There are 3 things you need to do to be able to write off as much of your life as possible so you pay the least in taxes…

1️⃣📜 - Know the list of what qualifies as a business write-off.

2️⃣💳 - Use a bank account just for business to spend on those qualified write-offs.

3️⃣🗃️ - Maintain good records of those expenses to back up those qualified write-offs.

In case you’re not clear, write-offs are things you spend money on that you can subtract from your income so the amount you’re taxed on is as little as possible.

The process to make sure you write off as much as possible is simple, necessary, and all starts with knowing what qualifies as a write-off so you can take advantage of all of them.

And since it’s tax season, I’ve created a guide to help make sure you don’t miss any write-offs!

With this Feel Good Write-Off Guide, you’ll catch more qualified write-offs so you keep more of your money in your pocket…

And get the mindset shifts to think about your expenses in a way that feels great. 🥰

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🎙️ Brought to you by Lauren Poppins Raye – Connect on IG @laurenpoppinsraye and find out your money attachment style to make your way to financial security with this 5-minute quiz.

There’s a regular dopamine hit available to you with your commitment to your currency organization…

More satisfying than the scroll of a social media feed…

More nourishing than a cup of coffee…

I’m talking about the sweet reward of seeing those green checkmarks in Quickbooks Online that congratulates you for being up to date with your accounts. ✅✅✅

If you don’t yet use QBO to automatically keep track of & organize your income & expenses, you’ve been missing out on this ritual dose of dopamine.

💧 It happens when you’ve taken a look at your recent transactions and made sure they’re all labeled correctly & filed away in the system.

💧 It’s a task that I suggest doing weekly or monthly as part of your regular money check-in.

💧 It’s a task that you come to love showing up for because of the reinforcement of those green checkmarks.

💧 It’s a task that gets easier as you go because you can teach QBO to do more & more for you.

And it’s these dopamine hits of satisfaction that retrain your brain & being to want to lean in to tend your money.

We’re wired for reward, and this one is a sweet cherry on top of the decision to show up for your money on a regular basis.

🍒 Do you know the pleasure of this practice yet? Could you use a new healthy hit of dopamine in your life that sets you up to receive more through your business? LMK!

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The more you write off, the less you pay in taxes. Here’s some loophole expenses you may not know you can write off…

1️⃣🎧 - Music streaming services.

If you play music during sessions or while you work, you can write off that Spotify subscription.

2️⃣🍫 - Drinks & snacks at home.

If you have a home office or studio, you can write off drinks & snacks you get for your workspace.

3️⃣📸 - Family photoshoots.

If you have a personal brand and share lifestyle photos to your audience, you can write off those photoshoots.

You guys, there are so many loopholes to be able to write off as much of your life as possible – and if you’re not taking advantage of them, you’re literally paying for it.

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🎙️ Brought to you by Lauren Poppins Raye – Connect on IG @laurenpoppinsraye and find out your money attachment style to make your way to financial security with this 5-minute quiz.

One of the most powerful money mindset shifts you need to get on board with is how you think & feel about spending money…

There are 2 perspectives available to you – one rooted in scarcity & one rooted in abundance – when it comes to money leaving your bank account.

🥀 SCARCITY says: “When I spend money, I am depleting my bank account.”

🌹 ABUNDANCE says: “When I spend money, I am investing in the return of more abundance.”

Scarcity sees spending as reducing your cash flow.

Abundance sees spending as increasing your cash flow.

How is this possible?

It comes from the mindset shift that each expense you spend money on is an investment to a particular part of your life & business that will yield a return (known as ROI – or “return on investment”).

Consider the example of the write-off category Professional Development (also known as Continuing Education). You could be bummed you have to spend money learning something new, or you could choose the perspective:

“My work maintains my quest for knowledge and what I learn grounds me deeper into my purpose so I can serve better.”

It feels awesome to know you’re feeding things that matter to you with your money.

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🎙️ Brought to you by Lauren Poppins Raye – Connect on IG @laurenpoppinsraye and find out your money attachment style to make your way to financial security with this 5-minute quiz.

The tax world can be more than a little confusing, but empowering yourself with the basic lingo of how it all works goes a long way to feeling confident as a biz owner.

One of the biggies I often explained to clients when I was a tax preparer that may be helpful for you is understanding the difference between credits & write-offs…

But first, let’s set the context for this understanding…

Revenue (minus) Expenses (equals) Profit.
Profit (also known as net income) is the amount you are taxed on.
Based on your tax bracket, you owe a portion of your Profit in taxes.

