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Tax and financial planning tips: Education costs

Uncategorized Feb 08, 2022

A good education can be a stepping stone to a bright future, but it can also be a big financial burden. Whether it’s the first day of kindergarten at a private school or a second graduate degree, paying for an education has major tax consequences. But a little planning can help start things off right. Here are some tax and financial planning tips to keep in mind.

 
Education savings plans
Saving for future education costs can help parents fund their child’s education through federal and state-sponsored plans or tax-advantaged income exclusions.
 
Section 529 plans — 529 savings plans allow for annual tax-free distributions per beneficiary (regardless of the number of contributing plans) for qualifying expenses. Beginning in 2018, these plans can fund the educational costs of students in grades K–12 who are enrolled in religious and other private schools. However, distributions for grades K–12 cannot exceed $10,000 per beneficiary, and not all...
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STARTING A SMALL BUSINESS CHECKLIST

Uncategorized Feb 08, 2022

To make your business #CPAPOWERED, call today and let’s get started

Starting a small business is exciting; you’re finally making your dream a reality. While you’re looking ahead, there are many factors to consider. Your first step should be to find a CPA. CPAs can help you navigate the complex issues inherent in starting a small business. This checklist will help you make a plan of action, and find those many areas where your CPA can add value.
 
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CASE STUDY: A RESTAURATEUR’S SECRET INGREDIENT:HIS CPA

Uncategorized Feb 08, 2022

To make your business #CPAPOWERED, call today and let’s get started

 
It’s midnight. You’re struggling with a decision about a major expansion that could transform your small business into a powerhouse — or bankrupt it, if your plans don’t work out as you’re hoping. Or you’ve spent hours trying to pull together some financial information that your banker has requested, time that would have been much better spent running your business. Who can you turn to for feedback or technical advice in situations like these? The answer: Your CPA
 
GAINING PERSPECTIVE FROM A TRUSTED ADVISER
Financial adviser, mentor, therapist. For chef and entrepreneur Seth Gross, his CPA, Scott Ashton, plays all those roles. “He’s someone I can talk to when I need advice, and he always asks the right questions,” Gross says. What skills and advice can a CPA provide your growing small business? Gross’ story demonstrates the many ways a...
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GUIDE TO SMALL BUSINESS RECORDKEEPING

Uncategorized Feb 08, 2022

To make your business #CPAPOWERED, call today and let’s get started

When starting a small business, taking the time to set up your recordkeeping system properly, right from the beginning, will save you time and money down the road — and could make the difference between success and failure.
 
Certified public accountants (CPAs) are experts in small business finance including taxes, financial reporting, business advisory, personal financial planning as well as bookkeeping and payroll processing.
 
According to CPAs, good recordkeeping preparation and planning can:
• Make tax preparation easier. Back-up documentation may save you taxes, interest charges and penalties if the Internal Revenue Service (IRS) ever questions your return.
• Allow you to comply with multi-state taxes, such as sales taxes (including internet sales) and payroll taxes.
• Give you a better handle on your overall financial position, how your business is performing and help...
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PROTECTING WHAT’S IMPORTANT TO YOU AS A BUSINESS OWNER

Uncategorized Feb 08, 2022

To make your business #CPAPOWERED, call today and let’s get started

 
 INTRODUCTION
Risk management is one of the most misunderstood, yet most important, areas of forming and operating a business. Many entrepreneurs are so busy with operational and financial matters that protection of their most important assets is often overlooked.
 
Certified Public Accountants (CPAs) are integral to assisting in the formation, operation and protection of your business. Many people do not approach the protection of the business in the same way that they approach the protection of their personal assets, if they approach it at all. A CPA knows the best ways to help you prevent loss.
 
 
The tools provided in this article will give you direction in the future protection of your:
Health — The most important asset in any small business is the owner/executive. You will find tax-efficient methods and strategies for protecting your health to allow for greater...
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PERSONAL FINANCIAL PLANNING: AS A SMALL BUSINESS OWNER

Uncategorized Feb 08, 2022

To make your business #CPAPOWERED, call today and let’s get started

 
INTRODUCTION
As a small business owner, you probably have felt at times that running your business successfully is one of the most important things in life. It’s likely you have poured a number of resources into it. For this reason, you should give careful consideration to your personal financial plan as well.
 
