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Topes Virtual Consulting

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Topes Virtual Consulting

Topes Virtual Consulting works with small businesses to stay on top of their bookkeeping throughout the year so that they can maximize their profits.

With our services, bookkeeping, paying bills, and tax time are no longer the enemy but part of the solution to creating a prosperous business!

04/28/2022

Should I Put My Tax Refund Toward My Personal/Business Wealth?

Many Americans either have or will be receiving their tax refund soon and it looks like most of them are planning on saving their tax refunds to put toward growing their personal wealth. I am not surprised or shocked by this since we have had two extremely tough financial years with the pandemic. Most Americans, especially business owners, are still trying to get back up on their feet.

According to a survey from Lendingtree, most Americans (46%) have admitted they are going to save their tax refunds. This is up from 41% in 2022 and 40% in 2021; which many speculate could be due to the impact of the pandemic as well as the record-high inflation and prices that are hitting Americans in the pocketbooks.

Some plans taxpayers and business owners have to use for their refunds involve paying down personal and business debt or using it toward necessary expenses such as summer camps for families and marketing/advertising for business owners. Unfortunately, many others plan to use their refunds to just scrape by as they have not been able to financially recover and it is expected that number will continue to grow as inflation continues to increase.

Will you be putting your tax refund toward personal or business wealth?

04/27/2022

Preventing Check Fraud for Your Business

Most businesses have switched to using electronic payments such as ACH, credit/debit cards, or automatic payment options in order to pay their vendors and bills. However, there are those who still rely on the “old-school” method of using checks in order to pay off their expenses and liabilities, but this can open them up to check fraud.

If your business relies on using a lot of checks then it is best to have a separate bank account for checks that are not connected to your main business account. In the event of check fraud, this will ensure most of your revenue will be safe from being stolen; I also suggest having only the amount you need for the expenses you are writing checks for as well as $100 at all times to keep the account open. Other than that, keep the rest of your revenue in a separate business account where checks are not connected.

Even if your business decided to switch to credit/debit, I also highly recommend following the same methodology as the checks in order to keep all of your business revenue from being taken in the event of fraud.

04/26/2022

Are You Saving For Your Retirement?

Business owners are guilty of focusing solely on the profitability of their business and not worrying about their own financial future. This means that their retirement accounts will be practically empty when the industry standard recommends business owners should be contributing 25% of their annual earnings or as much as $57,000 a year, whichever number is lower.

If you are getting paid consistently then you are able to make either one of those contributions, however, what if you are in the beginning phases of your business and do not receive a regular paycheck or payout? How much should you then put toward your retirement?

For many business owners, especially startups, most of the revenue left over after expenses will be reinvested back into the business to fuel its growth. This means there may be a small amount of funds will be left to go to paying you as the owner and that means even less for your retirement. If your pay is inconsistent then just start small. Set $10 or $20 aside each time you pay you yourself until you are paying yourself at a more consistent rate and amount.

Meet with a professional retirement advisor to discuss the different types of retirement accounts that are available and which of these accounts will work best for you, your business, and your current situation.

04/25/2022

Does Your Business Have At Least $5k of On-Hand Cash?

Small businesses around the country have taken a big hit from the pandemic. According to a recent study by Wave, which is an all-in-one money management system for small businesses, 69% of small businesses owners who were surveyed admitted to having less than $5,000 in cash on hand.

This can be absolutely dangerous for a business to not have enough emergency cash on hand. What would happen to your business if a bad recession hits or the pandemic becomes severe and everything shuts down again? Your business most likely will end up closing its door if you do not have enough emergency cash to get you through the rough patch.

Your business should be putting aside money each week or even day for a “just in case of an emergency fund”. Trust me, if you are in need of money to hold you over with your credit cards maxed out and all other funds depleted, your business will crave that $5-$10k.

Does your business not have $5k in cash on hand? Call or text us at 646-504-1636 for a consultation.

04/21/2022

Traditional IRA vs Roth IRA: What’s The Difference?

Let’s face it, we all need to save for our retirement since Social Security is always up in the air as to whether it will be available for future generations. Unfortunately, another downside to Social Security is that you do not receive a lot to live on and if you are looking for a certain retirement lifestyle you will need more than Social Security.

This is one of the many reasons why financial advisors and other financial professionals will always recommend investing and growing a retirement account. There are a variety of options, but the two most common are the Traditional IRA and the Roth IRA. So, what is the difference between these two?

The answer is that these two retirement account types are almost exactly the same minus one major detail. With Traditional IRA they are tax-deferred, meaning you will not pay any taxes on money going into your retirement account, however, when you begin withdrawing that money you will then be charged taxes.

