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Common Tax Mistakes New Entrepreneurs Make With Tracy Tate Jones, Expert Accountant, Tax Coach, And Author

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Common Tax Mistakes New Entrepreneurs Make With Tracy Tate Jones, Expert Accountant, Tax Coach, And Author

January 13
17:03 2021

As tax season is fast approaching, entrepreneurs and business owners across the nation are already beginning to feel a familiar sense of dread. Fortunately, according to tax and accounting expert, Tracy Tate Jones, with the proper planning and strategy, there is no need to fear tax season. 

From a young age, Tracy recognized her affinity for math and numbers. Originally from San Francisco, CA, she excelled in school and went on to obtain a master’s in business, accounting, and public administration. For several decades, Tracy worked in the corporate world, where she held executive positions while also offering additional accounting and bookkeeping services as a side business. Two years ago, she left this corporate position and officially set out on her own to make TLJ Professional Services her full-time focus. 

Presently, Tracy offers complete, book-keeping, accounting, tax preparation, and life insurance services to individuals, entrepreneurs, and small businesses. She approaches each client interaction with a personalized, no-nonsense, holistic strategy. 

“I am constantly adding to my services to best serve my clients,” Tracy explains, “I only added life insurance to my repertoire in the last 5-6 years when I realized how great this need was for my clients.” 

At the end of the day, “Taxes are taxes,” Tracy says with a chuckle, “However, we are set apart in our client approach, I don’t just leave them with the numbers and no plan forward, I seek to actually educate my clients and equip them with a stronger business and financial strategy.” 

In an effort to better educate her clients, Tracy has recently begun offering accounting coaching services as well. According to Tracy, new entrepreneurs and business owners may be leaving a lot of money on the table when they do their taxes, simply because they don’t know any better. Two of the most common mistakes that Tracy witnesses her clients make is the failure to file and commingling their personal and business expenses. 

Failure to file for taxes can lead to penalties and greater interest rates. Not knowing if one owes taxes or are due to receive a refund, creates unnecessary anxiety and stress. No one wants to be on the wrong side of the IRS. Furthermore, according to Tracy, failing to file taxes can make it difficult, if not impossible to purchase a home later in life. Instead of needlessly stressing about taxes, Tracy recommends her clients set up a calendar to ensure they file on time and avoid accruing interest and fees, even if one doesn’t end up owing taxes, they will avoid the unnecessary stress of wondering. 

Next, commingling personal and business expenses can cause confusion and lead business owners to miss out on thousands of dollars in deductions and write-offs. Furthermore, personal expenses that are labeled as business expenses can raise red flags for the IRS. Tracy recommends setting up separate accounts for business and personal transactions. This will both guarantee that all business expenses are captured while also making recording and labeling easier in the future. 

To learn more about the other common mistakes that business owners and entrepreneurs make when it comes to taxes, click here to access Tracy’s free guide! 

In addition to her full-service accounting company, Tracy is also the founder of Beat the Streets, Inc, a non-profit dedicated to providing life skills, education, and employment resources to youths and young adults ages 11 to 29. According to Tracy, an excellent way to keep youths off the streets is to give them the resources to plan for their future by identifying their strengths. Beat the Streets utilizes smart technology to assess individuals’ aptitudes and show them which careers they might be best suited for. Before the pandemic, they were only able to serve youths in their local Antioch community but the digital shift has now enabled them to reach an even broader audience. 

Finally, Tracy is also a five-time author. In addition to educational financial literature, Tracy also writes about finding purpose, gratitude, overcoming abuse and finding confidence. To learn more about Tracy Tate Jones’ accounting services, visit https://www.tljprofessionalservices.com/

Media Contact
Company Name: TLJ Professional Services, Inc.
Contact Person: Tracy Tate Jones MBA, MSA, MPA
Email: Send Email
Phone: 833-855-7763
Address:66 Franklin St, Suite 300
City: Oakland
State: CA
Country: United States
Website: https://www.tljprofessionalservices.com/