Ready for this season 🫶🏾🫶🏾🫶🏾

💰 LET’S TALK EITC! (EARNED INCOME TAX CREDIT) 💰 Do you know if you qualify for the Earned Income Tax Credit? 👀 The EITC is a refundable tax credit designed to help eligible low-to-moderate-income workers and families. Depending on your income, filing status, and qualifying children, this credit could make a BIG difference on your tax return! 📚 In this video, we’re breaking down: - What the EITC is. - Who may qualify. - How qualifying children affect eligibility. - Why income and filing status matter. - Common mistakes taxpayers should avoid. 🎓 NBG TAX ACADEMY TIP: Never assume someone qualifies just because they have children or earned a certain amount. Eligibility has specific IRS requirements! Watch the video, take notes, and drop your questions in the comments. Let’s keep learning and growing together! Knowledge builds confidence. Confidence builds better tax professionals. #NBGTAXACADEMY #EITC #TaxEducation #TaxProfessionals

📚 NBG TAX ACADEMY | BUSINESS TAX KNOWLEDGE TAX TIP TUESDAY: BUSINESS EXPENSES vs. PERSONAL EXPENSES One of the biggest mistakes business owners make is assuming that anything purchased using business money automatically qualifies as a tax deduction. THAT IS NOT HOW IT WORKS! The IRS generally requires business expenses to be both ordinary and necessary for carrying on a trade or business. Let’s break it down! 1. Ordinary Business Expenses These are expenses common and accepted in your particular industry. Examples: - Office supplies - Advertising expenses - Business insurance - Professional software subscriptions 2. Necessary Business Expenses These are expenses that are helpful and appropriate for operating your business. Examples: - Purchasing a computer for business operations - Paying for business-related training - Hiring professional bookkeeping services 3. Personal Expenses These are expenses that are personal in nature and generally cannot be deducted as business expenses. Examples: - Personal grocery shopping - Family vacations - Everyday personal clothing - Personal household bills REAL-WORLD SCENARIO A self-employed tax preparer purchases a laptop for $1,200. The laptop is used exclusively for preparing client returns, maintaining business records, and managing business operations. Could this qualify as a business deduction? YES! It may qualify, subject to the applicable depreciation, expensing, and substantiation rules. Now imagine that same tax preparer purchases groceries for their household using the business debit card. Does using the business account make those groceries deductible? NO! The payment method does not change the tax treatment of a personal expense. 🧠 KNOWLEDGE CHECK Let’s see who is paying attention! A business owner purchases a television for their home and claims it as a business expense because they occasionally watch business-related videos on it. What should the tax preparer consider? A. Automatically deduct the entire purchase.

I’m excited to be part of this community! Looking forward to connecting with you all, learning new things, and sharing ideas. Thanks for having me here. Looking forward to growing together! 😊