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How To Max Out Your Tax Advantage (Max Tax Advantage with Nisla Love)

Max Tax Advantage with Nisla Love
Welcome to the first episode of Max Tax Advantage! In this video, we will be sharing the latest updates on tax laws and strategies to promote your financial wellness.
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Table of Contents

How To Max Out Your Tax Advantage (Max Tax Advantage with Nisla Love): Ready to receive your max tax advantage?

In this video, we will be sharing the latest updates on tax laws and strategies to promote your financial wellness. We believe in teaching our clients how to build wealth through effective tax planning, ultimately leading to a better financial life.

Nisla’s mission as an IRS Enrolled Agent at Choose Love Solutions, a veteran-owned and operated online tax firm based in North Carolina, is to educate, empower, and help our clients create lasting financial legacies.

With over 15 years of experience specializing in tax preparation and planning for small businesses and individuals, especially those in the real estate investment sector, we are committed to providing top-quality service nationwide.

Our team, led by our passionate CEO and IRS Enrolled Agent, Nisla Love, is dedicated to helping small business owners build wealth while staying IRS compliant.

If you’re a new customer, don’t forget to schedule your initial consultation with us. We’ll review your tax needs, discuss our services in detail, and establish the best course of action for you. We pride ourselves on clear communication, personalized service, and setting affordable fees that are agreed upon after receiving all relevant information.

So, join us on this journey and let’s succeed together in reaching your financial goals.

NOTE: The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Transcription

Hi, my name is Nisla Love. I am a tax accountant, enrolled agent, certified tax coach, and best importantly, I am on your side when it comes to max tax advantage.

I want you to have the best advantage when it comes to having more money in your pocket legally, because as we know, taxes keep rising and we hear so many people paying more taxes or not enough taxes.

I want to show you the importance of why you need an accounting or just having accounting in place to ensure that you have more money in your pocket legally.

Now, you’re probably saying, I could crunch the numbers myself. I’m a wizard. I have a staff, but here I’m always wanting to let people know you need to have the foundation on where your money is going and how it’s being managed because plenty of times we hear so many times about business don’t make it past the five years mark is because of the foundation of their accounting.

Now, one quick thing I want you to take away of anything from this video from this segment is why I need an accounting, why I need to manage my books, because this will determine how your growth is, your millions, your billions, and how you keep your money and to know where it’s coming and where it’s going.

Okay, now you’re probably saying, tell me more about this accounting. Well, the importance of having an accounting is not only are you able to manage your funds and your money, but also you’ll be able to see where it’s going and where it’s coming out.

Now, there’s so many tools out there about how to manage your money and how to go about it to do it. You have the whole old school tools, like I always do. I love the book. I am an advocate about writing stuff down. Now, that is always good.

Nothing wrong with having the old trusty little book with you, but I will have to tell you that even having a book sometimes can be a minimalist, overwhelming leading, because if you are such a busy entrepreneur or business owner, having a book, you might misplace the book.

You might leave the book. You might, at the end of the day, that book might be overflowing and it’s not where you need to be. But you say, okay, no, I put everything on my phone. How many times a phone that I got in the cloud? I agree. We live in a world.

Everything is in the cloud, but have those tools necessary because this will determine how effective and successful your business is. So just these tools, having that accounting in place, having that bookkeeping in place, managing your money, you want to be successful.

Now, as an enrolled agent, one of the things I always see with my clients that come in and hear about is managing those book record keeping. It is so crucial to have good record keeping.

If you don’t have that good record keeping, that is going to determine if you’re going to pay taxes, a lot of taxes, no taxes. You need to have good record keeping.

That is why it’s so important to have an accounting bookkeeping in place. Start small, start where you are. I want to ensure that you are getting the max tax advantage. Here’s a little secret.

You guys, the IRS is on your side. I’ll say it again. The IRS is on your side. They want you to succeed. The more money you make, the money they make. But at the same time, as you grow, they grow.

