You’re Paying Too Much in Taxes — Here’s How I Know
- Falicia Newsome
- Oct 12
- 2 min read
Let’s be real for a second — if you own a business or even a side hustle, there’s a good chance you’re overpaying the IRS every year. 😩
Most people don’t realize it until it’s too late. So, let’s break down a few telltale signs (and what to do about them before tax season sneaks up again). 🕵🏽♀️💰
1️⃣ You Haven’t Reviewed Your Tax Strategy Since You Started Your Business
If your business has grown, your tax plan should’ve grown too. 🚀
What worked when you made $30K might be costing you thousands now that you’re at $100K+.
📊 Tip: Schedule an annual “tax tune-up” — it’s cheaper than learning the hard way come April.
2️⃣ You’re Missing Legit Deductions
Home office 🏡, software 💻, mileage 🚗, business meals 🍽️ — they all add up.
If you’re not tracking every deductible expense, you’re handing the IRS free money.
💡 Keep digital records and review them monthly. I promise, your future self will thank you. 🙌
3️⃣ You’re Paying Yourself the Wrong Way
Paying yourself as “owner draw” when you should be on payroll? Or vice versa? 🤦🏽♀️
That single mistake could throw your taxes off and mess up your retirement contributions.
💬 Ask your tax pro (me 😉) about S-Corp salary structures — that’s where big savings often hide.
4️⃣ You Don’t Have a Bookkeeper Watching Your Back
You can’t fix what you can’t see. 👀
If your books aren’t up to date, you’re leaving deductions — and money — on the table.
✨ Invest in bookkeeping now to avoid chaos later.
5️⃣ You’re Only Thinking About Taxes Once a Year
That’s like dieting only the week before vacation. 😂
Real savings come from planning year-round.
💼 Quarterly reviews, estimated tax checks, and cash flow strategy = power moves.
✨ Bottom Line: You could be saving hundreds — even thousands — with the right strategy.
Don’t just file your taxes… optimize them.
Let’s find those savings together. 👇
📞 727-426-0795
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