Tax time is over and if you're like most people, you probably don't even want to think about your taxes right now, but now is the best time to start thinking strategically. Working with a proactive CPA, instead of with someone who prepares your taxes and you discuss...
Effective financial management is crucial for any business, and creating a budget is a fundamental step in achieving financial success. A budget is a plan that outlines expected income and expenses over a period of time such as monthly, quarterly, or annually. Budgets...
Many businesses have some sort of accounting software such as QuickBooks to help manage finances and then provide financial statements such as a balance sheet and income statement to help you gauge the financial performance of your business. Managing a business...
When you think of a Chief Financial Officer (CFO), you probably think of the individual within the business who oversees the monthly debits and credits that flow through the balance sheet and income statement, reviews the monthly financials, and advises an executive...
A tax deduction and a tax credit are two different types of tax benefits that can help reduce your overall tax liability, but they work in different ways: Tax Deductions A tax deduction reduces your taxable income, which in turn reduces the amount of income tax you...
Many people have heard of a Chief Financial Officer (CFO), and they know that this person deals with numbers, but they often question what exactly it is and whether or not it would be beneficial to their business. CFO Advisory is a Chief Financial Officer at a...
Managing money has always been fun for me. Saving money came easy. At the young age of five, I had saved every birthday and Christmas dollar I had received since I was old enough to know what money was, so my parents took me to Columbia County Bank (now Millennium...
I joined Aligned CPA in October, 2022 as the Director of Advisory Services, bringing CFO services to the tax world in order to foster perfect Alignment for our clients. My Experience I spent the last 19 years in the banking industry as a Senior Vice President, holding...
The newly enacted Inflation Reduction Act contains tax credits and depreciation benefits for owners of commercial property and residential rental property. If you implement various types of renewable energy improvements, you can qualify for hefty tax credits or...
IRS regulations contain a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance without challenge, adjustment, or change by the IRS. Under this safe harbor, your 2022 prepayments cannot go into 2024. This...
Do you know all the ways to collect tax-free income? Surprisingly enough, there are still more than a few ways to do it. Here’s a summary of what we think are the best federal income tax-free opportunities for individual taxpayers. Break 1: Tax-free Income...
Small Business Taxes Self-employment taxes are to individual business owners what payroll taxes are to employers and employees. They fund Social Security and Medicare. All individuals with self-employment income must pay self-employment taxes, regardless of their age....