And not only the IRS, that goes with your state, your local. We’re all in this together. So they want you to succeed, but you do got to play by the rules.

And I’m here to tell you that these tips that I’m giving you will also help you grow and be successful. And you’re going to max out when it comes to your tax advantage.

And you’re probably saying record keeping? Yes. Record keeping goes hand in hand with an accountant.

Now, I’m going to give you a little basic on why you need an accounting. And you can determine if your accountant is doing this, your bookkeeper is doing this, but I want you to have those tools necessary so you can grow and be successful.

Okay. A bookkeeper, your basic. We went and talked about putting your book, old school tools, put in the book, your notebook. There’s so many apps out there available.

But at the end of the day, as you’re growing your business, you’re investing, and you have all these other people come into play, you need a team. And this team consists of your bookkeeper, your accountant, your CFO.

So let’s start. Why you need a bookkeeper. The bookkeeper is going to focus on recording and organizing your financial data.

It prepares that he or she will repair your deposits, compile your data, let you know where your bank payments are going and coming.

And you say, oh, simple enough. But do you realize that you have to reconcile? And when I say reconcile your books to determine expenses, deductions, oh my God, the list goes on and on.

So a bookkeeper is very crucial because not only where they categorize and they’ll collect, organize, store your financial records, able to produce those cashflow statements, those bank reconcile, because now in time with the dates, the time bank information comes in.

And then if you have a hold in place like QuickBooks or Xero that manage and tracks all your transaction, you need to know like quarterly, you need to know monthly, you need to know how your money is being spent and how it’s growing because you want to invest. You want to expand.

The only way you’re able to expand is by able to know where your money is going and where it’s coming out. And that’s why it’s so crucial to have a bookkeeper. They make it possible for you to grow.

They make it possible for you to build budgets, key word budget, stay in that budget. And they also help you to identify trends and plan for the future because I want you to be successful. You’re going to grow. You are going to grow.

Okay. We don’t come into business just to as a hobby. It might start off as that, you know, you’re enjoying investing. You’d like this property, you flip it. But at the end of the day, you want to make money.

It’s so important bookkeeper. Now, as an accountant, Hey, I’m an accountant. As an accountant, we prepare financial statements, reports, budgets, prepare your tax return. Ooh, that tax return and less business performance.

Now our responsibility is keeping and interpreting financial records. Now I know I am a tax accountant and I’m not a lawyer. And sometimes this stuff could be so construed and you like, Oh my God, this is so much information.

So I totally understand where you’re coming from, but we could determine, we could see, we could forecast, we can analyze.

There’s so much digging into when you look at your financial records, you could determine, so you could see the trends. You could see the highs, the lows. We can make predictions.

We could forecast that is so important. When you have your accountant is not someone just digging away the numbers here.

We’re able to show you more about how you’re growing, where you’re at things to eliminate. We can dig deep and say, okay, is this working? It’s not working.

We also help you reduce costs and increase profit. I’m going to say that again. As an accountant, we help you reduce costs and increase profit because we want you to succeed. We’re all in business together.

That’s why it’s so important to find an accountant that knows where your heart is, where your business is, how you’re growing.

They should be willing to want you to succeed, not succeed to have money in your pocket, but to be fruitful because at the end of the day, we are all branches of each other and we are growing together and sustaining together because we want to make this life, this place that we’re in today, a better place and put our stamp of approval on it to know that, yes, you can do this.

Now, they monitor, not only as accountants, they monitor monitoring your spending and your budget. Now, we talked about how bookkeepers put you on a budget.

Now, as an accountant, we’re going to monitor it and we’re going to say, we’re probably going to hold your hand and say, okay, I see that you’re spending this amount of money.

Okay. Can we talk about different strategies to help you grow your business and make it more efficient? Because at the end of the day, you want to be able to find an accountant that’s going to not only manage your books, but it’s going to be able to help you forecast and also maintain your business to successful.

