Bookkeeping

CPA’S for Non-Profits

forensic accounting, book keeping, tax preparation

At DiSalvo And Company we  understand the financial challenges that a non-profit organization must deal with. At DiSalvo and company we have years of experience in non-profit accounting services for charities, churches, and schools. You could say it is one of our specialties. And because we have worked with so many different types of non-profit organizations, we can  relate to your needs and find practical solutions to any problems you may encounter. We know that funding is critical for any non-profit, and providing financial transparency for grantors and lenders is key to obtaining donations. With our support, your members and donors will feel confident that your financial system is reliable and your data is irreproachable.

At our firm, our staff knows that keeping on top of your finances is vital, and to that end we’ve developed customized reporting methods that provide a clear picture of your assets and expenses. These reports are designed to let you track where your money is going so you can carefully monitor expenses and keep costs down. We’ll also help you find efficient ways to exercise internal controls that will prevent fraud.

Best of all, with our assistance you can stop worrying about confusing tax compliance requirements. When the IRS hands down changes to tax laws that could affect non-profits, we’re on top of it. We’ll offer sound advice on how to avoid unwanted scrutiny from the IRS and how to steer clear of any income-generating activities that could incur tax liability. We’ll also prepare your Form 990 tax return at year-end and file it electronically.

Our accounting and tax services for non-profit organizations include:

We are here to help you while you help others. Give us a call, set up an appointment, let’s get something put together for you and your Non-Profit today.

Pete DiSalvo, CPA

Melbourne - Titusville - VeroBeach - Certified Public Accountant

Advice for the Year Ahead

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I was looking for some inspiration for my second set of blogs in this New Year. In a which is charged with so much fighting and negativity, I thought it might be nice to find something positive to share with you. Today I am choosing words which are not necessarily just about sound financial adivce, rather they cover so many areas of our lives.  I often am inspired by the words of Dave Ramsey, and this post from him seems to have just the right tone:

“With a new year comes new opportunities. Second chances. Do-overs. You get to leave the past behind and start with a clean slate! You can make this year better than the last.

As this new year begins, try out these proven principles that will set you up for success.

Related: Take advantage of this year’s clean slate and take Financial Peace University.

1. Let mistakes stay where they belong.

There’s a reason the rearview mirror is smaller than the windshield. Looking at what’s ahead is more important than looking at what’s behind you. Yes, you need to take responsibility for your past, but that doesn’t mean you have to stay there. You can’t be excited about the future if you’re living in the land of regret!

2. Let experience teach you.

Whether it’s those mistakes you’ve made or the unexpected trials that knocked you off your feet, learning from them can be fuel for future success. When asked about his many failed inventions, Thomas Edison once said, “I have not failed 10,000 times—I’ve successfully found 10,000 ways that will not work.” Failure deepens your compassion, forgiveness and empathy. It can give you more self-awareness, improve your skills, and motivate you to work harder.

Related: 4 Secrets for Staying Focused

3. Let gratitude decide your outlook.

When you choose gratitude, you enjoy better relationships, feel better physically and emotionally, improve your self-esteem, and even sleep better at night. There are no downsides to seeing through the lens of gratefulness, but the benefits can radically improve your life!

There are no downsides to seeing through the lens of gratefulness.

We want to come alongside you to help you win. Whether you’re trying to get out of debt, start a new business, or plan for retirement, we hope you’ll turn to us as your trusted source for great content and life-changing truths. We believe in you and your future!

What are you waiting for? Let these principles make 2017 a great year for you! Write down those goals and resolutions. And then start working on them, one day at a time. A successful year is waiting. Go after it!”

At DiSalvo and Company, we are always on the look out for new ways to help our fellow business owners, and the people in the communities where we live and work. Remember, having a good plan will help your business stay on track. Finding ways to cut waste will also help you keep more money in your pocket, both in business and in you personal life.

Pete DiSalvo, CPA

Melbourne - Titusville - VeroBeach - Certified Public Accountant

 

Tax Incentives for Small Businesses

tacx changes, let disalvo cpas help you with your taxes, taxe prep Melbourne

In Indian River county most of our businesses have less than 100 employees. they are the lifeblood of our beautiful county, they keep people employed and even help start more small businesses.

Being a small business owner is hard enough throughout the year but tax time brings its own special challenges.  DiSalvo and company is here to help with your end of year planning and to get you ready for next year as well as planning best for your business for the coming year.

