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Approaching the Tax Season Close

As we are approaching the tax deadline of May17th, I like to thank those who have been very patient with me while I catch up with tax filings this tax season after my accident. Not every client returns, but growth happens each year. My first year as a mobile tax office began with 5 clients now reaching 85 individuals and 25 businesses serving Florida, Georgia, Kentucky, Pennsylvania, and now Alabama. E-filing will stop in October of this year. You are greatly appreciated! Financial education along with changing mindsets and perceptions as it pertains to financial management and business growth is the goal. Being PROACTIVE means you stop being the victim when you choose to take control over your situation. I have seen a few progressions with a few clients who keep in contact throughout the year. REMEMBER, tax season doesn't stop after you get a refund. It is ALLLL year long.

So, as other tax offices prepare to close their doors until the new tax season , we are still open as usual. As the copycats continue to mimic, this office has been virtual and paperless since 2012 before it became a trend.

Individual tips

Budgets: If you are serious about improving your situation, you need to TRACK YOUR SPENDING. Things are easier when you operate by percentages. Seeing where all of your money goes serves as a WAKEUP call for most. Run your household like a business. Businesses track spending to maximize profit. Rich people track spending. YOU need to track your spending.

Clients were emailed an excel spreadsheet for budgeting and a guide on how to split bills if you are married or shacking . 50/50 Bill splits only work if all parties have the same income. Tracking should be done at the end of each month. Do not spend tax refund money before the IRS releases it to you. As you may know now, the IRS can hold a refund until the tax return is verified. If you decide to this, know that no amount of calls to the IRS or the tax office will make your refund process any faster. Blame the "fraud people." It is what it is.

GOALS: Grow what matters

One step

At a time, and

Little by little you will see


You should have a goal EVERY Year, and be SMART (Specific, Measurable, Attainable, Relevant, and Time based) about it.

Organization: Organization helps you save money. Come up with a filing system to keep track of all your financial documents. Waiting until the end of the year to do this will cost you time and money.

Businesses, You are to close out your books EVERY MONTH, and do quarterly reports. Do not wait to the end of the year to do this and expect speedy tax prep services. We will no longer accept receipts in boxes or grocery bags. It is too time consuming and takes away from production as we grow a little each year.

Self- Employed, Remember to keep your personal and business finances SEPARATE. If you are getting 1099s, you have to pay your own quarterly taxes. Please do not wait until the end of the year. File boxes are available at Office Depot. You can use them for personal and business record keeping. Self employed and business owners, you can purchase an organizer here.

Get Rich Quick Schemes: Stay away from money looms, gifting programs, wire programs (WesternUnion, MoneyGram, Zelle, CashApp), and the like. They are illegal, scams for the most part, or you lose money when participation dwindles down. SuSu's are legal within a small group of people that YOU KNOW.

But in the pyramid fashion, schemes to make money violates SEC Laws because there is not government oversight to protect consumers, and the ones who start them do not have a registered business with the proper licensing.

Scammers take advantage of the greedy, the desperate, and the anxious. You combat this with accepting where you are financially, have the willingness to learn self improvement, and detaching yourself from materialism and the need to race towards success via shortcuts. You should be making strides throughout the year.

If you are starting from ground 0, it is not realistic to expect big results overnight. Just like fitness goals. Health issues and weight gain happen over years, so you can't correct that in 2week's time. The money you lose in these schemes could have been applied to true investment vehicles. Gambling and investment are not the same contrary to popular belief.

Retirement plans: Everyone should have a 401k or IRA in place. Most of you have heard me preach on the tax advantages of having these plans, and the option to self manage them to protect them against stock market crashes.

You are able to take up to $10k out of these funds to purchase your home penalty and tax free. There are also way of making these plans part of your business to bypass contribution restrictions.

But you have to see the value in it with a business mindset. If you look at it as income you are losing from your take home pay, it doesn't work. You have to graduate out of survival mode into longevity. What will be the best outcome in the long run?

Life Insurance: Everyone should have established whole life insurance policies for their children. The Younger the better. These policies build cash value over time and you can use the cash value to make more money through investments, or let it accrue so by the time your child reached adulthood, they will have a paid off policy with the ability to use the cash value as a down payment for a house coupled with the $10k from their own 401ks. That can total as much as $50K for a down payment depending on the age you start the policy. You would also be able to make money off that policy 100 times, if you choose the investment route.

For yourself, depending on your goal and age, you have options for terms convertible term, or whole life policies. Stay away from companies that sell Term only policies and have their agents on a pyramid set up. These companies tend to have less asstes and give the most trouble with claims and customer complaints.

You know how you see broke people say what rich people do? Well, THIS IS WHAT RICH PEOPLE DO. They listen to accountants and financial advisers. NOT YouTube, Fly-by-night tax preparers, or wannabe guru's on social media.

DIY - DIY is a way for most people to save on costs. As long as it is in your range of foundational knowledge. Once your tax preparation goes outside of foundational knowledge, it is advised that you stick with a knowledgeable tax preparer who stays in the loop with tax laws and strategies. Especially if you don't expect to be taking CPE Classes throughout the year. The same with business formations. Mistakes with business formations are costly with Federal, State, and Local governments. You must know the expectations, requirements, and financial obligations of the state you form your business. You also should know how to pick the right tax structure for your situation. You DO NOT HAVE TO CREATE AN LLC FOR EACH IDEA OR BUSINESS NAME YOU HAVE. That's is a whole lot of money spent unnecessarily, plus there is a better way.

Stay away from those who paint a 1 size fits all picture. That's an indicator of inexperience. All pride aside, no matter what you assume, no matter how much you google.... you don't know what you don't know.

I have a Life insurance/ Financial Advisor Affiliate that I work with. I also have a 401k specialist affiliate. Those interested, please send an email to to receive an email invite to webinars discussing the ins and out of retirement plans and Life insurance plans. Also remember to check out the other services offered through Tax Star Mobile, LLC (DIY credit Repair, Business formation and consultation, QuickBooks tutorial, Bookkeeper class, Identity Theft Protection, and Legal Insurance). As Publix says, Always a pleasure.

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