Category: Team FSA

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 […]
2023 Social Security wage base for payroll taxes jumps to $160,200
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 […]
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 […]
“Everyone is eligible for the ERC!”… and other red flags to look out for 
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 […]
Traditional IRA vs Roth IRA: Which is right for you?
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 […]
Data-driven decision-making: What does it mean for your small business?
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 […]
Is 1099-K income taxable? Here’s what you need to know.
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 […]
Leveraging inventory management to improve profitability and performance
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 […]
When Should You Conduct An Internal Audit In Your Business?
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 […]
Tax planning opportunities when you’re in a pinch  
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. […]
What is a full-service accounting firm?  
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 […]
7 tips to manage your small business cash flow
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 […]
What you should know about estate planning with a family business
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 […]
Business Accounting 101: Examples of assets and expenses 
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 […]
Inflation Reduction Act of 2022: What you need to know
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 […]
GunnChamberlain, P.L is now Financial Solution Advisors, PLLC
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 […]
Business cycles and long-term planning: Q2 of 2022 Economic Update Webinar
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 […]
7 factors to consider in your estate planning
“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 […]
Your quick guide to safe harbor 401(k) plans
For companies looking to provide their employees with the tax benefits as a regular 401(k) plan without all the hassle, setting up a safe harbor 401(k) means they can skip the onerous annual testing requirements and expenses associated with nondiscrimination tests typically required for a traditional 401(k). In this article, we discuss the problems a […]
Don’t put off a tax planning strategy
Once you’ve checked your tax return off the list for the year, it can be tempting to check out and enjoy your hard-earned income. As much as we’d all enjoy a long break from thinking about taxes, the truth is that it’s time to start tax planning for next year. By starting to plan now, […]
Business financial advisors for tax season and beyond
We may be in the heat of summer, but that doesn’t mean taxes are off-topic. In fact, summer is an ideal time to check in on your tax planning strategy and regular bookkeeping efforts. Proactive tax planning and preparation are key to a smooth tax season, ensuring you can take advantage of deductions and credits. […]
Back to Basics: What is tax planning?
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 […]
What to know if you’re selling your home this year
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 […]
The ABCs of 529 college savings plans
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 […]
Your guide to business budgets: What? Why? When?
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 […]
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