Payday Solutions

Payday Solutions At Eldridge Bookkeeping Solutions, we specialize in rebuilding financial records, preparing for audits, and establishing strong accounting frameworks.

Our goal is simple

to bring order, accuracy, and confidence back to your books. Eldridge Bookkeeping was founded with a simple mission: To make sure that even the smallest business has access to professional accounting services at pricing that they can afford. We believe that accurate financial reports are key to the success of any business. Whether you are just starting up or have been in busin

ess for many years, and we are committed to making sure that every business has the opportunity to thrive. Our team is made up of passionate individuals who are dedicated to Providing the most reliable and accurate service possible. We come from diverse backgrounds and have a wide range of skills and expertise, but we all share a common goal: to provide our customers with peace of mind and financial security. At Eldridge Bookkeeping Solutions, we believe that you should have the help you need when YOU need it that is why we offer 24/7 customer service. We are constantly striving to improve our products and services and to find new and innovative ways to serve our customers. Whether you're a first-time customer or a long-time client, we are committed to providing you with the highest level of customer service and support. Though paperwork, taxes, and record keeping can be a daunting task, it shouldn't keep you from achieving your goals, and that is why we are always here to help you with any questions or concerns you may have. Thank you for considering Eldridge Bookkeeping Solutions. We look forward to serving you and helping you achieve your Goals!

08/12/2024

HIRING A BOOKKEEPER VS A CPA!

1. **Lower Cost**: Bookkeepers are generally less expensive than CPAs, making them a budget-friendly option.

2. **Daily Financial Management**: Bookkeepers handle everyday tasks like recording transactions, managing bills, and payroll.

3. **Simplicity**: For businesses with straightforward finances, a bookkeeper can meet their needs without the added complexity of CPA services.

4. **Saves Time**: Outsourcing bookkeeping allows business owners to focus on running and growing their business instead of handling finances.

5. **Regular Updates**: Bookkeepers keep financial records up-to-date consistently, helping track performance easily.

6. **Accessibility**: Bookkeepers are often more available for day-to-day questions and support.

7. **Better Integration**: They work closely with business teams, aligning financial management with overall operations.

Bookkeepers are a great choice for cost-effective, daily financial support, especially for simple business needs.

IRS Tax Deadline 2023: what if I miss it, what happens and possible penaltiesTuesday 18 April 2023 is the deadline for s...
04/11/2023

IRS Tax Deadline 2023: what if I miss it, what happens and possible penalties
Tuesday 18 April 2023 is the deadline for submitting tax returns to the IRS for most US taxpayers. Missing that date could be costly. Here’s a look…

The 2023 Tax Season will wrap up for most US taxpayers on Tuesday 18 April 2023. That is the deadline to submit 2022 income tax returns. However, due to extreme weather events some filers have been granted an automatic extension. Those that cannot make the deadline must apply for an extension by that date, which will give them another six months until 16 October.

But unless you are in one of the disaster declaration areas that received an automatic extension from the IRS, you’ll still be on the hook for any money they may owe. You need to pay any balance due, to the best of your knowledge, that you owe by Tax Day.

Missing the tax deadline and filing your tax return late can be an expensive proposition if you owe money to Uncle Sam. You could face penalties for filing late as well as late payment penalties and interest to boot.

What are the penalties for filing a late tax return?
Missing the April 18 filing deadline could result in the IRS imposing a failure-to-file penalty. The penalty is 5%, minus the failure-to-pay penalty when both apply, on any underpayment of taxes for each month, or part thereof, that a tax return is late. The penalty will max out five months after taxes are to be filed, April 18 or with an extension Oct. 16, and won’t exceed 25%. The late filing penalty is calculated based on the tax that remains unpaid after April 18 or, if an extension is granted, after Oct.16.
After more than 60 days have passed from the filing deadline, the IRS can impose the minimum failure-to-file penalty. In 2023, taxpayers who file late could face the lesser penalty of $435 or 100% of the tax required to be shown on the return.

What is the penalty for failing to pay taxes?
The failure-to-pay penalty is 0.5% of the unpaid taxes per month, with a full monthly charge even if the taxpayer pays before the end of the month. For individual taxpayers, if a return is filed on time with an approved installment agreement, the penalty is 0.25% during the agreement period. However, if tax is not paid within 10 days of a notice of intent to levy or seize property the penalty is 1%. The penalty will be recurring until the tax is fully paid or until the maximum of 25% is reached.

