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July 15, 2022
If you’re like many people, you put off filing your taxes until the due date is about to fall on your head. We get it—taxes can be a major source of stress, but they don’t have to be! With effective tax planning, you may be able to reduce your tax payable or secure a larger […]
July 14, 2022
Your home is probably one of the most significant purchases you’ll ever make in your life. It’s also one that comes with a lot of pride and emotion. Now, it’s time to sell. Of course, you want to make a profit, but what about the tax implications? Here’s what you should know if you’re selling […]
July 14, 2022
Given that the average annual cost (tuition, fees, and room and board) of college has increased 11% at public colleges and 14% at private colleges (over and above increases in the Consumer Price Index), it’s no surprise that college expenses can be overwhelming. In the 2021-2022 year, the average total cost of attendance for in-state […]
July 14, 2022
A budget is an essential part of any business. While developing the budget may sound daunting, it should really empower you as a business owner to make educated and informed decisions. Business budgets will help you prepare financially, relieve the stress of the unknown, and provide support in reaching your business goals. What exactly is […]
June 28, 2022
U.S. inflation continues to make headlines, with the most noticeable impact on the costs of real estate, fuel, and food prices. With inflation on the minds of consumers, our goal is to empower you to make informed decisions about your finances. Here is a quick primer on inflation, interest rates, and ways to safeguard your […]
June 22, 2022
The child and dependent care tax credit helps to offset the cost of child or dependent care for families that pay for care while they work—whether that’s child care, summer camp, babysitting, adult day care, or another form of care for qualifying dependents. Over the years, the child and dependent care tax credit has undergone […]
June 14, 2022
Every Floridian knows when the hurricane tracker tells you you’re in the “Cone of Uncertainty”, it’s time to read Tampa area Chief Meteorologist Denis Phillips’ seven hurricane rules. But what if Denis Phillips was a financial planner rather than a meteorologist? What would he say about the market? I imagine a calm, Denis Phillips-like financial […]
June 7, 2022
All too often, we see people missing out on great tax-saving opportunities because they simply don’t know about them. And with tax laws changing every year, it’s not always easy to keep up with the latest tax deductions, credits, and exemptions. Our list of frequently missed tax breaks may help you uncover money-saving opportunities this […]
June 1, 2022
We are still dealing with COVID. We’ve seen empty shelves and inflation. We’ve watched Build Back Better drift from headlines to the dusty recesses of media memory. We’re staring down a bear market. As a result, our team has had many clients looking at their portfolios, watching the headlines, and raising questions about their investments. […]
May 24, 2022
While the family office concept has been around for decades, it has seen significant growth in the past 10 years. We attribute this to many of the factors driving other changes in the business world: greater home connectivity and access to information, as well as the tremendous amount of change and upheaval in the wealth […]
May 21, 2022
Key performance indicators (KPIs) are essential for business owners to track over time in order to make well-informed business decisions. This data will help business owners make decisions that directly impact the business today and in the future. KPIs should be monitored on a regular basis (monthly, weekly, etc.). The data being measured needs to […]
May 10, 2022
“Join me in inviting @elonmusk to move @Twitter to the freest state in the nation! Florida would benefit the company as a whole—we have no state income tax and the perfect business climate. It’s time to book a one-way ticket,” said Florida CFO Jimmy Patronis in a tweet after it was announced that Elon Musk […]
May 4, 2022
What would you do with a significantly lower tax bill, or even a refund this year? Thanks to special tax rules affecting rental property, you may be able to significantly improve your cash flow by commissioning an engineering firm to conduct a cost segregation study for your commercial, long-term, or short-term rental property. Thanks to […]
April 26, 2022
Last week’s blog covered some of the 2022 tax changes that may cause your tax situation to be quite different than it was in 2021. Here are some additional changes that may impact your return for the next filing season. Standard Mileage Rates Mileage Type 2021 2022 Standard mileage rate for business driving/mile 56¢ 58.5¢ […]
April 21, 2022
Although filing your 2021 tax return may still be top of mind, there’s no better time to start planning for the tax changes coming in 2022. Every year brings with it a long list of tax law changes that can affect your bottom line, so it’s important to familiarize yourself with what’s new and what’s […]
March 17, 2022
Many business owners like to show their appreciation by giving thoughtful gifts to valued clients and employees. It is a wonderful way to build relationships and show your team just how much you appreciate all that they do. Whether it’s a way to say thank you or happy holidays, there are important considerations to be […]
March 11, 2022