Now, and that’s where the financial forecasting and the risk analysis come into play. Now, the next important step is a chief financial officer. Now, you may have this with your accountant hand in hand, but as a chief financial officer, their responsibility is to manage your financial actions of the company.

They are the person that’s going to manage the company’s finances. They’re going to track the cashflow. They’re going to help you with the financial planning. They’re going to analyze your, your company’s financial strength, your weakness, and pose for correction actions to help you grow as a business and to be successful. Because again, when you start your business, we want to go beyond five months, five months, five years, 10 years, 15 years.

We want you to have longevity. We want to grow your business. So not only you’re building wealth, but you’re creating a legacy for your family and then oversees the capital structure of your company.

They determine the best mix of debt, equity, and internal financing, and they address issues surrounding capital structure. That is the importance of having a chief financial officer.

Now, I know each person is different in their walk or business. You know, you may say, okay, I’m just starting out. I need this. But in order to be successful, you need to have these tools.

You need to know how to manage your, your finances, your money coming in and coming out. Because at the end of the day, you are accountable for this. Yes, you have an accountant, you have your bookkeeper, you have your chief financial officer, but it’s your business.

You have to be successful. You are the key and having the foundation of accounting is so crucial because in order to get those millions and those trillions and those billions, you need to manage your money coming in. And it’s so important to have these great tools and these great workers, these great ability to have here so you can maintain your success.

Now, one thing I want to really stress about is when you start in the business, have a business account. I can’t tell you how many times people co-mingle personal and business together to try to win the system, beat the system.

The IRS has, has ways of tracking people finances. You may get, this is one tip I want to get another tip I want to give you when it comes to the IRS. They see everything. They see everything. What they do is they’ll wait you out. They’ll wait 10 years, 15 years, 20 years. Cause there’s no limitation on potential fraud. Yeah.

So there’s no limitation of potential fraud. So they’ll wait you out. They’ll wait 10, 15 years and they’ll just rack it up. They’re calculating, they’re getting their books up. They’re investigating behind you there. I don’t want to scare you, but it is so crucial why you should not co-mingle your finance personal and business.

I had a client, I had two clients, two clients where one was co-mingling, one was pursued to be co-mingling their finances. The one that was co-mingling wasn’t able to have to separate because they have good record keeping. So they had to pay more taxes.

They had to pay not only taxes, they had to pay fines and penalties because they weren’t able to separate the two, but I was able to reduce, help them reduce it. But they did have to pay some penalties.

Now, my other client who was pursued to co-mingling, it was just a misunderstanding. She had good record keeping. Good record keeping. That was so crucial to have that good record keeping because she was able to determine, we were able to determine and prove that, hey, this is all in order.

This was a misunderstanding. It was an error on her part for not showing the correct documentation, no penalties. She was good. So that’s the key.

One of the things I want you to take away from this is to let you know that the importance of an accountant managing your books is so crucial to your success.

It’s going to determine for you to make millions, billions, and then only that to be compliant with the IRS. The IRS wants you to be successful. Even your state revenue wants you to be successful because when you are successful, they are successful.

As you grow, they’re going to grow too. So they want you to be in a business a long time, but you have to play by the rules. You have to have good record keeping. You have to have a good team in place. You have to have a good team in place.

You have to have a foundation. And you’re probably saying how this all turns in with my max tax advantage. Having a good team in place is going to ensure that you have that max tax advantage because you’re going to have your good record keeping.

You’re going to know how to manage your funds coming in because when someone pays you, you need to know how that transaction is going to go. You need to know how to categorize it. You need to know how to determine by the money coming in, your expense, all the transaction.

It is so important that you have this crucial foundation on having good record keeping, a bookkeeper, an accountant, a chief financial officer, wherever you are in your business. I just employ you to make sure that you have these tools in place and these staff, your support team is so crucial to your business. And then also too, I want you to have to know that I’m here for you.

