logo
Tax season isn't over for small business. See why in 5 tips from Broward expert

Tax season isn't over for small business. See why in 5 tips from Broward expert

Miami Herald4 days ago
Fort Lauderdale tax specialist Bria Harris has worked in finance for a decade and wants to make sure entrepreneurs understand the importance of filing their taxes. The Cincinnat native wants her clients to make the most informed financial decisions possible.
'It's not about how much money you can get; it's about how much you can save,' Harris, 34, told the Miami Herald.
As a small business owner, Harris speaks to her clients about taxes from a personal perspective. All of the advice she shares with them is advice that she has already put into her routine.
Here are five tips from Harris that entrepreneurs should keep in mind when filing their taxes:
Get a certified public accountant and a lawyer
Before launching a business, Harris believes there are two people that should be contacted before anything else.
'Two things to start off with:' a certified public accountant and a lawyer. 'Trademark your business,' she said.
Track all deductions year-round
Harris believes that entrepreneurs should keep track of every expense so that they can cut back on the amount of taxes they have to pay. Using tools like QuickBooks can help people not have to file extensions when taxes are due on April 15.
'Track all deductions all year,' she said. 'Track any receipts, mileage, gross income and sit down with someone monthly to go over those expenses to see what those businesses are doing, Sit down to see what you can do to reduce your tax liability. '
Plan on filing taxes four times a year
Harris recommends that entrepreneurs pay taxes once a quarter, or four times a year.
'If you know you will earn more than thousands of dollars, sit down every few months,' she said. 'It will reduce your penalties if you pay the IRS in advance.'
Want business credit? Responsibly manage your personal credit
While entrepreneurs may not see the connection between business and personal credit, Harris recommends that they first focus on developing healthy personal credit habits.
'When it comes to business and personal credit, in most instances you cannot get anything in your business name without your personal credit looking decent,' she said. 'They just want to see if you're responsible.'
Manage your expenses
'Certain credit card companies don't play when it comes to maxing out, ' she said. 'It's good to keep your credit paid. Most places want to see a year of bank statements and want your credit score to be 680 or more. If you're making $100,000 a month, you probably don't want more than $30,000 in expenses. You still want to be profitable after expenses.'
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Roman Storm trial roiled by controversial testimony on stolen crypto link to Tornado Cash
Roman Storm trial roiled by controversial testimony on stolen crypto link to Tornado Cash

Yahoo

time2 hours ago

  • Yahoo

Roman Storm trial roiled by controversial testimony on stolen crypto link to Tornado Cash

Tornado Cash co-founder Roman Storm suffered a setback Wednesday morning after a federal judge allowed an IRS agent to testify that crypto stolen from Hanfeng Lin, a woman living in Georgia, was ultimately deposited in the crypto mixer. Under cross-examination, IRS Special Agent Stephan George said he could not prove that Lin's scammer deposited the crypto in Tornado Cash. He testified that crypto could have changed hands as it moved across a series of digital wallets. But some of the crypto did eventually make its way into Tornado Cash, the agent said. His testimony contradicted prominent blockchain forensics experts who said none of Lin's money ever went to the protocol. Stolen crypto The fate of Lin's stolen crypto has taken center stage at Storm's criminal trial this week. The Georgia woman was the government's first witness in its prosecution of Storm. On July 15, LIN testified that she lost about $250,000 in crypto to a pig butchering scam in 2021. She attempted to contact Storm in 2022 after a 'crypto recovery service' told her some of the stolen crypto was laundered through Tornado Cash. If her money never went to the protocol, 'she has utterly no relevance' to Storm's alleged crimes, his attorney David Patton said Monday. That could be grounds for a mistrial, the attorney said. If the judge agreed, Storm's criminal trial would end, though prosecutors could choose to retry the case with a new jury. Prosecutors have charged Storm with conspiracy to commit money laundering, operate an unlicensed money-transmitting business, and violate US sanctions. He faces more than 40 years in prison. His case has become a test for crypto privacy as supporters, and Storm's lawyers, argue that he should not be held liable for the smart contracts running Tornado Cash. 'Not qualified' Prosecutors initially asked George to testify that Storm had made millions selling his Tornado Cash tokens in 2022, when government scrutiny of the protocol intensified. They said this is proof that the software engineer knew he had committed a crime. Their plans changed over the weekend. On Friday, crypto security researcher Taylor Monahan said she was unable to find evidence Lin's crypto ever went to Tornado Cash. ZachXBT, the pseudonymous crypto investigator, has endorsed her analysis. On Sunday, prosecutors said they would also ask George to corroborate the claim that Lin's stolen crypto ended up in Tornado Cash. Defence attorneys attempted to bar the agent from sharing that analysis with jurors. 'Agent George is not qualified to do this sort of tracing and his methodology is unsound and not an accepted methodology for attribution in the field of blockchain tracing,' they wrote in a letter to the court Tuesday. 'Last in, first out' But Judge Katherine Polk Failla let the agent testify on the grounds that defence attorneys could prove his supposed incompetence during cross-examination. The agent used an accounting method known as 'last in, first out' to trace the stolen funds, he testified. Over a series of seven steps, 47,000 of Lin's USDT tokens were batched with other crypto before being converted to Ether and deposited in Tornado Cash, he said. During cross-examination, George said he could have reached a different conclusion had he used a different accounting method, such as first in, first out. He also said his method could not prove who owned the accounts that Lin's crypto supposedly traveled through. 'This doesn't prove that the hacker deposited money to Tornado Cash, does it?' Defence attorney Keri Axel asked the agent. 'No, not at all,' he said. But Axel was unable to complete her cross examination on Wednesday. She told the judge it will likely last another half hour when the trial resumes Thursday morning. Protocol control Philip Werlau, a senior investigator at blockchain analytics firm took up the majority of Wednesday's testimony. Werlau testified that aspects of the Tornado Cash protocol could have been changed by Storm and his co-founders. Specifically, the protocol's so-called relay system had code that could have been changed to deter money laundering, Werlau said. While those changes required approval from Tornado Cash token holders, Storm and his co-founders had enough tokens to determine the outcome of any vote, according to Werlau. Moreover, about 99% of all deposits to Tornado Cash relied on the relay system, according to Werlau. Those that did not use the system could not benefit from the anonymity Tornado Cash provides, as it would be easy to link crypto deposited directly in the protocol to crypto withdrawn from the protocol, he added. Tornado Cash founders did take steps to limit money laundering. In 2020, they blocked access to the Tornado Cash website for users from certain countries. In 2022, they blocked access to sanctioned crypto wallets. But both of those measures were easily circumvented, according to Werlau. Even if sanctioned wallets could not use the website, their owners could still access the protocol and its relay system through the command-line interface on their computers. 'They closed the UI [website] door but they left the CLI door open,' Werlau said. Prosecutors said they expect to finish their portion of the trial Thursday morning. Defence attorneys said they could end their portion as early as Monday — unless Storm himself testifies, a high-risk, high-reward strategy that failed crypto fraudster Sam Bankman-Fried in his November 2023 trial. Bankman-Fried withered under cross-examination, appearing evasive and drawing a rebuke from the judge. He was eventually convicted on all seven counts and sentenced to 25 years in prison. Aleks Gilbert is DL News' New York-based DeFi Correspondent. Reach out to him with tips at aleks@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

