February 2022

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!

This year has just begun. We are 32 days into this year and I have been tickled by some things that have come my way or the way of HBS. People are out of order and if you recall, one of our most recent newsletters talked about order (check out past issues) There have been crazy requests. People attempting to not follow processes. Some statements have been made that are disrespectful. And the list could go on. However, the one thing that is tickling me is the need for people to believe HBS should be providing services at a lower rate...you know, a discount.

As you may have noticed, HBS has done a slight rebrand. Yes, we are still Reaching Beyond Numbers, but we are now a lot more intentional about "what" and "who" we are serving. We are now providing Advanced Accounting Solutions for the Empire-Driven CEO! You are probably asking if you are an "Empire-Driven CEO". Well, here you go...The Empire-Driven CEO eagerly and proactively pursues activities and solutions to enhance business growth and value. Is that you?! Take some time and think.

Now we could not have done this rebrand without ensuring we took some time to take an intrinsic look at ourselves. I have worked diligently over the past 8 years to ensure a solid foundation was built for HBS. The sacrifices, the joys, the tears, the wins, the losses, the lessons, and the continued blessings have all gone into making me more of an Empire-Driven CEO. Recently, spent some time with my attorney and business strategist coach. Let's just say that time was grueling, validating, energizing, and quite necessary. She looked me dead in my face and said, "You are selling yourself and your firm short. You have too much value! You are discounting your value and I need to know WHY! That stops TODAY & NOW! Stop discounting your value!" And trust me when I tell you some thug tears were shed because I already knew some changes had to be made and everyone wasn't going to be able to go. However, I had a strengthened and re-energized mindset. No more discounting HBS and the value we bring to each and every individual and business we encounter!

And I know some folks have already and are going to continue to balk, be upset, ask me to explain/justify, etc., but when you know your worth and value, you have a standard for yourself and you don't waiver on that. Trust me when I say this...people save and spend their money on what they want to. The same way people plan and save for that vacation, a new house, a new fancy car, a new high priced gaming console, or them new pair of expensive shoes to go "stunt" on someone is the same zest, seriousness, and focus they need to have when seeking our services. Having an accountant, better yet, an accounting firm by your side, is an investment, not an expense and definitely not one you get at a discount.

So the same way I took inventory with myself and my firm, I encourage you to do the same. What in your life and your business are you discounting when you know you should not be? Set the standard, hold on to it, and continue reaching beyond numbers!

~Myranda

There is a difference between tax planning and tax preparation.

Tax preparation is a service that helps you file your tax returns. The main goal is to make sure your tax reporting complies with both federal and state tax laws.
Tax planning is a service that helps you optimize your tax situation before reporting. The purpose is to use legitimate ways to optimize your potential tax consequences based on your goals and plans for future.

We are currently in tax preparation season. So gather your documents, your business financials, and complete your organizer(s) to ensure your tax reporting compliance.

We look forward to your separate tax planning engagement!

The tax prep filing guide outlines HBS procedures and policies for tax filing through us. It is imperative this guide is read, as we are confident it will help out clients and the overall tax filing process.

Remember tax prep does NOT begin until completed organizers AND ALL tax documents been submitted.

Click image to download the file in The Hub!

How to Access Tax Organizers? Watch video tutorial!

IRS Notices ARE NOT TRASH!

You got a IRS letter or notice. Ok. Stop, breathe, and relax! Don't you throw that letter in the trash! IRS Notices/Letters are NOT TRASH! They require you to open them, read them, take whatever action(s) may be necessary, provide them to your accountant/tax preparer, and KEEP them.

Be on the lookout for these notices and give them to your tax preparer when filing this year's taxes:

IRS Letter 6419 - The IRS plans to send this important notice in late January to those who received Advance Child Tax Credit payments in 2021. This letter includes the total amount of advance child tax credit payments taxpayers received in 2021 and the number of qualifying children used to calculate the advance payments.
IRS Letter 6475 - The IRS will begin issuing Letter 6475, Your Third Economic Impact Payment, to EIP recipients in late January. This letter will help Economic Impact Payment recipients determine if they are entitled to and should claim the recovery rebate credit on their 2021 tax returns when they file in 2022.

Again, no need to panic and DO NOT throw IRS correspondence in the trash!

Where's My Refund?

HBS does not know the status of your refund nor do we have any control over when you will receive your refund.

Use the IRS tool to check your refund status. It's the best way to check the status of your refund.

Important Reminder - The IRS cannot issue refunds before mid-February for tax returns that claim the Earned Income Tax Credit or the Additional Child Tax Credit. This applies to the entire refund.

Steps to Take Now to Get a Jump on Your Taxes!

Take some time to visit the IRS to review some key step you can take now to make your tax season easier for you and for HBS!

Be sure to keep up with us!