SP Unique Accounting

“From the book: Mastering Your Service Business Finances”

𝗛𝗼𝘄 𝗰𝗮𝗻 𝗜 𝗿𝗲𝗱𝘂𝗰𝗲 𝗼𝘃𝗲𝗿𝗵𝗲𝗮𝗱 𝗲𝘅𝗽𝗲𝗻𝘀𝗲𝘀 𝗶𝗻 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

Reducing overhead expenses is a key strategy in managing your business finances wisely. You can enhance efficiency and financial stability by taking thoughtful steps and making informed choices. Explore the following practical measures to streamline your operation and cut costs effectively:

• 𝗔𝗻𝗮𝗹𝘆𝘇𝗲 𝘆𝗼𝘂𝗿 𝗲𝘅𝗽𝗲𝗻𝘀𝗲𝘀: Review your business expenses to identify areas where you can implement cost-saving measures. Look for unnecessary or excessive expenses that can be trimmed, and find more cost-effective alternatives.

• 𝗡𝗲𝗴𝗼𝘁𝗶𝗮𝘁𝗲 𝘄𝗶𝘁𝗵 𝘀𝘂𝗽𝗽𝗹𝗶𝗲𝗿𝘀: Build strong relationships with suppliers and regularly negotiate for better pricing terms. Explore bulk purchasing and longer-term contracts for more favorable pricing. Consider researching alternative suppliers to ensure you’re getting the best value.

• 𝗢𝗽𝘁𝗶𝗺𝗶𝘇𝗲 𝗼𝗳𝗳𝗶𝗰𝗲 𝘀𝗽𝗮𝗰𝗲 𝗼𝗿 𝗰𝗼𝗻𝘀𝗶𝗱𝗲𝗿 𝗿𝗲𝗺𝗼𝘁𝗲 𝘄𝗼𝗿𝗸: Optimize your current office space by reconfiguring layouts or utilizing shared spaces. Explore remote work arrangements to reduce rental costs and associated expenses like utilities and maintenance.

• 𝗘𝗺𝗯𝗿𝗮𝗰𝗲 𝘁𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆: Utilize digital tools and software to automate processes and streamline operations. This can help reduce the need for manual labor and associated costs.

• 𝗜𝗺𝗽𝗹𝗲𝗺𝗲𝗻𝘁 𝗲𝗻𝗲𝗿𝗴𝘆-𝘀𝗮𝘃𝗶𝗻𝗴 𝗺𝗲𝗮𝘀𝘂𝗿𝗲𝘀: Explore energy-efficient lighting, appliances, and equipment to lower utility bills. Encourage employees to conserve energy by turning off lights and computers when not in use.

• 𝗥𝗲𝘃𝗶𝗲𝘄 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗽𝗼𝗹𝗶𝗰𝗶𝗲𝘀: Regularly review your business insurance policies to ensure appropriate coverage at competitive rates. Shop around for insurance providers to find the best value for your needs.

• 𝗢𝘂𝘁𝘀𝗼𝘂𝗿𝗰𝗲 𝗻𝗼𝗻-𝗰𝗼𝗿𝗲 𝘁𝗮𝘀𝗸𝘀: Consider outsourcing tasks that are not directly related to your core business functions. This can help reduce the need for additional staff or resources while still maintaining quality. When considering outsourcing, evaluate external professional services by comparing quality, reputation, timeliness, and quotes from different providers. This ensures competitive pricing without sacrificing the quality of services. Embracing outsourcing can bring expertise and efficiency to your business, allowing you to focus on what you do best while leveraging the skills of trusted professionals.

• 𝗚𝗼 𝗽𝗮𝗽𝗲𝗿𝗹𝗲𝘀𝘀: Embrace digital documentation and communication to minimize printing and paper costs. Utilize cloud storage solutions for file storage and sharing.

• 𝗘𝘃𝗮𝗹𝘂𝗮𝘁𝗲 𝘀𝘂𝗯𝘀𝗰𝗿𝗶𝗽𝘁𝗶𝗼𝗻𝘀 𝗮𝗻𝗱 𝗺𝗲𝗺𝗯𝗲𝗿𝘀𝗵𝗶𝗽𝘀: Review your subscriptions and memberships regularly to determine their value and relevance to your business. Cancel or negotiate lower rates for those that are not essential.

