Norton Accounting Services, LLC - November 2024

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NORTON NEWSLETTER

THE REAL ESTATE TAX PRO ™

NortonAccountingServices.com 985-690-4498 Info@NortonAccountingServices.com NOVEMBER 2024

EASE OF MIND • AVAILABILITY • FLEXIBILITY • INDIVIDUAL APPROACH • EXPERIENCE • TAX SAVINGS OPPORTUNITIES

Why You Need to Keep Proper Financial Records THE IMPORTANCE OF BOOKKEEPING

Years ago, I worked as a business manager for a firm with a couple dozen employees and over $2 million in revenue. However, the company had operated without an accountant, controller, or business manager for a period of time, plenty of errors and problems needed to be fixed. After the laborious process of sorting through the muck, I created a financial statement — a report of the company’s financial activities and performance — for the business owner to review. He was impressed but, to my dismay, he exclaimed he had never gotten a document like it before. He had been running his business for over 20 years, and like many entrepreneurs, he survived because he worked hard to offset some of the company's shortcomings. It was astounding that his company had lasted as long as it did. Small-business owners and entrepreneurs often overlook the importance of proper bookkeeping. Nowadays, many transfer money electronically or use credit cards instead of writing checks. They do not consider how defaulting to one or both of those methods can result in their business transactions lacking any notable records. So, you should download your statements each month and note the type of expense (or income) for each line item on that statement. In addition, many business owners do not separate their personal and business accounts or track spending as they should. Here are three tips to help get your bookkeeping on the right track. Separate Your Accounts Whether you’re a plumber, electrician, or realtor, one of the simplest but most important steps is to create a separate checking account for your business. Additionally, if you prefer to use credit cards, you need to set up a separate credit card solely for your business and pay it off using money from your business checking account. Use these accounts exclusively for your business expenses. This is especially important if you are operating an LLC. After all, LLC stands for “limited liability company.” If you are co-mingling your personal and business funds, then that liability is no longer limited, and you are voiding one of the key advantages of your LLC. If you would like to benefit from my tax advice, consider joining our email list. Simply contact our office and inquire about being added to the list. This December, we will send out our “12 Days of Tax Savings” email with tips and advice on actions you can take on your end to help you come tax season.

Automatic Records Having a separate business checking account and credit card is vital for maintaining accurate business transaction records. This allows you to download bank statements and credit card transactions which can be sent to us as a spreadsheet if you do not use accounting software. From there, we can sort out the information and process your tax records more efficiently. Accounting software allows you to easily view your financial statements regularly. I tend to check mine at least once a week, and typically on Sundays, to ensure I am on top of my business’s finances and records. Bookkeeping Advantages Proper bookkeeping will also help you secure loans for your business, provide protection in the event you are audited, and keep an eye on your business activities. If you can provide your bank with an accurate listing of your assets, liabilities, and equity, they are much more likely to lend your business money. Having adequate records of your business transactions also shows the IRS that you are operating your business properly. Best of all, most simple bookkeeping software is completely free, and using it can help you generate reliable financial statements for your business. Many look to paid programs like QuickBooks to solve their problems, but in reality, those programs require expensive upgrades to access their most vital features. Plus, they

are overkill for most small business owners’ needs. Maintaining adequate records, keeping personal and business accounts separate, and regularly reviewing your bank and credit card statements are the keys to protecting your business in the long run.

–Bob Norton

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Envision Success With a Vision Board Need a little help making your dreams come true? Try a tool celebrities Oprah, Katy Perry, Kris Jenner, and Lily Singh have used — a vision board. This poster-size collage of images, words, and affirmations depicts dreams, goals, or desires you want to bring into your life, from a career or financial milestone to travel, relationships, or achievements. Placed where you see it multiple times a day, a vision board should excite and inspire you. Oprah Winfrey claims she made her first vision board after Michelle Obama asked her and others in 2008 to envision her husband becoming president. Oprah responded, creating a board with a picture of the dress she planned to wear at Obama’s inauguration. Recording star Katy Perry says she created her first vision board at age 9 at a teacher’s request, featuring a picture of Selena Gomez winning a Grammy. Fifteen years later, Perry won one herself. Kris Jenner, the mother of the Kardashian sisters, says she found making a vision board inspirational after her children introduced her to the idea, adding, “Using the visuals just helped me see something come to life.”

