Chyna Scott Accounting Services LLC

Are you getting hit with a six-figure tax bill after the best year in your business?
We need to talk. In March, your tax bill should not come as a surprise or catch you off guard.

Comment “PLAN” if you’re ready to have a tax plan, so this isn’t your March and you’re prepared for whatever the IRS throws you way.

Your tax return starts with accurate financial records.

Before you worry about deductions and tax forms, make sure your books are:

* Categorized correctly
* Reconciled
* Up to date
* Supported by documentation
* Reflecting your actual business activity

Paying yourself is one thing. Paying yourself the right way is another. S
One of the biggest mistakes business owners make is transferring money to themselves without considering the tax impact.
Before you start moving money from your business account to your personal account, you should understand:
✔️How your business is taxed
✔️Whether you're taking an owner's draw, distributions, or payroll
✔️How much you should be setting aside for taxes
✔️Whether you need to make quarterly estimated tax payments
✔️ How much cash your business actually needs to keep

The transfer hitting your personal account might feel like a paycheck, but that doesn't necessarily mean taxes were withheld from it.
And finding that out in April? 😬Not the surprise we want.
Your business should have a plan for how you get paid AND how you prepare for the taxes that come with it.
Comment PLAN if you're ready to have a plan to pay yourself without owing the IRS in April.

Chyna Scott

MYTH: "You don't need bookkeeping if your business is small."

I offer bookkeeping support for all stages of business. Whether you're a solopreneur and interested in DIY bookkeeping or a multi-six figure business owner who needs full-cycle bookkeeping, Chyna Scott Accounting Services LLC is here to support.

* Comment "BOOKKEEPING" if you want to learn more about keeping your business finances organized.

Running a business is so much more than just doing the work. You still have to make time for the clients, the bookkeeping, the marketing, the content, the planning, and still have a life.

So here’s today’s reminder:
Don’t just make goals. Put them on the calendar.
Work with us for your bookkeeping, it’s already on our calendar 😉

What are you working on this week?

P.S. The link is for a free inital consultation to discuss your needs and if l am a fit to be in your business corner.

Did you know that some education expenses might be tax deductible if they help you maintain or improve the skills you use in your current business?
If you're a business owner or content creator, qualifying expenses may include:
☑️Industry conferences
☑️Professional workshops
☑️Online courses
☑️ Business coaching
☑️Webinars
☑️Professional certifications
☑️Books and education materials related to your business

🚨 Myth: “You need to be rich to start investing.”

Nope! You don’t need thousands of dollars sitting in your bank account to start learning about and participating in investing.

You can start with an amount that fits your budget—even $10, $25, or $50 at a time.

For example, investing $25 a week would be $1,300 over a year. And when you invest consistently, your money has the potential to grow over time through compounding.

The goal isn’t to wait until you’re rich to invest.

The goal is to build the habit of investing while you’re building your wealth. 💰

Save this for your next Money Myth Monday and follow for more financial tips!

POV: You’re studying for the SEE AND CPA REG 👀📚

Did you know there’s actually a LOT of overlap between the Enrolled Agent (SEE) exam and CPA REG?

Here are some topics that overlap:

📌 Individual income tax
📌 Filing statuses & dependents
📌 Deductions & credits
📌 Capital gains & losses
📌 Basis
📌 Retirement accounts & RMDs
📌 Taxable Social Security
📌 Self-employment tax
📌 Estimated taxes
📌 Property transactions
📌 Rental income
📌 Depreciation
📌 Gift & estate tax
📌 IRS procedures & penalties
📌 Taxpayer representation

The BIG difference?

SEE Part 1 = heavily focused on individuals

CPA REG = individuals + businesses + property + business law + ethics

So if you’re studying for the SEE, you may already built a foundation for REG. 👏🏾

Study smarter, not harder! 📚💻

Save this if you’re studying for the EA or CPA exams! ✨

Introduced myself on TikTok, why not here? 🤷🏾‍♀️