Welcome to the last week of April, I hope you had a productive meeting with your Tax Preparer/Accountant about your 1st quarter financials and you created a Tax Plan for 2022. If you haven’t there is still time to get it done. Although it is...
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Taxes
As we are wrapping up the 2021 tax season, this is the phase of tax season that we (tax preparers) see clients that owe money to the IRS. There are many different reasons why you the taxpayer owes money to the IRS: either not having enough withheld...
Now that you have created the correct corporation for you and your business, now what? Make sure that you or someone is taking care of your Bookkeeping every month. (https://pinabiz.com/how-to-keep-your-books-up-to-date) Review your Financials on...
What Kind of Tax Entity is my business? You started your own business, you became a realtor, or you are being paid as a contractor. Someone at the water cooler tells you that you should start an LLC for your business. Unfraternally that...
We understand that there are many options to file your tax return. There are the online software’s, were you answer questions, put your information in send it off. They have they cool trackers as you put each information in, it will...
Due Dates The IRS has many due dates during tax season. For the 2021 tax season, the IRS started accepting tax returns on January 24, 2022. This is the date that they open up the e-file system and start processing tax returns. W2’s and...
Why File Now If You Know You Are Going To Owe: I always tell my clients, you can file your tax return at any time, and still pay later (April 18, 2022). It is better to understand how much you owe and why you owe early on, so you have...
The Process of Getting Your Taxes Done with Us: This tax season marks my 18th year of preparing tax returns. 15 years have been on my own and 3 years with a big box company. I’m honestly glad I started...
Advance Child Tax Credit has been an interesting topic this year. To get or not to get it, that was the question. Or were you even able to opt-out? As, many people had issues with the IRS website, and just gave up. They increased the Child Tax Credit...
Now that we are in the fourth quarter of 2021, this is your last chance to make any adjustments to your tax liability and tax credits before you file your tax return. Here are some reasons to meet with a Tax Professional to get some...
This last Planning blog is not part of the year end planning session, but more of a once a quarter thing, that you should be doing with your accountant and still just as important as the end of the year planning. Tax Planning should be done...
Bookkeeper, accountant, and CPA what is the difference? Many times, when people will associate all three with as the same job, but when you dig down deeper there is an obvious difference. So, let’s see what the difference is between the three!...
Planning
Welcome to the last week of April, I hope you had a productive meeting with your Tax Preparer/Accountant about your 1st quarter financials and you created a Tax Plan for 2022. If you haven’t there is still time to get it done. Although it is...
As we are wrapping up the 2021 tax season, this is the phase of tax season that we (tax preparers) see clients that owe money to the IRS. There are many different reasons why you the taxpayer owes money to the IRS: either not having enough withheld...
Now that you have created the correct corporation for you and your business, now what? Make sure that you or someone is taking care of your Bookkeeping every month. (https://pinabiz.com/how-to-keep-your-books-up-to-date) Review your Financials on...
What Kind of Tax Entity is my business? You started your own business, you became a realtor, or you are being paid as a contractor. Someone at the water cooler tells you that you should start an LLC for your business. Unfraternally that...
Last week I talked about finding people to help keep you accountable. Now that you have those people there, what do you share with them? Here is where a Business Coach will come in: They will want to know your Vision for your business. Where do...
As we come to the end of the 1st quarter of 2022, it is important to review your planner. Look over your notes that you made. Make sure everything got done, and what didn’t get done, make sure to carry it over to the 2nd quarter. If you have...
To stay ahead of the eight ball, you need to be prepared and always evaluating. We have talked about a getaway, this week I’m going to go over some key components that should be looked at during your getaway. So, you are ready to have that...
Get out of your office or your storefront. Go to and learn from other people outside of your community. There are a ton of different conferences that are put on every year all over the United States. A number of years ago, I got connected with a...
Being a business owner can be a lonely journey. A road where you don’t have to answer to anyone (depending on the type of business you have), give reports/updates to, or be accountable to. You dictate the hours of operations, which jobs you want...
Did you make any New Year’s Resolutions? What was it? Lose some weight, pay off debt, start a business, travel more? A New Year, a fresh start. Goodbye 2021! Let’s take 2022 by the horns and accomplish greatness! But how do we do that?...
What kind of mindset do you have for your business? Are you excited for 2022 and what is to come? Are you scared, and unsure of 2022? Your mindset is going to set your tone and drive your success or failure. Do you have people in your corner to help...
What does the third 7-year cycle look like for Piña Business Services, Inc.? So, I've spent the past two years building a team that frees up my time to offer the following support to give back more to my community and support other...
This week’s blog I will give a brief description of Tax Planning and Profit First Coaching, as I have done previous blogs about these two before and I don’t want to bore you. 7 years can be communicated a sense of...
