February 27, 2024
You’ve always dreamt of being your own boss. You’ve spent nights crafting business plans and plotting your success. But, let’s get real—the thought of starting from ground zero is nothing short of terrifying! What if you could step into an existing business, one with a proven track record and a loyal customer base? Buying an […]
February 21, 2024
Combined sales of battery electric vehicles (BEV), hybrid vehicles, and plug-in hybrid electric vehicles in the United States rose to 16.3% of total new light-duty vehicle (LDV) sales in 2023, up from 12.9% in 2022. Could EV tax credits be playing a role? With the recent passage of the Inflation Reduction Act (IRA), the federal […]
February 13, 2024
Let’s be honest: none of us enjoys handing hard-earned money over to the IRS, but we’re all responsible for paying taxes. The good news is that taking advantage of tax-efficient investing and using tax-advantaged accounts allows you to retain more of your earnings and defer tax liabilities. Why is tax-efficient investment important? Taxes can eat […]
February 7, 2024
A burgeoning tech entrepreneur had an idea she believed could fetch $100 million in five years. She set up her business as a C-corporation—an unconventional move for a small startup. Why? Because she understood the potential of qualified small business stock under Section 1202. If you’re starting a small business with the intention of eventually […]
January 30, 2024
QuickBooks Desktop 2021 will have its services discontinued by Intuit on May 31, 2024. While ongoing support for the later versions will continue, the discontinuation of support for QuickBooks Desktop 2021 and earlier versions echoes the typical yearly pattern for older versions. The company has also announced that it will stop selling several QuickBooks Desktop […]
January 27, 2024
Hiring independent contractors for your business can reduce paperwork and tax payments, but it does require using 1099 forms for reporting purposes. There are numerous 1099s to report different types of non-employment income to the IRS during the tax year. In this quick cheat sheet, we’ll break down the differences between Forms 1099-MISC and 1099-NEC […]
January 18, 2024
Don’t forget: some big changes are coming for anyone earning more than $600 through a third-party settlement organization (TPSO). Whether you’ve generated income from Etsy, Airbnb, eBay, VRBO, Uber, or Amazon, you can soon expect to receive a Form 1099-K, which is also filed with the IRS. So, is 1099-K income taxable? And how will […]
January 17, 2024
Held in January 2024, our 2023 wrap-up and 2024 financial planning webinar covered a number of key topics to ensure that our clients are well informed and equipped for the year ahead. Here are some of the key takeaways from the session: New tax credits for energy efficiency Homeowners eyeing energy-efficient upgrades, such as air-conditioning […]
January 10, 2024
In a significant move aimed at alleviating the financial burden on taxpayers, the Internal Revenue Service (IRS) has announced a waiver of nearly $1 billion in late-payment penalties for millions of individuals, businesses, trusts, estates, and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic. Understanding the tax relief measures The […]
December 20, 2023
Research & development (R&D) drives innovation, competitiveness, and job creation in many industries. But in case you missed it, the Tax Cuts and Jobs Act (TCJA) altered Section 174 of the tax code that allowed companies to fully expense R&D costs in the year incurred. R&D costs are now amortized over five years for domestic […]
December 6, 2023
There’s a reason your car’s windshield is so much bigger than its rearview mirror. Sure, both can save you from having an accident, but there’s no doubt which piece of glass plays a bigger role in your safety. In the same way, you can panic when the tax deadline arrives, rush to take out a […]
November 30, 2023
As the year draws to a close, businesses need to gear up for the year-end financial flurry and ensure a smooth transition into the new year. We all know that January will be here before we know it, so we have put a year-end prep list together to help your business out. Here are 10 […]
November 16, 2023
DECEMBER 2024 UPDATE: On December 3, 2024, a Texas federal court issued a nationwide injunction prohibiting the enforcement of the Corporate Transparency Act (CTA), which would have required 32.5 million U.S. companies to report their beneficial ownership information (BOI) to FinCEN by January 1, 2025. The court ruled the CTA likely unconstitutional, citing its infringement […]
November 7, 2023
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 […]
October 25, 2023
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 […]
October 18, 2023
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 […]
October 11, 2023
As the year winds down, your accounting needs to 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 […]
October 3, 2023
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 also be interested in: Everything you need to know about filing […]
September 28, 2023
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 […]
September 20, 2023
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 […]
September 11, 2023
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 […]
September 6, 2023
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 […]
September 1, 2023
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 […]
August 28, 2023
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 […]
August 16, 2023
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 […]
August 9, 2023
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. […]
August 2, 2023
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 […]
July 19, 2023
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 […]
July 5, 2023
Caring for an elderly parent or adult dependent can be emotionally and financially burdensome. According to a study by AARP, caregivers spend an average of $7,242 per year on caregiving expenses. Thankfully, there are tax breaks available to help offset the cost of elder care. The name of the Child and Dependent Care Credit is […]
June 21, 2023
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 […]
June 7, 2023
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 […]
May 22, 2023
The federal tax return deadline for individuals falls on (or around, depending on the day of the week) April 15th every year. If you aren’t prepared to file by then, you can request a tax extension by filing Form 4868, which gives you an additional six months to file your previous year’s federal income tax […]
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 […]
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 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 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 […]