What you need to know about the Beneficial Ownership Information filing requirement
The financial landscape for small business owners is about to witness a seismic shift, with the imminent Beneficial Ownership Information (BOI) filing requirement going into effect on January 1, 2024.  Spearheaded by the Corporate Transparency Act and passed by the U.S. Congress in 2021, the BOI regulation aims to create a comprehensive beneficial ownership registry […]
CPA Firm Careers: Here’s what makes FSA different
Financial Solution Advisors (FSA) is not your average CPA firm. We’re a close-knit team of experts dedicated to helping our clients achieve financial independence. But here’s the key to our success—we also want our team to thrive in their careers. But what about the Big 4? The Big Four are the four largest global accounting […]
What is advisory in accounting? A guide for small business owners
As a small business owner, you wear many hats, but you can’t expect to be an expert in everything from fundraising to finances. That’s why many business owners and managers seek out specialist advisory services. Ultimately, advisory services provide expert advice to help you solve problems and reach important goals. When you know you have […]
2024 Social Security wage base for payroll taxes increases to $168,600
President Roosevelt first introduced Social Security in 1935. The almost 90-year-old program has become a vital source of income for tens of millions of US households every month. The Social Security program is constantly evolving, and several key changes are coming in 2024.  The Social Security Administration (SSA) recently announced that the maximum earnings subject […]
What happens if you miss the extended tax deadline?
April 12, 2023: Long gone. October 16, 2023: Also gone, yikes! If you weren’t prepared to file your federal tax return in mid-April, you hopefully requested an extension by filing Form 4868. But what happens if you still haven’t been able to put your tax information together and also missed the October deadline? You may […]
Game-changing FP&A strategies for medical professionals and nonprofits
Medical professionals and nonprofits face unique challenges when it comes to managing their resources effectively, from unprecedented cost pressures, regulatory challenges, and diverse revenue sources. A robust Financial Planning and Analysis (FP&A) strategy is crucial to navigating these complexities and making data-driven decisions that lead to long-term growth and sustainability. What is Financial Planning and […]
Essential small business expense categories to maximize tax deductions 
Running a small business comes with its fair share of financial responsibilities. One crucial aspect of managing your business finances is understanding and maximizing tax deductions. By identifying and properly categorizing your expenses, you can significantly reduce your taxable income. We can also help you tackle those tasks now—our expertise includes implementing frameworks into your […]
A quick guide to financial statements for small businesses
In the world of small business finance, staying on top of your numbers is non-negotiable. But it’s not just about crunching numbers; it’s about understanding the story they tell. That’s where your financial statements come in to help you make informed decisions. The three major types of financial statements every small business owner should know […]
Maximizing Tax Deductions: How to categorize team building expenses for small businesses
Small business owners understand the value of nurturing strong relationships within their teams through team-building activities. What many small business owners might not be aware of is the potential tax benefits associated with properly categorizing these team-building expenses. So, how can small business owners categorize team-building expenses to maximize tax benefits while staying within the […]
10 Tips for Managing Your Small Business Finances
Your small business might offer the best product or service the market has ever seen, but if your finances aren’t in shape, you’re dead in the water. We know that not everyone’s a number nerd! Regardless of your feelings about your high school math classes, managing finances is one of the most critical aspects of […]
A guide to small business income statements
An income statement isn’t just a spreadsheet full of numbers designed to make your eyes cross—with the right understanding, the small business income statement tells the financial story of your business. Think of it as a backstage pass to your financial performance, revealing how much money you’re making, where it’s coming from, and where it’s […]
What is cloud accounting? Here’s a quick 101
There are certain, frequent accounting functions that just about every business needs, so why not simplify and automate where possible? Fifty-plus years ago, everyone was keeping their business books in a paper ledger. Over time, desktop accounting software and the use of networked servers did away with these paper records. Cloud accounting software is the […]
5 essential tips for a smooth month-end close process
In accounting, the job is never done. We know all too well that, with process after process to deadline and cut-off, there’s barely a gap to breathe. But closing your books every month is time well-spent in the long run, helping you keep accurate records and a close eye on your finances throughout the year. […]
Sales Tax 101: A crash course for business owners
