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Timing can be everything when you’re deciding whether to roll-over your Roth. As a reminder - the reason why Roths are preferred-retirement vehicles for many taxpayers is because any growth that occurs is tax-free. Additionally, any contributions you make can be removed at any time without penalty or tax. What’s the catch? Well, there are income limits that will prevent some high-earners from contributing, as well as annual contribution limits for those who can. If your inco

It’s back to school time! This can be one of the most stressful times of year for parents, students, and teachers. The costs of supplies alone are often enough to overwhelm you, so we created a list of 5 ways to help you manage your money and save a little extra during this season. Everyone’s life is a little different so you may want to adjust it to fit your needs. 1. Create a budget and stick to it. Making a budget is the easy part. Sticking to it is the hard part. To bu

Small business owners can sometimes be too frugal with their marketing budget and sometimes they may go the complete opposite direction and overspend. It can be tricky to brainstorm ideas when there is so much work and mental load that already goes into being an entrepreneur and overseeing the daily running of a business. The best advice is to talk with your accountant and cpa to see what kind of budget you have to work with. There are definitely ways that can help both types

We are told to scrimp and save by financial gurus, shamed for buying a coffee by advisors, and still expected to not feel like we’re missing out when we decline dinner invitations with friends. There must be a better way to balance a strong budget and still have fun in life. Didn’t someone once say that the best things in life are free? I believe that it is fully possible to find the right balance between saving and living a life you enjoy. I’ll share what’s worked for me ove

It’s great to receive, I don’t care what they say. It’s good to give as well, but that’s a topic for another day. The question I get a lot about receiving a gift from a relative or friend, or an inheritance or bequest from a passed family member, is “Do I have to pay taxes on this?” The answer depends on the circumstances – who gave, what did they give, why did they give? But by far the most common situations that I see (life insurance proceeds, gifts by will or bequest,

As a self-employed tax payer, and as an accountant and advisor to many small business owners, I am well acquainted with the shock and disgust of what I call the “April First-year Tax Sucker Punch”. Perhaps you are familiar – it’s that first tax return you file that shows a profit on your Schedule C, your independent business activity, for which you probably have not paid any withholdings or estimates during the year. That’s when you learn your first hard lesson about self-e

Accrual basis accounting is a way of recording financial transactions that focuses on when the transactions occur, rather than when the money actually changes hands. In other words, under accrual basis accounting, revenues and expenses are recorded when they are earned or incurred, regardless of when the money is actually received or paid. This method allows for a more accurate representation of a company's financial position over time, as it takes into account all transactio

Co-written by: Kevin Clark Starting a new business can seem overwhelming and the startup costs can be intimidating. What are the startup costs? The startup costs can include incorporation fees, insurance, equipment, taxes, payroll, office space, and inventory. The type of business and the industry you are going into will make the startup costs different and what applies to one business may not apply to the next. While a salon may need a building that requires monthly rent, a

Co-written by Kevin Clark Everyday people get phishing or scam phone calls from someone impersonating an IRS official, but it may get even worse during and right after tax season. It can really help to know how to spot the difference, so you don’t find yourself in a panic or handing over valuable financial information to a scam caller. The forms of payment they request are often unretrievable and the stress from their threats can be overwhelming. We don’t want to see good peo

Co-written by Kevin Clark, CPA Cutting costs in your business can seem daunting, but it can also be an amazing opportunity to improve and grow and make your investment work better for you. A good accountant (especially a CPA) will start by asking a few questions to better understand your business and your objectives. Accounting is personal so try to be open and realistic with your plans and goals so that you get the best guidance possible. Before your appointment take some t