TMB Tax & Financial Services - March 2022

TMB Tax & Financial Services - March 2022

MARCH 2022

BANKABLE B L U E P R I N T

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Learn More About Deadlines and Extensions WHEN DO YOU PAY YOUR TAXES?

It’s that time of year again — tax season. Now is the perfect time to understand Your Bankable Blueprint and when your deadlines are for your business. It’s essential to understand your business entity optimization because it ensures that you’re in the right structure that suits your company and its needs. If your company is an LLC, your deadline to complete your taxes is April 17. If you’re a corporation, then your due date is March 15. Some people may wonder why businesses must file taxes 30 days before the general population. The reasoning for this is that the K-1s and other tax documents are used to inform their CEOs and other employees about their income that year. Therefore, in order for their workers to get the correct information for their personal taxes, the business they work for must file theirs first. One strategy within the bankable blueprint that I recommend to most of my clients is to file their LLC as an S Corp. We have this as a strategy because it sets the foundation for tax savings and it’s also a tool to get the business owner into a payroll structure for their business. You will have to file your taxes on March 15 like other corporations. There is a timeframe in which companies can request this status to start this transition. You have three years and 75 days to fill out the required forms and receive approval from the IRS. Your CEOs, partners, and investors will receive their W-2s by the end of January or the beginning of February. Because of this, some individuals like to file their personal taxes early, but I want to stress the importance of communication with your partners. If your business hasn’t issued its K-1s and other tax documents, or if your company isn’t ready to file its taxes yet, you will need an extension. When you get an extension, it’s crucial that you inform your partners and investors because they will need to request an extension to file their taxes. Problems could arise if your partners and investors haven’t been notified about your extension before they file their personal taxes. If they file before being advised, they will need to amend their tax returns. Nothing is more frustrating than telling them at the last minute about your extension when they have already filed their taxes. To save yourself and others from additional stress, communicate your plans with the people they will impact.

This is a critical step because you must state how much income you brought in for that year on your personal tax return. If you don’t notify your colleagues that you won’t be filing the business’s taxes around the deadline, they could underreport their income. This can lead to the IRS contacting that individual about the incorrect amount, leading to serious consequences. If you’re a CEO, investor, or partner, this is why it’s essential to wait to file your personal tax returns until after the business has filed theirs to ensure there aren’t any misunderstandings or miscommunication. Tax season can be confusing and stressful. But you can be prepared by staying informed about the rules and deadlines for you, your business, and your partners. By understanding what deadlines you have to follow and telling others about your tax plan, this tax season can go by with ease. For more information about tax deadlines, we can assist you! You can also learn more about Your Bankable Blueprint and when to pay yourself after establishing a payroll through my webinar courses. Go to https://tmbtax. info/payrollwebinar for more information about the webinar courses or scan the QR codes below!

–Talibah Bayles

Scan These Codes for Easy Access to My Webinars!

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These webinars will provide you with specialized training from experts and much more!

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HOW TO ENTERTAIN KIDS DESPITE FATIGUE Running Low on Fuel?

After working all day, it can be tough to keep up with your kids. Sometimes, it can even feel like working a second job. While you still need to be physically and emotionally present, there are ways to exert less energy and still play with kids of all different ages. If your baby is under 1 year old, they are too young to play by themselves, but you can still play while not physically overdoing it. Resting on the floor with your baby and showing them some sensory toys or reading to them is both entertaining and educational. Another great option for your infant is to blow bubbles for them — they will love watching the bubbles float and dance through the air.

If your toddler is on the go and walking, they may require a little more to stay adequately entertained. Try sitting on the floor and singing nursery rhymes. You can also let your child explore objects in the room while you build upon their language by explaining what different items are. Since you’re sleepy, why not pretend your toddler’s stuffed animal is sleepy, too? Have your child “put teddy to bed.” If you’re lucky, you may be able to get in a few moments of shut-eye, too! If your child is 2–4 years old, they might love using their imagination! Try having a picnic with them in the living room (you can even invite their stuffed animals to join!). Playing doctor is also a fun option and opportunity to be lazy and sleepy if you get to play the part of the sickly patient. You may also get out the building blocks and create with them — this requires little physical exertion and is a great developmentally appropriate activity.

If your child is 4 years or older, they are likely very active. What about hosting an indoor obstacle course where you get to be the timer? All you have to do is gather a few items from around the house and use furniture and pillows to build a course. Think of incorporating activities such as having them crawl under the dining room table, walk across a blanket bridge, or hop over the pillow rocks. If you’re feeling artsy and would prefer to make something with your child,

you can even just sit down at the table and break out some homemade play dough.

