March 2016 Blog Posts

  • Looking for Financial Help? Call Big

    March 5, 2016

    Looking for Financial Help? Call BIG

    Have you thought about opening your own business or buying an existing company?
    While the idea may have crossed your mind, you may be a bit hesitant for any number of reasons. Among those reasons may be worries over finances, taxes and cash flow.
    If you’re contemplating a trip on that bumpy road, you’ll need someone who you trust that has a road map. That’s where BIG Financial and Advisory Services can help you. They’re located at 8043 Corporate Circle, Suite 2 in North Royalton.

    BIG can help you get your business off the ground.
    Or if your small or medium sized business is drowning in a sea of red ink, they can help you to right the ship.

    Co-founders Jim Bonvissuto and Patti Sours, both CPAs, had a vision when they started the company in 2002. “We wanted to bring our executive level of expertise in working for Fortune 500 companies, large firms and private concerns, to small and medium-sized businesses at a reasonable price. But it wasn’t easy in the beginning. We started off marketing traditional CPA and tax services to individuals and businesses.
    We found a niche in turn-arounds and courtappointed receiverships for businesses in financial trouble. That led to a client base.
    Working with the owners of these businesses also led us to a service offering of tax and financial planning to individuals and businesses” said Jim.

    BIG helps long-standing businesses with finances and taxes, but Jim and Patti can help the entrepreneur get started. They utilize their experience from starting their own business 14 years ago, as well as the knowledge they gained working with many startup businesses, to help the new entrepreneur avoid some common start up problems.
    “While the entrepreneur is developing a market, selling his or her services, we can handle the financial side of things,” said Jim.
    “We’ve been where the business owner has been, as an employee, as a manager, as an owner and as a consultant. We’re able to pair that with both operational and technical knowledge. We can put systems in place to help companies in trouble or to those just getting started,” Bonvissuto said.

    Jim has been in this part of Cuyahoga County for many years. He graduated from Parma High School. He did his undergraduate work at Cleveland State and got his MBA from Baldwin-Wallace.

    He was involved in building homes in this part of the County and liked this area so much he decided to open his business in North Royalton.

    Another important part of Jim and Patti’s business is helping businesses and individuals with financial and estate planning plus income tax preparation and planning services. Patti is also a Personal Financial Specialist (CPA/PFS) “Depending upon your age, there are different financial goals to consider. For example, in your 30s you may consider saving for a home, or getting your kids set up for school. If you are in your 50s, you may look at preparing for your retirement. It seems that every 10 years or so, our financial goals seem to change. We can help you with all of those choices,” said Jim. For Jim Bonvissuto, terms like honesty and trust are not just words, but are at the core of his business. “Those words are important in every client relationship that we have,” said Jim. “Our steadiness and voice of reason is of utmost important to all of our clients.”

    BIG Founders, Jim Bonvissuto and Patti Sours, bring executive level of expertise in working for Fortune 500 companies, large firms and private concerns, to small and medium-sized businesses at a reasonable price.

    To get a hold of Jim Bonvissuto or Patti Sours, you can e-mail them at jbonvissuto@bizimprove.com or psours@bizimprove.com. Their phone number is 440-884-1400.
    You can also fill out the “Contact” page on their website www.bizimprove.com.

    Originally Published in the Royalton Recorder of North Royalton, Ohio.

  • Pay Less Tax and Save For Retirement

    March 4, 2016

    PAY LESS TAXES TODAY WHILE SAVING FOR RETIREMENT

    “The more money I make, the more taxes I have to pay, so how can I save for retirement?!”

    YES you can pay lower taxes and save for retirement at the same time for example through income deferral and tax-free income generating “vehicles”.

    Sheltering your earned income involves employing one or more tools to minimize your current federal tax burden. There are different types of income, but earned income may be defined as wages, salaries, tips, and other employee compensation, plus net earnings from self-employment. Although numerous opportunities exist to shelter earned income from taxes, the more widely used methods include making contributions to traditional deductible IRAs and participating in employer-sponsored retirement plans. By contributing to retirement “vehicles”,
    you lower your current taxable income.

    Although income is usually taxable, there are a number of vehicles that can produce taxfree or nontaxable income. You may be able to enjoy some portion of your income, tax free, by switching some of your investment money to these vehicles. Vehicles to consider include Roth IRAs and tax-exempt bonds.

    How much income do I need for retirement?
    It’s common to discuss desired annual retirement income as a percentage of your current income. Depending on who you’re talking to, that percentage could be anywhere from 60 to 90 percent, or even more.

    Calculate the gap.
    Once you have estimated your retirement income needs, take stock of your estimated fu- ture assets and income. These may come from Social Security, a retirement plan at work, a part-time job, and other sources. If estimates show that your future assets and income will fall short of what you need, the rest will have to come from additional personal retirement savings. 

    What works for one person isn’t always the best for another.
    Every individual and family has different goals and circumstances to be considered. The cliché of “one size fits all” isn’t the right solu- tion when you’re talking about your financial future. With all the options out there: Traditional IRA; Roth IRA; Employer plans such as 401(k), 403(b), 457(b); Annuities, Life Insur- ance, Mutual Funds, etc., how do you know what is right for you?

    We are happy to help determine the best way for you to meet your goals for retirement planning, tax planning, and small business ac- counting. We are currently offering a 20% discount for tax preparation services to new clients, both individual and business. Call 440-884-1400 today for more information.

    Originally Published by the Gazette Newspaper in Brecksville, Ohio.