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2025 Bookkeping Deadlines

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  2025 Wednesday 15-Jan Estimated Tax Payment Due for Q4 Tuesday 21-Jan Sales Tax - Monthly Monday 27-Jan IRS accepting 2024 tax returns Friday 31-Jan 1099s due Thursday 20-Feb Sales Tax - Monthly Monday 17-Mar Tax Return due: 1065, 1120-S & K-1s Thursday 20-Mar Sales Tax - Monthly Tuesday 15-Apr Tax Return due: 1040, 1120, and Extension request Tuesday 15-Apr Estimated Tax Payment Due for Q1 or PY Annual Monday 21-Apr Sales Tax - Monthly Thursday 15-May Tax Return Due: 990 Tuesday 20-May Sales Tax - Monthly Friday 20-Jun Sales Tax - Monthly Tuesday 15-Jul Estimated Tax Payment Due for Q2 Monday 21-Jul Sales Tax - Monthly Wednesday 20-Aug Sales Tax - Monthly Monday 15-Sep Tax Return Extension due: 1065, 1120-S & K-1s Monday 22-Sep Sales Tax - Monthly Wednesday 15-Oct Tax Return due: 1040, 1120, and Extension request Wednesday 15-Oct Estimated Tax Payment Due Q3 or Late PY Annual Monday 20-Oct Sales Tax - Monthly Monday 17-Nov Tax Return Extension Due: 990 Thursday 20-Nov Sa...
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Credit Cards for Teens and Students

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Credit Cards for Teens and Students I started out with a Capital One credit card as a teenager; I still have a credit card with them to date, though I've upgraded. It's still my longest-held open account. Honestly, I... did not do well with that kind of power. I crashed and burned.  I can feel the judgement on this subject. You likely had the same response as so many of us did with our first credit card. Can we agree that i t was a painful learning experience? The great news is, that pain can be avoided. When it comes to building credit, longevity is a factor. Starting a teen when they have a consistent paying job is an overlooked tactic. Though some teens may not be responsible, like younger me, there are other options I'll mention later. Some Benefits : Having good credit enables independence.  Independence can look like  More favorable interest rates applying for loans such as vehicle or student loans  Car insurance rates  More favorable rental agreements and...
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Always File a Tax Return

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Why do I recommend to always file a tax return even if you are not required to file? Start the statute of limitations running for audit For collections regarding issues in a particular year's return Avoid identity theft 1. There is no statute of limitations on a late/no filed return. You never know what will trigger and audit. The IRS can go back to any unfiled year and assess a tax deficiency along with penalties. Will you have the documentation to support your claim and get penalties removed? Example: You receive 1099s but you have deductions that create a net loss and bring you under the filing threshold. The IRS receives  the 1099s and they're looking for those 1099s to show on a tax return.  They don't know there's a loss, unless you file a return showing the deductions that create a loss. Alternatively, the IRS can generate a substitute return that may produce a higher tax bill with penalties and interest.  2. Once you have filed your return the IRS has 3 years...
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Baby Steps

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How do you eat an elephant? One bite at a time. Just like a baby learns to walk one step at a time. These are called baby steps for a reason. The journey to financial freedom can be overwhelming. I know you will get there if you take one baby step at a time. These baby steps may look familiar to you if you follow Dave Ramsey. I have made some adjustments to follow a more natural flow. Lets deconstruct. Step 1: Find your " WHY " Ask yourself why you are on this journey. Dig deep. Ask yourself at least three times until you've discovered the true answer. Your answer will fuel you to the finish line. Step 2: Track and Categorize Your Spending You have to know where you are before you can make adjustments. Are there certain areas you are spending carelessly? Were there unexpected expenses? Could they have been avoided? What would you do differently? Step 3:  Create a Budget Using the 50/30/20 rule The 50/30/20 rule is 50% on needs; 30% on wants; 20% on savings.  What are need...
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Start With WHY

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Simon Sinek is famous for his books Start with Why and Find your Why .  His concept is applicable to any goal you want to achieve. What's your "WHY" in pursuing  financial literacy? I'll start. I am passionate about finances because in my younger years I mishandled money. I had more bills than I had income. Very few people knew I stood in food bank lines. But what brought me to my breaking point is the day I couldn't feed my children. I went to my closet and released every tear I had been holding back. In between heaving I prayed. God came through as He always does through his church BUT I knew I never wanted to put myself or my family in that position again.  Not saying I didn't do stupid stuff with money... it was like learning to walk. I fall and I get back up. Rinse and repeat. I learned and am still learning to break bad habits. Knowing WHY you are starting this journey is the key to walking the finish line.  Ask yourself  "WHY"  then you can ...
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