Spencer's Financial

This may burst some bubbles, but it must be said: there is no minimum amount for income that makes it reportable on your taxes. Yes, you owe on every dollar you make. While it may be tempting to let that small side-gig slip under the rug, don't do it. It's not worth the heavy conscience or the back-tax bill (plus interest) you very well may get hit with later.

Here are 6 essential business components for any small business owner, new freelancer, or participant in the growing "gig economy" to make sure they have covered: 1 - Disability and Workers' Comp 2 - Property and Liability Coverage... 3 - Unemployment Coverage 4 - Healthcare Plans 5 - Retirement Plans (401(k)s, etc) 6 - Retirement Income Plan (Social Security and beyond)

Ever wonder what those "taxes and fees" are that get tacked on to your holiday flight bill? Flying domestically with no layovers will garner the least amount of those extra taxes and fees that you have to pay.

If you come across a charity that you know is a scam, the IRS recommends the following: 1) Don't reply. 2) Don't open attachments. They might carry malware that will affect your computer or phone.... 3) Don't click any links. 4) Forward the scam email, preferably with its full headers (to, from, subject, etc.), to the IRS at [email protected]. 5) Delete the original email.

Do you get a knot in your gut when your spouse asks you how the finances are looking? Do you practice a financial policy of "Don't ask, Don't tell"? One of the best tools we've seen to keep your spouse or business partner in the loop about your finances is the simple concept of the monthly financial report. Here are some of the major benefits...

Do you AGREE or DISAGREE? The IRS is taxing me a fair amount in order to fund necessary public service programs.

Q&A Friday: What questions do you have for us today?

Because of the nature of our work, we often advise clients in financial matters that go well beyond taxes. We care deeply about helping our clients find financial freedom. Let us know how we can help.

Business owners, here's a way you can help your employees get a better result on their 2019 tax return. Invite them to take a quick look at their tax withholding *before year-end* and make last-minute adjustments up or down, based on any income and other life changes that may have occurred this year. This is one positive step they can take toward affecting their 2019 tax burden.

On this Giving Tuesday, be aware that fake charities abound in this country. Many individuals set up nonprofits for the sake of financial gain -- and some are really good at the disguise. Charity Navigator is a simple online tool to look up the validity of various charities (or lack thereof).

Do this before year-end: Unless your income has radically changed this year (in which case we should probably talk), take a quick look at your tax withholding and make a last-minute adjustment up or down. This is one positive step toward affecting your 2019 tax burden. Of course, letting us help you would be the MOST positive step to affecting your burdens.

Don't forget to support your neighbors and friends tomorrow on Small Business Saturday. Any local favorites the rest of us should know about?

"I would maintain that thanks are the highest form of thought, and that gratitude is happiness doubled by wonder. G.K. Chesterton We hope your day is filled to overflowing with those people and memories you are most thankful for.