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September 2021

Hello! In each month's issue, we will share and update our clients and community on various things going on at HBS and things that may impact you.

We hope you enjoy!

Message from the CEO!

The world is still evolving, and things are still uncertain. However, do not let the chaos and madness around you deter you from reaching your goals. Plans may change and things will require you to be flexible, but keeping a clear mindset is key. Thus, you are having to do something that was constantly told to me throughout my life, "adapt, improvise, and overcome!"  
 
As the CEO of this firm, I have also been in the same boat as many other small business owners throughout this pandemic. How do you "adapt, improvise, and overcome" under so many restrictions and changes? You must adapt to the new way of life and business. Thus, you  

  • start looking over your internal systems, and develop efficient systems for financial organization and management; 

  • review your financials to see exactly what are your revenue sources and identify expenses and what can be cut; 

  • develop new strategies for reaching your target audience and market, and most importantly; 

  • take it one day at a time. Each day is an opportunity and a gift for you to be presently productive! 

Next, you improvise. Most of us have never lived during a pandemic, let alone, tried to operate a business during one. So everything you may try to implement while adapting you may have to change spontaneously and several times. That is improvising. I know for my firm, there has been a lot of improvising. Sometimes it happened during consultations because we were trying to meet the needs of clients on the spot. When improvising you tend to not have time to prepare. You just know you HAVE TO ACT in order to make something happen.   
 
Now, the adapting and improvising is tiring. It seems to be nonstop. It becomes quite taxing as you are trying to keep the business afloat and at the same time maintain yourself and your personal responsibilities. How do you keep going? How do you maintain the will to continue and overcome?  

  • You have to establish boundaries within your business and personally.  

  • You need to set a schedule for yourself, but have the willingness to be flexible.  

  • You must conduct business assessments. Identify trends and habits, including income and spending, to ultimately help future decision making and profitability.  

  • You must acknowledge, determine, and accept when it is time to seek guidance and ask for help. This is not a sign of weakness or failure. In fact, it is a clear sign of humility, strength, and determination.  

  • You must take time for self-care. Take the time to check-in with yourself. Show yourself and others grace as no one is perfect. 

However, what's most important is you must shift your mindset and perspective. Speak life, prosperity, and strong existence over your business and life. Shift your perspective so you are stimulating development and reaching beyond numbers (the money). So faint not, but continue to adaptimprovise, and overcome

~Myranda

Where's My Refund & Why is it Taking So Long?

Once your tax return has been filed and accepted by the IRS and State agency, HBS is no longer responsible for getting your refund to you. Use IRS tracker tools!

Because of the pandemic, the IRS ran at restricted capacity in 2020, which put a strain on its ability to process tax returns and created a backlog. The combination of the shutdown, three rounds of stimulus payments, challenges with paper-filed returns and the tasks related to implementing new tax laws and credits created a "perfect storm" according to a National Taxpayer Advocate review of the 2021 filing season to Congress. The IRS is open again and currently processing mail, tax returns, payments, refunds and correspondence, but limited resources continue to cause delays.

Here are a list of reasons your income tax refund may be delayed: 
  • Your tax return has errors.
  • It's incomplete.
  • Your refund is suspected of identity theft or fraud.
  • You filed for earned income tax return credit or additional child tax credit.
  • Necessary correction made to recovery rebate credit (stimulus check money).
  • It includes Form 8379, injured spouse allocation, which can take up to 14 weeks to process 
  • It needs further review.
The IRS will try to fix problems without contacting you. However, if more information is needed, they will send you a letter.

To check the status of your refund, use the
IRS Tracker Tools. And make sure it has been at least 24 hours (4 weeks if return mailed) before tracking your refund. 
Don't Throw Away IRS Notice 1444!
After each of the three Economic Impact Payments (Stimulus Checks) issued, the IRS mailed a letter – called a notice − to each recipient's last known address. IRS Notice 1444 provides information about the amount of the payment, how the payment was made and how to report any payment that wasn't received.
  • Notice 1444, Your Economic Impact Payment - Sent to qualified individuals within 15 days after the first payment was issued in 2020.
  • Notice 1444-A, You May Need to Act to Claim Your Payment - Sent to people who typically aren't required to file federal income tax returns but may qualify for the first Economic Impact Payment as part of the IRS effort to get the payment to eligible individuals.
  • Notice 1444-B, Your Second Economic Impact Payment - Sent to individuals who were issued the second payment.
  • Notice 1444-C, Your 2021 Economic Impact Payment - Sent to people who received a third Economic Impact Payment. This letter should be kept with tax year 2021 records.
Keep any IRS notices received related to the Economic Impact Payments with other tax records and provide to your tax preparer. The IRS is unable to issue a copy of the notice if it is lost or never received, even though the payment was received. Taxpayers who don't have their notices can view the amounts of the first and second Economic Impact Payments through their online account.

If you give your tax preparer an inaccurate guess or lie about your economic impact payment amount(s), your tax preparer is NOT liable for any penalties, fees, interest, or adjustments made by the IRS on your tax return. 

Ready to organize your books and get your financials in order, but don’t know where to start? 

With the Reaching Beyond Numbers plan, we dedicate time and expertise to assess the health of your QuickBooks Online data and conduct an in-depth review to diagnose any financial discrepancies.

For more information or to schedule your discovery call, visit our website!

VISIT SITE
Our New Site Features Are Live!
  • The Returning Client Consult Form for HBS' current clients & those who have already completed the Discovery Call process. Just tell us the nature of your meeting and book your consultation! 
  • The HBS Hub with access to our past email publications & seasonal resources.
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