BENS member and keynote speaker: Teaching leaders to adopt a warrior's mindset
BENS member and keynote speaker: Teaching leaders to adopt a warrior's mindset

Chicago Tribune

time4 hours ago

  • Chicago Tribune

BENS member and keynote speaker: Teaching leaders to adopt a warrior's mindset

Chris Harris' path from training elite warriors to speaking to top corporate leaders as a highly sought-after keynote speaker is far from ordinary. For 25 years, as a private contractor, he taught military and special forces for the U.S. and its global allies his system of close-quarters combat called Roku Jutsu. That experience shaped his approach, emphasizing resilience, adaptability and mental toughness, values he now shares with business audiences. Today, Harris is a professional keynote speaker, executive coach and bestselling published author with a strong emphasis on mindset, self-motivation and resiliency. He uses his expertise in high-stakes decision making to help professionals strengthen their leadership effectiveness and sales performance. 'The mental toughness required to survive in combat,' he explains, 'is the same one that helps professionals excel under immense pressure and relentless adversity.' His signature 'Warrior Maker' approach aims to build confidence and focus for audiences, preparing them to handle challenges with the right mindset by using the tools they already possess. The executive coaching industry is undergoing a significant transformation, with companies increasingly investing in leadership development and sales performance coaching. Industry reports suggest the global executive coaching market will exceed $31 billion by 2033, illustrating the rising demand for mental resilience training. Rather than offering traditional speaking and coaching, Harris focuses on tactical mental conditioning, teaching professionals how to self-motivate and maintain peak performance in high-stress situations. 'Success is about how you respond and adapt when things don't go your way and when the competition is fierce,' he explains. Over the years, Harris has worked with over 500 companies across 60 countries, helping leaders and sales teams develop and execute winning strategies in high-stakes environments. His book 'The Complete Idiot's Guide for Self-Defense' was published by one of the largest publishers in the world. His '7 Rivals' book series reveals how to pinpoint and conquer the significant mental and emotional opponents that influence your confidence, drain your energy and attempt to block your success. Drawing on his extensive background in elite close-quarters combat training, Harris provides readers with practical strategies to enhance their fulfillment, preparedness and ability to handle challenging situations. Apart from his dedication to speaking and consulting, Harris remains involved with respectable affiliations that are making a positive impact. The Cold War had a lasting impact on Harris's childhood, motivating him toward numerous fulfilling endeavors: enlisting in the United States military, working in the defense sector as a private contractor and becoming an active member of Business Executives for National Security, an organization comprised of executive business leaders applying their experience and best practices to help strengthen our nation's national security. Harris learned at an early age that fear and uncertainty offer their greatest value when they inspire people to take positive action. Talented people can hit challenging targets, open-minded people can see hidden targets and inspired people will either find a way or make a way to achieve the desired outcome, Harris says. Through his engagement with BENS, he joins top industry leaders and entrepreneurs in closing the bridge between private and public sectors, fostering a stronger exchange of ideas and practical solutions with government partners to help address today's security challenges with the innovation, insights and agility of the private sector. BENS members like Harris engage directly with senior military leaders and government officials on critical national security challenges. The organization has facilitated meaningful dialogue between industry leaders and national security experts, including four-star generals and admirals, renowned executives and thought leaders, and skilled tacticians, on topics ranging from regional conflicts in the Middle East and Europe to U.S. competitiveness in the era of Great Power Competition. In 2024 alone, BENS hosted over 160 events and roundtables nationwide, while also lending their expertise to global issues. BENS CEO and president Gen. Timothy Ray, USAF (ret.), has shared, 'Our nation needs industry leaders to engage and partner with the national security community. Only by harnessing industry's ingenuity and efficiency with the national security's deep understanding of the threat landscape will our nation be able to navigate the unprecedentedly complex security environment we face.' Through this collaborative approach, BENS continues to fulfill a core aspect of its mission: to unite the brightest minds from both sectors in service of the nation's security. The organization maintains its longstanding record of audit opinions. It continues to earn a four-star rating from Charity Navigator as well as a Platinum rating from Candid, both the highest possible scores from these independent nonprofit evaluators. With an expanding global presence, Harris continues to solidify his reputation as a keynote speaker, published author and high-performance executive coach. His expertise has been featured in major global media publications, and he conducts frequent interviews as a thought leader in the field of mindset and resiliency. Harris is a member of the Forbes Coaches Council and has received notable recognition over the past 25 years. Leaders today are not only expected to be flexible and able to handle pressure effectively, but also to be adaptable and resilient in the face of change, Harris says. As a U.S. military veteran, award-winning inventor, former top-sales producer, BENS member and Martial Arts Hall of Fame inductee, Harris's methods may resonate with organizations that seek a warrior's mindset-based approach rather than conventional leadership methodologies.

