July 19, 2019
Many people have similar tax situations from year to year, and so they become familiar with the rules and regulations that apply to their personal finances. However, changes in your situation or once-in-a-lifetime events can often have significant tax implications. Here are some of the lesser-known elements of our tax code that tend to trip […]
July 5, 2019
The IRS’ audit rate on individual income tax returns was 0.59% in 2018, which represented the lowest rate in the prior 17 years. Households in all tax brackets saw a decline in audit rates, except the $50,000-$75,000 bracket, which experienced a 0.06% increase. Overall, the low audit risk sounds like good news for taxpayers, but […]
June 27, 2019
We spent last week at Xerocon, an annual event that brings together cloud accounting leaders for education, inspiration, networking, and good times (accountant-style). One recurrent theme was automation—perhaps an obvious topic for a cloud accounting conference since we’re all about automated business bookkeeping tasks, but also a prevalent topic in every business field right now. Countless […]
June 27, 2019
I heard a staggering statistic at last week’s Xerocon conference: 50% of small businesses fail without a financial advisor to help them understand their books. I looked deeper into the research and found another surprising statistic from Xero’s Make or Break survey of small businesses. Of 2,000 small business owners whose businesses failed, 65% of […]
June 10, 2019
If your 2018 tax return was a doozy, you may want to consider making some changes to your tax withholdings—after all, changes are in the air at the IRS. One of the most common reasons that many taxpayers had smaller refunds (or unexpectedly owed tax) for 2018 were errors in the IRS’ withholding tables. In […]
May 30, 2019
Getting 2018 tax returns done was messy for so many taxpayers due to changes under the Tax Cuts and Jobs Act (TCJA). Many people were surprised by smaller-than-usual refunds or even ended up owing money unexpectedly. If you struggled through tax season, now is the time to make sure that doesn’t happen again! After all, these changes aren’t […]
May 30, 2019
Summer has arrived! Whether you’re parked at the pool, planning a fabulous vacation, or just staying cool in the AC, it’s a time when life slows down a bit for many of us. If you have children or grandchildren who are getting ready to begin a summer job—or a recent graduate launching his or her […]
May 23, 2019
One of the most misunderstood concepts that our clients find confusing every year around tax time has to do with business expenses, assets, and depreciation. Specifically, when you spend money on something for your business, how does that get reflected at tax time? Many people are familiar with the concept of business asset depreciation, but […]
May 13, 2019
Like most other aspects of your business, your accounting needs change over time. If you started small, you likely used a basic spreadsheet to keep track of income and expenses before investing in a desktop or cloud-based software tool as things got more complex. For most businesses, doing it all in house (whether by the […]
May 5, 2019
Each year, the Florida Institute of CPAs organizes a CPA day of service, encouraging members to give back to their communities. We’re thrilled to be getting involved with two important organizations on May 17-18 this year. On Friday, May 17, our team will be gathering at the Jacksonville Zoo to volunteer with the USO for […]
May 3, 2019
The tax returns are in, and so are the step counts. We have winners of the 2019 Fitbit Challenge! First, the top steppers for March and April. March Page Shelby Tina April Kaneka Page Tina And although there was a valiant effort to unseat the reigning champ, that seems to be an impossible task. The […]
May 1, 2019
If closing your books at year-end is key in preparing tax returns, then locking them down at month-end takes them to a whole new level. We all know the importance of having your Balance Sheet tied to the tax return after it’s filed, but do you wait until the end of the year to enter […]
April 26, 2019
Many taxpayers filed extensions this year due to surprises and misunderstandings about the new rules under the Tax Cuts and Jobs Act. If you extended your tax return and didn’t pay an estimate of the tax you owe, be aware that interest and penalties are now accumulating. When you extend your tax return, it’s in […]
April 4, 2019
As we’re in the final crunch period to complete 2018 tax returns, we’ve been answering numerous questions about tax deductions. Here are some of the most significant changes our clients are seeing and what they mean for your tax bill this year. Are my contributions to charity still deductible? The short answer: yes, if you […]
March 28, 2019
Many people elect to have their income withheld at a higher rate in order to receive a large tax refund each year. While we generally don’t advise giving the government an interest-free loan, many enjoy getting the big payback in April. For 2018, the first tax year under the Tax Cuts and Jobs Act (TCJA), […]
March 18, 2019
In general business speak, there’s a good chance you use the words asset and expense interchangeably. In accounting terms, however, assets and expenses are distinctly different. They’re coded separately in your books and represented differently on your tax return. Understanding the difference of assets vs. expenses will have important implications for your business taxes. What’s […]
