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Preparing for Taxes in the New Year

New Year Tax Readiness

Happy New Year! We hope this message finds you well and ready for a prosperous 2024. As we embark on a new year, we are excited to continue serving you with top-notch tax preparation and notary services. Here’s the latest from Sapphire Tax Notary. As tax season approaches, it’s time to ensure you are well-prepared to make the most of your financial situation:

Important Dates and Deadlines

      • Highlighting key tax deadlines to keep you on track. This information will provide awareness of these deadlines is intended to assist people in managing their time effectively and ensuring that they fulfill their tax obligations punctually.
      • Tips for early filing and potential advantages. Let’s be sure to complete and submit your tax-related paperwork well before the deadline set by tax authorities.

2024 Tax Law Updates

      • Exploring recent changes in tax laws and how they may impact you. It’s important to stay informed about changes in tax regulations that could affect your financial situation
      • Strategies to leverage new opportunities and navigate adjustments. Let’s focus on using thoughtful strategies to capitalize on your goals or objectives.

Maximizing Deductions and Credits

      • Uncovering potential deductions you might have overlooked. It’s important to thoroughly examine your financial records, expenses, and circumstances to ensure that you are aware of all eligible deductions.
      • Tips on how to claim credits effectively for maximum tax savings. It’s time to optimize your potential tax savings.

Year-End Financial Review

    • Priority of reviewing your financial situation at the beginning of the year. By prioritizing this review early in the year, individuals can gain a clear understanding of their financial standing and make informed decisions 
    • Setting financial goals and strategies for the coming months. It’s time to outline what financial achievements or milestones you aim to reach.

Sapphire Taxes & Signing Services’ Taxpayer Exclusive Offers

To add a bundle of excitement and savings to kick off your tax season this month, all returning tax clients will receive $50 off of Sapphire’s tax preparation fees, while brand new and existing clients filling taxes with Sapphire in 2024 both get the opportunity to earn a 10% referral bonus for each client sent to our way, up to 100% that will applied to tax preparation fees in 2025.

If you wish to make an appointment to get more details about filing and onboarding with Sapphire, set your appointment today here. If you are ready to begin uploading your tax documents and gain access to the client portal immediately, start here. If you prefer to file taxes yourself versus with a a tax professional, take advantage of our $25 flat filing fee option where you get the same full service at your convenience.

Stay Connected with Sapphire Taxes & Signing Services

As always, our team is here to assist you in making the most of your financial situation. Feel free to reach out to us with any questions or to schedule a consultation with Shemea Broom or one of our experienced tax professionals.

Don’t forget to follow us on social media for the latest updates, tax tips, and exclusive offers. You can find us on Facebook, Instagram, and Linkedin.

Thank you for choosing Sapphire Taxes & Signing Services as your trusted tax and notary partner. We look forward to helping you achieve your financial goals as we approach the end of the year.

Warm regards,

Shemea Broom
Owner, Sapphire Taxes & Signing Services
Phone: 205-235-2373
Email: mea@sapphiretaxnotary.com

P.S. Stay tuned for our February issue, where we’ll explore “Love and Money: Financial Planning for Couples.” You won’t want to miss it!

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Tax Deadlines: Which Date Concerns You?

1099 Deadlines

1099-NEC:

  • E-file your 1099–NEC forms with Intuit on or before January 27, 2024 before 5:00 PM PT so they can be processed and postmarked to your contractors by January 31, 2024.
  • Mailing 1099-NEC forms (not e-filing): Must be postmarked by January 31st to contractors & IRS.

 

1099-MISC:

  • E-file your 1099-MISC forms by March 29, 2024 so they can be processed by March 31, 2024.
  • Mailing 1099-MISC forms (not e-filing): Must be postmarked to IRS by February 28, 2024.

Year-End Payroll Form Deadlines

W2 ‘s & W3:

  • W2 forms become available from Intuit on January 13th, 2024.
  • E-file your W-2 forms before January 27th at 5:00 PM PT so they can be processed by January 31, 2024.
  • Mailing W-2 forms (not e-filing): You must furnish Copies B, C, and 2 of Form W-2 to your employees by January 31, 2024.

*W-2 forms if processed through Intuit will be mailed to your employees to the addresses indicated in the employee profile by January 31, 2024. (W-2 forms are mailed to employees by USPS from January 20 through February 1.)

940 Form – 2023 E-filing/Mailing Deadline:

  • The Form 940 annual filing deadline is January 31, 2024.
  • However, if you deposited all your FUTA tax when it was due, you may file Form 940 by February 10, 2024.

