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4 Ways A Criminal Can Steal Money Out of Your Business or Personal Checking Account
You should worry more about your checking account getting hacked then someone charging a lot of stuff on your credit card. Read below for more info...
Bookkeeping & Taxes
Your personal or business check is the number one way a crook can get ya!
See your checks have everything a crook needs. Your name or company name, address, phone number and of course your account number.
Some personal checks people have their drivers license or social security number!
A criminal's paradise!
1. A criminal can order your checks from like Costco or any place on the internet. The companies will verify the info on the check and really don't care they just want the money. Plus they are not responsible if somebody got your info and ordered checks.
2. A criminal will go on Craigslist and hire you. They will over pay you with a phony check by let's say $300.
You call them and let them know they over paid you. They tell you to cash the check and keep $50 for being a good guy or gal and to wire them a money.
You are happy and deposit the check. You send the wire, cashiers check or you will make a deposit into the account of the person who gave you the check.
Within a day or so your bank will bounce the check. You will call the company and will get a recorder.
It will take you months to recover your money or sooner if you've had the account for a while.
3. A criminal will pay their bills with your check information. Yes they will get caught maybe...but you will have to prove you didn't pay it for them.
Round and round in circles you will go.
If it was a credit card companies will take care of you quick, but when it's a check you are in hell.
4. A criminal can get checks in your name and make purchases to those companies that will not ask for an ID because they are too happy to get a check.
If I were you I would use checks sparingly and never write a check to laborers or people that cash their check at a check cashing place. The check cashing place could be where the criminals are.
Just sayin'
-Steph
Are you a sole proprietor? A one man or woman show? Do you carry the full load of responsibility?
Do you own a house, nice cars and other luxuries? Then maybe it's time you up your game.
If you are a solo operator with property to lose then you should turn your business into a LLC or S. Corp.
Why?
To strategize your taxes of course!
Let's say your clients give you a 1099 because you are a solo operator. Well if you are a LLC that files as a S Corp or a straight S. Corp you don't get a 1099.
This is important because then you tell the tax man how much you've earned. Whether you lie or not is another story.
Also if you become an S. Corp you will have to become an employee of your company and this could be good if you know how to strategize your taxes.
Criminals love people who write checks!
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Yes! Includes Federal and State taxes for California residents only.
What if this doesn't work for me is the subscription refundable?
You can cancel anytime and if you prepaid your subscription annually you will get a prompt refund for all used months.
You can also keep all your reports and get a back up copy of your accounting file.
If your subscription is monthly and you cancel you can keep the subscription until your monthly term ends along with any generated reports!
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Can I speak to a live bookkeeper or tax pro?
Absolutely! We help our clients with their bookkeeping and tax questions.
Subscription Frequently Asked Questions
Make sure they take out the 10% Federal tax.
November 2020
Flat Rate Bookkeeping and Taxes, LLC
Even if you did earn some money you can still qualify just do it!
You'll get a Bank of America debit card (they partnered with EDD years ago) so you won't get a check.
Nor do you need a bank account.
If you filed your 2019 taxes you will be in a better place to get approved. If you haven't filed your 2019 taxes hurry up so you can paid!
-Steph
3. Whatever you do read the paperwork thoroughly and try to use all the money for payroll only if possible.
Download this fact sheet if you need to.
If you need help contact me below.
-Steph
Bookkeeping in 3 minutes. I mean 2 Minutes!
Bookkeeping doesn't have to be complex!
Hey people,
Last month I was talking about blockchain technology being the backbone to bitcoin.
This month I want to say buy bitcoin! It's crazy if you don't!
Bitcoin is like where Amazon was in 1997. Amazon's stock is now over 3k and climbing.
I bought $100 of bitcoin in September when it was just over 10k, now in mid November it's over 17k! Crazy!
All you need is a little piece of bitcoin. You don't have to buy the whole bitcoin!
Look if the IRS recognizes bitcoin, not as US currency (yet) but as 'property' that is comparable to cash, you still get taxed on it.
With bitcoin there are only so many available coins so even if you get a piece of a piece it's worth something.
The only thing with bitcoin is not all merchants take it. Not yet anyway. But the young digerati billionaires that were the first to buy bitcoin own jets, yachts and real estate.
I remember when merchants didn't want to buy the credit card machine. Now all the merchants have a way to process credit cards!
I'm not gonna twist your arm. My $100 in bitcoin is now $359. I just added another $50.
I don't get too carried away with any investments but bitcoin is one you should get now!
Click here to buy bitcoin now!
You can also download my ebook below
-Steph
bitcoin is the biggest opportunity right now! Paypal now accepts bitcoin!
Maybe it's time you step up your game and become a corporation!
If you want to keep money in your pocket and not give it to the tax man, bookkeeping is the key!
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Test Your Skills
I just filled out the PPP loan docs for a Chase client and I see that to get your loan forgiven you better be accurate.
I know the loan is as low as 1% but if you don't have to pay it back then make sure your payroll is correct.
Tell your bookkeeper, payroll clerk or accountant to:
1. Double check the employee count on your 941's and DE 9C's for all the quarters and make sure they match.
2. If you have a payroll company like Paychex or ADP take advantage of the reports they provide as they are PPP ready, but they can make mistakes too so check the numbers.
Also having a LLC or S. Corporation looks good on paper it kinda of gives you a lil clout and credit.
After the first year you will pay Franchise Tax Board $800 and then every year there after, but if you know the game $800 is nada!
Check out my upcoming training on how to form a corporation and why you should do it!
-Steph
The Pandemic Unemployment Assistance program is still taking claims.
If you haven't applied for unemployment as a business owner, you still can. It's a 46 week program that started February 2, 2020 and was extended thru December 26, 2020.
You will get an extra $600 per week from March 15th thru July 15th. Yes you can get back pay!
So if you're a business owner that has no employees or didn't earn any money please don't let pride get in your way and get your unemployment.
Hey indy contractors and business owners that do business on-line with a 3rd party processor.
If you sell a lot of products and services on-line that total more that $22,000 or 200 transactions, then you will probably have a 1099-K sitting in a file from Paypal, Venmo, Zelle, Square, eBay or any other 3rd party processor.
So don't forget to check after January 31, 2021.
Because if you forget to check and the processor sends the 1099-K to the IRS and you don't know about it and did not add the income to your taxes, that's a red flag and you will get a letter from the IRS.
-Steph
Hey indy contractors and business owners that do business on-line with a 3rd party processor.
If you sell a lot of products and services on-line that total more that $20,000 or 200 transactions, then you will probably have a 1099-K sitting in a file from Paypal, Venmo, Zelle, Square, eBay or any other 3rd party processor.
So don't forget to check after January 31, 2021.
Because if you forget to check and the processor sends the 1099-K to the IRS and you don't know about it and did not add the income to your taxes, that's a red flag and you will get a letter from the IRS.
-Steph