March 18, 2019
It’s tax season, and CPAs across the country are working around the clock, seldom leaving their desks as they endeavor to complete tax return after tax return. Massive quantities of pizza and Chinese takeout are being consumed. Clients are dropping by with donuts. Coffee is brewed by the gallon. Sunshine and time spent outdoors are […]
March 4, 2019
If you’re a parent, you may remember filing your taxes the year after your first child was born. Did you get excited about claiming a dependent on your tax return for the first time? Guess what: the Tax Cuts and Jobs Act doubled the tax credit to $2,000 for each dependent. Up to $1,400 of […]
February 18, 2019
You’ve heard all the hype about the new tax law. Perhaps your paychecks were a bit bigger in 2018. But lots of people have one question on their minds right now. Am I going to get a huge tax refund this year? Maybe. But maybe not. First, let’s look at what all the fuss is […]
February 12, 2019
When it comes to selecting someone to prepare your tax return, there are a lot of criteria to consider. Have you thought about whether the person offering to do your taxes is a legitimate tax preparer? Protect yourself from tax prep scams by knowing how the IRS evaluates tax preparers. The IRS has warned taxpayers […]
February 4, 2019
Prior to the Tax Cuts and Jobs Act (TCJA), taxpayers could exchange like-kind business property (such as trading in a business vehicle) and defer any gain until the property was ultimately sold. Property that was eligible for this tax-free exchange included both real and personal property. If you traded in a business vehicle in 2017 […]
January 21, 2019
A couple of weeks ago, we announced that Shelly Lingor, Director of Technology Solutions for GCT Technology & Accounting, was joining the partnership. Shortly after that, Shelly and her team at GCT were recognized as a Hubdoc Top 50 Cloud Accountant. Getting into this elite group requires demonstrating solid client results and a strong commitment […]
January 18, 2019
If you’re even barely awake in today’s world, you’ve heard the constant admonitions to go paperless. It’s better for the environment! You’ll be more organized! You can reduce clutter and only keep the things that spark joy! We’re pretty sure you don’t need to read another post about the benefits of paperless accounting — you already […]
January 14, 2019
As we work with clients to bring their accounting onto the cloud and provide cutting-edge business advisory services, we’re always evaluating our tools, technology, and methodologies to make sure we’re recommending the best possible solutions. One of our favorite cloud apps that we recommend to all clients is Hubdoc, which streamlines, organizes, and extracts data from […]
January 11, 2019
Have you ever had the experience of struggling to connect with a real, live person in a tech company? Whether you’re lost in a maze of automated phone system recordings or can’t even find a phone number to call, it’s downright frustrating. That desire to not get lost in a sea of technobabble is one […]
January 7, 2019
There are some significant tax changes in 2019 that will affect the tax return you file in 2020. Now is the time to make a plan that allows you to take advantage of these changes. Below is easy access to three links we recommend you read as you plan for the new year. 1. Retirement […]
January 3, 2019
We are pleased to announce that Shelly Lingor has been named Partner at Financial Solution Advisors In the past two years, Shelly has taken our technology side, GCT Technology & Accounting, from concept to reality. Virtual accounting services are the clear path to growth, not just for our firm, but also for our clients. By […]
December 20, 2018
If you have completed a tax projection that shows tax due, now is the time to look at ways you can reduce or defer your tax burden before the end of the year. Where should I invest to reduce my personal tax liability? Individual taxpayers can take advantage of various tax planning strategies. Here are […]
December 19, 2018
If you’ve ever purchased a business app, migrated your data, tried to use it, and realized it didn’t work—you’re not alone. We hear about this a lot. Business owners tell us that they tried to use accounting software or an accounting app to automate a particular process, and it was a big flop. We’re going […]
December 18, 2018
As this year is coming to a close, many of us are already thinking forward to tax time. Now is the time to look at your full financial picture while there is still time to make financial decisions that will impact your tax burden. How do I get started on my tax projection? First, contact […]
December 13, 2018
You might think we spill a lot of virtual ink waxing poetic about bookkeeping because we love accounting so much. Well, you aren’t wrong. We’re pretty serious numbers people here. You should be a fly on the wall at our office parties. But there’s another reason—our other passion is helping your business grow. Crunching numbers and […]
December 6, 2018
It’s a bird! It’s a plane! It’s a…cloud accountant? If the term cloud accountant sounds like something out of a mythical universe filled with unicorns and ethereal visions, well, you might be a tiny bit disappointed. But wait—you might also learn something really useful here! So don’t run away just yet. A cloud accountant is just like […]