 

941 Form – 2023 4th Quarter Deadline:

  • The 4th Quarter filing deadline for 2023 Form 941, Employer’s Quarterly Federal Tax Return, is January 31, 2024

Sales Tax Deadlines

Quarterly:

Jan – March Due by April 30th

April – June Due by July 31st

July – September Due by October 31st

October – December Due by January 31st

(Prepayments are due on the 24th)

 

Annual:

Sales Tax Accounts: Due January 31st for the prior year.

Qualified Purchasers and Consumer Use Tax Accounts: Due by April 15th.

Prepayment accounts file on the 24th of the first 2 months of each quarter. 

Estimated Tax Deadlines

Estimated Tax Due Dates 2024

First Payment Jan 1 – March 31 Due by April 18, 2024

Second Payment April 1 – May 31 Due by June 15, 2024

Third Payment June 1 – Aug 31 Due by Sep. 15, 2024

Fourth Payment Sept 1 – Dec 31 Due by Jan. 15, 2024

Secretary of State Deadline

Statements of Information with Secretary of State Six-month filing window that starts six months after the month of incorporation. (Example: If you incorporated in February, your filing period is the 1st day of Sept. through the last day of the following February.)  

 

Estimated 2024 IRS Income Tax Refund Dates

If the IRS Accepts an E-Filed Return By:Then Direct Deposit refund may be sent as
early as 10 days after e-file received.
(Paper check mailed sent apx. 1 week after that):
* IRS may start accepting returns on Jan. 22, 2024. 
* Jan 22, 2024Feb. 2 (Feb. 9)**
*Jan. 29, 2024Feb. 9 (Feb. 16)**
Feb. 5Feb. 16 (Feb. 23)**
Feb. 12Feb. 23 (Mar. 1)**
Feb. 19Mar. 1 (Mar. 8)**
Feb. 26Mar. 8 (Mar 15)
Mar. 4Mar. 15 (Mar. 22)
Mar. 11Mar. 22 (Apr. 29)
Mar. 18Mar. 29 (April 5)
Mar. 25Apr. 5 (Apr. 12)***

* = Estimated date the IRS may start accepting e-filed tax returns.

** = Returns with EITC or CTC may have refunds delayed until March to verify credits.

*** = Filing during peak season (late March through April 15) can result in slightly longer waits.

IRS Accepts Return By:Direct Deposit Sent (Or Paper Check Mailed one week later)
Apr. 1, 2023Apr. 12 (Apr. 19)***
Apr. 8Apr. 19 (Apr. 26)***
Apr. 15Apr. 26 (May 3)
Apr. 22May 3 (May 10)
Apr. 29May 10 (May 17)
May 6May 17 (May 24)
May 13May 24 (May 31)
May 20May 31 (June 7)

IMPORTANT: If you file electronically (using an online tax program or preparer), the IRS will notify you of the actual date on which the agency “accepted” your return. This is often 1-3 days from the time you hit the “file” or “submit” button, and it is this date that you need to use on the left side of the above chart.

Taxpayers who mail a paper version of their income tax return can expect at least a 3-4 week delay at the front end of the process, as the return has to be entered into the IRS system before it can be processed.

For the latest updates, tax tips, and exclusive offers, follow us on Facebook, Instagram, and Linkedin.

Shemea Broom
Owner, Sapphire Taxes & Signing Services
Phone: 205-235-2373
Email: mea@sapphiretaxnotary.com

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Tax Filing Goodies: Checklists, Schedules, and More

ACCESS OUR CLIENT TAX PORTAL

Filing Flowchart
IRS Tax Refund Calendar 2023 Guideline
$50
Checklist
10 % OFF (2)

For the latest updates, tax tips, and exclusive offers, follow us on Facebook, Instagram, and Linkedin.

Shemea Broom
Owner, Sapphire Taxes & Signing Services
Phone: 205-235-2373
Email: mea@sapphiretaxnotary.com

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Starting Your Business Journey: A Simple Guide to Learning The Ropes

Embarking on a new business journey is thrilling, but it brings financial considerations. In this post, we’ll explore startup expenses under $5,000, using W-2 forms to offset costs, the timing for filing a Statement of Information, and what to do during no-income or no-expense phases.

