Shantel Williams, popularly known as the “Sassy Accountant,” is making her name as a woman to listen to on how you need to spend, save and invest your money. Boasting 15 years of professional finance experience, Williams is the helmsman of The Firm ALP. Her extensive knowledge covers various accounting domains, including intricate small business taxation, payroll management, individual tax return preparation, and IRS resolutions.
With credentials across 50 states, Williams’ expertise enables her to assist clients beyond her office in downtown Orlando, Florida. She is dedicated to helping individuals and small business owners effectively navigate the intricate world of financial matters.
Here are four valuable insights and strategies, according to Williams, that could assist individuals, small business owners, and investors in maximizing their benefits from this tax season.
Proper Documentation
Managing investments can be a complex task, but it can be simplified by utilizing project management tools that offer precise information to accountants. She emphasizes the significance of regularly scanning and uploading receipts, bills, and documents throughout the year. It is imperative to always prioritize tax-related paperwork and never neglect its importance.
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“If you’re an investor, you should be keeping every single receipt, and saving every document,” says Williams.
Keep records
With the rise of Fintech startups, transferring funds globally has become more convenient, leading to increased adoption of these innovative applications. Nevertheless, it is crucial to acknowledge that these transactions can impact your tax obligations. Hence, to prevent any complexities during the tax filing process, it is imperative to meticulously keep records and be prepared to elucidate all monetary activities.
“Being conscious about how you move money from one account to another and tracking electronic transfers is crucial,” warns Williams.
Seek expert help
Feel free to explore various accounting services to secure the most advantageous arrangement. Engaging a specialized accountant can offer more personalized guidance. Williams emphasizes the significance of collaborating with professionals with skills in your industry or business, acknowledging that “Every business is structured very differently.”
“For a small business owner, investing in an accountant or CPA will save more money than using a tax preparation company or doing it on your own,” Williams advises.
Multiple incomes
It is crucial to avoid the common mistake of relying solely on one source of income. Williams suggests considering various potential gig opportunities and side jobs such as cake baking or providing services without a formal business setup, which one can claim on taxes.
“Individuals should have something that allows them to file a Schedule C on their tax return,” says Williams. “A lot of people leave money on the table when it comes to the IRS because all they have is W-2 income.”
