WokeWealth Financial Services

WokeWealth Financial Services Bookkeeping, Monthly Financial Reports, LLC Formation, Payroll Processing, etc. The easiest way to make more money is to pay fewer taxes💥

If you don’t plan ahead to protect your money💸from taxes, the IRS will have a plan on how to tax your money.

Attention business owners! If you paid $600 or more to a non-employee contractor or an unincorporated business this year...
11/09/2024

Attention business owners! If you paid $600 or more to a non-employee contractor or an unincorporated business this year, don’t forget you need to issue them a 1099-NEC by January 31, 2025.

Similarly, third-party payment processors like PayPal must issue 1099-K forms by this date for accounts that fall within the new reporting threshold requirements.

Get started now to avoid last-minute stress and gather all necessary information like your contractor's W-9 form and make sure everything is accurate.

As a self-employed individual, you should wait to file your tax return until you've received all your 1099 forms to ensure your reported income matches.

Need help managing your 1099s? Woke Wealth is here to help!

11/08/2024

It’s not about what you make, it’s about what you keep. Tax season is all year round, strategic planning is necessary to save you during filing season!💻🗃️

10/29/2024

Tax season starts at 12:01 AM, January 2nd. If your tax preparer is still counting sheep, come holla at me — I'm up counting REFUNDS!😤💰

02/12/2024

PSA 🗣️🗣️🗣️

Bank statements won't suffice in an audit.
Bank statements don't verify deductions.
Bank statements don't show you profit.
Bank statements won't make projections.
Bank statements don't guide decisions.
Bank statements don't give you all the data.
Bank statements aren't your books.

You AND your bank statements need a Bookkeeper.

✨ Let's get your books set up to serve you and your small business in a better way✨

Book a free Discovery Call by sending us a message!

Y'all out here using these online tax programs that auto compute everything thinking you're getting the max refund.. 😅🤣
02/09/2024

Y'all out here using these online tax programs that auto compute everything thinking you're getting the max refund.. 😅🤣

02/06/2024

Your book-keeper isn't just a number cruncher; they're your key to financial strategy. By diving deeper and asking insightful questions, you open up a world of possibilities for tax savings.💡

From deductions to credits, exploring all avenues becomes a game-changer. Don't just settle for answers; seek the insights that pave the way to a more tax-efficient financial journey.💰

Send us a message to set up a Tax Strategy consultation today! 🤓

01/15/2024

There are 2 big changes that are likely going to be passed this week that could have a huge impact on your tax return.
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If you’re close to filing already we recommend holding off until the dust has settled so that you can ensure you have an accurate tax return with the best savings for you.
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So what are the proposed changes?
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First is an expansion of the child tax credit. The existing child tax credit is $2,00 per child. If these changes are passed this will change to $3,600 per child and will be applied retroactively to 2023 taxes.
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Second is an expansion of bonus deprecation, which was set to reduce to 80% for 2023. This change would bump it back up to 100% which could have a HUGE impact if you bought property or a vehicle in 2023.
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If these changes are passed, which seems likely, it will take time for the IRS and the tax software providers to update their systems to reflect the changes. Be sure to review your tax return to ensure that these changes have been reflected.

01/11/2024

The IRS officially announced January 29th as the beginning of tax season and this is when they will begin to process 2023 tax returns.

However, it may be wise to wait a little longer to file your taxes in case there are any changes to the tax code last minute (and yes this could actually happen, it’s happened before).

Currently Congress in discussing a potential $100 billion bill that would enhance the child tax credit and also restore bonus depreciation (along with a few other things).

Are you ready for tax season? (If you’re a tax preparer then you probably already know tax season never really ends 😅).

I hear these type of misconceptions all the time:"I don't need to do any bookkeeping until ___________"And there are so ...
01/08/2024

I hear these type of misconceptions all the time:

"I don't need to do any bookkeeping until ___________"

And there are so many things people will fill that blank in with! There is no business TOO SMALL for a bookkeeping system.

You always need to have accurate records when it comes to your taxes, applying for a business loan, or simply understanding your financial position!

Whether you want to DIY your bookkeeping or hire a bookkeeper for help, we are here to help you get your bookkeeping system set up RIGHT.

01/02/2024

Tax szn is coming up! Keep in mind your upcoming deadlines:

Jan 17th - Q4 estimated tax due

Jan 31st - 1099s & w2 forms due! Get those w3 forms filed for your employees and 1099s out to your contractors!

There is no shame in needing a little help getting caught up on your bookkeeping, I’m here to help!

10/23/2023

We hear these type of misconceptions all the time:

"I don't need to do any bookkeeping until ___________"

And there are so many things people will fill that blank in with! There is no business TOO SMALL for a bookkeeping system.

You always need to have accurate records when it comes to your taxes, applying for a business loan, or simply understanding your financial position!

Whether you want to DIY your bookkeeping or hire a bookkeeper for help, we are here to help you get your bookkeeping system set up RIGHT.

09/13/2023

A few ways to reduce taxes on your W-2 income (maximize refund):

-IRA
-401k
-HSA
-Side Hustle (1099 work)
-Mortgage Interest on Primary
-Real Estate

Address

Mansfield, TX

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm

Telephone

+18178052014

Website

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