• 𝗦𝗲𝗲𝗸 𝘁𝗮𝘅 𝗶𝗻𝗰𝗲𝗻𝘁𝗶𝘃𝗲𝘀 𝗮𝗻𝗱 𝗰𝗿𝗲𝗱𝗶𝘁𝘀: Research and take advantage of any tax incentives or credits available for your industry or location. Consult with a tax professional to ensure you are maximizing potential savings.

Remember, reducing overhead expenses requires careful analysis and a willingness to make changes. Regularly review your expenses, negotiate with suppliers, and seek cost-saving opportunities to optimize your business’s financial well-being and profitability.

eBook and paperback on Amazon:
https://www.amazon.com/dp/B0D8C3DL7M/

https://www.spuniqueaccounting.com/

“From the book: Mastering Your Service Business Finances”

𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 𝘀𝗼𝗺𝗲 𝘁𝗮𝘅 𝗱𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻𝘀 𝗼𝗿 𝗰𝗿𝗲𝗱𝗶𝘁𝘀 𝗮𝘃𝗮𝗶𝗹𝗮𝗯𝗹𝗲 𝗳𝗼𝗿 𝘀𝗲𝗿𝘃𝗶𝗰𝗲-𝗯𝗮𝘀𝗲𝗱 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀?

Service-based businesses may be eligible for various tax deductions and credits, including:

• 𝗛𝗼𝗺𝗲 𝗢𝗳𝗳𝗶𝗰𝗲 𝗗𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻: If you have a dedicated workspace in your home, you may be able to deduct a portion of your home expenses, such as rent or mortgage interest and utilities.

• 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀-𝗿𝗲𝗹𝗮𝘁𝗲𝗱 𝗘𝘅𝗽𝗲𝗻𝘀𝗲𝘀: Deductible expenses may include office supplies, professional development courses, marketing expenses, professional fees, travel and meals, membership dues, licensing, software and technology, etc.

• 𝗦𝗲𝗹𝗳-𝗘𝗺𝗽𝗹𝗼𝘆𝗺𝗲𝗻𝘁 𝗧𝗮𝘅 𝗗𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻: As a self-employed individual, you can deduct the employer portion of the self-employment tax, which helps reduce your overall tax liability.

• 𝗛𝗲𝗮𝗹𝘁𝗵 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗗𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻: If you pay for your own health insurance coverage, you may be able to deduct the premiums as a business expense, subject to certain criteria.

• 𝗥𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗣𝗹𝗮𝗻 𝗖𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻𝘀: Contributions made to a qualified retirement plan, such as a Simplified Employee Pension (SEP) IRA or a Solo 401(k), can be tax-deductible for business owners.

• 𝗤𝘂𝗮𝗹𝗶𝗳𝗶𝗲𝗱 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗦𝘁𝗮𝗿𝘁-𝗨𝗽 𝗘𝘅𝗽𝗲𝗻𝘀𝗲𝘀: You may be able to deduct certain start-up costs incurred when launching your business, such as market research, advertising, and professional fees.

• 𝗤𝘂𝗮𝗹𝗶𝗳𝗶𝗲𝗱 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗜𝗻𝗰𝗼𝗺𝗲 𝗗𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻: Under certain circumstances, eligible businesses can claim a deduction on their qualified business income, subject to specific IRS guidelines.

eBook and paperback on Amazon:
https://www.amazon.com/dp/B0D8C3DL7M/

https://www.spuniqueaccounting.com/

𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗮𝗻𝗱 𝗧𝗮𝘅 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝘀 𝗳𝗼𝗿 𝗛𝗲𝗮𝗹𝘁𝗵𝗰𝗮𝗿𝗲 𝗮𝗻𝗱 𝗦𝗲𝗿𝘃𝗶𝗰𝗲 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀 🌸

Running a business is demanding enough. Having to manage your bookkeeping, accounting, financial reporting, and taxes with different providers can make it even more complicated.

At SP Unique Accounting, we bring these essential financial services together in one place.