On the other hand, Roth IRAs work by paying taxes initially when the money is being taken out of your paycheck or owner withdrawals and going into your retirement account. This means when you are ready to retire and begin taking distributions from your retirement account you won’t have to pay taxes, since you paid them when the money was being placed into the account.

04/20/2022

My Business Has No Credit. How Do I Get a Business Credit Card?

Your business is going to need capital throughout its life and there will be instances where your business will need a certain amount of capital in a short amount of time. This is where a business credit card can come in handy to ensure your business can pay, even when it does not have the cash amount on hand.

Credit cards are great, however, there are a number of businesses that do not have established credit to have their own credit card. Do not panic, as the business owner you can use a personal credit card for business, however, you must only use this credit card for the business; just like with your bank accounts, your credit card cannot contain a mix of business and personal expenses.

You may need to use a personal credit card in the beginning with your business until it can establish its own credit. Just be sure that the card will only be used for business expenses, otherwise, this can be a red flag to the IRS.

04/19/2022

My Clients Didn’t Send 1099s This Past Tax Season. How Do I Track My Income?!

Technically, if you have clients you produce work for and you are not categorized as an employee, then they should send 1099 to you. However, I highly suggest that you do not rely on 1099s to report all of your income since 1099s may not always be accurate and you also may not get all of your 1099s.

In order to properly track your income for the year, you need to invoice each one of your clients individually with the amount that they owe you. Be sure to have your business bank account only attached to your accounting software (DO NOT attach your personal bank account to your accounting software). Your invoices will record the proper payments and will ensure that all of your income is being recorded and reported to the IRS for the next tax season.

If you do not report all of your income then you are setting yourself and your business up to be audited by the IRS. Remember, you are responsible for tracking your revenue as the business owner, you cannot rely on 1099s to give an official estimate.

04/18/2022

Help! I Can’t Pay My Tax Bill! What Are My Options?!

It happens to all of us, tax season seems to sneak up and your tax bill is due at the same time as your tax return. But what if you do not have enough or even any money to pay the IRS?

Unlike its negative reputation, the IRS is more than happy to work with you to help set up payment plans in order to pay your tax bill in a manageable way you are able to pay. However, many get in trouble when they do not communicate with the IRS and just avoid paying their bills.

So, what is a payment plan under the IRS and how does it work? Essentially, a payment plan is an agreement between you and the IRS that you will pay them what you owe in an extended amount of time. You will need to request a payment plan with the IRS and once approved you will agree to pay within a given extended time frame.

Note, you will need to pay processing fees, interest, and some penalties until the full balance is paid off, and installment fees.
Are you unable to pay your tax bills and in need of guidance? Call or text us at 646-504-1636 for a consultation.

04/17/2022

Wishing all of those who celebrate a Happy Easter!

04/14/2022

What Is A Business Line of Credit? And Is It Better Than A Loan?

When your business is in need of quick capital, whether it is to start up or grow, the first place you will think of would be to go to your bank or credit union and take out a business loan. But that may not always be the best option for your business.

A business line of credit is like a credit card, without the card, where you will only borrow what you need and will only pay interest on what was borrowed. So, how can a business line of credit be more beneficial to you than a business loan?

Business lines of credit, usually max out at $250,000, however, if you are only looking to borrow a small amount or are unsure how much your business will actually cost to start or grow a business line of credit is the best option. With a line of credit, you are able to always add more (unless you reach the max amount), with a loan you are required to take out a specific amount and if you end up not needing that much capital you still have to pay it all back and pay interest on top of it.

If you do not believe your business will need over $250,000 worth of capital then it is a better option to go with the line of credit.

04/13/2022

Are You Aware of the 70/30 Tax Rule?

Has last year been tough financially and you are finding yourself falling behind on your tax payments? If you are finding yourself and your business falling behind on tax payments then this information can help you.

If you have found yourself behind on your taxes you should not allocate all of your money to paying off all of your back taxes from the previous year. If you end up putting all of your money into paying the prior year’s taxes, you will find yourself unable to catch up. Instead, you should be putting the 70% of the amount you decided to pay toward your currents year’s taxes and the other 30% should go to paying off your previous year’s taxes.

This helps you and your business to stay on top of your current taxes. So, why would it be a bad idea to not put 100% into paying your back taxes? If you put all of the money you put aside in your business to pay taxes and use all of it to pay off back taxes you then have nothing left to pay your current taxes.

This will keep you in a continual cycle of owing taxes rather than having a strategy to pay off your back taxes and stay up-to-date on your current taxes.

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Services Available In:
The Bronx, NY
10466

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Monday	9am - 6pm
Tuesday	9am - 6pm
Wednesday	9am - 6pm
Thursday	9am - 6pm
Friday	9am - 6pm

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+16465041636

Website

https://www.topesvirtualconsulting.com/

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