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  • 5 2017 Tax Deductions Your CPA Needs To Know About

    March 23, 2017

     Tax season sends shivers down the spines of most people, but it doesn’t have to be that way! Using some little known tricks, CPAs and their clients alike can very easily save big money when filing their reports.

    1. Job Search Expenses Tax Deduction

    Did you know that you can deduct some of your job search related expenses? If you’re looking for a job in the same field you’ve been working in (so dreamers who quit their jobs for Hollywood are out of luck) are eligible for certain deductions like travel expenses for interviews, among many others.

    2. Home Renovation Tax Deduction

    Want to renovate your home without tightening your belt? Then you’ll want to know how many home renovations can actually qualify for tax write-offs. From taking advantage of tax energy credits to implementing home improvements which count as medical expenses to using your mortgage for renovations, there are a myriad of ways in which you can spruce up your home while saving money at the same time.

    3. Tax Preparation Fees Deduction

    While tax preparation fees are an allowed deduction, it’s extremely important to note that in order to be eligible for it, you must have all your deductions itemized and the sum of your miscellaneous expenses must exceed 2%. This is where the pros can come in handy!

    4. Jury Duty Pay Tax Deduction

    Standard expenses like vehicle mileage, phone usage, and meals (up to $100, so don’t take this as an opportunity to dine at Ruth’s Chris!) can all be deducted from your taxes. Keep track of your spending next time you’re bored at jury duty. Just don’t let your accounting keep you from paying attention to the trial!

    5. Penalty of Early Withdrawal Tax Deduction

    This tip saves money in a very different way than the others on this list. If you use money from your IRA before the age of 59 ½, you’ll be slapped by the IRS with a 10% penalty which cannot be deducted. So it’s vital to consult with a financial advisor before making any rash decisions.

    Not all of these tips and tricks will apply to everyone, but even being aware of just one of them can save a ton of money. Maybe instead of giving up your hard earned cash to Uncle Sam, this year you’ll be able to use it for the things you actually need!

  • Don't Let taxes Disrupt your Retirement

    February 7, 2017

     Don’t Let Taxes Disrupt Your Retirement Plans!

     

  • 2016 Tax Returns

    January 30, 2017

    2016 Tax Returns

    Get More Back On Your Tax Return!

    • Every return prepared by a CPA – reduces your taxes and minimize risk
    • We File All Individual & Business Returns
    • We’re here year-round to handle all your financial needs:
      • Investment, Retirement, Estate & Tax Planning
      • Wealth Accumulation, Preservation & Asset Protection
      • Small Business: Tax Reduction, Profit Improvement, & Bookkeeping

    Contact Us Today & Get More Money Back!

    Call Us At: 440-884-1400

    Or fill out the form below.



  • 5 Tips For Your Tax Returns Everybody Should Know About

    January 14, 2017

    5 Tax Season Tips For 2016 Tax Returns

    Smart tax planning is knowing all the available deductions so you don’t miss out on saving tax dollars. Increase your tax returns with these tax savings tips for your 2016 tax returns.

    1. Maximize your employer 401(K) match. Your employer may match part of your own contributions with their employer match percentage. This is free money from your employer for 401(K) retirement. This may also put you in a lower tax bracket, when you file your taxes and you may get more money back.
    2. Don’t forget to make your yearly traditional IRA contribution. You can still make your 2016 contribution up to April 15, 2017. Contributing to an IRA may help you receive more tax dollars back. It also helps to build your savings for retirement.
    3. Take the required minimum distributions (RMD) from your retirement if you are 70-½ or older. For people who just turned 70-½ in 2016 take your first RMD before April 1, 2017. If you wait until the next year it may put you in a higher tax bracket.
    4. Tax-Preferred Education 529 Savings Plan- The 529 plan is a college savings account, which is exempt from taxes. This plan will help pay for high college expenses. Your state may also offer tax benefits for residents in the state. It is only for states that file income tax. Each state has different maximum dollar amount for the 529 savings plan so it’s wise to check the maximum allowance for your state. Learn more about the 529 plan with IRS’s questions and answers page.
    5. Coverdell Education Savings Accounts. If you qualify for the modified adjusted gross income (MAGI) the amounts deposited are tax-free until distributed. The education savings accounts have a maximum allowance for the total contributions each year. This education savings plan will help higher education expenses, elementary and secondary school expenses.

    Retirement Planning For Increasing Your Tax Deductions

    Retirement contributions make great tax deductions. Your retirement planning will help you save money on your tax filing. Putting money away for retirement can cut your income tax you owe. Take advantage of these retirement savings tax deductions and watch your retirement money grow. It is also a great time to start and plan your retirement or go over the retirement plans you already have. Big Financial offers tax services that will guide you through your retirement planning in North Royalton & Cleveland Ohio. Don’t wait, take advantage of these retirement savings deductions today!

  • 7 Tips for Business Finance in 2017

    December 28, 2016

    Plan Now For The New Revenue Recognition Standard

    The changes required by the new revenue recognition model are quickly looming – but most companies have not started their preparations. Given the new processes your organization may need to implement, the time to begin planning is now.

    Plan for New 2017 Tax Return Deadlines

    For the 2017 filing season, Congress agreed to change tax return filing and extension deadlines for partnerships, corporate entities, and information return forms. Don’t forget to update your calendar!

    Plan Cybersecurity Protection

    The average cost of a data breach in 2016 was $7.01 million. While you may not be able to prevent breaches entirely, you may be able to mitigate cybersecurity risks by involving all of your company’s departments.

    Consider Strategic Outsourcing

    A virtual CFO or controller can assist with financial processes and budgeting, thereby helping you more efficiently run your business. This benefit is just one of many that your company can reap from outsourcing your accounting functions.

