Soto Tax, Bookkeeping and Payroll

01/21/2026

Cheap bookkeeping is expensive.

Here's why.

Someone's charging $200/month.
Another's charging $1,000.

The choice feels obvious.

But here's what nobody tells you:

You're not saving money.
You're delaying when you pay for it.

That $200/month bookkeeper?

They're only doing data entry.
And half the time, it's wrong..

Here's what happens next:

You lose $9,200 in tax deductions because everything's coded wrong.

Your accountant fees jump $1,900 because they're fixing your messy books.

You pay $3,500 in CRA penalties because of incorrect filings.

Missed deadlines.
Late remittances.
All preventable.

You make terrible decisions because your numbers are always 3 months behind.

You think you're profitable.
You're actually losing money.

But the real damage?

You don't realize any of this until it's too late.

Until the CRA comes calling.
Until you can't make payroll.
Until your accountant says "I can't help you. Your books are a mess."

I get it - you're trying to keep costs down.

But cheap bookkeeping isn't a cost you're avoiding.
It's a cost you're multiplying.

Good bookkeeping pays for itself.

In tax savings.
In avoided penalties.
In better decisions.
In peace of mind.

What's the most expensive "cheap" decision you've made in your business?

01/10/2026

The announced Monday, January 26, 2026, as the opening of the nation’s 2026 filing season. You will have until Wednesday, April 15, 2026, to file your 2025 tax returns and pay any tax due. Don’t forget that IRS.gov has online tools and resources you can use before, during and after filing your federal tax return. For a list of filing season tools, reminders and resources, read: https://ow.ly/1yqq50XTweL

07/09/2025

https://www.facebook.com/Univision34/videos/734318012346654/?fs=e&mibextid=wwXIfr&fs=e

02/01/2025

Un poco de humor para empezar el Sabado. Feliz fin de semana.

01/30/2025

Please be aware of these scams. If you get one, don’t click it as it is a scam.

Esten alerta de estos mensajes y no entres a los enlaces ni proporciones ninguna informacion personal. Son fraude.

01/26/2025

¡Prepárate para la temporada de impuestos con nosotros! 🧾

¿Necesitas renovar tu ITIN? ¡Podemos ayudarte!
Estamos listos para brindarte un servicio rápido, confiable y sin complicaciones.

✅ Preparación de impuestos para individuos y pequeños negocios
✅ Primera vez o Renovación de ITIN
✅ Asesoría personalizada
✅ Precios competitivos

No esperes más, ¡reserva tu cita hoy mismo y asegúrate de cumplir con tus obligaciones fiscales!
📞 Contáctanos para más información o agenda tu cita.

12/28/2023

Hay cambios para los que tienen negocios y necesitan teportar mas de 10 formas combinadas entre 1099s y w-2s. No olviden que tienen que submitirlas electronicamente ente año. Buena suerte.

12/12/2023

New federal requirements for businesses starting January 1, 2024.

Beginning January 1, 2024, new Federal regulations go into effect that will require many corporations, limited liability companies, and other entities create...

11/22/2023

1099- K chaos Cancelled!

Greetings,

Hey remember that thing with the millions of new 1099-K Forms that were going to be sent out to taxpayers starting in January 2024?

The thing where everybody who used a "payment processor" to transact over $600 for the entire year of 2023 was going to receive a 1099-K?
Meaning that all the "gig economy" / "side hustle" activities like Etsy, eBay, Facebook Marketplace, Venmo, CashApp, etc. were going to be "revealed" to the IRS?

You know--the thing that was going to cause massive amounts of confusion and chaos for both taxpayers and tax professionals?

IRS just canceled that thing--or, I should say, delayed that thing until next tax season.

For this tax season (tax year 2023), the "old" limits will apply.

Meaning that taxpayers will only receive a 1099-K if:

They processed over $20,000 in payments, and
They processed more than 200 transactions.

These higher limits will drastically cut down on the number of 1099-K's that will go out and, as such, will drastically cut down on the number of taxpayers running around.

What's more, the IRS has said they are raising the 1099-K reporting threshold for next tax season from $600 to $5,000.

So, if you've been stressing about how big of a mess the new 1099-K Thing is going to be, you can officially relax! 🙂

Happy Thanksgiving to you and your family,

11/17/2023

IRS reminds eligible 2020 and 2021 non-filers to claim Recovery Rebate Credit before time runs out

WASHINGTON – The Internal Revenue Service is reminding those who may be entitled to the Recovery Rebate Credit to file a tax return and claim their money before it’s too late.

The vast majority of those eligible for Economic Impact Payments related to Coronavirus tax relief have already received them or claimed them through the Recovery Rebate Credit. The deadlines to file a return and claim the 2020 and 2021 credits are May 17, 2024, and April 15, 2025, respectively.

The Recovery Rebate Credit is a refundable credit for those who missed out on one or more Economic Impact Payments. Economic Impact Payments, also referred to as stimulus payments, were issued in 2020 and 2021. The IRS estimates that some individuals and families are still eligible for the payment(s). However, taxpayers must first file a tax return to make their claim even if they had little or no income from a job, business or other source.

Who is eligible?
Generally, to claim the 2020 Recovery Rebate Credit, a person must:

Have been a U.S. citizen or U.S. resident alien in 2020.
Not have been a dependent of another taxpayer for 2020.
Have a Social Security number issued before the due date of the tax return that is valid for employment in the United States.
Generally, to claim the 2021 Recovery Rebate Credit, a person must:

Have been a U.S. citizen or U.S. resident alien in 2021.
Not have been a dependent of another taxpayer for 2021.
Have a Social Security number issued by the due date of the tax return, claim a dependent who has a Social Security number issued by the due date of the tax return, or claim a dependent with an Adoption Taxpayer Identification Number.
The 2020 RRC can be claimed for someone who died in 2020. The 2020 RRC and 2021 RRC can be claimed for someone who died in 2021 or later.

Filing deadlines if you haven’t yet filed a tax return
To claim the:

2020 Recovery Rebate Credit, file a tax return by May 17, 2024.
2021 Recovery Rebate Credit, file a tax return by April 15, 2025.

08/03/2023

Yeeeyyyy. Glad to be part of the group now. I passed my last exam today and ready to complete my application.

01/20/2023

Hola buenas tardes, solo paso para informarles que ya empezamos la nueva temporada de preparacion de impuestos. Si necesitas ayuda para preparar tus impuestos este año, no dudes en comunicarte con migo que estoy a tus ordenes.

Edelmira Soto
Soto Tax and Financial Services