The most important thing is to get creative and never feel guilty for needing to scale back a bit after having a long day. With these interactive ideas and tips, you will make it through the tough days and still feel like the super-parent you are!

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It’s not a joke — your makeup brushes can actually make you sick! While the task of cleaning each one individually sounds like a colossal waste of time, you might rethink the tedious task after you find out about the many gross things that can happen if you don’t. Keep in mind that this article is only meant to inform you about what can potentially happen; it’s not meant to freak you out! Regular brush cleanings are worth considering for the following reasons. Your makeup application may suffer. When traces of foundation, contour, and powder get caked up and stuck to the bristles of your makeup brushes, you’re likely to make a mess of your face. On top of that, makeup brushes can become weak and even break from lingering makeup residue, even your eyelash curler! If mascara accumulates on it, it can end up breaking your lashes. DANGER IN THE MAKEUP CASE What Happens if You Don’t Clean Your Makeup Brushes Regularly?

Dirty brushes can harm your skin. When your skin is exposed to dirty brushes filled with bacteria, it can become stressed out and congested, leading to collagen loss and premature wrinkles. So, yes, dirty makeup brushes can literally age you! Acne and pimples love bacteria, too, especially when you use wet makeup products such as foundation and creams. Bacteria thrives on the moisture, possibly leading to breakouts. Not washing your brushes may lead to infections and viruses. Bacteria and viruses can enter your body through the pores on your skin, allowing them to infect your system. It can lead to herpes, the flu, pink eye, or even a Staphylococcus infection! Hurry, rush and clean those makeup brushes — twice! It’s important to keep in mind that spot cleaning your makeup brushes here and there does not replace deep-cleaning, which should be done at least once a week to keep them safe for your face!

TAKE A BREAK

EASY MARCH MADNESS CHILI Inspired by MyRecipes.com

Cheer on your favorite team and chow down in minutes with this easy chili recipe!

Ingredients

Directions

• 2 lbs ground beef • 2 tbsp chili powder • 1 tbsp Creole seasoning • 1 tsp ground cumin • 2 16-oz cans diced tomatoes • 2 16-oz cans small red beans • 2 8-oz cans tomato sauce

1. In a deep pot, brown beef, stirring often. 2. Once beef is cooked, add chili powder, Creole seasoning, and cumin, cooking for 1 minute. 3. Stir in diced tomatoes, beans, and tomato sauce and bring the mixture to a boil. 4. After the mixture boils, reduce the heat to low and let chili simmer for 15 minutes. 5. Serve with toppings of choice, like cheese, sour cream, or chives.

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PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

301 Beacon Parkway W, Suite 120 Birmingham, AL 35209

INSIDE

1

Your Bankable Blueprint

2

Interacting With Kids While Running on Empty

3

Makeup Brushes Can Make You Sick?!

Easy March Madness Chili

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Get Healthy While Spring-Cleaning!

It’s More Than Just Tidying Up 4 Health Benefits of Spring-Cleaning

It prevents illnesses. Doorknobs, refrigerator handles, light switches, countertops, and remote controls are all things we touch many times a day. Cleaning anything that’s used often is one way to reduce the spread of germs. By keeping household surfaces clean, we help thwart the spread of viruses and illnesses. Spring-cleaning helps you breathe better. Spring often brings pollen that triggers allergies for many. But pollen isn’t the only thing to blame when people have difficulty breathing. When dust and pet dander build up in your home, your respiratory system is greatly affected too. Deep-cleaning your air filters and vents can make breathing effortless — and it’s truly amazing how this can improve your well-being. It keeps you more active. Off the couch and on your feet! Even just running the vacuum and clearing the clutter from the dining room table will get you up and moving, which is healthy for your heart and body.

Sunday, March 20, is the first day of spring — which means it’s time for some spring- cleaning. Did you know that cleaning is not just about tidying up a physical space?

It’s also about improving overall well-being. Here’s how organization and

cleanliness can help you in more ways than you might expect.

Spring-cleaning reduces stress and depression. Tidiness and mental health are actually connected. Studies have found that having a clean home is directly correlated to happiness and your ability to focus. Anxiety can spike when laundry is piling up, items are strewn everywhere, and papers get scattered on various surfaces within the home. Clearing the clutter is a great way to boost your mood and increase those feel-good hormones.

This spring season, putting some elbow grease into your cleaning will benefit you in more ways than one. Trust me, you’ll thank yourself later!

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