EMPOWERING THROUGH EDUCATION
Our Offerings Encompass Tax Planning, Wealth Management, Business Solutions, Credit Assistance, and More
Building Trust Through Excellence in Financial Guidance
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OUR VISION
To ignite and affect change in the community by providing impactful financial services.
OUR MISSION
Our mission is to educate clients regarding financial opportunities, empowering them to invest soundly and wisely in their financial future. Driven to bridge the financial disparity among social classes, we strive to instill confidence so clients can be optimistic and have a true path to financial freedom.
FAQs
To view the status of your refund, click the link below!
Personal Information
- Social Security Number or Individual tax ID number (ITIN) for you and anyone else on your return.
- Bank account and routing numbers to get a refund or pay by direct deposit
- Your adjusted gross income (AGI) and exact refund amount from your last tax return
- Your name on record with the Social Security Administration (SSA)
- Your current address
- If you were a victim of identity theft, your IP PIN
Income Documents
- Paycheck stubs
- Statements from banks, payment apps or online marketplaces
- Checks paid to you
- Records of digital asset transactions
- Unemployment compensation
Forms W-2, 1099 or other information returns
- Forms W-2 or a corrected W-2 show your wages from employers.
- Form W-2G for lottery and gambling winnings
- Forms 1099 show other types of income. The most common are:
- Form 1099-K for payments from payment cards and online marketplaces
- Form 1099-G for government payments such as unemployment benefits
- Form 1099-INT from banks and brokers showing interest you received
- Form 1099-DIV for dividends and distributions paid to you
- Form 1099-NEC for freelance and independent contractor work in the gig economy
- Form 1099-R for retirement plan distributions or pensions or annuities
- Form SSA-1099 for Social Security benefits
- Form 1099-MISC for other miscellaneous income
- Form 1095-A, Health Insurance Marketplace Statement
Documents for credits or deductions
- Childcare or dependent care expenses
- Home mortgage and property tax records
- Donations to charity
- Health savings account or flexible spending account contributions
- Healthcare expenses
- Retirement contributions
- If you're a student or teacher, receipts for books, tuition and other education expenses
Documents from side jobs and self-employment
- Statements from banks, payment apps, card processors or online marketplaces
- Checks paid to you
- Receipts and mileage logs for travel, gift and car expenses
- Records of deductible office expenses
- Estimated tax payments
- Other business income and expense records
Need more information? https://www.irs.gov/filing/gather-your-documents
The IRS lists five different types of business taxes, as indicated below. Not all business owners will have to pay every type of business tax, though! The business taxes you pay will depend on the type of business you run.
Income Tax:
Since you operate a business, you will need to file an income tax return on behalf of your business. In this case, the business’ “income” is the profit it has accrued throughout the year. As a business owner, you must pay taxes on that profit. You can subtract any deductible expenses first, though! The level at which the tax liability rests and how income tax is assessed depends upon the type of business you operate (sole proprietorship, single member LLC, partnership, S Corporation, or C Corporation).
Estimated Tax:
Employees have money withheld from each of their paychecks for tax purposes. But if you’re a business owner, you’ll have to pay regular income taxes throughout the year. To do this, you’ll file an estimated tax form at quarterly intervals. This form will account for both business and personal income, as well as self-employment taxes.
Self-Employment Tax:
Do you earn more than $400 per year by working for yourself? If so, then you may have to pay a self-employment tax. This tax goes toward your social security and Medicare coverage.
Employment Taxes:
If you have employees, you’ll need to pay certain employment taxes. These include Social Security and Medicare taxes, half of which you withhold from your employees’ paychecks and the other half of which you pay as the employer. These taxes also include federal unemployment taxes, which you must pay yourself.
Excise Tax:
If you professionally gamble or sell products like fuel, cigarettes, or alcohol, you may have to pay excise taxes.
Additionally, some states may require business owners to pay sales tax, property tax, litter tax, tire tax, gross receipts tax, franchise taxes or dividend tax. Again, the taxes you owe will depend on the type of business you own and the state of your business license.
https://www.irs.gov/businesses/small-businesses-self-employed/business-taxes
Many small and mid-sized businesses fail to adequately measure and manage their finances, even though poor financial management is a major cause of business failure. If you don’t have good financial practices in place, your business could suffer in a number of ways.:
- Lost revenue
- Insufficient tax planning
- Penalties and fines
Contact us for assistance in mitigating financial lose.
If someone depends on you financially, you are most likely someone who needs life insurance.
Life insurance provides cash to your family or loved ones after your death. This cash, known as the death benefit, replaces your income and the many non-paid ways you support your household. Your family can use this cash to pay for expenses like funeral costs, a mortgage, college tuition and more.
Just a few examples of people who often answer “yes” to the question of “Should I get life insurance?” include:
Married or partnered couples
Many partners find it difficult to make ends meet without the other earner’s income in the picture.
Married or partnered couples with kids
In addition to losing one partner’s income, the surviving parent may have to pay for childcare and more without the other parent around to pitch in.
Single parents
As the sole income earner for your family, you’ll want to think about how to replace your child’s only source of financial support.
Stay-at-home parents
From cooking meals to shuttling kids to school to helping with homework, stay-at-home parents perform many critical responsibilities that would be costly to outsource.
Empty nesters
Many surviving partners would not be able to maintain the lifestyle they worked so hard to achieve without life insurance.
Retirees
Depending on the size of your estate, your heirs could be hit with an estate-tax rate of up to 45%. Fortunately, cash from a life insurance policy gives heirs access to tax-free money to pay for immediate costs and more.
Business owners
Life insurance can help your business in many ways if you, a fellow owner or a key employee were to pass away.
Your ability to earn a living is your most important asset. And one of the best ways to protect it is with disability insurance. Think of it as insurance for your paycheck. Disability insurance provides you with a percentage of your income if an illness or injury prevents you from working and earning a living. You don’t hesitate to insure your home, car and phone, so why wouldn’t you also protect what pays for all those things—your paycheck.
Long-term care insurance steps in if you develop a health condition that requires you to receive care and supervision. This could mean home health care, nursing home care or personal or adult day care. Many people mistakenly believe that Medicare or Medicaid would cover their care expenses, but this is often not the case. Without long-term care insurance in place, you may burn through your life savings or have no choice but to rely on a family member for care. Long-term care insurance is worth it because it protects your assets, spares your family from financial and emotional stress, and puts you in control of your health decisions.
