"Sweater Weather", Let's Cook Together, Last Minute Tips from Richard Lindsey & A Time to Give!
In the deep south there is nothing quite like a cold front to put everyone in the holiday mood. I adore sweater weather, especially on days like this one. The sun is shining bright and the temp is perfect for spending time outdoors walking the dogs. Once we return to our toasty home, its time to bake!
I've been cooking "up a storm" recently and have been posting some of my favorites on my YouTube channel. One of my goals for next year is to take the mystery out of cooking for all of you. I think of the kitchen like a blank canvas. Organizing future videos while planning our weekly menu is so much fun. I invite you to "come cook with me". There is so much nostalgia surrounding the creative cooking process for me. I spent hours assisting my gourmet inspired mother. There are pictures of me standing on one of her kitchen chairs adding ingredients to her ancient Kitchen-Aid mixer. (That one would be a collector's dream). I credit my culinary savvy to her and my Sicilian husband.
Holidays are an opportunity to create memories with family, friends and neighbors! There is no better feeling than giving your time, your baked goods and your good cheer to everyone around you.
New on YouTube!
I've been working on a Countdown to the Holidays on my YouTube channel. I wanted to share some of the delicious desserts with you just in time for your family feast. Be sure to subscribe to my channel since I'll be showing you how to make the classic New Orleans Bananas' Foster and other unique desserts for the holidays!
Monster Christmas Cookies are a crowd favorite around the holidays. Get creative and load yours up with all of your favorites! Pecans, chocolate chips and M&M's are the ideal additions to this peanut butter/oatmeal batter! Makes 4 dozen! Click here to watch the video and cook with me for the holidays!
Are you entertaining for the holidays? Creme Brûlée is the perfect dessert to cap off an evening. This easy and proven recipe will have your guests scraping their ramekins for more! I'll show you how to make the custard & add the sugar glaze to the top. Remember you'll need to cool in the fridge at least 2 hours before glazing. Click here for video.
This recipe is an adaptation from an Italian Apple Pie concoction from YouTuber @AnnalisaJ's channel. I adore blueberries and wanted to try this Blueberry Torte using my favorite fruit. Well it is a hit at my home and I wanted to share this simple dessert with you. Click here to watch the video and let me know if you like it!
This video for New Orleans Style Bread Pudding has already had hundreds of views! That makes me so happy that others are preparing this incredible, easy dessert for the holidays. This one will serve a large gathering of folks so if you're part of a large family, this one is for you! Click here and let's cook together!
Drop off Your Donations Soon!
Thank you to my boss partners for creating this wonderful charitable event for the holidays! They are making the season special for so many folks.
Richard Lindsey's "Real World" Business Strategy Note
Last-Minute Year-End Tax Moves “Time is money.” – Ben Franklin
It’s been yet another … interesting, to say the least, year to run a small business. We’ve tried to be there for you every minute — and we’re here today to let you know that it’s really not too late to improve your tax situation for 2022.
Even now, you can make (or change) moves that you’ll thank us and yourself for when you file this year’s taxes for your company in 2023.
8 moves to make RIGHT NOW
1.) Employee bonuses. Amid the holiday exuberance, take another pass at those holiday bonuses before you hand them out. You want to show gratitude, sure, but are you certain those bonuses won’t eat up cash you’ll need in 2023?
2.) Examine deductions. We urge you (and we’re happy to help) to review all your business activities for potential deductions in 2022. Use a fine-toothed comb and tune your eye to detail. Mention them to us — we make no guarantee, but you don’t want to leave any legit deduction on the table.
Ditto for tax credits like for research and development or, specific to some industries, energy credits or FICA tip credits. If you have real estate, start looking into cost segregation or, down the road, a like-kind 1031 exchange. It might be tough to pull the needed documents together in the days left this year, but at least we can start thinking about these questions.
3.) Equipment and Sec. 179. Buying equipment or machinery and putting it in service before this December 31 can get you a 2022 deduction under Sec. 179 (potentially a big one, too — but this isn’t always automatic and there can be conditions, so check with us).
4.) Tax-smart use of credit cards. Deductions can be taken as of the day of the purchase for credit cards used by a single-member LLC, by a sole proprietor who files a Schedule C, and by a corporation that uses a card that is in the corporate name.
If your business is a corporation and you are the personal owner of the credit card, the corporation has to reimburse you, and (for tax purposes) the deduction takes effect on the date of the reimbursement. Will that be before this December 31?
5.) Accelerate or defer. The tail-end of a year brings up a time-honored tactic: accelerating expenses and spending while cutting back on billing to defer income into next year. Thoroughly review your expenses. Which ones can you speed up? Were you planning on large outlays in early 2023 anyway? If so, moving them up a month or so could be workable. This is especially effective if your business uses cash-basis accounting.
(In fact, if you do use this accounting method and you can afford the money upfront, the IRS has a safe-harbor “12-month rule” that lets you deduct a prepaid future expense in the current year — but it can be tough to qualify for.)
A simpler and more common tactic: Don’t bill until January (assuming most of your clients and customers don’t pay until they’re billed). This defers income into the next tax year.
6.) Retirement and medical plans. It may not be too late to establish your company’s retirement plan. One of your quickest options might be a Simplified Employee Pension plan. You can deduct the lesser of your contributions (up to 61 grand per employee for 2022) or a quarter of the employee’s compensation.
Regarding your company’s medical plan, make sure as 2022 runs out that you have health insurance reimbursements recorded properly for tax deductions or credits.
7.) Pandemic loans and credits. The IRS says that if your Paycheck Protection Program (PPP) was forgiven based on “misrepresentations or omissions,” you can’t exclude the amount from your taxable income. Think now about an amended return. Ditto if you have any doubts about your eligibility for the legendary Employee Retention Credit that you might have applied for. Call us, please.
8.) Qualiﬁed Improvement Property. A QIP, if you have one, is a property eligible for special tax consideration. But to secure the QIP deduction in 2022, you need to place the property in service on or before December 31. Also, if you ﬁled a 2019 return that you haven’t amended and that involves the QIP, you still have a little time … but let us know.
It’s never too late — or early — to get the most out of your business taxes. Before your company heads into another great new year, let us help you…
Why not enjoy this juncture in your life?
My best unsolicited advice to you for the next few weeks is to slow down and enjoy the ordinary moments. Of course, I will be working in my business and am determined to find the bright, shiny occasions that are abundant when working with local entrepreneurs. Go check them out at www.meetdaboss.com.
My hope for you this week is that you create some of those memorable times for yourself. Have dinner with friends or visit your neighbors! See you next Friday! ~ Charlsie