Tax Ready Bookkeeping
Our Tax Ready Package keeps your business finances clear and up-to-date, ensuring a worry-free tax season with no surprises.
Advisory
Bookkeeping
Elevate your bookkeeping with our tailored packages, offering essential services plus additional
bookkeeping and advisory
services.
Clean up/
Catch-up
With our Diagnostic Clean-up package, including advisory services, we'll tackle any backlog and get your finances in shape.
Serving Wisconsin
At Money Masters, we’re all about helping your business thrive while ensuring you have more quality time for family. Think about what you could do if those hours spent on bookkeeping were instead invested in growing your business or in making lasting memories with your loved ones. With accurate and up-to-date books, plus regular financial insights, imagine the potential boost to your earnings—maybe even enough for that special family vacation. Let go of the stress over your finances and feel the relief that comes with knowing everything is handled, from now through tax season.
"Success isn't overnight. It's when every day you get a little better than the day before. It all adds up."
- Dwayne Johnson
Why Us?
This is our promise.
Accuracy & Visibility
Up-to-date books and financial reports that provide a clear picture of how your business is performing throughout the year
Guidance & Confidence
We will guide you so you feel confident to make financial decisions and prepare for changing business needs.
Trusted Partner
We take your success seriously and work hard for your business. By working with us, you gain a dedicated advisor committed to you.
In the News
Money Matters
Insights and Updates to Grow Your Business and Enrich Your Life
At Money Masters LLC, we understand that significant life events come with both joy and challenges. Whether you’ve recently married, bought a home, or welcomed a baby, these milestones bring substantial adjustments. However, many people overlook the tax implications associated with these changes. Here are some essential considerations for various major life events: Getting Married One of the first questions to ask is, "What is the best filing status for our financial situation?" Additionally, consider whether you should update your withholding. Filing jointly or separately can impact your tax liability differently, so it's crucial to determine which option benefits you the most. Buying a House Homeownership can lead to significant tax benefits. You might wonder, "Do I get a tax break when I buy a house?" The answer is yes, but the specifics depend on various factors like mortgage interest deductions and property tax deductions. Understanding these can help maximize your tax savings. Having a Baby Bringing a new life into your family comes with new financial responsibilities. A common question is, "Will I be eligible for the child tax credit?" This credit can provide substantial relief and support for your growing family. Knowing the eligibility requirements and how to claim this credit is essential. Changing Jobs A new job, especially one with higher pay, raises the question, "Should I bump up my withholding?" Adjusting your withholding can prevent underpayment penalties and ensure you don’t owe a large amount when you file your taxes. Sending Kids to College Education expenses can be hefty, but they come with potential tax benefits. Ask yourself, "Can I claim tax credits and deductions for the education-related expenses I paid for my child?" Alternatively, it might make more sense for your child to take the credits, depending on your financial situation. Going Through a Divorce Divorce brings significant changes, including to your tax status. Consider, "What filing status do I qualify for after a divorce?" Understanding your new tax situation can help you manage your finances more effectively during this transition. Getting Ready to Retire As retirement approaches, it’s important to ask, "Should I be concerned about the tax implications of required minimum distributions?" and "Will I pay taxes on my Social Security benefits?" Proper planning can help minimize taxes and make your retirement funds last longer. We are here to answer these questions and more, taking into account your unique situation. If you have recently experienced a significant life change or expect to do so, do not hesitate to reach out. For personalized advice and updates, follow and like our social media accounts. Stay informed and make the most of your financial journey with Money Masters LLC.
The Financial Crimes Enforcement Network (FinCEN) has introduced a new reporting requirement for 2024: the FinCEN Identifier. This update comes in response to the Corporate Transparency Act and is crucial for businesses to understand and comply with. Here's a quick overview of what the FinCEN Identifier entails and its implications for your business. What's the FinCEN Identifier? Think of the FinCEN Identifier as a unique "name tag" for businesses, issued by FinCEN. Similar to Social Security numbers for individuals, this identifier will help ensure transparency in the business world, making it easier to identify who owns and controls various entities. This is a key step in preventing financial crimes like money laundering. Why is it Important? The FinCEN Identifier is FinCEN's way of promoting openness and clarity in the financial sector. It aims to enhance the visibility of business ownership and control structures, which is vital in preventing illicit activities. By having a clear identification system, financial dealings become more transparent and trustworthy. Who Needs a FinCEN Identifier? If you run a corporation, an LLC, or a similar legal entity, you will likely need to obtain a FinCEN Identifier. This requirement is particularly crucial for entities that do not have an ID number from another authority. How Will It Affect Your Business? Getting Registered If your business is required to obtain a FinCEN Identifier, you'll need to go through a registration process. This involves completing paperwork to ensure that your business is properly identified in financial records. Staying Compliant Once registered, you'll need to use your FinCEN Identifier in specific reports and financial dealings. Compliance will involve regular updates and notifications to FinCEN about any changes in your business information. Keeping Records in Check Maintaining accurate and up-to-date records is essential. Any changes in your business structure or ownership must be promptly reported to FinCEN to ensure compliance. How Money Masters LLC Can Help At Money Masters LLC, we're here to assist you through this transition. Our team will help determine if your business needs a FinCEN Identifier and guide you through the registration process. We'll gather all necessary information and provide step-by-step assistance. Beyond registration, we're available for ongoing advice to help you stay compliant with these new regulations. Your Next Move It's important to act quickly. Existing businesses need to register during 2024, and new businesses must obtain their FinCEN Identifier within 90 days of formation. Contact our business today to get started and ensure your business stays ahead of these new requirements. By understanding and complying with the FinCEN Identifier requirements, your business will contribute to a more transparent and secure financial environment. Let Money Masters LLC guide you through this process efficiently and effectively.