My name is Nisla Love. I am not only your tax accountant and roll agent from the IRS, but also I’m on your side because I want you to succeed in your business to ensure that you are living your best life, building wealth, leaving a financial legacy, so that way you can grow your business and be the best at what you do. See you next time.

The Benefits of Proper Small Business Tax Accounting: Introduction

In the business world, understanding taxes is crucial for growth and sustainability.

Small businesses and self-employed individuals often grapple with the complexities of tax liability, deductions, and compliance with the Internal Revenue Service (IRS).

Proper tax accounting is a set of methods for accounting that companies and individuals must follow when preparing their annual tax returns.

This brief article explores the importance of tax planning, preparation, and the important role of certified public accountants (CPAs) in helping businesses navigate the world of taxes.

Section 1: Understanding Small Business Tax Accounting

Definition and Importance

  • Tax Accounting Principles: Tax accounting is a tool that companies use to understand their tax liability and avoid penalties. It’s essential for keeping records, planning, and complying with the internal revenue code.
  • Accounting Methods: Different accounting methods are used based on the size and needs of the business. Professional accounting services from an accounting firm can guide businesses in choosing the right approach.
  • Use Tax and Taxable Income: Understanding taxable income and how use tax affects your business is vital. Taxable events must be recorded accurately to know your tax liability.

Role of Professionals

  • Certified Public Accountant (CPA): A CPA offers tax and accounting services, including tax planning, preparation, and filing. They can help businesses and individuals understand their tax liability and lower their tax bills.
  • Tax Preparer and Tax Software: Whether using a qualified tax professional to prepare your tax return or relying on tax software, proper guidance is essential to avoid penalties and ensure compliance.

Section 2: Maximizing Deductions

Deductions and Credits

  • Understanding Deductions: Deducting expenses throughout the year can significantly reduce the amount of tax you need to pay. This includes home office deductions, business expenses, and more.
  • Tax Credits: Utilizing tax credits can further lower your tax bill. Professional tax advice from a CPA or tax professional can help you navigate the latest tax credits available.

Year-End Strategies

  • Planning and Record-Keeping: Keeping accurate financial statements, including balance sheets, is essential for year-end tax planning. Bookkeeping services can assist in maintaining these records.
  • Lowering Tax Liability: Strategies to lower your tax liability include understanding the tax rate applicable to your business and making timely tax payments.

Section 3: Filing Your Taxes

Preparation and Compliance

  • Preparing Your Tax Return: Whether you’re running a new business or an established one, preparing and filing your tax return accurately is crucial. Professional accounting services can guide you through this process.
  • Avoiding Penalties: Proper tax planning and understanding tax identification numbers are vital to avoid penalties. Businesses must comply with IRS regulations.

Tax Help and Services

  • Tax Services and Help: Tax services from accounting professionals can provide essential tax help when it comes to accounting. Whether it’s personal and business taxes or more complex issues, professional guidance is key.

Section 4: Growing Your Business Through Proper Accounting

Strategic Planning

  • Using Financial Information: Financial information is a valuable tool that companies use to understand their tax liability, make business decisions, and grow.
  • Tax Planning for Growth: Tax planning with a certified public accountant can help businesses leverage tax laws to their advantage, including additional tax benefits.

Conclusion

Proper tax accounting is more than just a legal requirement; it’s an essential part of running a business in today’s complex business environment.

From understanding tax liability to leveraging deductions and credits, businesses must navigate the intricate world of taxes.

Collaborating with professional tax and accounting professionals, understanding the balance between personal and business finances, and staying updated with the latest tax regulations can make this journey smoother.

Understanding your tax document requirements, keeping accurate records, and seeking professional tax help can lead to informed business decisions and a reduced tax burden.

In the ever-changing world of taxes, staying informed and proactive is not just important for your business; it’s essential for success.

Contact

Contact Nisla Love now at https://chooselovesolutions.com/

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