The end-of-year holidays are festive but famously stressful, with fighting crowds and busting budgets. Here are five ideas to elevate your holidays by embracing new, simple family traditions. Shop-Local Friday Avoid door-busting Black Friday crowds by shopping locally. Visit nearby shops as a family and try out their offerings. Or stay even closer to home by gamifying Black Friday into an online scavenger hunt. Make a shopping list and see who can find the best deals on each item. Go Hunting Outdoors Work off that Thanksgiving meal by visiting a nearby park or trail for a hike and scavenger hunt. Give each family member a list of items to find. Small children might look for a pinecone or sparkly rock, while teens could hunt for a bird’s nest or a particular tree species. Your kids will learn about nature while enjoying some adventurous competition. Friendsgiving If you aren’t overwhelmed by relatives during Thanksgiving, consider letting your children plan their own Friendsgiving celebration. This relatively new holiday has become a popular way to relax with your besties, and hosting a kids’ version can help children strengthen social ties. Serve Thanksgiving leftovers or let the kids plan the menu. Year-End Gift Fest Three gift-giving holidays — Christmas, Hanukkah, and Kwanzaa — all fall near the end of December this year. Consider making gifts rather than buying them. Purchase supplies for a crafting or baking session and encourage your kids to create keepsakes or treats for loved ones, such as beaded jewelry, photo albums, trinket trays, original storybooks, artwork, cookies, or candy. Your kids will see that many recipients value their effort in making gifts more than the money spent on purchased ones. A Year of Memories The year’s end is a time to remember special people and events. Decorate a glass Memory Jar and ask each family member to recall a few favorite happenings or activities from the past year. Record each one on a slip of paper, drop them into the Memory Jar, make it the centerpiece for a family meal, and take turns pulling out and reading each other’s memories. This simple ritual can spark plenty of fun, plus warm conversations about the abundance that families share. ELEVATE YOUR END-OF-YEAR HOLIDAYS

The concept is a little too New Age-y for some. JP Sears spoofs vision boards on YouTube, saying most mask greed as spirituality. The big houses, swimming pools, vacations, or career goals many choose to depict are all “decoys for money … setting you up to desire money while making you appear to be a spiritual person,” Sears says.

Advocates, however, say vision boards serve as an uplifting reminder of what you want from life. To create one, you will need a foam board,

double-sided tape, scissors, and images, words, or affirmations that delight or inspire you. Start with a list of specific goals, then source targeted images and words online that convey your vision clearly, says YouTube star Lily Singh. Don’t try to capture the dreams of a lifetime in one vision board. Singh’s first vision board expressed her desire to attract 1 million YouTube subscribers and move to Los Angeles, while subsequent boards displayed loftier aspirations. When you are satisfied that your board captures your dreams, Singh says, “Work your butt off (to make them come true).”

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A WARRIOR’S BEST FRIEND How a Rescue Dog Changed a Veteran’s Life

When Marine William "Bill" Lins returned home from deployments in Iraq and Afghanistan, he felt ruined. He wasn’t the same man anymore and felt like he didn’t fit in anywhere. After sustaining multiple injuries and witnessing the horrors of battle, he never thought he would be able to go back to living a normal life.

bring in his service dog, he noticed a remarkable change in him and decided to apply for the program.