A solid business plan is critical to the long-term viability of a business, and similar attention should be given to your personal financial plan. A good CPA financial planner will take you through an integrated process that will address the considerations of both
 
At a high level, this integrated financial planning process will involve:
  • Determining both business and personal goal\

  • Conducting an assessment of business and personal resources, and determining which areas have opportunities for improvement

  • Developing and implementing a strategy to help you achieve your...

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GUIDE TO ACQUIRING STARTUP FINANCING

Uncategorized Feb 08, 2022

To make your business #CPAPOWERED, call today and let’s get started

It’s no secret that you will need capital — money — to launch your new business. In fact, many entrepreneurs struggle to get their businesses off the ground because they’re unable to secure adequate funding1 . The good news is that billions of dollars are available to fund small business ventures like yours.
 

Before you begin the process of securing capital, you will need a written business plan that defines your business, management team, market, products and services, competitive advantage and the financial forecast and analysis that determines the proper amount and type of financing.

 
In this guide, certified public accountants (CPAs) offer their most helpful tips for planning your startup capital requirements and successfully acquiring funding for your new business
 
FORECAST REVENUE, EXPENSES AND OPERATING CAPITAL REQUIREMENTS
 
List, on a monthly basis,...
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Don't Let Crypto Get You Caught Up!

business tax Aug 02, 2021

Cryptocurrencies are mainstream.

You can use bitcoin to buy far more than you would think. To see, try googling “What can I buy with bitcoin?” You will get more than 350,000 hits.

 But using cryptocurrencies has federal income tax implications that may surprise you.  With the price of bitcoin having gone through the roof (before its recent decline), and with increasing acceptance of bitcoin and other cryptocurrencies as forms of payment, the tax implications of using cryptocurrencies are a hot-button issue for the IRS.

 The 2020 version of IRS Form 1040 asks whether you received, sold, sent, exchanged, or otherwise acquired—at any time during the year—any financial interest in any virtual currency. If you did, you are supposed to check the “Yes” box.

 The fact that this question appears on page 1 of Form 1040, right below the lines for supplying taxpayer information such as your name and address, indicates that the...

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Bankruptcy or Breakthrough?

business planning Aug 02, 2021

Are you one step away from bankruptcy or breakthrough?

3 ways to ensure that your business is moving toward breakthrough and not bankruptcy:

Get your business in order.

    1. Prepare financial statements

Your accountant should prepare a profit and loss statement and balance sheet for you at least quarterly.

  1. Read your financial statements regularly

When you receive your financial statements, take some time to review them. Review more detail if something doesn’t look right. Financial statements are good for measuring profitability, but also a good way to uncover theft.

  1. Understand your financial statements

What are you looking at? Do you know? Understanding what you should be looking for, making sure that you have enough money in the bank, confirming that you are making enough money and not losing money are all key to avoiding bankruptcy.

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Did You Take A Covid Distribution From Your Retirement Account?

retirement tax Aug 02, 2021

Did you take a coronavirus distribution (CVD) of up to a combined limit of $100,000 from one or more of your traditional IRAs in 2020?

You can recontribute the CVD amount(s) back into one or more traditional IRAs within three years of the withdrawal date(s). You treat each withdrawal and later recontribution within the three-year window as a federal-income-tax-free IRA rollover transaction. That’s the tax advantage.

The non-tax advantage is that there are no restrictions on how you can use CVD funds. You can use the money to pay bills and recontribute later—within the three-year window—when your financial situation permits. You can help out your adult kids now and recontribute later. Whatever.

 Key point. The favorable tax treatment applies equally to CVDs taken from garden-variety traditional IRAs, SEP-IRAs, SIMPLE-IRAs, and employer retirement plans that allowed CVDs.

 Unfortunately, you must put up with some potentially awkward interim tax consequences...

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