📊 𝗕𝗼𝗼𝗸𝗸𝗲𝗲𝗽𝗶𝗻𝗴 & 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 : Accurate, organized financial records and ongoing accounting support.

📈 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 & 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀: Clear financial statements, meaningful analysis, and insights to help you understand how your business is performing.

💡𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁: Helping you understand your numbers, identify trends, and make informed business decisions.

🧾𝗧𝗮𝘅 𝗣𝗿𝗲𝗽𝗮𝗿𝗮𝘁𝗶𝗼𝗻: Professional preparation of business and individual income tax returns, with attention to accuracy, deductions, and tax compliance.

Whether you are a physician, dentist, psychologist, therapist, home healthcare provider, or another healthcare professional, or you own a service-based business, SP Unique Accounting provides the accounting and tax support you need.

𝑭𝒓𝒐𝒎 𝒌𝒆𝒆𝒑𝒊𝒏𝒈 𝒚𝒐𝒖𝒓 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒓𝒆𝒄𝒐𝒓𝒅𝒔 𝒐𝒓𝒈𝒂𝒏𝒊𝒛𝒆𝒅 𝒕𝒐 𝒖𝒏𝒅𝒆𝒓𝒔𝒕𝒂𝒏𝒅𝒊𝒏𝒈 𝒚𝒐𝒖𝒓 𝒏𝒖𝒎𝒃𝒆𝒓𝒔 𝒂𝒏𝒅 𝒎𝒆𝒆𝒕𝒊𝒏𝒈 𝒚𝒐𝒖𝒓 𝒕𝒂𝒙 𝒐𝒃𝒍𝒊𝒈𝒂𝒕𝒊𝒐𝒏𝒔, 𝒘𝒆'𝒓𝒆 𝒉𝒆𝒓𝒆 𝒕𝒐 𝒔𝒖𝒑𝒑𝒐𝒓𝒕 𝒚𝒐𝒖𝒓 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝒆𝒗𝒆𝒓𝒚 𝒔𝒕𝒆𝒑 𝒐𝒇 𝒕𝒉𝒆 𝒘𝒂𝒚.

🌸 SP Unique Accounting
www.spuniqueaccounting.com

𝒀𝒐𝒖𝒓 𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝑺𝒕𝒂𝒕𝒆𝒎𝒆𝒏𝒕𝒔 𝑻𝒆𝒍𝒍 𝒂 𝑺𝒕𝒐𝒓𝒚. 𝑨𝒓𝒆 𝒀𝒐𝒖 𝑹𝒆𝒂𝒅𝒊𝒏𝒈 𝑰𝒕?

For a business owner, a Profit & Loss Statement is much more than a list of income and expenses.

It can tell you:

• Whether your revenue is actually translating into profit
• Where your costs are increasing
• Whether your margins are improving or declining
• How your expenses compare with prior periods
• How your financial performance is trending
• Where financial problems may be developing
• Whether you may need to make adjustments before year-end
• What your numbers could mean for your tax situation
This is where accounting goes beyond simply recording transactions.

Good financial management requires understanding the numbers, analyzing what they mean, identifying trends, and using that information to make informed business decisions.

As an accountant and Enrolled Agent with more than 16 years of accounting experience, I believe business owners deserve financial information they can actually understand and use.

Your financial statements shouldn't just sit in your accounting software. 𝑻𝒉𝒆𝒚 𝒔𝒉𝒐𝒖𝒍𝒅 𝒉𝒆𝒍𝒑 𝒚𝒐𝒖 𝒓𝒖𝒏 𝒚𝒐𝒖𝒓 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔.

If you want to become more confident in understanding your business finances, my book, 𝑴𝒂𝒔𝒕𝒆𝒓𝒊𝒏𝒈 𝒀𝒐𝒖𝒓 𝑺𝒆𝒓𝒗𝒊𝒄𝒆 𝑩𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝑭𝒊𝒏𝒂𝒏𝒄𝒆𝒔, was written specifically for service-based business owners.

