OnyiHearth Concepts

04/10/2025

DID YOU KNOW!
💸 Sales Tax Isn’t Your Money — You’re Just Holding It!

Sales tax is neither income nor an expense. You collect it on behalf of the state, and you’re responsible for sending it in — monthly or quarterly, depending on your state’s rules.
Where it gets tricky? Every state has different sales tax laws! 😅 What’s taxable, how much to charge, and where your customer lives all come into play.

Pro tips to stay on track:
✅ Register your business with your state and get a sales tax account number
✅ Use it in your payment processor to calculate sales tax correctly
✅ Open a separate bank account just for sales tax — that way, you’re not tempted to spend it
✅ Set aside money regularly (or even automate it!) so you’re never caught off guard

💡 Don’t go it alone — work with a pro like a bookkeeper or use smart software to help you avoid overpaying, penalties, or late fees.

Call now to connect with business.

04/08/2025

📦 Inventory vs. Income — Know the Difference! 💰

Let’s clear up a common misconception: inventory is not income. It’s actually an asset on your balance sheet — something your business owns.
When you purchase inventory, it doesn’t get deducted right away as an expense. Instead, it’s recorded as an asset until you sell it. Then, it becomes part of your Cost of Goods Sold (COGS) and is subtracted from your income on your Profit & Loss statement.

👉 So don’t avoid buying inventory — just buy based on your business needs, not for tax savings.

03/05/2025

Don't let the manual filing method slow you down! Login to the IRS electronic filing platform ASAP

03/05/2025

📢 Free IRS Workshop for 501(c)(3) Organizations! 📢

Are you part of a Section 501(c)(3) tax-exempt organization or looking to apply for federal tax-exempt status? The IRS is offering a FREE 10-course virtual workshop to help you understand the benefits, limitations, and responsibilities of maintaining tax-exempt status!

💻 Access the training here: stayexempt.irs.gov/workshop

✅ Topics include:
🔹 Applying for 501(c)(3) Status
🔹 Maintaining Tax-Exempt Status
🔹 Employment Issues & Reporting
🔹 Required Disclosures & Compliance
🔹 Form 990 Overview & Filing Tips
🔹 Unrelated Business Income Rules
🔹 Political Campaign Restrictions
🔹 Charitable Gaming Guidelines
🔹 Deducting Charitable Contributions
🔹 Protecting Social Security Numbers

This is a must-attend for nonprofit leaders, board members, and those seeking tax-exempt status. Take advantage of this free resource today!

This Small to Mid-Size 501(c)(3) Organization Workshop will guide you through the courses here at StayExempt. After viewing each of the interactive presentations below, your organizational leadership will understand the benefits, limitations and expectations for exempt organizations.

02/22/2025

📢 Attention Business Owners: It's Tax Season 2025! 📢

Did you know? You can file your Form 1099 series information returns electronically for FREE with the IRS Information Returns Intake System (IRIS)! 🌐✅

🔹 Available to businesses of all sizes
🔹 Secure & paperless—no need for special software
🔹 Mandatory e-filing for businesses with 10 or more information returns, including Forms W-2 (filed with the SSA)

✨ A great bookkeeper can help you get all the necessary documentation ready, ensuring a smooth and stress-free filing process! 📑💼

First time using IRIS? No worries! Check out Publication 5717 (IRIS Taxpayer Portal User Guide) for step-by-step instructions. https://www.irs.gov/newsroom/file-form-1099-series-information-returns-for-free-online📄📌

💻 Get started today! Avoid the hassle and file electronically.

12/04/2024

🎯 Business Owners: Four Essential Year-End Tips!

As we wrap up the year, take time to review and refresh your business goals for 2025. 🎉

✅ Success leaves clues: Reflect on your wins and identify what worked well this year. We'd want to scale our award-winning strategies.
✅ Address challenges: What can you improve on? Doesn't have to be big undertakings. Small things matter when they accumulate - James Clear.
✅ Set SMART goals: Be Specific, Measurable, Achievable, Relevant, and Time-bound. Again, nothing overwhelming, big things come from little beginnings.
✅ Align your finances: Ensure all expenses, invoices, and taxes are up-to-date. We have ways to streamline your books.

Planning now helps you hit the ground running in January 🚀. Let's support you to make 2025 your most successful year yet! 💼💡

11/26/2024

📚✨ Keep Calm and Let the Bookkeeper Handle It! ✨📚

Who says bookkeeping has to be boring? With the right help, it’s smooth sailing all the way to tax season. 🚀

🎯 No more paper chaos.
💡 Clear financial insights.
🎉 More time for what YOU love.

From balancing the books to tackling those tricky numbers, we make it fun (well, almost 😉) and stress-free!

💬 Drop a 💵 in the comments if bookkeeping isn't your thing—we’ve got you covered!