Sales tax for business owners is undoubtedly one of the most complex and specialized aspects of running a small business. With each state and locality having its own set of laws, tax rates, timetables, and exemptions, dealing with sales tax can be overwhelming and frustrating. And as online sales continue to surge, the complexities have […]
New Department of Labor Rule clarifying employees vs. contractors
2023 UPDATE: New developments in independent contractor classification On June 13, 2023, the National Labor Relations Board (NLRB) made a significant decision in The Atlanta Opera, Inc. case, which impacts the classification of workers as employees or independent contractors under the National Labor Relations Act (NLRA). The NLRB overturned the 2019 standard for classifying workers […]
27 essential internal financial controls for small businesses
Owning a small business comes with myriad challenges. Don’t let fraud become one of them. It’s a common misconception that fraud can only happen to big corporations. But, according to an Association of Certified Fraud Examiners (ACFE) report, small businesses (those with fewer than 100 employees) are hit by fraud more frequently than large organizations […]
How Florida’s universal school choice bill may affect your financial plan
In a landmark move, Florida has taken a giant leap forward in expanding school choice options for students across the state. On March 27, 2023, Governor Ron DeSantis signed House Bill 1 (HB 1), a historic piece of legislation that eliminates financial eligibility restrictions and the enrollment cap for school choice programs. As of July […]
Everything you need to know about filing a tax extension 
The federal tax return deadline of April 18, 2023, has come and gone. If you weren’t prepared to file, hopefully you requested an extension by filing Form 4868, which gives you until October 16, 2023, to file your 2022 federal income tax return. Whether you haven’t been able to put your tax information together yet […]
QuickBooks Desktop 2020 Discontinued: Here’s what you need to know
QuickBooks Desktop 2020 is set to have its services discontinued by Intuit, with access to add-on services for the product set to end on May 31, 2023. If you’re still using QuickBooks Desktop 2020, you’ll no longer have access to services like Desktop Payroll, Payments, and Support; updates for security patches that help protect your […]
How to deduct expenses for business vehicle use
Many businesses need the use of a vehicle as part of their daily operations—meeting clients, delivering products, buying supplies, etc. If you use a car for business purposes, you’ll be able to deduct all of its related business expenses. Here’s how to go about it.  How to calculate deductible car expenses  If you use your […]
10 things you should be doing with your financial plan
In our last economic update webinar, we discussed the hot topics of inflation, market swings, and what’s ahead for our economy. We also covered ways to protect your savings and how to invest in uncertain times, which resulted in a list of ten things you should be doing with your financial plan. Review these items […]
Secure Act 2.0 Summary and FAQs for Employers
Last year, President Biden signed the Setting Every Community Up for Retirement Enhancement (Secure) 2.0 Act of 2022, a bipartisan retirement savings law that includes numerous retirement policy changes that will go into effect over the next decade. We wrote a blog to summarize some of the critical changes you need to be aware of […]
Your quick guide to Florida tangible property tax returns
Tangible returns, property returns, personal property returns, tangible personal property returns, TPP, DR-405… you’re forgiven if you’re confused about personal and business property tax, especially because it differs from state to state. In Florida, tangible personal property (TPP)—as we’re going to call it—is a tax on businesses (not individuals, so don’t be fooled by the […]
A quick guide to the basics of small business accounting
As a small business owner, it’s important to have a strong grasp of your finances—the ins and outs (literally) of your cash flow, budget, assets, and liabilities. To do so, you’ll need to follow some basics of small business accounting by keeping a complete record of all business income and expenses and accurately extracting financial […]
Business Meals and Entertainment Expenses: What’s deductible?
If you’ve been going to town (literally) on business meals and entertainment expenses for the last two years, you may need to start second-guessing some of those starters as deduction percentages have decreased to pre-COVID levels for 2023.  The Consolidated Appropriations Act of 2021, signed by the President on December 27, 2020, made changes to […]
Small business tax: Tips for a stress-free tax season
It’s officially tax season, and that means many small business owners are scrambling to clean up their books from the previous year in order to hand information over to their tax preparers. While some small business owners dread this time of the year, others have taken control of their books and are prepared. But what […]
IRA to Roth conversion: Should you change your retirement plan? 
Roth conversion (converting from a Traditional to a Roth IRA) can be an attractive prospect when the market is down; you can move your balance to the Roth IRA while the taxable amount is lower and then let it grow tax-free in the Roth account. There are various reasons to convert a Traditional IRA to […]
Thank you for another successful FSA Gives Back Christmas project!
