Tyra Jacklene

Having a home based business and leveraging business and credit business income, combined with my knowledge of real estate, the insurance field and working for the Alphabet Boyz…. Yes I’m a bad mama jamma!

Business Tip

Get an LLC (limited liability company) come up with a name for company
•Open a business bank account with your bank. Attach it to that LLC
•Choose a room inside of your home as an office.
*A brick and mortar business (like McDonald’s) get tax deductions on the expenses for the building they occupy SO WHY NOT USE YOUR HOME AS A HOME BASED BUSINESS*
•KEEP RECORD OF EVERYTHING (income + expenses)
-A PORTION of Your bills you pay ANYWAY will become tax deductible, depending on what size of the room you use as an office.

CONSULT WITH YOUR CPA OR TAX PREPARER (hopefully me)!

Example:
The living room is your office.
It makes up 30% of your entire home.
Your rent is $1000.
30% of that $1000 = $300.
$300 x 12 (months) = $3,600
$3,600 will be deducted from your taxable income when you file taxes

Include: electric bill, water bill, cable/internet, cellphone, mortgage (the interest), car maintenance, miles driven in that car, materials for your business, advertising, etc

Tax Season is almost here 🤗

Get with HR & change your W4 NOW‼️ I used to school people on this all of the time when I worked for the IRS!

You still have a few months to get federal withholding taken out of your pay check !

Working all year only to find out that you did not pay enough in taxes 😬 you’re going to end up owing taxes or a very low refund unfortunately.

I know there are a lot of you who claimed exempt or higher exemptions the first 6 months of the year. Just Don’t forget to change those w4’s!

Either log in into your employee portal or speak with your Human Resource Department. Request a change to your w4! Don’t make the mistake of filling exempt all year and risk owing back taxes.

If you’ve filed exempt all year, I’d highly suggest claiming ZERO exemptions to decrease the AINT of taxes that will be owed due to deficiencies.

Hello meet box 2!
Box 2 determines a lot!
Box 2 comes From a W4!(your federal tax withholdings)

Remember this... if you did not add anything to Box 2 , there will be no federal taxes to refund you.

You can take additional amount as well ! I recommend taking an additional $50 at least out of each check to put to your federal !

Don’t be surprised, Be Prepared! Never owe because you didn’t claim the correct exemptions on your W4 &/or State Forms!

Make those changes now so you’ll be okay for the new tax year ‼️

Need a tax preparer that’s going to give you the ins and outs? Text “taxes” to 844-243-4901

Business owners…if you use Venmo or personal cashapp for business (although you shouldn’t use these as business merchants) you may receive a 1099K if you’ve received payments over $600. You must make sure the dollar amounts go on the appropriate part of your tax return. If the transactions are personal aka gifts, it goes on a different part of the tax return and not on the Schedule C, for example. This is done if the company does not sends you a corrected 1099K when you request. This may lead to also doing an amended return.

Who needs a free Ebook of credit tips? Inbox me!

I’ve committed to spreading financial literacy in 2023! 💪🏾

I have a private group where we are sharing budgeting, savings, credit and financial tips and secrets. Who wants to be added⁉️

Send me an inbox message!

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