    Plan for the Unexpected

    One-quarter of all small companies hit by a major storm permanently close. Be proactive against unexpected natural occurrences by disaster-proofing your business.

    Document Governance

    A code of ethics, document retention policy, and whistleblower policy are three governance policies that all companies should put in writing. Some of these policy details may vary depending on the needs of your organization.

    Maintain Financial Separation Between Company and Owner

    For business owners, keeping personal and company finances separate offers many benefits – including simpler tax preparation and a streamlined IRS audit process. We can advise you regarding 10 “seeds” to plant for financial autonomy.

    Contact Us About Your Business, Finance, Accounting or Tax Needs

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  • Quick Financial Tips for Businesses

    December 12, 2016

    There’s no way to get around some of the challenges that come with being a small business owner. But the proper tools and support can help you navigate the world of debits and credits more smoothly. Here are a few financial challenges you may face and some small business finance tips for managing them.

    Small Business Finance Tips

    Cash Management

    Many small business owners can become overwhelmed by trying to manage their cash flow. Of course, you know you need accurate and timely data to line up the resources to handle crucial transactions – such as payroll – when needed. And the longer you wait to sort out your cash flow, the greater the risk for a mistake or oversight that can potentially damage your financial reputation.
    Accurate and timely financial statements are a must because they help you make important decisions and manage your fiscal obligations. They’re also a critical component to getting extra capital through a loan if needed. Unorganized financial records can be a red flag to lenders and may convey the wrong impression about the company’s fiscal health.

    Accounting

    Having a modern, often cloud-based, accounting system is a staple of many well-run small businesses. In fact, helpful accounting apps have become quite popular because they integrate into a lot of other services for easier and more efficient use.

    For example, if a sale is recorded in one department, a well-integrated accounting app can almost serve as a virtual employee and immediately make the necessary income or balance sheet adjustments to manage the transaction accordingly.
    Small businesses should consider utilizing financial/accounting apps offered through their business bank or business credit card to help them keep their finances in check.

    A Company Credit Card

    Is a company credit card the right choice for your small business?
    Naturally, there are pros and cons.
    For example, a business credit card such as Ink from Chase helps keep personal and business expenses separate. The card also rewards spending. And those reward points are capital that can be easily re-invested into the business.
    Burgeoning businesses can benefit from a business credit card too; this is a great way to establish credit and build financial stability.

    Meeting the Financial Challenge

    Even the smallest of companies today have access to financial and accounting tools and resources that can rival those of a business twice their size. These technological advances are narrowing the accounting and financing gap for small businesses.
    “Small businesses are strapped for time,” said Laura Miller, president of Ink from Chase. “The more we can bring together useful tools, the more we can help them be successful.”
    In the absence of a fully-staffed financial department — or even a single dedicated person — a small business owner can rely on the numerous services offered by their financial institute or business cards to help navigate any financial management challenges they may have.

    Contact Us About Your Business, Finance, Accounting or Tax Needs

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  • 2016 Tax Brackets for 2017 Tax Filing

    November 28, 2016

    2016 Tax Brackets

    When going in to file your 2016 taxes you need to know where you fall in regards to your tax bracket.

    We've conveniently listed here the 2016 tax bracket chart so you can quickly see where you land.

    Contact Us About Your Business, Finance, Accounting or Tax Needs

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  • Financial Tips for Startups

    November 14, 2016

    financial tips for startups

    We've listed here some basic financial information that every startup should be familiar with.

    First is the standard statement of cash flows, which is prepared by accountants under Generally Accepted Accounting Principles (GAAP). This explains changes in the cash balance and compliments the income statement. Cash inflows & outflows include operating, investing, and financing activities. Understanding this document is critical for keeping track of your money!

    It is likely that a potential investor will ask what your cash burn is. This is the rate at which your company uses its cash reserves. Calculate the burn rate for a selected period of time using this formula:

    (ending cash balance - beginning cash balance) / months in period

    The answer is a monthly value, and the lower it is, the better.
    Also be familiar with how long your cash will last at the current burn rate. Calculate this with the following formula:

    cash reserves / burn rate

    The 13 week cash flow model is an alternative commonly used by companies in financial distress. This tool allows you to see the “big picture” and analyze the amount of cash you will need in the future. It is different from other financial forecasting tools because it is cash-based rather than accrual-based, which means that cash is measured only when it's available for use.

    Something else to remember is that you must file a 1099 for all consultants you hire. This is done by the company or bookkeeper, and is due by January 31 of each year.

    Thanks for checking out these tips from your trusted partner and Ohio Accountant BizImprove!

    Contact Us About Your Business, Finance, Accounting or Tax Needs

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  • Ohio Business Performance in 2015

    October 28, 2016

     We wanted to share with you this great infographic on business performance in Ohio from 2015.

  • 5 Business Plan Tips for Success

    October 14, 2016

    5 Business Plan Tips

    Get rid of the fluff: You should always be as concise as possible and remove any filler language. Even if it sounds nice, fluff gets you nowhere and wastes space. Plus, no investors want to read a long business plan. Get to the point quickly.


    Be realistic: You should be honest with yourself in your business plan, which is why it’s important to consider challenges and opportunities. If you’ve got a strong idea, let it stand on its merit.


    Show you’re conservative: Everyone says they’re “conservative” in their business plans, but most aren’t. You should be. Use examples to demonstrate that you’re conservative in your approach and projections.


    Visuals are good: Whenever possible, and without overdoing it, use visuals in your business plan. Graphs, charts, and images can help bring your concept to life. Plus, it breaks up the text and helps a plan flow better.


    Be creative: Include a creative element in your business plan so you stand out and grab someone’s attention. You can use templates, but don’t look identical to a template. Do something unique to make the plan yours.

    Contact Us About Your Business, Finance, Accounting or Tax Needs

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