Bill felt an instant connection to the goofy rescue dog Link, who was recovering from his own trauma after living a rough life in a kill shelter. Bill said his canine companion is his 24/7 therapist, providing him with support and safety at all

That is until the nonprofit K-9s For Warriors helped him find his missing link — a rescue dog appropriately named Link. K-9 For Warriors has been pairing highly trained service dogs with military veterans suffering from PTSD, traumatic brain injury, and military sexual trauma since 2011. The free program strives to better the lives of veterans through special canine bonds and ultimately end veteran suicide, which claims the lives of roughly 20 veterans every day. When Bill returned from deployment, he had to recover from two surgeries and realized he had PTSD. He had developed severe alcoholism, drinking every day nonstop as his only coping mechanism. In a

hours. Link doesn’t just impact Bill’s life; he makes a difference with everyone he encounters, from Bill’s children to the youth athletes he coaches. “Together, we kind of make each other whole,” Bill said. “He makes everyone’s world better, and he makes it seem effortless.” Link has inspired Bill to help others and spread a message of awareness that asking for help is not a sign of weakness but a symbol of strength. Bill has since earned his master's in social work and provides mental health services with his tail- wagging companion by his side for every session.

Together, the pair are showing veterans everywhere that there is hope and that life can get better with a little help from a four-legged friend.

hopeless place, the Marine felt like he was losing every piece of his identity and had nothing left. After seeing a friend at the VA

EXQUISITE LEMON BARS

TAKE A BREAK

Ingredients • 2 cups all-purpose flour • 1/2 cup powdered sugar • 1 cup butter, softened • 4 large eggs • 2 cups granulated sugar

• 1/2 cup fresh lemon juice • 2 tbsp grated lemon zest • 1/4 tsp baking powder • 1/4 tsp salt

Directions

1. Preheat oven to 350 F and grease a 9x13-inch baking pan. 2. In a medium bowl, combine flour and powdered sugar. 3. Cut in butter until the mixture resembles coarse crumbs.

Apple Basketball Black Friday Fireplace

Gratitude Leaves Nap Parade

Pie Stuffing Turkey Veteran

4. Press mixture into prepared pan. Bake for 15 minutes or until lightly browned. 5. In a large bowl, whisk together eggs, sugar, lemon juice, lemon zest, baking powder, and salt. Pour over crust. 6. Bake for 25 minutes or until set. Allow to cool before cutting into bars.

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Norton Accounting Services, LLC

THE REAL ESTATE TAX PRO ™

PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

NortonAccountingServices.com 985-690-4498 Info@NortonAccountingServices.com

1527 Gause Blvd. Ste. 132 Slidell, LA 70458

INSIDE 1

Why Bookkeeping Is Key for Your Business

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Realize Your Dreams De-Stress the Holidays Paws of Hope Exquisite Lemon Bars Curb Your Cough: The Soothing Power of Hot Tea

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Quell Your Cough With Hot Tea Soothing, Lubricating Teas

The rattle of coughing is the soundtrack of winter, and about 1 in 5 adults suffer from coughs during the peak cold and flu season. While coughing can signify serious illness, sufferers need short-term relief more often. You should always ask a health care professional for advice when you are ill. But simpler, natural treatments for an irritating cough may be as close as your kitchen cupboard: A steaming cup of hot tea can soothe irritation in your throat and chest. As winter draws near, consider stocking your shelves with teas offering these therapeutic effects. Anti-Inflammatory Properties Licorice root, chamomile, elderberry, and green tea are all linked to reducing inflammation in airways. Licorice root also has anti-spasmodic properties that can help calm irritated tissues, and it is an ingredient in many leading tea brands, including Traditional Medicinals, Yogi, and Pukka. However, it’s best to consume licorice root tea in moderation. While the U.S. Food and Drug Administration deems licorice root safe, consuming large amounts can cause side effects, including high blood pressure.

While mucilage may sound like the name of an old-fashioned glue, it is actually a viscous, gelatinous plant substance that soothes and moistens irritated tissues. Mucilage is found in teas containing licorice root, marshmallow root, and mullein. Expectorant Effects An expectorant can lubricate your airways and thin the mucus in your respiratory system. This, in turn, makes your cough more productive, easing discomfort, expelling bacteria, and helping heal your airways more quickly. Teas containing ginger and mullein offer this benefit.

Opening Airways Some of the most popular herbal teas also help ease cold symptoms. Eucalyptus teas can help open up constricted airways, and teas containing peppermint and thyme also relieve sinus and cold symptoms.

In all cases, you can amplify tea’s therapeutic benefits by adding a

spoonful of honey! Honey’s throat-coating consistency soothes irritated tissues.

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