Financial Solution Advisors believes in supporting our team, clients, and community—whether that be through financial planning, tax preparation, business finances, career growth, or charitable events to support those in need. FSA hosts events throughout the year that benefit charitable organizations in the community that are near and dear to our hearts. These events bring our […]
What a Financial Plan is NOT
Any financial planner worth their salt will not simply sell you financial products, review your portfolio, or conduct an insurance analysis or retirement assessment. Of course, these elements are essential parts of a financial plan, but by no means do they represent the whole. The core of your financial plan is you—not the products, services, […]
Is a move to cloud accounting part of your new year’s resolution?
As businesses all over the world continue to see benefits from remote work arrangements, many are still scrambling to add the necessary technology their teams need to keep the business running. Cloud accounting offers ways to boost your bottom line and pave the way for future growth—and now it’s critical to ensure you can pay […]
Work Opportunity Tax Credit Basics
The Work Opportunity Tax Credit (WOTC) is available to employers that hire individuals from targeted groups that have traditionally faced barriers to employment. For each WOTC-eligible employee hired, you’ll be able to reduce your federal tax liability. The WOTC is one of the most underutilized tax credits available to businesses. Read on to find out […]
Shred-Fest and Chili Cookoff Charity Winners
In the spirit of giving back to the Jacksonville community while also having a little competitive fun, we recently hosted a shred-fest and chili cook-off. At the event, participants and our team members were able to reduce the risk of identity theft by destroying old documents. In order to make sure nobody went home hungry, […]
Your guide to the home office deduction
These days, it’s not uncommon for at least part of your home to double as office space. Whether you work from the couch or run your business from a designated room, you should know the tax implications of setting up a home office and claiming the home office deduction. Does it raise your chance of […]
New tax credits for energy-efficient home improvements
Tackling home improvements and reducing your tax bill at the same time? Sounds like a win-win! The recently passed Inflation Reduction Act includes expanded tax credits for energy-efficient home improvements, which some analysts have estimated could save over 100 million households $37 billion a year on their energy bills. The 2022 Inflation Reduction Act extended […]
R&D credit consultants
Ongoing research and development (R&D) is a cornerstone of a prosperous economy, which is why the IRS provides a federal R&D tax credit under Internal Revenue Code Section 41. But the scope of R&D isn’t limited to large-scale scientific development (such as large pharmaceutical companies working on a new drug); small businesses also can and […]
5 tips to protect your small business from cyberattacks and phishing scams
Individuals, small businesses, large businesses, and even governments are frequent targets of cyberattacks in the form of ransomware, phishing, stolen devices, malware, or insider theft. Typically, larger businesses have a department dedicated to maintaining a shield of protection from cyberattacks. Small businesses are perceived as an easier target by hackers because they tend to lack […]
Student Loan Forgiveness Plans: What borrowers need to know now
IMPORTANT UPDATE: On November 10th, 2022, a court struck down the Biden-Harris Student Debt Relief Plan, and the administration has now stopped accepting applications for federal student loan forgiveness.  The department says it will hold the applications of borrowers who have already applied. For now, borrowers should sit tight and wait to see what happens. […]
Top 5 restaurant accounting challenges and solutions
Operating a restaurant is challenging, with the industry reporting one of the highest failure rates. Even in the best of times, restaurants experience high turnover rates, notoriously low margins, and strict operational regulations. Over the past few years, restaurant failure rates shot up due to the pandemic, and restaurantaurs continue to face challenges even with […]
It’s 1099 Time For Businesses
While January 31 may seem far away, now is the time to start organizing your information for 1099s. As a business, you’re required to send a Form 1099 to all contractors and vendors to whom you paid more than $600 in the calendar year. We can help you determine who needs a 1099 and offer […]
Advice for uncertain times: Q3 of 2022 Economic Update Webinar
In the third quarter of 2022, the hottest topics were inflation, market swings, and what’s ahead for our economy. In our October 25th, 2022, economic update, we addressed these topics, as well as proposed legislation and what to expect in the upcoming tax season. We also discussed ways to protect your savings and how to […]
EV credits, energy credits, and other new tax deductions 
Adding to the list of tax credits made available in the last few years, the recently-passed Inflation Reduction Act (IRA) introduced and expanded on several tax credits, including tax incentives for purchasing electric vehicles and installing high-efficiency home improvements. These tax credits and deductions can really add up on your personal income tax return by […]
How to cut business expenses– A guide for small businesses
It’s no secret that being a business owner can be an incredible opportunity, while also presenting significant challenges on a daily basis. Business owners are battling many different fronts, from keeping employees and customers happy to keeping up with rising demand and the costs associated with doing business. This is especially true when an economic […]