tax credits that help individuals go through college

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Attention S Corp Owners‼️Here’s why you gotta pay yourself:

When you register as an S Corp, you have to implement payroll ASAP and run payroll for yourself- even as the 100% owner.

There are limitations, but here are the benefits of being an employee of your S Corp:

1️⃣ You can set up health insurance and deduct premiums as “self employed” health insurance

2️⃣Saving opportunities with taxes on retirement plans and contributions

3️⃣The S Corp setup ensures that there’s money to pay yourself and to pay taxes by deadline

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Attention S Corp Owners‼️Here’s why you gotta pay yourself:

When you register as an S Corp, you have to implement payroll ASAP and run payroll for yourself- even as the 100% owner.

There are limitations, but here are the benefits of being an employee of your S Corp:

1️⃣ You can set up health insurance and deduct premiums as “self employed” health insurance

2️⃣Saving opportunities with taxes on retirement plans and contributions

3️⃣The S Corp setup ensures that there’s money to pay yourself and to pay taxes by deadline

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

RED FLAG ALERT🚩🚩🚩The biggest red flag I see on tax returns:

Not paying yourself a salary if you’re an S Corp

OR

Paying yourself too much or too little if you’re an S Corp

The IRS has a matching system if you claim $0 on the “owners compensation” line item of your business return!

Not only will you be flagged eventually for an audit but they will terminate your S election

AND

Make you pay 15.3% tax plus penalties and interest on ALL PROFITS from ALL YEARS where you did not claim a salary.

If you’re an S Corp—> PAY YOURSELF💵 A 1099 to yourself is not valid ❌

If you need help determining how much you should pay yourself please find my contact info below!
——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

RED FLAG ALERT🚩🚩🚩The biggest red flag I see on tax returns:

Not paying yourself a salary if you’re an S Corp

OR

Paying yourself too much or too little if you’re an S Corp

The IRS has a matching system if you claim $0 on the “owners compensation” line item of your business return!

Not only will you be flagged eventually for an audit but they will terminate your S election

AND

Make you pay 15.3% tax plus penalties and interest on ALL PROFITS from ALL YEARS where you did not claim a salary.

If you’re an S Corp—> PAY YOURSELF💵 A 1099 to yourself is not valid ❌

If you need help determining how much you should pay yourself please find my contact info below!
——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Did the holidays fly by for you too?!?!😅

The first month is always about new resolutions. One of the biggest resolutions you should add to your list is saving on your taxes and investing in your future!

Tax season is just around the corner, and it’s never too late to plan ahead.

It’s a good thing you have me to help you and provide some tips along the way 😌

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Did the holidays fly by for you too?!?!😅

The first month is always about new resolutions. One of the biggest resolutions you should add to your list is saving on your taxes and investing in your future!

Tax season is just around the corner, and it’s never too late to plan ahead.

It’s a good thing you have me to help you and provide some tips along the way 😌

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Tax Due Dates you should know about:

Your income tax return is due Tuesday April 18.

S Corporation Taxes are due Wednesday March 15.

Quarterly Taxes are Due:

Q1: April 18
Q2: June 15
Q3: Sept 15
Q4: Jan 17, 2023

Do your best to get everything filed as early as possible! The sooner you file, the sooner your return gets processed and you’re able to receive your refund if you qualify for one.

—————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Tax Due Dates you should know about:

Your income tax return is due Tuesday April 18.

S Corporation Taxes are due Wednesday March 15.

Quarterly Taxes are Due:

Q1: April 18
Q2: June 15
Q3: Sept 15
Q4: Jan 17, 2023

Do your best to get everything filed as early as possible! The sooner you file, the sooner your return gets processed and you’re able to receive your refund if you qualify for one.

—————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Here 5 Things That Have Changed for 2022 Taxes:

1️⃣Tax Brackets are Higher

2️⃣The Standard Deduction is Higher

3️⃣Child Tax Credit is Lower

4️⃣401K Limits are Higher

5️⃣Health Savings Account has More Savings

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

Here 5 Things That Have Changed for 2022 Taxes:

1️⃣Tax Brackets are Higher

2️⃣The Standard Deduction is Higher

3️⃣Child Tax Credit is Lower

4️⃣401K Limits are Higher

5️⃣Health Savings Account has More Savings

——————————————————

For all your tax needs please contact:
navjotk.taxservice@gmail.com

OR

Please visit my website:
www.navktaxservice.com

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