Lookout Outlook – February 2024 Bookkeeping Newsletter

February 6, 2024

Lookout Outlook Archives

It’s Already February?!

With one month down already this year, we’re looking to stay on top of what 2024 has in store… and that includes some changes to LLC law that you’ll find below!

Business Ownership Information

Beginning this year, if you own a small business, you’re now required to submit Business Ownership Information (BOI) to FinCEN. FinCEN is like the IRS, but for financial reporting purposes. If you don’t submit your BOI, you’ll pay a hefty $500 per day penalty!

If you opened an LLC after Jan 1, 2024—you only have 90 days to submit your BOI info to FinCEN.

If you opened your LLC before Jan 1, 2024—you have until the end of the year to submit your information to FinCEN.

Go here: https://www.fincen.gov/

Have You Received Your W-2?

Whether you receive a W-2 from an employer or a 1099 to show your income, you should be receiving those documents in the mail soon.

But… what if your W-2 never shows up? Here’s what to do:

REACH OUT TO THE ISSUER: Let the responsible party know that you haven’t received your tax documents yet. It could be as simple as them not having your mailing address on file!

REACH OUT TO THE IRS: If you haven’t received your W-2 by the end of this month, you should reach out to the IRS. After this call, the agency will send you Form 4852 to complete in place of your missing document.

If you eventually receive a W-2 that’s different than the amount you filed on your return, you may have to amend your tax return.

Not sure about which tax documents you need? Reach out to your tax professional for specific guidance related to your tax situation.

Got Big Game Bets?

For the first time in NFL history, the Super Bowl is being played in Las Vegas – it’s a sports bettor’s dream!

Consider this a friendly reminder that your gambling winnings are taxable income whether you place the bet through an app, in person, or online. If you itemize your deductions, you may be eligible to deduct your losses up to the amount of your gambling winnings.

My money’s on Taylor Swift getting shown at some point during the big game… what are the odds of her taking the stage with Usher?!

Have you paid a vendor already this year?

Don’t forget to collect that fabulous W-9 form! If you have paid for a service…like a bookkeeper, perhaps?…or an electrician, pest control, or cleaning professional…you are required to issue that service provider a 1099 in January for the previous year. Let’s make this year a smashing success and collect those forms BEFORE paying the vendors. For your reference, here is a link to the W-9 form: https://bit.ly/LKTW-9

Current Client Corner:

EOY Financials

Is your tax preparer already asking for your finalized EOY financials?!?

To be sure that we have everything we need to get your documents prepared for your tax pro, please be sure to check your client portal – https://clients.lktbook.com/client-login – we will be asking you for EOY statements for your loans and any other documentation that might be needed for your tax professional to complete your taxes

The next few months are some of the busiest for our team, so please understand that our responses may be more delayed. If you are a current client, please be sure to use the client portal for communications that are not urgent. If your need is urgent, feel free to call or text at 423.497.4144.

Thank you for your patience and support during our busy season

Cheering you on!

Have questions? Let us know!

Know a friend who could use our help?

We would love to support them!

The biggest compliment is that you trust us with your bookkeeping.

The second biggest compliment is when you send your friends our way!

Refer a business owner who signs up for monthly services and receive a $100 cash referral gift. You can send this intake link to your friends: bit.ly/LKTLead

Your support of our small business makes all of this possible, thank you!

Looking for a DIY solution?

Look no further than our Small Business Bookkeeping Tracker! For the start-up side gig who just has a few transactions a month, this tracker will be your BFF for tax filing. You can enter your transactions each month and this tracker will produce monthly and annual reports. The best solution for any business until you need to partner with a bookkeeper to provide done for you services.


Small Business Bookkeeping Tracker | Lookout Bookkeeping

This Small Business Bookkeeping Tracker in Google Sheets helps you keep track of your business income, expenses and… Read more

This month’s free resource:

Let’s Talk Write-Offs!

One of the fun parts of owning your own business is the world of tax write-offs! It can be a little addicting the first time you make a business purchase, even something as small as a stapler, that you can then deduct on your tax return.

Want some guidance on what is (and isn’t!) deductible for your business?

PO Box 2475, Chattanooga, TN 37409
Unsubscribe · Preferences

Leave a Reply

Your email address will not be published. Required fields are marked *