A real estate portfolio can be a wonderful way to grow your investments and provide a business opportunity for future generations. Whether it be commercial or residential real estate, it is important to keep detailed books for each property. As your portfolio grows, bookkeeping can become time-consuming and overwhelming, leaving you at risk of missing […]
March 3, 2022
In 2020, The Paycheck Protection Program quickly became a lifeline for many small businesses impacted by the pandemic. While the SBA was applauded for the program’s quick rollout, there have been many issues and roadblocks along the way for borrowers. The program has seen continuous eligibility and rule changes, leaving borrowers questioning their eligibility and […]
February 23, 2022
The deadline for filing 2021 taxes looms around the corner, and once again the COVID-19 pandemic is causing some complications. In addition to the well-publicized IRS backlog, filers this year will need to account for economic stimulus payments and reconcile any advance payments of the Child Tax Credit. We’ve compiled a list of seven things […]
February 23, 2022
Business owners often augment their teams or seek the expertise of freelancers and contract workers for specific functions. Too often, business owners forget to properly document their vendor’s information and earnings, which are needed to file with the IRS. One key form you will need to have a vendor complete is Form W-9. This will […]
February 15, 2022
Whether you’ve been investing in the markets for decades or are just getting started, it’s important to have a future-focused plan that enables you to make informed decisions when economic forces make headlines. News reports don’t always provide an accurate reflection of the economy and investments. Our first webinar of 2022 included a discussion of […]
February 10, 2022
If you’ve earned money through an online platform or other source of income outside of a traditional employment arrangement, you will most likely receive Form 1099 in January of the following year. The earnings could come from a wide variety of sources: selling products, subcontracting or freelance work, renting your home or other property, or […]
February 3, 2022
Saving for retirement is a top priority when it comes to financial planning. We all hope to reach financial freedom and enjoy our golden years, live comfortably, travel, and spend time with loved ones. Looking past our own needs, many of us also have family members we wish to provide for long after we are […]
January 28, 2022
At some point in their careers, most savvy business owners come to learn that CPA services add value well beyond tax season. A CPA can help to support your small business with financial decision-making, tax planning, risk management, and a strategy for reaching your personal goals. Think of your CPA as your overall financial expert […]
January 24, 2022
If you’re in the business of short-term rentals, you won’t want to miss out on the many tax deductions available to help offset your rental income. But in order to take advantage of the money-saving deductions, it is crucial to keep a detailed record of all transactions. No matter how big or small, every expense […]
January 20, 2022
If you’re starting a new business, one of the first things you will need to do is to choose a legal structure. The legal structure dictates the ways many aspects of your business run, as well as how you file and pay taxes. There are pros and cons to all structures, so it’s important to […]
January 13, 2022
The advance monthly payments of the Child Tax Credit ended in 2021, and the IRS has begun sending out letters to taxpayers who received monthly payments that indicate how much each individual received, as well as the number of children on which the credit amount was based. The expanded child tax credit will not continue […]
January 7, 2022
You may have envied the success of self-made millionaires. Have you ever stopped to think that could be you? For some, millionaire status is more than just a dream—it’s a goal that they will achieve. It will take hard work, planning, and commitment, but with the right financial advisor and motivation, you too can become […]
December 21, 2021
If the hot real estate markets led you into a career as a real estate agent this year, filing taxes may look a bit different than what you’ve done in the past. Below are a few things you should know about reporting your earnings, as well as deductions that could reduce your taxable income. If […]
December 17, 2021
Your golden years should be spent doing the things you love, enjoying life to the fullest surrounded by those that you hold dear. Unfortunately, the majority of Americans have fallen short on retirement savings, leaving them in a bind financially. If your retirement years are looking less-than-relaxing based on your current savings, it’s not too […]
December 10, 2021
As 2021 comes to a close, it’s an ideal time to assess your finances and set goals for the new year. We recommend reviewing your current financial situation, identifying money moves to make before year-end, and determining any adjustments needed for 2022. For a comprehensive review, consider the following: Retirement accounts Since there is no […]
December 2, 2021
If you’re just starting your business, in a period of growth, or need holiday help, hiring freelancers, or independent contractors, might be your best option. Freelance workers offer many great benefits to businesses and can be brought on when the business needs help the most. These are some of the most common reasons businesses hire […]
November 23, 2021
