As tax season approaches, the quest to optimize returns and minimize liabilities becomes a priority for individuals and small business owners alike.
Leading the charge in providing valuable insights and strategies is Shantel Williams, affectionately known as the Sassy Accountant, and the driving force behind The Firm ALP.
According to Black Enterprise, Williams has over 15 years of experience and licenses spanning the United States and offers her expertise to help navigate the intricate landscape of taxation.
In an exclusive interview with Black Enterprise, Williams shares crucial tips to empower everyone—from individuals to small business owners and investors—to make the most of the upcoming tax season.
Overlooked Deductions for Individuals
Williams points out a common mistake individuals make by solely relying on W-2 income. She encourages individuals to explore additional streams of reporting income, suggesting activities like freelance gigs or providing services without a formal business structure, which can be claimed on taxes.
Small Business Owners: Invest in an Accountant
For small business owners, Williams emphasizes the value of investing in an accountant or CPA. She contends that working with professionals specializing in the specific industry or business structure can result in more significant savings compared to using tax preparation companies or handling taxes independently.
Stay Informed About Tax Law Changes
Williams cautions against overlooking the impact of money transfers through platforms like Zelle and Cash App on taxes. Being conscious of how money moves between accounts and diligently tracking electronic transfers is crucial to avoid complications during tax filing.
Managing Investments: Document Everything
Managing investments can be streamlined by leveraging project management tools to provide accountants with accurate information. Williams stresses the importance of meticulous documentation, advising investors to keep every receipt and save all relevant documents for tax purposes.
Homeowners: Leverage Tax Breaks
Homeownership can be a strategic move for building wealth and saving on taxes. Williams highlights eligible breaks such as mortgage interest, property taxes, and home improvements. She suggests exploring programs for incentives, like solar panels, and encourages homeowners to retain all receipts and documentation to maximize available tax breaks.
These Are Williams’ Top 3 Tips for A Smooth Tax Season
- Document Everything: Regularly scan and upload receipts, bills, and documents throughout the year.
- Shop Around for an Accountant: Explore different accounting services to find the best fit for tailored advice.
- Avoid DIY Software: Exercise caution with generic tax software and consider investing in a knowledgeable accountant for optimized returns.
As tax season unfolds, Shantel Williams’ guidance should serve as a roadmap for individuals, small business owners, and investors, ensuring they navigate the intricacies of tax preparation with confidence and maximize available deductions and credits.