I wanted to create a 𝒔𝒊𝒎𝒑𝒍𝒆, 𝒆𝒂𝒔𝒚-𝒕𝒐-𝒖𝒏𝒅𝒆𝒓𝒔𝒕𝒂𝒏𝒅 𝒃𝒐𝒐𝒌 𝒕𝒉𝒂𝒕 𝒄𝒂𝒏 𝒃𝒆 𝒚𝒐𝒖𝒓 𝒄𝒐𝒎𝒑𝒂𝒏𝒊𝒐𝒏 𝒇𝒓𝒐𝒎 𝒔𝒕𝒂𝒓𝒕 𝒕𝒐 𝒇𝒊𝒏𝒊𝒔𝒉, 𝒈𝒊𝒗𝒊𝒏𝒈 𝒚𝒐𝒖 𝒕𝒉𝒆 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒂𝒏𝒅 𝒂𝒄𝒄𝒐𝒖𝒏𝒕𝒊𝒏𝒈 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒚𝒐𝒖 𝒏𝒆𝒆𝒅 𝒕𝒉𝒓𝒐𝒖𝒈𝒉𝒐𝒖𝒕 𝒚𝒐𝒖𝒓 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝒋𝒐𝒖𝒓𝒏𝒆𝒚.

𝗦𝗵𝗲𝗿𝗿𝘆 𝗣𝗶𝗿𝗼𝗼𝘇, 𝗠𝗦𝗔, 𝗘𝗔 🌸
𝗦𝗣 𝗨𝗻𝗶𝗾𝘂𝗲 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴
www.spuniqueaccounting.com

Source: IRS

𝑴𝒂𝒓𝒓𝒊𝒂𝒈𝒆 𝒎𝒆𝒂𝒏𝒔 𝒎𝒂𝒌𝒊𝒏𝒈 𝒄𝒉𝒂𝒏𝒈𝒆𝒔 𝒃𝒆𝒇𝒐𝒓𝒆 𝒏𝒆𝒙𝒕 𝒇𝒊𝒍𝒊𝒏𝒈 𝒔𝒆𝒂𝒔𝒐𝒏:

Marriage is an exciting milestone, but it can also affect a couple's tax situation. Here are some simple steps after the wedding that can help make filing next year's tax return easier.

𝑹𝒆𝒑𝒐𝒓𝒕 𝒂 𝒏𝒂𝒎𝒆 𝒄𝒉𝒂𝒏𝒈𝒆:
If either person changes their name, it should be reported to the Social Security Administration prior to filing a tax return. The name on the tax return must match Social Security records to avoid processing delays.

𝑺𝒖𝒃𝒎𝒊𝒕 𝒂 𝒄𝒉𝒂𝒏𝒈𝒆 𝒐𝒇 𝒂𝒅𝒅𝒓𝒆𝒔𝒔, 𝒊𝒇 𝒏𝒆𝒆𝒅𝒆𝒅:
If either or both spouses moved to a new home, they should notify their local post office, employers, financial institutions and the IRS of any address change. Taxpayers can officially change their mailing address with the IRS by completing and submitting Form 8822, Change of Address.

𝑪𝒉𝒆𝒄𝒌 𝒕𝒂𝒙 𝒘𝒊𝒕𝒉𝒉𝒐𝒍𝒅𝒊𝒏𝒈:
Marriage may change a couple’s tax responsibilities. Newlyweds should give their employers a new Form W-4, Employee's Withholding Certificate, within 10 days. If both people work, this could move them into a higher tax bracket or they may be affected by the additional Medicare tax. The IRS Tax Withholding Estimator can be used to estimate the amount of federal income tax to withhold from their paychecks now for the taxes they will owe next year.

𝑹𝒆𝒗𝒊𝒆𝒘 𝒇𝒊𝒍𝒊𝒏𝒈 𝒔𝒕𝒂𝒕𝒖𝒔:
A taxpayer's marital status as of December 31 determines their tax filing options for the entire year. Married people can choose to file their federal income taxes jointly or separately. While filing jointly is usually more beneficial, it's best to figure the tax both ways to find out which makes the most sense.

𝑲𝒆𝒆𝒑 𝒕𝒂𝒙 𝒓𝒆𝒄𝒐𝒓𝒅𝒔 𝒕𝒐𝒈𝒆𝒕𝒉𝒆𝒓:
Combining important tax documents, such as Forms W-2, Forms 1099 and prior-year tax returns, can help make tax filing easier and ensure all income is reported.