In addition to the penalties, the IRS will start charging interest on any unpaid balance of taxes owed which will accrue and compound daily from April 18 until the balance is paid in full. The current interest rate for underpayments is 7% for Corporate and Non-Corporate filers which is calculated using the federal short-term rate plus three percentage points. Any outstanding penalties will also accrue interest while they remain outstanding so it is vital that you complete your tax return on time.

Seriously! 😂
03/28/2023

Seriously! 😂

💲Please understand what NOT using cash is doing. Cash is important. 💸Why should we pay cash ever...
03/15/2023

💲Please understand what NOT
using cash is doing.

Cash is important. 💸

Why should we pay cash everywhere we can
with banknotes instead of a credit card? 💳

- I have a $50 banknote in my pocket.
Going to a restaurant and paying for dinner with it. The restaurant owner then uses the bill to pay for the laundry. The laundry owner then uses the bill to pay the barber. The barber will then use the bill for shopping.

After an unlimited number of payments, it will still remain a $50, which has fulfilled its purpose to everyone who used it for payment and the bank has jumped dry from every cash payment transaction made...

- But if I come to a restaurant and pay digitally - Card, and bank fees for my payment transaction charged to the seller are 3%, so around $1.50 and so will the fee $1.50 for each further payment transaction or owner re laundry or payments of the owner of the laundry shop, or payments of the barber etc.....

Therefore, after 30 transactions, the initial $50 will remain only $5 😫 and the remaining $45 became the property of the bank 🏦 thanks to all digital transactions and fees.

Small businesses need your help and this is one way to help ourselves too. Pull small draws of cash out at a time and use that instead of tap, credit, etc.

When this is put into perspective, imagine what each retailer is paying on a monthly basis in fees at 3% per transaction through their POS machine.

If they have, for example, $50,000 in sales & 90% are by Card, they are paying $1500 in fees in ONE Month. $18,000 in a year! That comes out of their income every month.

That would go a long way to helping that small business provide for its family!🏦♥️"

Why Every Business Needs A Bookkeeper! 1. Keep your focus on core business needs.As a business owner your time should be...
03/12/2023

Why Every Business Needs A Bookkeeper!

1. Keep your focus on core business needs.
As a business owner your time should be devoted to strategy, marketing, funding and other key areas that require your focus over the daily operational tasks of a business.

2. Stay out of what you don't really know or understand.
Not many founders have backgrounds in finance or even a working knowledge of accounts payable, accounts receivable and taxes. It's better that a professional who took courses and was certified in these areas handle those aspects of the business.

3. Calibrate a work-life balance.
While you could focus on core business needs and handle everything else in your startup, the problem is you'll have no time left at the end of the day or week for yourself or your loved ones. Therefore, you'll be missing that balance every person needs in order to stay healthy and not burnt out.

4. Get a different perspective on the business.
Although you may believe you have a good idea about the state of your startup during the development phase, it helps to have another pair of eyes on this. Your bookkeeper can put the financials in order and run reports showing how you are doing each month, where the funds are going and how your efforts are paying off (or might need improving upon)

5. Escape the tedious aspects of business.
It's hard to imagine that the financial aspects of your business make you excited. You likely have no passionate feelings about tallying up payroll or writing checks to pay the bills.

6. Make sure everything is paid on time.
Between traveling, keeping the startup moving forward, putting out the daily fires that pop up and staying balanced, something most likely gets left out along the way. And that often ends up being the bills that need to get paid. You don't want your credit impacted by late or forgotten payments, so put a bookkeeper in charge to give you the confidence that everything has been handled on time.

7. Ensure correct tax filings.
The last thing you want is to get audited or have the taxman after you just because you forgot those quarterly or annual tax filings. Depending on the type of business structure you've created for your startup, you will have various tax requirements, including estimated tax payments, corporate tax payments, 1099s for contractors or freelancers and other filings.
It's ideal to find a bookkeeper who can handle taxes a well as payroll and other financial issues.

