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What homeowners need to know about PMI tax deduction 
After months of searching, countless open houses, and endless deliberation, you’ve finally found your dream home. Like many homebuyers, your mortgage requires Private Mortgage Insurance (PMI). The premium will most likely be included in your monthly payment, and you may be wondering whether PMI is tax deductible.  Key points: Mortgage Insurance Premiums (MIP) or Private […]
How to finance a small business purchase the smart way
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 […]
A Beginner’s Guide to Tax-Efficient Investing 
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 […]
Quick Cheat Sheet: Instructions for forms 1099-MISC and 1099-NEC 
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 […]
Is 1099-K income taxable? Here’s what you need to know 
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 […]
Tax & market updates from our 2024 Financial Planning Webinar 
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 […]
What you need to know about the IRS penalty waiver on 2020 and 2021 tax returns
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 […]
The latest retirement savings plan contribution limits 
Planning for retirement involves strategic financial decisions, which is why it’s important to understand the latest retirement savings plan contribution limits and what they mean for you and your ability to maximize your savings. Every year, the IRS sets new limits on how much you can contribute to different types of retirement plans. These limits […]
Mitigate the impact of changes to the expensing of R&D costs
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 […]
The power of proactive accounting
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 […]
10 essential steps to prepare your business for year-end
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 1, 2024, will be here before we know it, so we have put a year-end prep list together to help your business out. Here […]
What you need to know about the Beneficial Ownership Information filing requirement
MARCH 2024 UPDATE: The rules of engagement are changing for the Beneficial Ownership Information (BOI) filing requirement. On March 1, 2024, the U.S. District Court for the District of Alabama ruled the Corporate Transparency Act (CTA) unconstitutional in the case of National Small Business Association v. Yellen. This decision suspends the requirement for small businesses […]
What is advisory in accounting? A guide for small business owners
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 […]
What happens if you miss the extended tax deadline?
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 […]
Game-changing FP&A strategies for medical professionals and nonprofits
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 […]
Essential small business expense categories to maximize tax deductions 
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 […]
A quick guide to financial statements for small businesses
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 […]
10 Tips for Managing Your Small Business Finances
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 […]
A guide to small business income statements
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 […]
5 essential tips for a smooth month-end close process
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. […]
Sales Tax 101: A crash course for business owners
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 […]
New Department of Labor Rule clarifying employees vs. contractors
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 […]
27 essential internal financial controls for small businesses
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 […]
How Florida’s universal school choice bill may affect your financial plan
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 […]
Everything you need to know about filing a tax extension 
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 […]
How to deduct expenses for business vehicle use
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 […]
10 things you should be doing with your financial plan
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 […]
Secure Act 2.0 Summary and FAQs for Employers
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 […]
Your quick guide to Florida tangible property tax returns
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 […]
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 […]
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, […]
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 […]
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 […]
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. […]
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 […]
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 […]