  1.   Understanding Startup Expenses Up to $5,000:  Launching a business involves initial costs, like legal fees and licenses. Owners need to track these expenses, especially those under $5,000.
  2.   Leveraging W-2 Offsets:  Owners might not know that some startup expenses can be offset using W-2 forms. Consult Sapphire Tax to identify qualifying expenses personally incurred during startup.
  3.   When to File a Statement of Information Form:  This form keeps the state updated on vital business details. It’s typically required annually or biennially, varying by state. Failing to file on time may result in penalties, so know your state’s requirements.
  4.   Navigating No-Income or No-Expense Scenarios:  Early in business, periods of no income or minimal expenses are common. Maintain accurate financial records and stay informed about reporting obligations, even during dormant phases. File a $0 tax return to cover your bases.

Embarking on a business venture brings rewards but requires a clear understanding of financial responsibilities. Keep yourself updated on startup expenses, take advantage of W-2 offsets, ensure timely filing of the Statement of Information, and navigate phases with no income or expenses thoughtfully. Consulting with Sapphire guarantees compliance and enhances your business’s financial well-being.

For the latest updates, tax tips, and exclusive offers, follow us on Facebook, Instagram, and Linkedin.

Shemea Broom
Owner, Sapphire Taxes & Signing Services
Phone: 205-235-2373
Email: mea@sapphiretaxnotary.com

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Registered Agent: Is This Part of Your Business?

Why Bother with a Registered Agent?

Even though you could be the registered agent for your business, it’s usually a good idea to bring in external help for these down-to-earth reasons:

  1. Following the Rules of the Road: You’re obliged to have a registered agent in each state where you operate. So, if you’re doing business in multiple states, you’ve got to have an agent in each one.
  2. Keeping Things Hush-Hush: Being your own agent means sharing your address with the public, and opening the door to unwanted attention. External agents act like a shield, preserving your privacy.
  3. Dodging Awkward Moments: A third-party agent can spare you from the awkward scenario of getting legal papers served in front of clients, employees, or family. 
  4. Staying on the Map: An external agent makes sure your registered address stays up-to-date, preventing any slip-ups during moves or changes in your team.
  5. Being Open for Business Hours: Agents need to be around during regular business hours to handle legal stuff. If your business address is often deserted during the day, an external agent becomes your go-to hero. 

The Fallout of Skipping the Registered Agent: 

Forgetting about your registered agent responsibilities can lead to serious consequences, like default judgments, losing your business’s good standing, facing financial penalties, and, in the worst-case scenario, saying goodbye to your business altogether.

How to Rope in a Registered Agent: 

You can scout for registered agents with a simple Google search or hitch a ride with online legal service providers for extra convenience. Many of these providers throw in a free registered agent for the first year, and afterward, it can cost you a small annual fee. All in all, bringing in a registered agent ensures you’re playing by the rules, keeps your private matters private, and helps you steer clear of potential legal and financial headaches. 

For the latest updates, tax tips, and exclusive offers, follow us on Facebook, Instagram, and Linkedin.

Shemea Broom
Owner, Sapphire Taxes & Signing Services
Phone: 205-235-2373
Email: mea@sapphiretaxnotary.com

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Bookkeeping and Jotform: A Comparison Guide of Roles, Tasks, and Efficiencies

Business Owners, did you know that Jotform can serve as a versatile and efficient tool for bookkeeping? In the various ways described below, Jotform is designed to make business processes easier, more efficient, and a no-brainer when accomplishing tasks, and gathering information. Jotform offers a range of functionalities that can be effectively leveraged for bookkeeping purposes.  We’re diving deep into the realm of bookkeeping and accounting, exploring how Jotform transforms mundane tasks into seamless, efficient workflows. 

Jotform proves versatile in bookkeeping with features like customized invoice generation, efficient expense tracking, and streamlined submission of digital receipts. It simplifies client information collection, aiding in contact details, billing information, and other crucial data. The platform supports time tracking for freelancers, facilitates structured expense reimbursement requests, and aids in inventory management. Jotform standardizes financial report collection, seamlessly integrates client feedback with invoicing, and enables structured budget requests. Additionally, it serves as a centralized tool for managing contracts and agreements, while its integration capabilities with accounting software enhance overall bookkeeping efficiency by reducing manual data entry.

Efficient Workflows of Jotform

1. Invoice Generation:
Bookkeeping: Creating invoices manually.
Accounting: Recording and analyzing financial transactions.

2. Expense Tracking:
Bookkeeping: Managing day-to-day expenses.
Accounting: Analyzing financial data to make strategic decisions.

3. Receipt Management:
Bookkeeping: Organizing receipts for record-keeping.
Accounting: Auditing financial records for accuracy.

4. Client Information Handling:
Bookkeeping: Collecting and updating client data.
Accounting: Preparing financial statements for reporting.