In a couple of months, we are going to be celebrating our 15th anniversary of Piña Business Services, Inc. I have been blessed to meet and provide a service for so many people across the United States. Starting the business on February 14,...
Some new tax changes to 2021: Standard Deduction Increased: Single and Married Filed Separately: $12,550 Married Filed Jointly and Qualified Widow(er): $25,100 Head of Household: $18,800 Age 65 or older and/or blind MFJ,...
Now that we are in the fourth quarter of 2021, this is your last chance to make any adjustments to your tax liability and tax credits before you file your tax return. Here are some reasons to meet with a Tax Professional to get some...
This week we are going over budgets. Not everyone’s favorite subject, but one of mine! Budging a very key point to the second half of step one and super crucial for step 2 of our list this month. A quick reminder of the steps: 1. ...
As promised, this week we are going to go talk about steps 1 & 3 in more detail: A quick reminder of the steps: I look at my current year and ask myself, Did I reach my goals? Was I on track with my budget? I create my personal...
When I started my business back in 2007, my business coach was all about planning and making goals. When I moved to Wyoming, my new business coach was all about…. surprise surprise…. planning and goals, coincidence I think not!! My point...
People like to think they know how much they have in their bank account. Or they think they know if their can spend money or not. You’ll be surprised of how many times I hear, “Why do I need to review my financials monthly? Do the...
Accounting
This last Planning blog is not part of the year end planning session, but more of a once a quarter thing, that you should be doing with your accountant and still just as important as the end of the year planning. Tax Planning should be done...
How to keep your Books up to date? First you need to remember the old saying: Time is money! So, what is your time worth to you? If you are spending more than 5+ hours a month on your bookkeeping, than you might want to hire someone to take care of...
Bookkeeping seems like a easy thing to do, but here are few mistakes that are pretty common when it comes to bookkeeping. Mistake #1: Not Performing Basic Account Reconciliation *Reconciling your business's books with your business bank...
Bookkeeper, accountant, and CPA what is the difference? Many times, when people will associate all three with as the same job, but when you dig down deeper there is an obvious difference. So, let’s see what the difference is between the three!...
People like to think they know how much they have in their bank account. Or they think they know if their can spend money or not. You’ll be surprised of how many times I hear, “Why do I need to review my financials monthly? Do the...
What are financial Statements? Financial statements are written records that convey the business activities and the financial performance of a company. Financial statements are often audited by government agencies, accountants, firms, etc. to...
Who likes to carry debt? Sure, we all use credit cards and have some loans out there but, wouldn't it be nice to not have to worry about those things? About 15 years ago, I heard of a system called the “Snowball Effect”...
by Gabriel J. Piña COVID-19 has changed a lot of things about the world and how businesses operate. One week we are working a full 40+ hours, the next week the Government has shut everything down. While uncertainty and...
Profit First
Now that you understand why you need 5 bank accounts, let me tell you why you need two additional accounts at a second bank. Here is the thought process behind the second bank: At the second bank you will open 2 accounts: The first one is...
5 bank accounts???? Are you serious??? Well, actually, Mike (author of Profit First) wants you to open up 7 bank accounts. 5 accounts at one bank, and 2 other accounts at ANOTHER bank. I know that sounds crazy but bare with me. ...
Now that you are ready to get started and implement Profit First into your business. Your first step is to meet with a Profit First Professional (PFP). During this meeting your PFP will need your current and last years Financials (Income Statement,...
Profit First was first published in 2014 by Mike Michalowicz. This was a year of a lot of changes for Piña Business Services and myself. In June of 2014 I packed up my office and family and moved from East County of San Diego to Cheyenne,...
Profit First was written by Mike Michalowicz in 2014. A book to help end entrepreneurial poverty. By taking a different look at your Income Statement: Sales – Expenses = Profit to Sales – Profit = Expenses. Yes, that is right, pay yourself...
Why do business owners always take the leftovers? What if I told you: “You should pay yourself first!” and, “It’s okay to profit from your business. Actually, it is preferred to have a profit in your business.”...
Budget
Credit Card debt can be the death of people, as we continue to max out the cards, and the credit card company increasing the limit, it can be a vicious cycle! Honest question – How much Credit Card debt did you add during the...
This week we are going over budgets. Not everyone’s favorite subject, but one of mine! Budging a very key point to the second half of step one and super crucial for step 2 of our list this month. A quick reminder of the steps: 1. ...
Wait a second, first we meet monthly to go over the financials, now you want to add a quarterly meeting? Not necessarily, what I’m saying is during your monthly meeting you should also be reviewing your budget and tax plan. ...