𝑬𝒙𝒑𝒍𝒐𝒓𝒆 𝒕𝒂𝒙 𝒄𝒓𝒆𝒅𝒊𝒕𝒔 𝒂𝒏𝒅 𝒅𝒆𝒅𝒖𝒄𝒕𝒊𝒐𝒏𝒔:
Marriage may affect eligibility for certain tax credits and deductions. Couples should review available tax benefits before filing their return.

www.spuniqueaccounting.com

𝗟𝗲𝘁 𝗦𝗣 𝗨𝗻𝗶𝗾𝘂𝗲 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗛𝗲𝗹𝗽 𝗬𝗼𝘂𝗿 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗧𝗵𝗿𝗶𝘃𝗲!

𝗔𝘁𝘁𝗲𝗻𝘁𝗶𝗼𝗻 𝘀𝗺𝗮𝗹𝗹 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗼𝘄𝗻𝗲𝗿𝘀 𝗮𝗻𝗱 𝗲𝗻𝘁𝗿𝗲𝗽𝗿𝗲𝗻𝗲𝘂𝗿𝘀!
Struggling to stay on top of your finances? SP Unique Accounting specializes in helping service-based businesses with 𝒂𝒄𝒄𝒐𝒖𝒏𝒕𝒊𝒏𝒈, 𝒃𝒐𝒐𝒌𝒌𝒆𝒆𝒑𝒊𝒏𝒈, 𝒂𝒏𝒅 𝒕𝒂𝒙 𝒑𝒓𝒆𝒑𝒂𝒓𝒂𝒕𝒊𝒐𝒏—so you can focus on growing your business.

Here’s how we help:
𝗦𝘁𝗿𝗲𝗮𝗺𝗹𝗶𝗻𝗲𝗱 𝗕𝗼𝗼𝗸𝗸𝗲𝗲𝗽𝗶𝗻𝗴: Organized, accurate records without the stress.
𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁 𝗘𝘅𝗽𝗲𝗿𝘁𝗶𝘀𝗲: Clear reports to keep your business on track.
𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀 & 𝗞𝗣𝗜 𝗧𝗿𝗮𝗰𝗸𝗶𝗻𝗴: Understand your numbers, track what matters, and make confident decisions.
𝗦𝘁𝗿𝗲𝘀𝘀-𝗙𝗿𝗲𝗲 𝗧𝗮𝘅 𝗣𝗿𝗲𝗽𝗮𝗿𝗮𝘁𝗶𝗼𝗻: For service businesses and individuals—maximize deductions, meet deadlines, and avoid penalties.

Let’s Connect: Whether it’s ongoing support, a one-time cleanup, or tax prep for your business or yourself, SP Unique Accounting tailors solutions to your needs. Schedule a complimentary consultation or email us to get started.

Website: www.spuniqueaccounting.com

𝗛𝗮𝘃𝗲 𝘆𝗼𝘂𝗿 𝗯𝗼𝗼𝗸𝘀 𝗳𝗮𝗹𝗹𝗲𝗻 𝗯𝗲𝗵𝗶𝗻𝗱? 𝗛𝗮𝘃𝗲 𝗺𝗼𝗻𝘁𝗵𝘀 𝗼𝗿 𝗲𝘃𝗲𝗻 𝘆𝗲𝗮𝗿𝘀 𝗼𝗳 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀 𝗽𝗶𝗹𝗲𝗱 𝘂𝗽? 𝗬𝗼𝘂'𝗿𝗲 𝗻𝗼𝘁 𝗮𝗹𝗼𝗻𝗲.

𝐖𝐡𝐨 𝐍𝐞𝐞𝐝𝐬 𝐚 𝐂𝐥𝐞𝐚𝐧𝐮𝐩?

You may need a cleanup if your bookkeeping has fallen behind, your bank accounts, credit card accounts, loan statements, or other financial records have not been reconciled, transactions have not been properly recorded, or your financial statements are inaccurate or incomplete. Whether you are behind by a few months or several years, cleaning up your books is an important first step toward obtaining accurate financial statements, making informed business decisions, and preparing accurate tax returns.

