Jael Faulcon Consulting

03/18/2025

Don't forget if you play online wagering on sites like FanDuel, DraftKings, etc. you are subject to taxes if you don't keep track of your losses. If you don't have more losses than the standard deduction -- Watch Out! You will be paying taxes. So if you have to play, keep a journal. Casinos are required to report their income and pay taxes. They will not carry you. This is your trusted tax pro trying to help you avoid the shock. I'll take gardening. At least I can eat my hobby earnings. 😂🤣

ChatGPT might know ball 👀😂

03/13/2025

Depending on what fiscal year a charitable organization operates and where the organization’s budget and projected growth is trending, changes to contribution revenue thresholds may impact some organizations sooner than others.

If you operate a not-for-profit in Wisconsin or Illinois, your organization may be subject to an audit or review under the new thresholds.

03/13/2025

This tool is designed solely to provide useful information to understand the potential tax deferral. The rules governing like-kind exchanges are numerous and complex, and should be discussed with your legal counsel and/or tax advisor prior to engaging in any such transaction.

Baker Tilly’s 1031 Like-kind Exchange Estimator Tool estimates the amount of tax potentially due if a like-kind exchange strategy is not undertaken, and the amount of taxes deferred if an exchange is completed using assumptions furnished by a real estate owner or investor.

03/12/2025

⚠️ PSA for Anyone Venting About Grubhub (or any service) on Facebook ⚠️

So you're mad at Grubhub and you post about it. Totally valid. But beware — the scammers are watching 👀.

These folks slide into the comments or your DMs pretending to be "Grubhub support" offering you a refund... but then ask you to download some sketchy cash app you’ve never heard of (spoiler: it’s not backed by any U.S. bank). 🚩🚩🚩

If that happens: close the chat, block, report, and run.

This isn’t just a Grubhub thing — scammers are crawling all over complaint posts like ants on a picnic. Always go straight to the company’s real customer service channels.

Stay sharp out there. Facebook streets are wild. 😬

03/07/2025

Every business needs customers to exist. Learn something new about customer attraction here.

Do you currently promote others’ products as an affiliate? Wish you had more sales? Wondering about creating your own affiliate program one day? I have answers to your questions in this blog post.

03/02/2025

Here are two more of ten audit triggers.

#2 Large charitable donations 🚩
They are claiming unusually high charitable deductions relative to income.

How to avoid: Keep detailed records of all donations and ensure they align with your income level.

#3 Home office deduction 🚩
Claiming a home office that's not exclusively used for business.

How to avoid: Only claim space used solely and regularly for your business.

No matter what software you use, be sure to consult an expert for the best ways to maximize your deductions and tax planning in the future. We can help. DM us or visit our site for more info.
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03/02/2025

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If you have a side gig, you will need to report your income on Schedule C of your 1040. But that is for businesses you say. Don't freak out. You can tell TurboTax whether you intend to continue this little business or not. If yes, you get to claim expenses to offset the income. That will reduce your tax bill for the income. If no, and it was a hobby venture, and sorry you cannot claim expenses. Click the link to get TurboTax Deluxe so you can plan better next time.

02/21/2025

Be careful of retirement plan administrators who tell you they have the final say whether your account has a "Required Minimum Distribution" or not. The Tax Reform Act of 1986 established that retirement contributions may not be held indefinitely in any qualified retirement account -- 401k, IRA, 403b, defined benefit plan, etc. -- but once the mandatory age is reached a distribution or taxpayer withdrawal must occur. The amount may be calculated by the custodian/trustee, but the actual event or distribution must occur per tax law. Retirements are reported on Form 5500, so the IRS can find the balance if the value is over $250,000. With the tables in Pub 590B, they can calculate how much it should be. If your employer/organization is exempt from filing a Form 5500 report, just be careful and watch your balance.

Dave Guilmette has been appointed as the new Chief Executive Officer of Alight Solutions. With a distinguished career in the healthcare and benefits industry, Dave brings a wealth of experience and a proven track record of leadership to lead Alight into its next chapter.

Please join us in welcoming Dave to his new role and in expressing our gratitude to Stephan for his invaluable contributions to Alight's transformation and success over the last five years: http://alig.ht/Yk4C50T6s1i

02/17/2025

I am getting quite a few questions about which is better? Traditional or ROTH IRA? Are the earnings taxable? Whichever option you choose depends on your current and future income, tax situation and retirement goals.

🔹 Choose a Traditional IRA if: You expect to be in a lower tax bracket in retirement than you are now. This way, you reduce taxes while you're earning more and pay taxes later at a lower rate. No income limits for contributions. But there is a required withdrawals (RMD) at 73 y/o. Penalty if you withdraw any money before 59 1/2.

🔹 Choose a Roth IRA if: You expect to be in a higher tax bracket in retirement. Paying taxes now (while your income is lower) makes sense because your withdrawals will be tax-free. Your earnings are taxable until you reach 59 1/2 or keep the account open for 5 years. Contributions are limited by income. Backdoor ROTH is a strategy to overcome this limitation (until the tax laws change). No penalty to withdraw contributions anytime. There may be a penalty for withdrawing earnings if not 59 1/2 or 5-year account.

If you need help planning, DM if you want to talk more.

Found on Google from fool.com

02/14/2025

Are you ready to expand your business? Want to work from home and provide services to an unlimited number of clients who need your help? Become a QuickBooks Expert.

Master QuickBooks with Universal Accounting’s specialist certification program. Build your skills and grow your bookkeeping or accounting career.

01/31/2025

#1 Unreported income 🚩

This is the most common audit trigger of ten (10) we will see when preparing returns. You are not reporting all taxable income, including cash payments, 1099 income, unemployment, side gigs, gambling winnings, etc.

How to avoid: Keep meticulous records of all income sources and cross-check against 1099s and W-2s. If you need help, DM me.

01/31/2025

Tax season can be a stressful time for entrepreneurs. Get your 1099 Filling organized with this spreadsheet TODAY. Your time is running out.

Avoid unnecessary stress and worry with this easy template showing you who you need to file a 1099 for and who you can exclude! Grab the free template here: https://ownyourmoney.com/1099