Bright Spot Bookkeeping

Bright Spot Bookkeeping Bookkeeping for Home Stagers and Interior Designers

Bookkeeping Basics for Home Stagers In Marianne’s latest podcast episode of Home Stagers and Designers on Fire, I share ...
05/21/2024

Bookkeeping Basics for Home Stagers

In Marianne’s latest podcast episode of Home Stagers and Designers on Fire, I share topics that are specific to Home Stagers and small businesses.

Listen here: https://coachingbymarianne.com/episode-126/

You will learn:

• Common tax deductions that Home Stagers often overlook

• What financial data to look at in order to make better business decisions

• How I advises Home Stagers about whether or not to invest in a warehouse or make other financial decisions

• How to handle fluctuating and seasonal business

• When you should think about going from an LLC to an S Corp (check with your CPA on this )

• Why you should check with your CPA about hiring Independent Contractors vs. Employees

• What a BOI is and why it is important to file this

• Who you should be getting W9 forms from

Join Marianne’s FB Group- ​
Fire Up Your Home Staging Business
If you would like to know how we might work together to build a life and business that sets your soul on fire, set up a complimentary coaching discovery session to see if coaching is right for you-
https://2019discoverysession.as.me/?appointmentType=2059173

🧾What do you think is the correct answer? If you answered B, then nice job! If you chose A or C, then keep reading for w...
05/01/2024

🧾What do you think is the correct answer?

If you answered B, then nice job! If you chose A or C, then keep reading for why neither of those are correct.

Bank and credit card statements provide some information, but they aren’t a replacement for receipts and definitely won’t hold up in an audit. Statements will show where you shopped and how much you spent, but it won’t show what you actually bought. To prove your purchase was a business expense, you need to show what you bought and that information will only come from a receipt.

As far as being audited, yes the chances of it happening might be slim, but that’s definitely not a chance I’d take. If you’re a small business owner, you’re 3 times more likely to be audited and likelihood of it happening increases the more you make. You can also be audited as up to 7 years following a tax claim so that’s going to be a LOT of missing receipts!

If you haven’t been saving receipts digitally, now is the time to start! Paper receipts don’t stand the test of time, so set yourself up with a system that you can stick with. There are plenty apps ranging from free to monthly subscription or you can add receipts to a Google drive folder using your phone. If you have QuickBooks Onljne, you can add the QuickBooks app to your phone and upload your receipts there which will sync with your QBO.

Make uploading your receipts a daily or weekly habit-you’ll be happy you did if the IRS comes knocking!

1099 season is coming! Stay ahead of the game by getting a W9 from independent contractors that you worked with in 2023....
11/17/2023

1099 season is coming! Stay ahead of the game by getting a W9 from independent contractors that you worked with in 2023. Not everyonr will need a 1099 as it depends on how much they were paid and the method of payment, but you do want to have a W9 on file for that person. My suggestion is to have them give you one before you they start any work.

🙋‍♀️Need help with 1099s or getting caught up with your bookkeeping?
☎️Schedule your call at the link in my bio!

❓Outsourcing your bookkeeping-would you consider this an expense or an investment? Ultimately, it can be looked at both ...
09/08/2023

❓Outsourcing your bookkeeping-would you consider this an expense or an investment?

Ultimately, it can be looked at both ways! It will cost you and it can get pricy, especially if your books are a mess or you’re behind on filing taxes.

I would also argue that having clean, organized financials are one of the best things you can do for your business and it will save you a ton of stress at tax time!

✨The best part?! Either way you look at it, it’s a business deduction!

Are you ready to outsource your books and add a business deduction that lowers your 2023 taxable income?
📲Book a call and let’s talk! Click on the link in my bio to schedule your call.

I said this to my son this morning about his summer reading (actually I’ve been saying it all summer 🤪) but we can apply...
08/16/2023

I said this to my son this morning about his summer reading (actually I’ve been saying it all summer 🤪) but we can apply this to so many things in life, especially as a business owner!

Staying on top of your business finances and bookkeeping needs to be a priority but for many business owners it’s only realized at the end of the year when you’re realizing tax season is creeping up.

Procrastinating on bookkeeping can lead to financial confusion, missed opportunities, and potential legal and financial consequences. By staying on top of your bookkeeping tasks, you can make well-informed decisions, maintain financial stability, and reduce stress in the long run.

🔗If you’re looking to outsource your bookkeeping, click on the link in my bio to schedule your call.

Can you believe we’re already halfway through 2023?! We’re running a special for the remainder of June for business owne...
06/19/2023

Can you believe we’re already halfway through 2023?!

We’re running a special for the remainder of June for business owners ready to outsource their bookkeeping, because we all know how fast the end of the year will be here! When you sign on for monthly bookkeeping, you’ll get 30% off back work. Whether you’re behind 3 years or 3 months, we’ll get your books accurate and ready for tax season!

Schedule your free consultation today at the link in bio or send me a DM!

💡Are you using rules in your QuickBooks? They can be a huge timesaver, but I always turn off the auto add. There have be...
05/18/2023

💡Are you using rules in your QuickBooks? They can be a huge timesaver, but I always turn off the auto add. There have been too many times where I’ve started with a new client and find that they’ve set everything up with rules on auto add, and when this happens, every transaction with an auto add rule goes straight to categorized. This means if any transaction is duplicated coming in to QuickBooks (which I see happen a lot!) then you’re missing out on catching those mistakes.

🤕Save yourself the headache and toggle the auto add off when you’re setting up rules.

❓Did you know that S-corp owners need to receive a salary on payroll? This is because owners of S-Corps and LLCs taxed a...
03/31/2023

❓Did you know that S-corp owners need to receive a salary on payroll?

This is because owners of S-Corps and LLCs taxed as an S-Corp qualify as employees. You must take a “reasonable salary” and failing to do so can result in penalties. “Reasonable” is vague, so it’s best to discuss with a CPA what this number would be for you and your business.

There are definite tax savings to being taxed as an S-Corp but there are several factors to consider, with the main one being what your net income. I recommend speaking with your CPA when your net income is greater than $75K, but I’ve also seen it suggested at $50K so it doesn’t hurt to check in and get their advice.

The biggest takeaway here should be that if you are being taxed as an S-Corp, then you need to be on payroll-this is a non-negotiable. In the last month I’ve had 2 different businesses sign on for services who didn’t know that as S-Corps they should be on payroll, and both have CPAs who told them otherwise. Save yourself the headache with the IRS and if you’ve also been told this, it may time to find a new CPA!

🙋Are you ready to outsource your bookkeeping or do you have questions about how I can help? Schedule your call at the link in my bio or comment below HELP

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