Consistent CPA Jo

📅 Day 21: Business Credit Cards—Are They Worth It? If you’re running a business—whether it’s a full-time firm or a side hustle with digital products and planners—chances are you’ve considered getting a business credit card. But are they truly worth it, or just another shiny financial tool with hidden strings attached? Let’s break it down planner-style: benefits, drawbacks, and decision points. ✅ The Perks: Why Business Credit Cards Can Be a Smart Move Separation of Finances Keeping personal and business expenses distinct isn’t just tidy—it’s essential for tax prep, legal protection, and financial clarity. A business card helps you draw that line clearly. Expense Tracking Made Easy Many cards auto-categorize transactions (think: travel, supplies, subscriptions), streamlining your bookkeeping and making tax season less of a headache. Build Business Credit Responsible use can help establish a business credit score, which is crucial if you ever want to apply for a loan or line o...

  🌱 Bermudagrass Annual Care Schedule Time of Year What to Do Why It Matters Late Winter (Feb – early Mar) • Pre-emergent herbicide (like Preen Crabgrass Preventer or Scotts Halts Crabgrass & Grassy Weed Preventer ) when soil temps reach ~55°F. • Clean debris. Stops annual weeds (crabgrass, goosegrass) before they germinate. Spring Green-Up (late Mar – April) • First fertilizer application once Bermuda is 50% green (nitrogen heavy). Good choices: Scotts Turf Builder Southern Triple Action or Pennington UltraGreen Southern Weed & Feed . • Mow weekly at 1–2 inches . • Aerate if soil is compacted. Nitrogen fuels rapid green-up and dense growth. Aeration improves root health. Late Spring (May) • Spot treat weeds using Spectracide Weed Stop for Lawns or similar post-emergent. • Maintain watering 1″ per week. • Keep ...

📅 Day 20: Year-End Tax Planning in 5 Easy Steps Make tax season smoother with smart, proactive moves before December 31st. Whether you're a small business owner, freelancer, or salaried employee, year-end tax planning isn’t just about saving money—it’s about reclaiming control. These five steps will help you close the year with confidence and clarity. ✅ Step 1: Review Your Income & Withholdings Before the year ends, take a close look at your total income and how much tax has already been withheld. Use your latest pay stubs and 1099s to estimate total earnings Compare with last year’s tax return to spot major changes Adjust W-4 withholdings if you’ve had a raise, side income, or changed jobs 📌 Planner Tip: Create a simple income tracker with columns for source, amount, and tax withheld. It’s a sanity-saver come filing time. 🧾 Step 2: Maximize Retirement Contributions Tax-deferred accounts like 401(k)s and IRAs are powerful tools for reducing taxable income. Con...

📆 Day 19: When to Consider Becoming an S-Corp Your guide to smarter tax strategy and structured growth If you're running a profitable small business or side hustle and wondering how to optimize your tax structure, the S-Corp election might be worth a closer look. But it’s not a one-size-fits-all solution—and timing matters. Let’s break down when it makes sense to consider becoming an S-Corp, and when it might be premature. 🧠 What Is an S-Corp? An S-Corporation (or Subchapter S Corporation) is a tax designation—not a legal entity type. You must first form an LLC or C-Corp, then elect S-Corp status with the IRS using Form 2553. The key benefit? S-Corps are pass-through entities, meaning profits flow directly to shareholders and are taxed at individual rates. But unlike sole proprietors or standard LLCs, S-Corp owners can avoid self-employment tax on a portion of their income. ✅ When It Might Be Time to Elect S-Corp Status Here are some planner-friendly checkpoints to help...

 📆 Day 18: What Is Bonus Depreciation? (Explained Simply) If you've ever bought equipment, furniture, or even a vehicle for your business, you might’ve heard the term bonus depreciation . It sounds fancy, but it’s really just a way to get a bigger tax break—faster. Let’s break it down. 💡 What Is Bonus Depreciation? Bonus depreciation is a tax incentive that lets you deduct a large portion of an asset’s cost in the year you buy it , instead of spreading the deduction out over several years. Think of it like this: Traditional depreciation: You buy a $10,000 machine and deduct $2,000 per year for 5 years. Bonus depreciation: You deduct $6,000 or more in the first year (depending on the current rate), and the rest later. This helps lower your taxable income right away, freeing up cash for other business needs. 🛠️ What Kinds of Things Qualify? Bonus depreciation applies to new or used business assets, as long as they meet IRS criteria. Examples include: Office furnitu...

🚨 Day 17: Red Flags That Could Trigger an IRS Audit For most taxpayers, the word “audit” evokes dread. But as a CPA, I know that fear often stems from uncertainty—not necessarily wrongdoing. The IRS audits less than 1% of individual returns annually, but certain patterns and mistakes can increase your chances of being flagged. Whether you're self-employed, managing multiple income streams, or just trying to maximize deductions, awareness is your best defense. Here are the most common red flags—and how to avoid them. 📌 1. Failing to Report All Income The IRS receives copies of your W-2s, 1099s, and other income statements. If your return doesn’t match what third parties report, their Automated Underreporter system will catch it. Avoid it: Keep a master list of income sources, especially if you freelance, sell products online, or earn interest/dividends. Double-check that all income is reported—even small amounts. 📌 2. Excessive Deductions Compared to Income Claiming lar...