𝐇𝐨𝐰 𝐭𝐨 𝐆𝐞𝐭 𝐑𝐞𝐚𝐝𝐲 𝐟𝐨𝐫 𝐚 𝐂𝐥𝐞𝐚𝐧𝐮𝐩 𝐖𝐡𝐢𝐥𝐞 𝐒𝐚𝐯𝐢𝐧𝐠 𝐌𝐨𝐧𝐞𝐲 𝐚𝐧𝐝 𝐓𝐢𝐦𝐞:

Before contacting your accountant, gather the following documents. Having everything ready at the beginning of the cleanup process can save days or even weeks of delays and additional costs caused by multiple follow up requests for missing information.

• "ALL" monthly statements for your bank accounts, credit card accounts, line of credit, and investment accounts for the entire cleanup period.
• Your last filed tax return.
• Your original loan documents and all monthly loan statements.
• A list of all fixed assets purchased or disposed of during the cleanup period.
• All depreciation schedules. (If you don't have them, your accountant should be able to help.)
• A list of all manual checks, including the payee and the reason for each check.
• All Forms 940 and 941 for the entire cleanup period (if applicable).
• A payroll summary report covering the cleanup period, including payroll taxes, fees, and other payroll related transactions (if applicable).
• All state sales tax filings for the cleanup period (if applicable).
• If you use third party payment processors such as PayPal, Square, or Stripe, provide a monthly transaction summary report for each account, including transactions, processing fees, refunds, returns, and taxes.

Whether you need to clean up your books, monthly bookkeeping and accounting services, or tax preparation, we are here to assist you throughout the year. Our goal is to help you maintain accurate, organized, and complete financial records, giving you reliable financial information to make informed business decisions with confidence.

Please email us with any questions, and we will be happy to respond promptly. When reaching out, please include a brief description of your needs so we can assist you more efficiently.
https://www.spuniqueaccounting.com/contact-us/

Source: IRS

𝗜𝘀 𝘁𝗵𝗮𝘁 𝗮𝗰𝘁𝗶𝘃𝗶𝘁𝘆 𝗷𝘂𝘀𝘁 𝗮 𝗵𝗼𝗯𝗯𝘆 𝗼𝗿 𝗮 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

Many people have hobbies - things they enjoy doing in their spare time - and some even make a little extra money from them. However, there’s a difference between a hobby and a business, especially how each is treated when it comes to filing taxes.
Businesses operate to make a profit while hobbies are for pleasure or recreation. Here are some common questions people should ask themselves when deciding if what they’re doing is a hobby or business. No single thing is the deciding factor.
Questions to help taxpayers decide if they have a hobby or business

• Is there an intent to make a profit?
• If the activity makes a profit, how much is it?
• Can they expect to make a future profit from the appreciation of the assets used in the activity?
• Do they depend on income from the activity for their livelihood?
• Are any losses due to circumstances beyond their control or are the losses normal for the startup phase of their type of business?
• Are operations adjusted to improve profitability?
• Is the activity carried out like a business with complete and accurate books and records kept?
• Do the taxpayers and their advisors have the knowledge needed to carry out the activity as a successful business?

Taxpayers should review all the factors to make the best decision. Regardless of the decision, if they’re paid through payment apps for goods and services during the year, they may receive an IRS Form 1099-K for those transactions. These payments are taxable income and must be reported on federal tax returns.

Additionally, if they received payment in the form of digital assets, they may also get a Form 1099-DA. Whether taxpayers have a hobby or run a business, good recordkeeping throughout the year will help when they file taxes.

𝐀𝐩𝐫𝐢𝐥 𝟏𝟓 𝐃𝐞𝐚𝐝𝐥𝐢𝐧𝐞 – 𝐈𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥, 𝐅𝐢𝐝𝐮𝐜𝐢𝐚𝐫𝐲, 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞, 𝐚𝐧𝐝 𝐄𝐱𝐞𝐦𝐩𝐭 𝐎𝐫𝐠𝐚𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐑𝐞𝐭𝐮𝐫𝐧𝐬:

Wednesday, April 15, 2026, is the deadline for filing calendar-year individual (Form 1040), fiduciary (Form 1041), corporate (Form 1120), and exempt organization trust (Form 990-T) returns. These returns must be e-filed or postmarked* by midnight local time.