On November 15, 2021, president Biden signed into law the Infrastructure Investment and Jobs Act. This bill allocates over $550 billion to be invested in infrastructure projects to improve the nation’s roads and bridges, as well as community infrastructure. The Act is slated to create over two million jobs. A majority of the spending, or […]
November 17, 2021
With the 2021 tax season right around the corner, now is the time to act on your tax planning strategies. Don’t forget any last-minute contributions or purchases that will benefit either your personal or business return. Below are some of the items we’re reviewing with clients in our year-end tax strategy meetings. 1. Charitable contributions […]
November 16, 2021
An outsourced CFO provides the financial expertise of an experienced CFO, without the financial commitment of hiring a full-time employee. Outsourced CFOs can be leveraged through a variety of agreements, including part-time, interim, or long-term basis. Seeking the guidance of an experienced CFO from day one can help to set your business up for long-term […]
November 2, 2021
What if we told you that you could invest in a small business and not pay taxes on the gains? Well, your dream can be a reality, provided you make some key moves before you write that first check. Investing in a qualified small business not only offers great growth opportunities for local startups, but […]
October 19, 2021
While your products or services are the backbone of your business, you’ll struggle to succeed without a solid financial understanding and processes. But that doesn’t mean you’re doomed if you didn’t go to school for accounting or pursue an MBA. You simply need to build out the right combination of business financial services. That means […]
October 11, 2021
Why is it so important to get Form 8879 back to your tax preparer? If you have used a CPA firm or other tax preparer to file your taxes in the past decade, you’ve been required to complete a form authorizing the preparer to electronically submit your return on your behalf. Failing to submit that […]
October 6, 2021
Mergers and acquisitions have many moving parts. As a business owner, you not only have the responsibility to look out for your company’s best interests, but also the employees, business goals, reputation, and financials. Below are our top six items to consider for successful mergers and acquisitions. 1. Ensure you have the right advisor(s) on […]
October 4, 2021
Your PPP loan was forgiven—what a relief! But now what? If you were one of the millions of business owners who secured a PPP loan to keep your business up and running through the pandemic, you may have ended up with a successful year in spite of it all. Below are a few steps to […]
September 28, 2021
Whether you have a side-hustle that’s starting to bring in significant income or are launching a brand new venture, you may be feeling concerned about the mounting costs of operating a business. Fortunately, we have good news for you and your bank account: these costs are actually tax deductions that will reduce your overall taxable […]
September 16, 2021
The average taxpayer goes searching for a CPA at tax time and often realizes that there are benefits to hiring a CPA firm throughout the year. CPAs provide valuable time and money-saving services to individuals and business owners. Whether you’re looking to save on your taxes, better understand your investments, plan for retirement, create an […]
September 9, 2021
One of the programs the government put into place to aid businesses through the pandemic is the Employee Retention Tax Credit (ERTC), which has seen multiple amendments over time. The ERTC provides a refundable tax credit on qualified wages, including certain health insurance costs to small businesses who have seen a decline in gross receipts […]
August 27, 2021
You’ve heard the expression, “Do what you love and you’ll never work a day in your life.” What happens when what you love to do becomes your work? Many people have seen their side-hustles grow into a serious income stream. But what about those hobbies or activities that don’t bring in the big bucks? In […]
August 18, 2021
It’s not uncommon for companies to outsource essential business functions, including IT, bookkeeping, marketing, and human resources. In the course of our work with small and medium-sized businesses, we often encounter those who could use the expertise of a CFO but lack the resources to bring one on as a full-time employee. Many business owners […]
August 5, 2021
There’s no doubt that the United States economy is still in a recovery phase. The first and second quarters of the year have shown significant economic growth—leading economic indicators are back to their pre-COVID levels. Americans are heading back into the workforce and spending the cash they saved last year. In our second quarter of […]
July 30, 2021
Business owners are constantly tracking financial metrics of key performance indicators (KPIs), financial statements, and bank statements. While these financial metrics are key to monitor on a weekly, monthly, quarterly, and yearly basis, non-financial metrics are just as important to track. Oftentimes these KPIs can be incredibly insightful to the financial team, CFO, investors, and […]
July 26, 2021
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided many tax provisions intended to help small businesses make it through the pandemic. A couple of key small business tax deductions are still opportunities this year, and planning now could save you time and money next tax season. If you took advantage of tax […]