May 22, 2023
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 […]
May 3, 2023
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 […]
April 19, 2023
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 […]
April 4, 2023
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 […]
March 28, 2023
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 […]
March 1, 2023
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 […]
February 15, 2023
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 […]
February 1, 2023
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 […]
January 31, 2023
Over the last few decades, the foreign affairs of U.S. citizens have come under increasing levels of government scrutiny. On November 4, 2022, the IRS issued a new draft set of instructions for an S-corporation’s 2022 Schedules K-2 and K-3; instructions for partnerships followed on December 23, 2022. The IRS finalized these instructions for 2022 […]
January 31, 2023
Recent 401(k) and IRA changes could have a significant impact on your personal finances and retirement savings, and it’s worth reassessing your savings plan. In December of 2022, President Biden signed the Secure 2.0 Act of 2022, a bipartisan retirement savings law that includes numerous retirement policy changes that will go into effect over the […]
January 27, 2023
Businesses are hiring contract workers at a record rate to help with all aspects of the business. Despite increasing regulations on contractors and freelancers, a tight labor market is giving individuals the opportunity to showcase their expertise exactly where they want. A recent Gusto study shows that in the last two years contractor payments have […]
January 19, 2023
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 […]
January 18, 2023
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 […]
January 12, 2023
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 […]
January 10, 2023
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, […]
January 3, 2023
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 […]
December 20, 2022
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 […]
December 16, 2022
As the year winds down, your accounting needs ramp up. There are tasks, major and minor, that will ensure your business is ready for a fresh start in the new year. The problem for many small business owners is that year-end tends to be the busiest time of the year, leaving those tasks on the […]
December 14, 2022
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 2023. Significantly, the Social Security Administration (SSA) recently announced that, based on the […]
December 8, 2022
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, […]
December 7, 2022
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 […]
December 1, 2022
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 […]
November 29, 2022
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 […]
November 22, 2022
Amid rampant inflation, the Great Resignation, economic uncertainty, and the new normal of the working world, many businesses will soon be adding another challenge to the list: higher tax bills brought about by changes to tax regulations. In this blog post, we take a closer look at some of the big tax changes on the […]
November 17, 2022
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 […]
November 16, 2022
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. […]
November 9, 2022
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 […]
November 9, 2022
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 […]
November 7, 2022
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 […]
November 1, 2022
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 […]
October 28, 2022
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 […]
October 27, 2022
The Employee Retention Tax Credit (ERTC), also known as the Employee Retention Credit (ERC), is one of the few significant COVID-19 relief options that could still be advantageous for eligible businesses. But the rollout of the ERC was complex and subject to significant changes, which led to the rise of questionable companies creating confusion among […]
October 21, 2022
When it comes to financial planning, saving for retirement is a top priority. When we picture our golden years, we hope to be able to enjoy financial freedom, live comfortably, and perhaps even provide for others after we’re gone. One of the most popular vehicles for people with earned income to save for retirement is […]
October 14, 2022
Data-driven decision-making: it’s more than just a buzzword. Businesses, both large and small, make decisions every day that can either propel them forward or set them back. In today’s economy, it’s vital to be agile, ready to anticipate potential issues, and take action at any given moment. Business owners have tools at their fingertips to […]
October 10, 2022
Don’t forget: there are some big changes in 2022 for anyone earning more than $600 through an online platform. Whether you’ve generated income from Etsy, Airbnb, eBay, VRBO, Uber, or Amazon, you can expect to receive a Form 1099-K, which is also filed with the IRS. So, is 1099-K income taxable? And how will the […]
September 28, 2022
Do you have a clear picture of your business’s inventory? Oftentimes business owners will go far too long without reviewing inventory, only to find out it’s in desperate need of cleanup. While the year-end inventory count is a valuable internal control, only checking inventory once a year can lead to incorrect information accumulating over 12 […]
September 23, 2022
The word audit can send a business owner into a nervous panic. But an audit isn’t always a serious issue, especially when conducted internally. Yes, there are audits performed by the IRS if there is reason to believe that taxes have not been paid accurately. However, small business owners often don’t realize that they should […]
September 20, 2022
The Inflation Reduction Act of 2022 was signed into law by President Biden on August 16, 2022. In addition to new taxes and credits, the Act directs $80 billion to the Internal Revenue Service (IRS). In this blog post, we summarize the Act’s tax revenue provisions, tax credits and deductions, IRS provisions, and how your […]
September 9, 2022
Congratulations! You have a business idea and are in the process of getting the business up and running. While your to-do list might be a bit intimidating, don’t forget a small but vital decision to make when it comes to your back office: will you use the accrual or cash accounting method? It’s crucial to […]
September 7, 2022
2022 not your year for earning potential? Many of us are still feeling the effects of the pandemic reflected in our income, AND we now have inflation to deal with. Perhaps you’ve been forced to take a break from work due to personal circumstances, or maybe your business just hasn’t done that well this year. […]
August 29, 2022
Whether you’re running a business, handling your personal affairs, or both, there’s no escaping the need for some level of financial accounting, bookkeeping, financial planning, and tax preparation. For many people, handling these financial elements is, at best, a drag; at worst, a costly omission or mishap. Fortunately, there are people out there who specialize […]
August 26, 2022
While your product or service may be the heartbeat of the business, cash is the lifeline, and without adequate cash flow, your business health will decline quickly. There are many vital factors to monitor as a business owner, with cash flow topping the list. Unfortunately, lack of cash flow is the number one reason why […]
August 24, 2022
While building a successful family business takes a significant amount of time, effort and money, it can all come toppling down if you haven’t created a strong estate plan. According to PwC’s 10th Global Family Business Survey insights, family businesses make up more than half the world’s GDP and are massive contributors to social and […]
August 19, 2022
Although the terms ‘expenses’ and ‘assets’ are often used interchangeably in everyday language, they have different meanings and implications in accounting. From a tax and accounting perspective, the terms asset and expense both refer to anything your company purchases in order to do business. However, the similarities end there. Assets and expenses are accounted for […]
August 18, 2022
After months of negotiations, the Inflation Reduction Act of 2022 has been signed into law by President Biden. This act is a massive climate, healthcare, and tax bill that has the power to drive some real changes in our economy in the coming years. Here’s what we want our clients to know now. What is […]
August 12, 2022
Jacksonville-based CPA firm GunnChamberlain P.L. is now known as Financial Solution Advisors, PLLC. Financial Solution Advisors (FSA) is a full-service accounting firm offering a comprehensive approach to business accounting, tax compliance, and strategic financial planning. The firm is led by CEO Shelly Lingor and Founding Partner Joel Chamberlain, along with CPA Partners Kenny Krey, Isaac […]
August 10, 2022
This has been an interesting year for the markets and economy. There’s been a lot of change and volatility, but it’s nothing we haven’t seen before. In natural business cycles, companies will grow as demand grows. They’ll beef up supplies to meet anticipated demand and do more to capitalize or build more into their buildings […]
July 27, 2022
“More than 50% of Americans think that estate planning is at least somewhat important, but only 33% have a will or living trust.” – Caring.com Nobody likes to think about what will happen when they’re gone, but ensuring your estate is in order will help to prevent unnecessary family squabbles and reduce the tax burden […]