𝐄𝐱𝐭𝐞𝐧𝐬𝐢𝐨𝐧𝐬:

• Form 4868 extends the filing deadline for individual returns by six months to October 15, 2026.
• Form 8868 extends the filing deadline for exempt organization trusts by six months to October 15, 2026.
• Form 7004 extends the filing deadline for corporate returns by six months to October 15, 2026 and for fiduciary returns by five and a half months to September 30, 2026.

*** For all returns, any tax due must be paid by the original due date. An extension of time to file does not extend the time to pay.

Source: IRS

𝐃𝐨𝐧’𝐭 𝐋𝐞𝐚𝐯𝐞 𝐚 𝐏𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐑𝐞𝐟𝐮𝐧𝐝 𝐨𝐧 𝐭𝐡𝐞 𝐓𝐚𝐛𝐥𝐞:

Not everyone is legally required to file a federal tax return. However, not doing it could be leaving money on the table. People could be missing out on refundable tax credits or an income tax refund. This could apply to someone if they:

• Have had federal income tax withheld from their pay
• Made estimated tax payments
• Qualify to claim refundable tax credits

𝗗𝗼𝗻’𝘁 𝗺𝗶𝘀𝘀 𝗼𝘂𝘁 𝗼𝗻 𝘃𝗮𝗹𝘂𝗮𝗯𝗹𝗲 𝘁𝗮𝘅 𝗰𝗿𝗲𝗱𝗶𝘁𝘀:

A few tax credits people can claim on a federal tax return if they’re eligible include:

• 𝗘𝗮𝗿𝗻𝗲𝗱 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 𝗖𝗿𝗲𝗱𝗶𝘁– The EITC helps low to moderate-income workers and families get a tax break. The amount of the credit may vary based on income, family size and filing. Taxpayers can use the EITC Assistant to check their eligibility.

• 𝗖𝗵𝗶𝗹𝗱 𝗧𝗮𝘅 𝗖𝗿𝗲𝗱𝗶𝘁 – Taxpayers with a qualifying child may be eligible to claim up to $2,200 per qualifying child with the CTC. The Additional Child Tax Credit is a refundable portion of the CTC. For 2025, up to $1,700 per qualifying child may be refundable.

• 𝗖𝗿𝗲𝗱𝗶𝘁 𝗳𝗼𝗿 𝗢𝘁𝗵𝗲𝗿 𝗗𝗲𝗽𝗲𝗻𝗱𝗲𝗻𝘁𝘀 – Taxpayers who don’t qualify for the Child Tax Credit may qualify for the Credit for Other Dependents. This includes people who have:
o Dependent children who are age 18 or older at the end of 2025
o Parents or other qualifying individuals they support

• 𝗔𝗱𝗼𝗽𝘁𝗶𝗼𝗻 𝗧𝗮𝘅 𝗖𝗿𝗲𝗱𝗶𝘁 – This credit now partially refundable and is available to taxpayers who finalized an adoption in 2025 or started the adoption process before 2025. The maximum amount, for 2025, is $17,280 per eligible child. The refundable amount is up to $5,000 per qualifying child. However, any nonrefundable amount carried forward can’t be used to calculate a refundable portion for future tax years.

• 𝗘𝗱𝘂𝗰𝗮𝘁𝗶𝗼𝗻 𝗰𝗿𝗲𝗱𝗶𝘁𝘀 – The American Opportunity Tax Credit is for qualified education expenses for the first four years of higher education. The Lifetime Learning Credit is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution.

𝗚𝗲𝘁 𝗵𝗲𝗹𝗽 𝗱𝗲𝗰𝗶𝗱𝗶𝗻𝗴 𝘄𝗵𝗲𝘁𝗵𝗲𝗿 𝘁𝗼 𝗳𝗶𝗹𝗲:
The Interactive Tax Assistant provides answers to many common tax law questions based on an individual's specific circumstances. It can help someone decide whether they should file a tax return and if they're eligible for many common tax credits.