December 3, 2018
If your business is involved in transferring money in some way (so, virtually every business out there), chances are you’ve written a check that the payee never cashed. Did you know that you’re responsible for reporting and submitting those outstanding checks to your state? That’s right—even though your recipient never cashed the check, those funds […]
November 2, 2018
Putting together a business plan isn’t something you do overnight, so it can feel unnecessary when you’re trying to get your business off the ground. As you get into the weeds with your business, however, your business plan becomes a compass for growth and sustainability. Here’s a story from one of our clients about how […]
October 31, 2018
When you’re starting a new business, you’re focused on a great idea. Then, all of a sudden, along comes reality—there’s a lot more to running a business than bringing a great product or service into the market. Here are the most common surprises our new business customers encounter in their first year in business. 1. […]
October 25, 2018
Tax Planning and The Tax Cuts and Jobs Act The tax year 2018 is quickly ending. The Tax Cuts and Jobs Act (TCJA) makes tax planning more challenging this year, but certainly not impossible. Over the following weeks, we will be discussing various aspects of the TCJA, which must be considered to maximize the tax […]
October 19, 2018
If you find yourself running a business, you should really put a ring on it—that is, make it official by choosing the right legal structure. Your designation is only about 2% less of a major, long-term commitment than a marriage. So choose wisely. 1. Learn about your options. When it comes to legal structure, you […]
October 18, 2018
Supporting the thriving community around us is a critical part of our business mission, and our partners and friends at Hubdoc (based in Toronto) feel the same way. One of their core values is: Always curious, always learning, always growing That’s why they were excited to jump on board as a Buddy Check 12k sponsor. Although they’re […]
October 17, 2018
According to the American Cancer Society, a woman has a 1 in 8 chance of being diagnosed with breast cancer in her lifetime. If you don’t already know somebody who’s dealt with this disease, you will. Our Buddy Check 12k sponsors got involved because of the ways breast cancer has touched the people in their […]
October 17, 2018
Ideally, every business begins by putting some basic processes and structures into place that ensure legal compliance and set you up for long-term success. In practice, so many new organizations start from a less stable place. It’s not uncommon for a business to start growing from someone’s garage, or maybe the founder just doesn’t have […]
October 8, 2018
If you’re like most entrepreneurs, you want to start a business because you’re passionate about something. Maybe you’ve found a new way to solve an age-old problem, or you have an incredibly creative and unique product. Maybe you’ve identified a gap in a market you’re dealing with every day and know the best possible way […]
October 2, 2018
You’ve probably heard the phrase “Early detection saves lives” in reference to some form of cancer. Have you ever stopped to think about what it means in your life? Does it motivate you to go in for regular screenings and check yourself at home? Chances are, someone in your life has been touched by breast […]
September 17, 2018
Unless your small business is an accounting business, chances are you don’t relish spending time sitting down to do the books. Traditional desktop small business accounting software packages don’t help, either. They’re clunky, take a lot of manual labor to keep up to date, and seem to always need updates. Many businesses start out with […]
July 24, 2018
Financial Solution Advisors has been named one of Jacksonville’s 2018 Best Places to Work and has been featured in the Jacksonville Business Journal. “Here at Financial Solution Advisors, we value our employees and encourage them. We strive to provide a work environment that is conducive to achieve high productivity and growth opportunities, which add to […]
July 18, 2018
Listen, we get it. All these crazy new technology fads can feel a little, well, annoying. Can’t I just do things the way I’ve always done them? Why do I need to put everything on the cloud? Isn’t that how hackers found all those embarrassing celebrity photos? My way or the highway and that’s just […]
June 13, 2018
If you’ve decided to start a business, you’re going to find yourself focusing on your creative idea—the thing you’re so passionate about doing that you’ve decided to make it your livelihood. That’s where you’re the expert. There are, however, a whole mess of other things you should do if you’re really serious about running a […]
April 30, 2018
To Shred or Not to Shred… With tax season coming to an end, it’s a good time to organize your documents and properly dispose of any records you no longer need. In most cases, the IRS only has three years after the due date of your return (or the date you filed) to perform an […]
March 1, 2018
The IRS warns taxpayers of a new twist on an old scam. Criminals are depositing fraudulent tax refunds into individuals’ actual bank accounts, then attempting to reclaim the refund from the taxpayers. Here are the basic steps criminals follow to carry out this scam. The thief: Hacks tax preparers’ computers to steal taxpayer data. Uses […]