Missing a tax deadline can feel like a sinking ship and understanding the implications and knowing how to navigate the aftermath is key to staying afloat. Today, we’ll dive into the specifics of missed income tax deadlines, shedding light on penalties, extensions, and potential remedies.   Penalties for Missed Deadlines   Let’s break it down. When you miss an income tax deadline, you may face two separate penalties:   Late Payment Penalty: The IRS charges half a percent per month on the unpaid amount, capping at 25% of the total owed. This penalty accrues until the outstanding ..read more

If you’re keen on managing your own bookkeeping but don’t know where to start, this guide is tailored just for you. In this video, we’ll cover the basics of bookkeeping, explore different tools available, and dive into using Excel for your bookkeeping needs.   Choosing the Right Tools   While there are various software options available, we’ll focus on Excel for its accessibility and familiarity. Whether you’re tracking transactions, categorizing expenses, or generating reports, Excel provides a versatile platform for managing your finances. Plus, we’ll discuss other software options ..read more

Embarking on the journey of managing your own business finances can feel daunting, especially when it comes to bookkeeping. But we’re here to make it more simple. With the right tools and knowledge, you can master the art of DIY bookkeeping right from your Excel workbook. Let’s dive into the essential steps to get you started on the right track.   Step 1: Create Your Template   The foundation of effective bookkeeping lies in a well-designed Excel template. Start by setting up two distinct tabs:   Income and Expenses Summary: This tab serves as your financial statement, summariz ..read more

Are you ready to take control of your finances and tackle bookkeeping head-on? Whether you’re a small business owner or a freelancer, maintaining accurate financial records is crucial for success. Today, we’ll walk you through the ins and outs of setting up your own bookkeeping system using the power of Excel.   Step One: Get Started with Incite’s Template   If you’re new to bookkeeping or simply looking for an efficient way to manage your finances, Incite’s template is a game-changer. Designed to streamline the bookkeeping process, this template is your ticket to financial clarity ..read more

A recent question we received had us take a deep dive into the idea of paying taxes like the rich. But what does that even mean? Let’s dissect this loaded question and explore strategies used by different income brackets to navigate the tax landscape.   Defining “Rich” in the Tax Code   First things first, what constitutes being “rich” in the eyes of the tax code? The truth is, it’s not a straightforward answer. From those below the poverty line to the middle class and beyond, each income bracket faces unique tax challenges and opportunities. But for the sake of discussion, let’s bre ..read more

Are you ready to take back control of your finances and become a bookkeeping wizard? If so, you’ve come to the right place! In this comprehensive guide, we’ll walk you through the essential steps to setting up your own bookkeeping system using the power of Excel.   Step One: Create Your Template   The first order of business is to create a template in Excel that will serve as the foundation of your bookkeeping system. This template should consist of two tabs: one for summing income and expenses by category, and another for categorizing all your transactions.   Why two tabs, you ..read more

It’s that horrible time of year when we have to roll up our sleeves and dive headfirst into the abyss of tax documents. Don’t worry too much though, because we’ve got your back with the ultimate guide to filing your taxes like a pro, even if you’re doing them by yourself.   First things first: What documents do you actually need? This answer to this question obviously depends on your specific situation, but in general, think mortgage statements, charitable contributions, bank interest, and if you’ve dabbled in the stock market or retirement accounts. You’ll also need those pesky 1099-Bs a ..read more

Welcome, fellow IRS haters! As tax season rolls around, it’s time to tackle the age-old question: What documents do you actually need to file your taxes? Well, strap in because we’re about to decode the mystery for you.   Every year, we field the same question: What documents are essential for filing taxes? The unfortunate truth is, there’s no one-size-fits-all answer. Your tax journey is as unique as you are. That’s why we’ve crafted an interactive organizer for our clients that takes the guesswork out of the equation. No magic lists here—just personalized prompts and tailored requests b ..read more

Hey there, tax enthusiasts! Today, we’re diving into the world of tax deductions, specifically answering that all important question: Can you deduct your car expenses, and if so, how on earth do you do it? 1. Actual Expenses vs. Miles: The IRS, gives you not one but two paths to choose: actual expenses or the straightforward mileage deduction. It’s like choosing between a scenic route with twists and turns or a direct highway to tax savings. Actual expenses cover a multitude of things—gas, new tires, windshield wipers (yes, even those), oil changes, car washes, insurance, vehicle registration ..read more

Hey there, fellow business owners! Today, we’re going to demystify some common tax deductions that can sometimes be a bit of a headache. Buckle up; it’s time to talk tax!     1. The Scoop on Writing Off Your Car   Car expenses are a super common question we get. Can you write off your car? Absolutely! Now, there are two ways to do it – actual expenses or the mileage deduction. Don’t be fooled; even if you opt for actual expenses, you’ll need a mileage log so we recommend tracking milage no matter what. You can then check the Standard Milage Deduction and deduct that from your ta ..read more