Just another video installment involving the Beneficial Ownership Information reporting requirement that is going to go into effect in 2024. This time it’s a warning to WATCH OUT FOR SCAMMERS! As far as I know there hasn’t been clear guidance as to how and when business owners are going to be informed that they need to file, but FINCEN wants you to know that it’s not going to be now and they won’t send unsolicited correspondence out. Do NOT click on links or scan QR codes and give up your info! These scammers make things look legit, I swear 🙄 Leave comments or questions and if I can answer anything I will. Your girls got you ❤️ This content is for educational purposes and is not intended to provide legal or tax advice. It is important to note that your individual circumstances may affect the information provided in this content. I recommend consulting a professional for personalized #smallbusiness #smallbusinesstips #smallbusinesssupport #entrepreneur #entrepreneurlife #sidehustle #taxessuck #taxrefund #taxdeductions #moneymindset #lifehacks #businesshacks #financetips #personalfinance #taxtok #toktax #financetok #tokfinance #businesstok #beneficialownership #corporatetransparencyact #federallaw #llc #scorp #corporation #trending #foryou #foryoupage

For those of us who can’t buy a rental property during this time of high inflation and massively high interest rates, do not despair! There is a much cheaper way to add another asset to your portfolio and have it assist you in obtaining your financial goals, whether it’s simply paying down credit cards or saving for a rental in the future. The asset that I’m talking about is starting a small business, and anyone can do it! Once you start generating income from your business there are lots of ways to lower the taxable amount, and many strategies to incorporate personal benefits into the equation. (Obviously I am talking about tax avoidance not tax evasion here, but you get my drift) Now, I didn’t say it would be easy- it will probably take more of your spare time at first than managing a rental property. But if you REALLY want to grow your portfolio and your options are limited due to income restraints, I would suggest giving this some thought and seeing if it’s something you are up for because it might just change your life. Agree or disagree? *This content is for educational purposes and is not intended to provide legal or tax advice. It is important to note that your individual circumstances may affect the information provided in this content. I recommend consulting a professional for personalized guidance* #smallbusinesstaxes #rentaldeductions #rentalproperty #investmentproperty#landlord #slumlord #taxessuck #taxrefund #taxdeductions #taxtok #toktax #tokfinance #financetok #depreciation #moneymindset #lifehacks #financetips #personalfinance #smallbusiness #smallbusinessowner #womanownedbusiness #bosslady #bossbabe #entrepreneur #creative #creator #foryou #foryoupage #trendingreels #trendingnow #trending

On January 1, 2024 a new reporting requirement goes into effect that will require MILLIONS of small businesses to file a Beneficial Ownership Information Report (BOI) with the US Dept of Treasury’s FINCEN. The report is going to require the reporting of “identifying information about the individuals who directly or indirectly own or control a company” meaning you will have to report: ⭐️ The company’s legal name and any trade or dba names, address, jurisdiction where it was formed and its taxpayer identification number ⭐️ For each of the company’s beneficial owners (and company applicants for LLCs created on or after Jan 2024) the report has to provide the individuals legal name, dob, address, and an identifying number from a DL/passport/state id as well as an image of the document. I think that info along with the questions I answered in the video covers the basics but if you have any questions leave them in the comments and I will make sure to answer them or do another video! *This content is for educational purposes and is not intended to provide legal or tax advice. It is important to note that your individual circumstances may affect the information provided in this content. I recommend consulting a professional for personalized guidance. #smallbusinessowner #smallbusinesstaxes #smallbusinesssupport #taxessuck #taxrefund #taxdeductions #taxtok #toktax #entrepreneur #entrepreneurlife #moneymindset #riseandgrind #lifehacks #financetips #personalfinance #trending #foryou #foryoupage #fincen #corporatetransparencyact #llc #scorp #corporation