How to Keep More of Your Money Before Tax Season Hits
Tax preparation isn’t about April—it’s about what you do all year.
Check out the full episode on YouTube.
💡 Did You Know?
Tax rates are based on how much you earn—not how you earn it. The real difference in what you owe comes down to planning, tracking, and preparation.
“A refund is not a gift—it’s your money coming back.”
— Kenneth Presley, Owner, Presley Tax Services
From Tough Love to Tax Mastery
Kenneth Presley didn’t plan to become a tax professional.
At 16 years old, his father handed him a W-2 and told him to figure it out himself—no shortcuts, no help. That moment sparked a lifelong skill that followed Ken into college, corporate work, and eventually entrepreneurship.
After years of helping coworkers and friends with taxes—and seeing the newspaper industry change—Ken made a pivotal decision:
turn a side skill into a full-time business.
Today, he’s been serving clients for 25+ years, helping everyday people keep more of what they earn.
The Real Difference Between W-2, 1099, and Side Income
Here’s what most people misunderstand:
W-2 employees have taxes withheld automatically
1099 and side-gig earners are responsible for their own taxes
Investment income is taxed the same way—based on income level
What does change?
👉 Who manages the money throughout the year
If no one is withholding taxes for you, your bookkeeping matters more than ever.
Why Expenses Matter More Than Income
Ken shared a simple example:
You earn $100,000 from a business or side gig
You track $60,000 in legitimate expenses
You’re taxed on $40,000—not $100,000
Miss those expenses?
You pay taxes you didn’t need to pay.
“The net is what you’re taxed on—but only if you keep records.”
Mileage, supplies, home office, software, travel, even small purchases add up when tracked consistently.
The Monthly Habit That Saves Thousands
Ken’s advice is simple—and powerful:
🗓 Once a month. 15 minutes. No excuses.
Update income and expenses
Log mileage
Upload receipts
Review your tax allowance
Do it monthly and you’ll avoid:
Forgotten deductions
Frustrated tax seasons
Surprise tax bills
Waiting until January? That’s where money gets lost.
Tools That Make This Easier
You don’t need anything fancy—just consistency.
✔ QuickBooks or basic accounting software
✔ Spreadsheet tracking
✔ Photo storage for receipts
✔ A dedicated “Tax” email folder
The goal: no piles, no scrambling, no stress
Smart Strategies to Lower Taxes—Legally
Ken shared several powerful (and often overlooked) strategies:
401(k) participation for W-2 employees
SEP IRAs for self-employed workers
Charitable giving tracking (including tithes)
Section 179 vehicle deductions (with long-term planning in mind)
But here’s the key insight:
“Your tax strategy can’t just be for this year—it has to support your future goals.”
Writing everything off today could hurt your ability to qualify for a home tomorrow.
One IRS Tool Everyone Should Use
📌 IRS Withholding Calculator (IRS.gov)
Ken recommends using it mid-year to check:
Have you paid enough taxes so far?
Do you need to adjust withholdings?
Should you start saving now?
This gives you time to correct—not panic.
🎯 Your Action Steps This Week
Create one place for all tax documents
Track income and expenses monthly
Take photos of receipts immediately
Use bookkeeping software consistently
Check your tax withholdings mid-year
Preparation beats refunds every time.
📚 Resources & What’s Next
Connect with Kenneth Presley
🌐 Website: PresleyTaxServices.com
📧 Email: KBPresley@yahoo.com
🎙 Coming Up Next:
More practical strategies to help you protect income, build wealth, and move smarter—together.