BPR Jan 2025 Newsletter – Happy New Year AND NEW version of You!

BPR Jan 2025 Newsletter – Happy New Year AND NEW version of You!

BPR Jan 2025 Newsletter – Happy New Year AND NEW version of You!

BPR Jan 2025 Newsletter – Happy New Year AND NEW version of You!

Picking up where we left off in November, examining opportunities that often are the byproduct of difficult moments - I invite you to lean into the energy that comes with 2025, the Year of the Snake.  Snakes are associated with wisdom, intuition, strategic growth, charm, elegance, and transformation

 

Like a snake, shed your skin or what no longer serves the best you by pushing yourself hard, doing things where you're vacillating how am I doing something this crazy to damn this is amazing! You owe it to yourself to do the things that make you go up a level, grow, and become a better version of you.  

 

This means (for me) not sitting on my bum any longer because the never-ending stream of Winter flu season germs left me too tired, while still working too much that I deviated from my routine to offset with proper fitness, self-care, and rest/downtime. I failed to use the tools and methods I know too well to ensure that I don't slide. Next thing I know, I’ve slipped too far and am a lower/weaker/compromised version that’s just not up to my potential self.

 

What’s the risk you ask? The risk is keeping ourself from enjoying our most maximum life, possibilities, friends, insights, etc. - not to mention you won't have your ass kicked next time you do the fun thing! Speaking from (recent) experience where my lazy winter hibernation mode wasn't doing me any favors during our latest adventure climb!

 

Thing of yourself as a pinball machine, if some parts are stuck or never flip open, you're never going to get to bonus or to score... Just make sure you keep the machine well-oiled, so all our parts are working optimally!

 

Let’s kick 2025 in the cojones and go get what you deserve!  

We are here for you, always in all ways.  - Jessica and the BPR team

Via Ferrata Badde Pentumas, Sardinia, Italy

SERVICES, TAX & LEGAL UPDATES

Estimated Tax Payments, Q4

 

Next quarterly payments for 2024 are due January 15th 2025. Please let us know if you need help determining what you should be paying to avoid under payment penalties (recommended: 70% of 2023’s Tax Liability to be paid by the Q4 2024 pmt due). This is especially important for S-Corps, where tax agencies are looking for avoidance of employee payroll taxes by taking excess distributions.  

Tax Preparation and Strategic Tax Planning

 

We are officially in tax season for the 2024 tax year. Do reach out if we can help you with:  

  •  Did you know that you can STILL reduce your 2024 Taxable Income (and Taxes) by contributing to the following by the time you file your 2024 returns:

    • ROTH IRA - You can contribute to a Roth IRA in addition to an employer-sponsored retirement plan, like a 401(k) or SEP IRA. The maximum annual contribution for 2024 and 2025 is $7,000, plus an additional $1,000 catch-up contribution if you're 50 or older.

    •  Self-Employed (SEP) IRA - You can contribute up to 25% of your total compensation or a maximum of $69,000 for 2024 tax year or $70,000 for the 2025 tax year, whichever is less. If you're self-employed, your contributions are generally limited to 20% of your net income.  

NEW 2025 Tax Brackets, adjusted for inflation

Tax / Legal – Corporate Transparency Act, or Business Owner Information (BOI):

  • Reporting Obligations on Hold (again) Until At Least Late March 2025. 

  • Reporting companies required to submit a BOI Report to the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).  The deadline for companies created prior to January 1, 2024, was January 1, 2025.

  • The latest update (as of December 26, 2024): The U.S. Court of Appeals ruled that Congress exceeded its authority in enacting the CTA, resulting in an unconstitutional infringement on states’ rights to regulate businesses. The court granted a nationwide injunction prohibiting FinCEN from enforcing the January 1, 2025, reporting deadline for all reporting companies.

  • However – because rulings continue to turn for and against the legal status of the CTA requirement, BPR is advising to file the BOI reporting requirements as soon as possible.  Do reach out if we can assist on your behalf.

  • HERE is the latest from FinCEN

RESOURCES – PEOPLE, REGULATORY REQUIREMENTS, LEADERSHIP AND VIGILANCE

California Minimum Wage 

 

Effective January 1, 2025, the minimum wage will be $16.50 per hour for all employers unless a higher minimum wage applies to a specific industry or locality. More information HERE.

Independent Contractors

 

In addition to the requirement of a W9 on file for ICs, which has all the info needed for 1099 year-end production (or you may risk the loss of deducting those expenses!), a Contractor Agreement is highly recommended and required in CA. Check out this article, HERE on the topic and a snapshot below with the basics.

ALSO a must, but often overlooked is ensuring Contractors are bonded/carry their own insurance..  

Human Resources Management

 

It’s NOW the best time to ensure Employee handbooks are updated in preparation for 2025 new hires!  BPR can update Employee handbooks and other basic HR processes from personnel file and payroll management to quarterly employee reviews.

SOCIAL IMPACT – HOW WE DO GOOD

This section highlights how BPR gives back to the community every month, driven by our commitment to women and historically underrepresented entrepreneurs.  

Founders First CDC 2024 Fall Bootcamp Pitch Competition, December 12, 2024. Our CEO, Jessica Zoraida loved being a judge in this year’s event, showcasing creative and promising graduate small businesses from the Founders First CDC program.

CASH FLOW, CAPITAL RESOURCES & SMALL BIZ TOPICS

Use Loan or Grant Capital wisely and deposit into a High Yield Savings account!

Prebys Sparx - Awarding $1.1M to improve mental and behavioral health for San Diego youth. More information HERE.

HerRise MicroGrant - More information HERE.

The Amplifier Grant. More information HERE.

US Chamber of Commerce Foundation – Small Business Readiness for Resiliency Program. More information HERE.

Fast Break for Small Business. More information HERE.

Secretsos™ Small Business Grant. More information HERE.

Bold Beginnings - More information HERE.

Wish Local- More information HERE.

SBA 504 or 7(a) Loans -  for property, business acquisition, equipment, working capital.  Now up to 100% financing based on credit. More information HERE.

CA Small Business Loan Match. More information HERE.

Small Business, Women, PoC Certifications – access to government contracts + more visibility 

Founders First Capital Partners - prepares and invests in under-represented PoC and women owned businesses. Find out more info on their pitch contests, grants, and bootcamps HERE.

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