8 . Reduce the cost of financial obligations
Although you may think you save money by doing everything yourself, the fact is that a professional bookkeeper actually saves you more. That's because there is a reduced level of risk for human error, lack of knowledge, missed payments and tax obligation due dates and delayed accounts receivable. Plus, your time is money that you could be using toward getting your new business running and bringing in the revenue to move to the next level.

03/12/2023

NEW IRS UPDATES FOR 2023! If you haven’t already done your reading!

The Inflation Reduction Act extended certain energy related tax breaks and indexed for inflation the energy efficient commercial buildings deduction beginning with tax year 2023. For tax year 2023, the applicable dollar value used to determine the maximum allowance of the deduction is $0.54 increased (but not above $1.07) by $0.02 for each percentage point by which the total annual energy and power costs for the building are certified to be reduced by a percentage greater than 25 percent. The applicable dollar value used to determine the increased deduction amount for certain property is $2.68 increased (but not above $5.36) by $0.11 for each percentage point by which the total annual energy and power costs for the building are certified to be reduced by a percentage greater than 25 percent.

Highlights of changes in Revenue Procedure 2022-38
The tax year 2023 adjustments described below generally apply to tax returns filed in 2024.

The tax items for tax year 2023 of greatest interest to most taxpayers include the following dollar amounts:

The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900, and for heads of households, the standard deduction will be $20,800 for tax year 2023, up $1,400 from the amount for tax year 2022.

Marginal Rates: For tax year 2023, the top tax rate remains 37% for individual single taxpayers with incomes greater than $578,125 ($693,750 for married couples filing jointly).

The other rates are:

35% for incomes over $231,250 ($462,500 for married couples filing jointly);
32% for incomes over $182,100 ($364,200 for married couples filing jointly);
24% for incomes over $95,375 ($190,750 for married couples filing jointly);
22% for incomes over $44,725 ($89,450 for married couples filing jointly);
12% for incomes over $11,000 ($22,000 for married couples filing jointly).

The lowest rate is 10% for incomes of single individuals with incomes of $11,000 or less ($22,000 for married couples filing jointly).

The Alternative Minimum Tax exemption amount for tax year 2023 is $81,300 and begins to phase out at $578,150 ($126,500 for married couples filing jointly for whom the exemption begins to phase out at $1,156,300). The 2022 exemption amount was $75,900 and began to phase out at $539,900 ($118,100 for married couples filing jointly for whom the exemption began to phase out at $1,079,800).

The tax year 2023 maximum Earned Income Tax Credit amount is $7,430 for qualifying taxpayers who have three or more qualifying children, up from $6,935 for tax year 2022. The revenue procedure contains a table providing maximum EITC amount for other categories, income thresholds and phase-outs.

For tax year 2023, the monthly limitation for the qualified transportation fringe benefit and the monthly limitation for qualified parking increases to $300, up $20 from the limit for 2022.

For the taxable years beginning in 2023, the dollar limitation for employee salary reductions for contributions to health flexible spending arrangements increases to $3,050. For cafeteria plans that permit the carryover of unused amounts, the maximum carryover amount is $610, an increase of $40 from taxable years beginning in 2022.

For tax year 2023, participants who have self-only coverage in a Medical Savings Account, the plan must have an annual deductible that is not less than $2,650, up $200 from tax year 2022; but not more than $3,950, an increase of $250 from tax year 2022. For self-only coverage, the maximum out-of-pocket expense amount is $5,300, up $350 from 2022. For tax year 2023, for family coverage, the annual deductible is not less than $5,300, up from $4,950 for 2022; however, the deductible cannot be more than $7,900, up $500 from the limit for tax year 2022. For family coverage, the out-of-pocket expense limit is $9,650 for tax year 2023, an increase of $600 from tax year 2022.

For tax year 2023, the foreign earned income exclusion is $120,000 up from $112,000 for tax year 2022.

Estates of decedents who die during 2023 have a basic exclusion amount of $12,920,000, up from a total of $12,060,000 for estates of decedents who died in 2022.

The annual exclusion for gifts increases to $17,000 for calendar year 2023, up from $16,000 for calendar year 2022.

The maximum credit allowed for adoptions for tax year 2023 is the amount of qualified adoption expenses up to $15,950, up from $14,890 for 2022

Address

2236 NW 164th Street
Edmond, OK
73013

Telephone

+14055495297

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