Student loan forgiveness may soon be taxed again — here's how much borrowers could owe
Student loan forgiveness may soon be taxed again — here's how much borrowers could owe

CNBC

time6 hours ago

  • CNBC

Student loan forgiveness may soon be taxed again — here's how much borrowers could owe

President Donald Trump's "big beautiful bill," which Congress passed earlier this month, has tax implications for people who receive student loan forgiveness. Here's what borrowers expecting the loan relief should know. The American Rescue Plan Act of 2021 made student loan forgiveness tax-free at the federal level through the end of 2025. Trump's "big beautiful bill," while making other specific kinds of student loan relief tax-free, did not extend or make permanent that broader provision. In theory, lawmakers could move to protect the relief from taxes before the end of the year, but borrowers shouldn't count on it, experts say. "Republicans do not like [student loan] forgiveness, and are unlikely to make it tax-free," said higher education expert Mark Kantrowitz. Without action from Congress, student loan borrowers who get their debt forgiven under the U.S. Department of Education's income-driven repayment plans, or IDRs, would face a federal tax bill again starting in 2026. (IDR plans cap people's monthly payments at a share of their discretionary income and cancel any remaining debt after a certain period, typically 20 years or 25 years.) That tax bill at the end of repayment could be significant — the IRS typically counts forgiven debt as income, Kantrowitz said. More from Personal Finance:Trump's 'big beautiful bill' slashes CFPB funding78% say Trump's tariffs will make it harder to deal with debtTax changes under Trump's 'big beautiful bill' — in one chart The average loan balance for borrowers enrolled in an IDR plan is around $57,000, Kantrowitz said. For those in the 22% tax bracket, having that amount wiped out would trigger a tax burden of over $12,000, Kantrowitz estimates. Lower earners, or those in the 12% tax bracket, would still owe around $7,000. Borrowers could also be on the hook for state taxes following their student loan forgiveness. (Many states mirror the federal government's tax policy on student loans, meaning more states may start to levy the aid next year as well, experts say.) Consumer advocates have long criticized the practice of taxing borrowers on their student loan forgiveness. They say that borrowers who enroll in IDR plans tend to struggle to keep up with their bills, and that the government's policy often wipes away one's student debt just to saddle them with a tax debt. "Forcing borrowers to remain drowning in debt is cruel," said Persis Yu, deputy executive director and managing counsel at the Student Borrower Protection Center. The "big beautiful bill" did permanently make it so that student loan forgiveness in cases of death or disability are tax-free, Kantrowitz said. Employees who receive help from their company paying down their debt also won't owe any taxes in the future on that relief, due to the legislation, he added. The current allowable annual tax-free contribution from firms is $5,250, but that amount will increase with inflation. Public Service Loan Forgiveness has always been, and will continue to be, tax-free on the federal level, under its terms. (It's possible your state will tax you on the aid). That program allows government and certain non-profit workers to get their debt excused after a decade of payments.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store