fbpx
nextgen-logo

918.600.2229

6316 E 102nd St 2nd Floor, Tulsa, OK 74137

NextGen Tax Services | We exist to create and educate the NextGeneration of ultra-successful business owners.

Providing knowledge and expertise achieved through over 20 years’ accounting experience, Team NextGen is your partner in building your empire.

FOLLOW US

©2020 NEXTGEN TAX SERVICES, PLLC
EnglishEspañol
Top
 

Blog

How to Optimize Charitable Giving to Maximize Tax Savings

The Tuesday after Thanksgiving marks Giving Tuesday, a day that celebrates the generosity of others by inspiring millions of people around the globe to give, collaborate and celebrate the power of giving. And this year, with a little planning, you can maximize the impact of your gift.  When you understand the tax strategies related to charitable contributions, you can determine what type of asset to give as well as when and how much to give to charity to receive the maximum tax advantages. Most people already know that charitable donations can be deducted from their income taxes, but few may be applying...

Year-end Tips to Help Prepare You for Tax Season

Even though tax season does not officially begin until next year, it is in your best interest to begin preparing your next income tax return as soon as possible. Here are some year-end tips to help prepare you for tax season if you want to end the year on a tax-based high note. Catch up on your previous quarters’ financials. The third quarter of 2022 ended on September 30, and businesses everywhere are nearing the end of the financial year. As a result, now is an excellent time to update your forecast for the fourth quarter. If your small business has been in...

Survival Tips for a Recession

In June 2022, the U.S. annual inflation rate reached a 40-year high of 9.1%. In the first quarter of 2022, the U.S. gross domestic product shrank by an annual rate of 1.6%; in the second quarter, it shrank by an annual rate of .9%. Plus, at the end of July, the Federal Reserve announced that it would again be raising interest rates by ¾ of a percentage point. Many businesses are still recovering from the effects of the pandemic, and the Great Recession of 2008 is still fresh in most people's minds, so many business owners are unprepared to face another...

When is it time to hire a bookkeeper?

Hiring a bookkeeper may appear to be an unnecessary expense in the early days of a small business or startup, but you will most likely benefit from bookkeeping services in a variety of ways despite the hiring cost. So, when is it time to hire a bookkeeper? While there is no hard and fast rule for when you should hire bookkeeping help, there are some common, telltale signs that entrepreneurs experience just before they reach the tipping point.  If you’re experiencing any of the following symptoms, you might consider hiring a pro. DIY bookkeeping takes up  time than you can afford According to...

Top Reasons to Start Year-End Tax Planning Right Now

Having a busy business can make tax season difficult to manage. When you have so many responsibilities on your plate, you may want to put taxes on the back burner. However, there are lots of reasons to start thinking about year-end tax planning now. Why Is Year-End Tax Planning Important? "Tax season" implies that business owners should think about taxes during certain months of the year, but in reality, tax planning should be something they consider all year long.  When you are aware of tax planning, you can make decisions throughout the year that benefit your business by potentially increasing your deductions and...

What the New Electric Vehicle Tax Credits Mean for You

President Biden just recently signed into law the Inflation Reduction Act (IRA), representing the largest federal investment to fight climate change in United States history.  The sweeping legislation includes a number of incentives benefitting individuals who want to make more climate-friendly choices like purchasing high-efficiency appliances, installing rooftop solar panels, or purchasing an electric car.  Transportation is the country’s largest source of GHG emissions, and electric vehicles (EVs) are the fastest way to reverse that trend. The IRA’s new EV incentives can accelerate the shift away from dirty combustion engines while unlocking consumer savings, onshoring manufacturing jobs, securing America’s clean energy...

Back to School Tax Benefits

As the fall season approaches many of us are heading back to school or have children heading back to the classroom.  And, while the cost of attending college can be significant, there are a few tax breaks that can help offset those climbing expenses. Here’s an overview of the back to school tax benefits to know as you head down the path to higher education.   Which college expenses are tax deductible? It’s always important to check which college expenses are tax deductible or allow you to take a credit, especially given recent tax changes.   Tuition and Fees After 2020, tuition and fees became...

Benefits of a Budget

What is a budget? Proper planning can mean the difference between success and failure for a small business. One of the most critical elements of the planning process is the creation of a business budget. A budget is a financial spending plan that estimates income and expenses for a specific period. A budget allows a business to plan out expenses, reach business goals and anticipate operational changes. Business budgets should include every source of revenue, or income, anticipated by a firm along with all possible expenses the firm might have for a specified time period. A budget helps your company operate within...

What is an audit and why would I need one?

Audits involve a thorough examination of a company’s financial statements and they provide valuable information about a business.  Oftentimes, businesses conduct audits to determine areas of their business that can be improved.  Audits can help identify issues with operational efficiency and internal controls as well as find errors in the books and records. Financial audits help business owners fully understand how their business operates, spends money, and takes on risk.  This understanding is critical to the success of any business, regardless of its size. Whether or not a small business should conduct a financial audit depends on a number of factors.  The...

What is bookkeeping and why is it important?

As a small business owner, it can be challenging to stay on top of your books while successfully running and growing your business.  As you hire employees and gain more customers, tracking business expenses and making sure they’re accurate becomes more complex and time-consuming. What exactly is bookkeeping? Bookkeeping is the process of recording the financial transactions of your business in a consistent way that organizes your sales, purchases, payments, and receipts. The financial data recorded in the bookkeeping process is then used in accounting to produce financial reports that measure the health of your business. In other words, bookkeeping tracks transactions...