News & Blog

Tax Tips for Freelancers: Survival Guide from Integrity Accounting

Freelancing offers the freedom to be your own boss, but it also comes with the responsibility of managing your own taxes. Don’t let tax season overwhelm you! At Integrity Accounting, we’ve got your back. Here are some essential tax tips for freelancers in 2024: Understanding Your Tax Landscape: Self-Employment Tax: Remember, as a freelancer, you’re considered self-employed and responsible for paying both income tax and Social Security and Medicare taxes (currently at a combined rate of 15.3%). This amount is typically calculated on your net earnings, which is your gross income minus business expenses.

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5 Accounting Mistakes Small Businesses Make (and How to Avoid Them)

Running a small business is exhilarating! You’re your own boss, calling the shots and pursuing your passion. But amidst the hustle and bustle, some crucial tasks can fall by the wayside, like accounting. Here at Integrity Accounting, we’ve seen a few common accounting mistakes trip up small businesses. Don’t worry, though! By recognizing these pitfalls, you can steer clear and ensure your finances stay on track. Mistake #1: Mixing Personal and Business Finances It might seem convenient to use one account for everything, but it creates a financial mess. Separate business and personal expenses

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Accounting Myths

Tax Time Myths Busted: Don’t Let Misinformation Cost You!

Tax season. Just the mention of it can send shivers down some spines. But a big part of that anxiety often stems from misconceptions and plain old myths. At Integrity Accounting, we want to empower you with knowledge! So, let’s debunk some common tax myths and ensure you file with confidence: Myth #1: Taxes are Optional This one is a doozy. Uncle Sam expects his due, and failing to file can lead to penalties and interest. Remember, even if you owe nothing, you still need to file. Myth #2: Only High Earners Pay Taxes

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Small business Tax deductible

What Small Businesses Should Track as Deductibles Now

Tax season. Ugh. Those two little words can strike fear into the hearts of even the most organized small business owners. But hey, here at Integrity Accounting, we believe knowledge is power, and with a little proactive planning, you can make tax time a breeze (well, almost!). One key to a smooth tax filing experience is keeping meticulous records of your business expenses. The more you document throughout the year, the less scrambling you’ll do come April. So, what exactly should you be tracking? Let’s break it down The Balance Sheet: A Snapshot in

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Tax Planning with Integrity Accounting

Beat the June 17th Deadline: Tax Relief and Planning with Integrity Accounting

San Diego residents! Did you know the IRS extended the tax filing deadline due to the recent winter storms? You now have until June 17th, 2024 to file your federal and California tax returns. While this extension provides some breathing room, navigating the tax code can still be overwhelming. That’s where Integrity Accounting comes in! The Power of the IRS The authority to grant tax filing extensions rests solely with the IRS. They monitor national and regional events that might significantly impact taxpayers’ ability to file on time. In this case, the severe winter

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Linda Love Accounting

Introducing Linda Love, the owner of Integrity Accounting!

She was first introduced to the accounting field at the age of 17 when she was the assistant to the Accountant at a law firm. With each position she held after that, she found herself with accounting duties as part of her role. When she decided to start a family, she knew she wanted to be near her children as much as possible while still earning money, because she loves making money and helping others organize their finances. Having her own bookkeeping business fit perfectly, and the rest is history! Her kids are now

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Balance Sheets Accounting Help

Understanding Balance Sheets & Income Statements with Integrity Accounting

Feeling lost in the language of numbers? Don’t worry, you’re not alone! At Integrity Accounting, we believe financial literacy is key to sound financial decisions, both personal and professional. Today, we’re diving into two fundamental financial statements: the balance sheet and the income statement. The Balance Sheet: A Snapshot in Time Think of your balance sheet as a photograph of your financial position at a specific point in time, like the 31st of December. It captures three key elements: Assets: What you own, like cash, inventory, equipment, and investments. Think of it as your financial possessions.

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Didn’t find an answer to your question?

We believe open, clear communication is paramount in every relationship, including business! We encourage you to know and understand your financial statements. We can help! By signing your tax returns, you are committing to their accuracy in front of the IRS and your State authority. Don’t leave yourself surprised in the event of an audit!

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