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J.T. Pells | CPA

@pellscpa

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This video got millions of views talking about a boring accounting topic

Follow @petervndr

#Accounting #cpa #taxstrategy

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We would like to welcome all of our NEW members from September 2024!

Welcome to the Waukee Area Chamber of Commerce!

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Many athletes end up broke by purchasing extravagant homes for their parents, only to struggle with upkeep costs.

Pro Tip: Instead of splurging on a costly house, consider investing two million dollars in a safe index fund like VOO. With potential earnings of 5-10% per year, this investment can generate $100,000 to $200,000 annually.

This way, parents can enjoy substantial income, and you can secure financial stability. Sounds like a win-win, right?

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Have you ever wondered why high-paid athletes still feel the money crunch? Despite signing multi-million dollar contracts, they only keep about half of their paycheck due to taxes.

Every game is a new tax obligation. Whether it’s a day in New York, California, or any other state, their earnings are taxed locally.

Big earnings come with big taxes!

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When dealing with divorce and taxes, coordination is key. Your tax advisor and divorce lawyer should work together seamlessly. Keep yourself in the loop to avoid any surprises. Communication and teamwork can make a tough situation like divorce more manageable.

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Did you know stay-at-home parents getting divorced can potentially benefit from the Earned Income Credit?

- Claiming dependents might qualify you for significant financial support.

- This credit can range from $500 to $9,000! 💰

It’s so important to be aware of these options so you don’t miss out on what you rightfully deserve.

#FinancialTips #EarnedIncomeCredit #DivorceSupport #StayAtHomeMom #ChildSupport #FinancialPlanning

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You CAN maximize your finances in a divorce.

- Tax-free income vs. taxable: One leaves you happy, the other... not so much.
- Consult a divorce attorney: They offer insights beyond just tax credits.

In divorce, every detail counts. Don’t leave money on the table.

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Divorce significantly impacts finances, but it’s rarely discussed. Changes in laws since 2018 have further complicated matters.

🔑Key points:🔑
- Divorce often sees one spouse earning more than the other.
- Males statistically earn about twice as much as females.
- Child support is not tax deductible for the payer and not taxable for the receiver.

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Did you know that for every child you have, you get a $2,000 tax credit?

That’s…
- $2,000 credit for each dependent child.
- Do you have twins? Then double the credit!
- More savings to invest elsewhere, like your retirement.

Smart financial decisions can make all the difference. Let’s make the most of it!

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Business meals are only 50% deductible, but here’s how to make sure you get the most out of it:

1. Bring a Friend: If you’re dining alone, that meal isn’t deductible. Take someone out for business to make it count.
2. Proof Matters: Keep detailed receipts showing multiple meals.

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Do you go out to restaurants for business meetings?

Here are four things to keep track of:

1. Copy of the receipt.
2. Time and date from the receipt.
3. Itemized list of food purchased.
4. A short, clear description of the meeting, (“Business meeting with partner to discuss new business.”)

Capture these details with a picture from your phone and you’re all set!

Keep it simple and organized!

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Keeping good records is key! Here are a few quick tips to do that:

*Always get receipts or contracts for purchases.
*Use your business credit/debit card.
*Snap a photo of the receipt.
*Write a brief description (“office supplies for employee”).

These simple habits will make sure you have proof for the IRS.

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