Ok, now that we got that out of the way, let’s look at the difference between write-offs & credits…

🧮 A Write-off is an Expense that gets subtracted from your Revenue to figure your Profit. In other words, it reduces the amount you will be taxed on.

💵 A Credit is an amount that gets subtracted from the actually tax amount you owe. In other words, it makes a much bigger dent in the amount you owe.

Your tax preparer knows about fancy credits you may be eligible for, so leave those to them.

But YOU know what you spent money on during the year that may be used as a write-off.

All you need is the list of eligible expenses so you don’t miss a thing.

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🎙️ Brought to you by Lauren Poppins Raye – Connect on IG @laurenpoppinsraye and find out your money attachment style to make your way to financial security with this 5-minute quiz.

You’re missing out on an important line of support if you’re doing your own taxes. Here are the 4 main reasons why you should let someone else prepare your taxes…

1️⃣ It’s smart to get a 2nd eye on things.

When it comes to something as important as getting your taxes right, 4 eyes are better than 2. Doing your taxes is one of those things that can start to blur when you stare at it for too long. Even if you’re super on top of your business books, enlisting someone to take a look at everything during the filing process is key to avoiding any errors that could cost you money.

2️⃣ They will catch write-offs you may have missed.

Through conversations with your tax professional, it is common to discover write-offs you are eligible for you didn’t know about or that may have slipped your mind. The more write-offs, the less you have to pay in taxes. You want a pro to ensure you’re taking advantage of all of them.

3️⃣ They know about loopholes & credits you don’t.

If you are not a tax professional, you don’t know about all the things that could benefit you. Your tax preparer does because it’s their job to know about all the things. The money you pay your tax preparer is nothing compared to the money you will have to pay because you missed out on legal loopholes & credits you don’t know about.

4️⃣ The tax world is a changing maze of complexity.

The tax rules are many, and confusing AF. Honestly, it was my gig for a long time & it even makes my head spin. On top of that, it’s always changing. It’s a big undertaking to keep up with it all – one that doesn’t make sense unless it is your profession to do so. Now that I’m not a tax preparer anymore, I won’t be doing my own taxes anymore either.

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There are legal ways to get crafty with your tax returns to meet your goals. Here’s what I mean…

When you’re self-employed, your “proof of income” is your net income (aka profit after write-offs) as it appears on your tax return. And there are ways your tax preparer can legally make that number more or less.

📈 An example of when you would want to show more is when you’re preparing to buy a house. You’ll want that number to be big to increase the loan amount you can qualify to receive.

📉 An example of when you would want to show less is when you’re near the threshold of qualifying for free health insurance or other benefits. You’ll want to be able to reduce that number to qualify.

It’s also important to know how many years of tax returns you will need to show. Home loans typically require 2 years. Most other things – like car loans, rental leases, an benefits – will only need to see the most recent year.

So how is this done?

It’s definitely beyond the scope of a social media post, but suffice it to say tax preparers have many strategic tricks up their sleeves to play within the rules to move things around to make that number change to meet your needs.

Your job is to keep track of your income & expenses. Your tax preparer’s job is to work their magic to translate your situation into a version of your tax return that can hopefully help you achieve your goals.

Or if not, they can advise you on specific changes you need to make to meet your goals as soon as possible.

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🎙️ Brought to you by Lauren Poppins Raye – Connect on IG @laurenpoppinsraye and find out your money attachment style to make your way to financial security with this 5-minute quiz.

You may not know I used to do taxes because my Dad was a CPA. One of the things he always used to say in response to client concerns is “every year stands on its own.”

Let’s look at what this means & why it matters…

Many new clients that came to me to file expressed concern that if they suddenly filed now after having neglected doing so for years, they would get on the IRS’ radar & raise red flags about their past.

This isn’t actually a concern because “every year stands on its own.”

You should stay current with your tax filings. That said, if you’re behind and you catch up by filing for the most recent year, they’re not going to come knocking on your door for missing years.

There are other reasons they may follow up with you about missing years, but filing one year is not a cause to ask about another.

The IRS is a business. As a business, they decide what to use manpower for to pursue. They decide based on what will get them paid. And so, they may reach out to collect if they received an income form for a year without a tax return.

You can always go back and file missing years after getting caught up now with the recent one.

I offer this reassurance because if this is you – someone who has neglected to stay current with your tax filings to date – DO NOT let this be a reason to continue avoiding them.

Don’t let past neglect decide what’s possible for you NOW.

📲 Text your Cosmic Coin Drop takeaways 🫶🏼

🎙️ Brought to you by Lauren Poppins Raye – Connect on IG @laurenpoppinsraye and find out your money attachment style to make your way to financial security with this 5-minute quiz.