5. Expense Reimbursement:
Bookkeeping: Processing employee reimbursement requests.
Accounting: Auditing expense reports for policy adherence.

6. Financial Reports:
Bookkeeping: Generating basic financial reports.
Accounting: Creating detailed financial statements for analysis.

Bookkeeping vs Accounting Tasks

  • Classifies, tracks, and records financial transactions
  • There are no strict legal and regulatory requirements
  • Prepares financial statements
  • Does not require licensing
  • Does not violate the generally accepted accounting principles 
  • Interprets and analyzes data to give advice
  • Follows legal, conceptual, and regulatory requirements
  • Processes financial statements prepared by the bookkeepers
  • Requires a license
  • Does not violate the generally accepted accounting principles 

By incorporating Jotform into your bookkeeping processes through these methods, you can enhance efficiency, accuracy, and overall organization in managing financial information for your business. Jotform emerges as a transformative tool that bridges the gap between bookkeeping and accounting tasks. Its adaptability, user-friendly interface, and robust features empower businesses to elevate their financial processes. 

For the latest updates, tax tips, and exclusive offers, follow us on Facebook, Instagram, and Linkedin.

Shemea Broom
Owner, Sapphire Taxes & Signing Services
Phone: 205-235-2373
Email: mea@sapphiretaxnotary.com

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Year-End Tax Review And Resolutions

As the year draws to a close, we want to express our deepest gratitude for your trust and support throughout 2023. It’s been an incredible journey serving you with financial news and guidance, and we look forward to continuing our partnership in the coming year. In this final edition of our newsletter for 2023, we’ll explore the importance of a “Year-End Financial Empowerment” to help you prepare for a successful 2024.

Year-End Financial Empowerment

As the year concludes, it’s a critical time to evaluate your financial situation and take proactive steps to optimize your tax position by crossing your T’s and dotting your I’s. Here are some key actions to consider:

  1. Review Your Financial Goals: Reflect on your financial goals for the past year and assess your progress. Adjust your objectives as needed to align with your evolving priorities.
  2. Organize Financial Records: Ensure all financial documents, receipts, and records are organized and accessible. Proper record-keeping simplifies tax preparation and reduces stress.
  3. Maximize Retirement Contributions: If not done already, contribute the maximum to retirement accounts like 401(k)s or IRAs to lower taxable income and boost savings.
  4. Harvest Tax Losses: Consider selling investments with capital losses to offset capital gains. This strategy, known as tax loss harvesting, can help reduce your overall tax liability.
  5. Charitable Giving: Make any remaining charitable contributions for the year and ensure you have proper documentation for tax deductions.
  6. Health Savings Account (HSA): Contribute to your HSA if you’re eligible. HSA contributions are tax-deductible and can be used for qualified medical expenses.
  7. Maximize Education Credit: Maximizing education credits is crucial. Understand eligibility, sync with 529 plans, no income limits, and keep meticulous records.
  8. Seek Professional Guidance: Schedule a year-end tax planning session with us. We’ll help you identify opportunities to minimize your tax liability and plan for the year ahead.

Sapphire Taxes & Signing Services’ New Year Gift for Financial Success

To kickstart your financial resolutions for 2024, we’re preparing an insightful guide to help you navigate the intricacies of tax preparation in January. From maximizing deductions to smart financial planning, consider this your roadmap to a stress-free tax season. Follow us for valuable insights and tips to start the new year on the right financial footing.

Stay Connected with Sapphire Taxes & Signing Services

For the latest updates, tax tips, and exclusive offers, follow us on Facebook, Instagram, and Linkedin. We’re here to support you as you navigate the year-end and look ahead to a prosperous new year.

Thank you for entrusting Sapphire Taxes & Signing Services with your financial needs. May your holidays be filled with joy, and may the coming year bring you success, prosperity, and peace of mind.

Warmest wishes,

Shemea Broom
Owner, Sapphire Taxes & Signing Services
Phone: 205-235-2373
Email: info@sapphiretaxnotary.com

P.S. Don’t forget to check out our social media posts in January to stay abreast—it’s the perfect way to start 2024 with a solid financial plan!

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A Season For Thanksgiving: Giving Back And Tax Benefits

As the holiday season approaches, we at Sapphire Taxes & Signing Services extend our warmest greetings to you. It’s November, a time for reflection, gratitude, and giving back. In this edition of our newsletter, we’ll explore the intersection of Thanksgiving, giving, and tax benefits.

