January 29, 2020
As January comes to a close, we know some of you may have already forgotten your new year’s resolutions. Resolving to change your financial habits is one thing—actually doing it takes a lot of dedication and persistence. We put together a list of our 20 favorite tips to encourage you on your path toward your […]
January 13, 2020
You probably know you need to save for your future. Hopefully you even have a goal in mind. If your new year’s resolution has you putting your finances in order, here are some pointers to help you get started with saving and investing. Solidify your strategy Regardless of whether you’re a seasoned investor with a […]
December 12, 2019
Have you heard about the invisible rich? These are the people whose lives are anything but flashy—they drive older cars, pack their lunches, live in a modest home, etc. At the same time, they’re making five-figure donations to their churches and sending their children to college without borrowing any money. Just how does this happen, […]
December 4, 2019
No one enjoys conversations addressing our own mortality. The reality is that avoiding the topic is one of the most damaging decisions that will continue to reverberate long after your inevitable passing. If you don’t have a Last Will & Testament in place at the time of your passing, the state will determine how your […]
November 13, 2019
Although tax year 2019 is our second year filing under the Tax Cuts and Jobs Act (TCJA), provisions of the law are still confusing to taxpayers, particularly as they impact small businesses. The fourth quarter is the right time for tax planning to reduce or defer your tax liability. Here are some highlighted changes that […]
October 29, 2019
Our firm was recently recognized by Accounting Today as the #2 best small accounting firm to work for across the country, which was a huge honor for all of us. As we were going through the evaluation process for this recognition, we weren’t aware that Accounting Today was also looking into—and ranking—other factors that make […]
October 8, 2019
Let’s be honest: nothing in life is a given (except for death and taxes, of course). Planning for retirement includes elements of art and science, and a qualified financial advisor can be a figurative goldmine when it comes to making the right decisions for your retirement plan. Here are some of the common misconceptions about […]
October 3, 2019
When it comes to hurricane preparedness, you’ve probably seen all the lists of supplies to stock and ways to prepare your property in order to minimize damage. Most people don’t think about the implications for their finances and personal business until after the storm has passed. Here are a few things to consider before the […]
September 24, 2019
As the end of the year approaches, many business owners are turning their thoughts to strategy and goals for next year. Along with those discussions comes a deep dive into the budget. In some companies, budgeting means copying and pasting from the prior year’s budget, adding a 4% increase across the board, and then adjusting the […]
September 19, 2019
Student loan debt continues to be a pressing problem for millions of Americans—and not just the millennial generation. Millennials have made headlines in recent years for record debt crippling their ambitions to buy homes, start families, and even move out of their parents’ homes. A less-talked-about issue (but no less pressing) is the parents and […]
September 12, 2019
As sponsors of the Jacksonville Business Journal’s Fast50 awards, we evaluated all of the applications and had the privilege of learning what the fastest-growing companies are doing to make their numbers. Sure, a smart business plan, adequate cash flow, and a growing customer base are all prerequisites to build a business. As we zeroed in […]
September 9, 2019
Having a professional community of accountants who are supportive and helpful is one of the really special benefits available to Xero advisors. Xero has gone to great lengths to build up the accounting community and encourage us to support each other—not just online, but in person too. We’d like to spread the love around by […]
August 30, 2019
As the summer winds down, the IRS is gearing up for fall tax deadlines, year-end matters, and continued tax reform courtesy of the Tax Cuts and Jobs Act. But before all of that, the agency released some significant updates in August. Here are 3 recent IRS news items that impact a broad swath of taxpayers. […]
August 28, 2019
If you run a business that sells products online, hopefully, you’re aware that you need to be collecting state sales tax from your customers and remitting it to your state on a regular basis. For online retailers, however, just which states are requiring you to remit sales tax has become a complex and confusing issue. […]
August 15, 2019
Every year around this time, high school seniors feel the pressure ramping up. Everyone from grandma to the grocery store clerk wants to know: what are you going to do after graduation? Those who plan to go to college field questions about their applications, essays, and visits to university campuses. There’s one topic that’s rarely […]
August 5, 2019
We’re thrilled to announce that our firm has been recognized by Accounting Today as the #2 best small accounting firm to work for across the country! Firms were evaluated on their workplace policies, practices, philosophy, systems, and demographics. Our employees also completed a survey to measure their experience. All these measures were combined to create […]
July 30, 2019
We were proud to sponsor the Jacksonville Business Journal’s 2019 Fast 50 awards, recognizing the area’s 50 fastest-growing private companies, because of the big opportunity to honor the movers and shakers in our business community. The top 50 companies were ranked based on financial growth and cover a wide range of industries. Congratulations to: Conser […]
July 25, 2019
It’s a well-known truth that running a small business is considered an audit risk for taxpayers. Auditors have found that self-employed people often claim too many deductions and write-off expenses that aren’t strictly related to business purposes. Even if you’re keeping everything on the up and up, you’re lumped in with all the other sole […]
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 11, 2019
Tracking business expenses seems like a no-brainer, right? You need to know how much money your company is spending, whether you’re profitable, and what you can deduct on your taxes. When it comes to bookkeeping, we see business owners making the same mistakes over and over with respect to expenses. To throw an additional wrench […]
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 […]