January 20th 2024.
Meet Shantel Williams, the incredibly talented and charismatic owner of ALP Accounting Firm. With over 15 years of experience and licenses across the United States, Shantel is a true expert when it comes to navigating the complexities of taxation. Known as the Sassy Accountant, she is a dynamic force within her industry, helping individuals and small business owners make the most out of their tax season.
As we all know, tax season can be quite daunting for many individuals and small business owners. We all want to maximize our returns and minimize our liabilities, but it's not always easy to know where to start. That's where Shantel comes in. She has graciously shared some valuable insights and strategies with BLACK ENTERPRISE to help everyone make the most out of this tax season.
One of the most common mistakes that individuals make is not having an additional stream of reporting income. According to Shantel, having something that allows you to file a Schedule C on your tax return can be incredibly beneficial. Many individuals leave money on the table when it comes to the IRS because all they have is W-2 income. Shantel recommends exploring different gig opportunities and suggests activities like baking cakes or offering services without a formal business structure that can also be claimed on taxes.
For small business owners, Shantel advises investing in an accountant or CPA. She believes that this is a smart move that can save you more money than using a tax preparation company or attempting to do your taxes on your own. Shantel emphasizes the importance of working with professionals who specialize in your specific industry or business, as every business is structured differently.
It's also crucial to stay informed about any changes in tax laws. According to Shantel, using apps like Zelle or Cash App for transferring money may seem harmless, but it can actually have an impact on your taxes. She warns individuals to be conscious of how they move money between accounts and to track electronic transfers. Keeping thorough documentation and being able to explain all financial activities can help avoid complications during tax filing.
For those managing investments, Shantel suggests documenting everything and using project management tools to provide accountants with accurate information. This includes keeping every single receipt and saving all documents. She also recommends considering all sources of income and loans, and maintaining proper paperwork for tax purposes.
If you're a homeowner, there are plenty of tax breaks available to help you save money. Shantel encourages homeowners to take advantage of these breaks, such as deductions for mortgage interest, property taxes, and home improvements. She even suggests looking into solar panel programs, which can provide significant returns on investment.
To wrap it all up, Shantel shares her top three tips for a smooth tax season. She advises individuals to document everything, shop around for the right accountant, and avoid using generic tax software. Instead, investing in a knowledgeable accountant can help maximize your returns and ensure you don't miss out on any available deductions or credits.
In the end, it's essential to be cautious during tax season and always be on the lookout for potential scams. As Shantel says, "Treat your tax-related paperwork like a photo album." By following these tips and staying informed, individuals, small business owners, and investors can make the most of their tax season and achieve their financial goals.
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