Thanksgiving: Contributing and Tax Advantages

Thanksgiving is a time to express gratitude and share with others. Did you know that your acts of generosity can also bring tax benefits? Here are some ways you can give back and potentially reduce your tax liability:

  1. Charitable Donations: Consider making charitable donations to your favorite nonprofit organizations. Donations to qualified charities are typically tax-deductible. Keep records of your contributions for tax purposes.
  2. Volunteering: While you can’t deduct the value of your time, some expenses related to volunteering may be deductible, such as mileage or supplies. Be sure to keep track of these expenses.
  3. Donor-Advised Funds: If you plan to make substantial donations, consider using a donor-advised fund (DAF). These funds allow you to make a tax-deductible contribution now and recommend grants to specific charities later.
  4. Gifting Appreciated Assets: If you have appreciated assets like stocks or real estate, donating them can provide significant tax advantages, including avoiding capital gains tax.
  5. IRA Charitable Distributions: If you’re 70½ or older, you can make qualified charitable distributions directly from your IRA, which may count towards your required minimum distribution (RMD) and be tax-free.
  6. Proper Documentation: Ensure you keep records of your charitable activities and donations, including receipts and acknowledgment letters from the organizations you support.

Plan Ahead with Sapphire Taxes & Signing Services

As you prepare to celebrate Thanksgiving and give back to your community, we encourage you to reach out to us for personalized advice on how to optimize your charitable giving for tax purposes. Our team can help you navigate the tax implications of your generosity and ensure you maximize your potential deductions.

Stay Connected with Sapphire Taxes & Signing Services

For the latest updates, tax tips, and exclusive offers, be sure to follow us on Facebook, Instagram, and LinkedIn. We’re here to support you throughout the holiday season and beyond.

Thank you for choosing Sapphire Taxes & Signing Services as your trusted tax, bookkeeping, and notary partner. We are grateful for your continued trust, and we wish you a warm and joyous Thanksgiving!


Warm regards,
Shemea Broom
Owner, Sapphire Taxes & Signing Services
Phone: 205-235-2373
Email: info@sapphiretaxnotary.com


P.S. Stay tuned for our December issue, where we’ll wrap up the year with a “Year-End Tax  Review and Resolutions” for 2024!

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Halloween Horror Stories: Tax Mistakes To Avoid

As the leaves fall and the nights grow longer, we have some bewitching tax insights and tips to share with you. Welcome to the spooktacular October 2023 edition of the Sapphire Tax Notary newsletter!

Spooky Tax Traps to Evade

This month, in the spirit of Halloween, we’re sharing some spine-chilling tax mistakes that can haunt your financial future. Avoid these terrifying traps and ensure a smoother tax season.

    1. Neglecting Record-Keeping: Don’t let disorganized financial records scare you. Keep all receipts, invoices, and tax-related documents neatly organized to ease the filing process.

    2. Missing Deadlines: Missing tax deadlines can lead to costly penalties. Mark your calendars for important dates, or let us help you stay on track. Speaking of deadlines, all filing extensions are due today!

    3. Not Reporting All Income: The IRS receives copies of your income forms, so make sure you report all your income accurately. Underreporting can lead to audits and penalties.

    4. Overlooking Deductions and Credits: Failing to claim eligible deductions and credits is like leaving treats uncollected on Halloween night. Be sure to take advantage of all the tax breaks available to you.

    5. DIY Tax Pitfalls: While DIY tax software may seem convenient, it often lacks the personal touch and expertise that a professional tax preparer can provide. We’re here to ensure you don’t miss out on deductions or credits.

    6. Forgetting to Revisit Your Financial Plan: Life changes, and so should your financial plan. Review your financial goals and adjust your strategies as needed.

    7. Sapphire Tax Notary’s Halloween Treat: Free Tax Consultations! In the spirit of giving, we’re offering free tax consultation sessions throughout October.

      Don’t let tax frights haunt you this season—schedule your consultation with Shemea Broom or one of our tax experts to address your concerns and plan ahead.

      Stay Connected with Sapphire Tax Notary. For more treats and fewer tricks, be sure to follow us on Facebook, Instagram, and Linkedin for the latest updates, tax tips, and exclusive offers.

      Thank you for entrusting Sapphire Tax Notary with your tax and notary needs. Have a spooktacular October, and remember, we’re here to help you navigate the tax maze!

      Warm regards,

      Shemea Broom
      Owner, Sapphire Tax Notary
      Phone: 205-235-2373
      Email: info@sapphiretaxnotary.com

      P.S. Stay tuned for our November issue, where we’ll dive into “Thanksgiving: Giving Back and Tax Benefits.” You won’t want to miss it.

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