In this conversation, Roquel, Esther, and Shalonda discuss various aspects of tax deductions, credits, and financial organization. They highlight commonly overlooked deductions such as business use of homes and depreciation of vehicles used for business purposes. They also discuss the importance of organizing financial documents throughout the year and recommend using tools like Excel or QuickBooks. The conversation covers how life circumstances like marriage, childbirth, or buying a home can impact tax obligations and benefits. They emphasize the need for solopreneurs and freelancers to be aware of quarterly estimated tax payments. The conversation also addresses common misconceptions about tax filings and the risk of overpaying taxes. Shalonda provides insights into the differences between tax preparers, accountants, and CPAs, and emphasizes the importance of vetting tax professionals. She also highlights the educational aspect of her services, where she educates her clients on tax matters and helps them understand the why behind their tax situations.Takeaways
Commonly overlooked tax deductions include business use of homes and depreciation of vehicles used for business purposes.
Organizing financial documents throughout the year is crucial to avoid rushing during tax season. Tools like Excel or QuickBooks can be helpful for budgeting and expense tracking.
Life circumstances such as marriage, childbirth, or buying a home can impact tax obligations and benefits, including higher deductions and credits.
Solopreneurs and freelancers should be aware of quarterly estimated tax payments to avoid double taxation at the end of the year.
Misconceptions about tax filings can lead to costly mistakes. It's important to understand that deductions must be necessary and ordinary within the business.
Vetting tax professionals is essential to ensure accurate and reliable tax preparation. Referrals, education, and the use of professional tax systems are important factors to consider.
Education and personalized tax planning are distinguishing factors in Shalonda's services. She educates her clients and helps them understand their tax situations.
It's important to recalibrate tax withholding throughout the year to ensure enough taxes are being withheld and avoid owing a large amount at tax time.
To contact Shalonda, individuals can visit the TaxSense website and use the booking link or inquiry form.01:37 Overlooked Tax Deductions and Credits
04:06 Impact of Life Circumstances on Taxes
05:37 Tax Considerations for Solopreneurs and Freelancers
06:09 Common Misconceptions about Tax Filings
08:19 Importance of Using a Qualified Tax Preparer
09:49 Timing of Filing Taxes
10:38 Tax Considerations for Solopreneurs and 1099s
11:18 Risk of Overpaying Taxes
12:55 Consequences of Not Filing Taxes
14:25 Differentiating Tax Preparers, Accountants, and CPAs
15:08 Services Provided by TaxSense
18:06 Value of Education and Planning