With so many different changes put into effect in 2015, taxes can be extremely confusing to the Average Joe.  Now compound that with all of the incentives for small businesses and you have a recipe for disaster without adequate guidance.

According to Accounting Today, small businesses have these updated tax incentives to consider during their preparation time this season.

“New permanent incentives for businesses: The Protecting Americans from Tax Hikes (PATH) Act, enacted in December 2015, made a number of tax incentives permanent. For businesses, these include:

  • The reduced five year recognition period for S corp built-in gains tax;
  • 15-year straight-line cost recovery for qualified leasehold improvements, restaurant property and retail improvements; and,
  • Charitable deductions for the contribution of food inventory.
  • Write-offs for equipment purchases. Two important deduction options apply to purchases of equipment and machinery:
  • Write-offs for leasehold, restaurant, and retail improvements.
  • Charitable contributions. Corporations can deduct their contributions up to 10 percent of taxable income. Contributions by pass-through entities are claimed by owners on their personal returns, subject to their adjusted gross income limits.”

Before you get bogged down in all of the other end of the year business, take a moment to book your appointment for early next year. The earlier you start your tax prep, the sooner we can get things prepared for you. It also helps us advise you on what things we can help you implement for next year.

Pete DiSalvo, CPA

Vero Beach Certified Public Accountant

CPA – DiSalvo Logo

September 15th is Almost Here

Qucikbooks experts, CPA Vero Beach and Titusville, forensic accounting, business planning

You may say :”Pete, why should I care about September 15th?” If you are one of my regular clients, I have you on notice, but if you aren’t one or we have somehow missed you, this is why September 15th is important: September 15 is the extended due date for partnership, S-corporation, and trust tax returns. If you filed an extension earlier this year, then your time is now up!

From the Tax Cut website:

September 15

File a 2015 calendar year income tax return (Form 1120) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see March 15.

Deposit the third installment of estimated income tax for 2016. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

And Just FYI, here are all of the dates that were important this past year, and will likely be just as important for 2017..

September 15

File a 2015 calendar year income tax return (Form 1120) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see March 15.

Deposit the third installment of estimated income tax for 2016. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

December 15

Deposit the fourth installment of estimated income tax for 2016.

Remember, for all of your Tax Preparation needs, whether you are an individual, a partnership, an S-Corp, and LLC or a Corporation, or a Trust, we have highly skilled accountants here at DiSalvo and Company

Pete DiSalvo, CPA

Vero Beach Certified Public Accountant

CPA – DiSalvo Logo

 

 

What to Know About Home Renovations

home renovation advice from Pete DiSalvo CPA

from Houzz

So, you have lived in your home for 10 years now. When you bought it the home was in pretty good shape, but truth be told, it could have used a bit of updating even then. Now, ten years later, the carpet is worn, the walls are dirty, and everything just looks tired. It’s time to spruce the place up a little.

I think home’s are a great investment, providing we don’t get in over our heads, and all of our investments should be cared for. Homes are one of the biggest financial investments for many of us, and we should make certain things are kept up. But when it’s time to renovate a home, we have to think with our heads as well as our hearts.

If you live in a neighborhood that is a little run down and tired, if most of the homes in that neighborhood still have inexpensive cabinets and formica countertops, be careful not to do improvements that are not in line with neighborhood values. While it’s become fairly standard for homes these days to upgrade to granite countertops and stainless steel appliances, try not to go overboard, or you will be disappointed when it comes time to sell or refinance your home. Even in the best of times, in the best of areas, you won’t necessarily recoup every dime you put into home improvements, but if you add a large addition, and top of the line everything in a neighborhood which does not have those types of improvements, you will be disappointed

Often each neighborhood has a Realtor or two who work in that area. It never hurts to let them know what you are thinking and ask them to run some numbers for you before you start work with a contractor. And if there are open houses in your area, take the time to look around and see what upgrades are prevalent in your area.

Pete DiSalvo, CPA

Vero Beach, Titusville

 

 

 

The “Slow Season” Is a Great Time for Planning

business consulting, business growth, tax planningAlong the Treasure Coast and up into the Space Coast, summer used to be our slow season. The people who live here part of the time traditionally return to somewhere up North or oversees and we have this beautiful coastline all to ourselves.

That situation has begun to change over the past five years. There are more full time residents moving into the area. Homes are going up all over the two counties and Realtors can’t get listings fast enough to satisfy the demands for housing.

Still, for some of our clients, this time of the year they get a little breather. It is the perfect time to take stock of where their businesses are financially, what their new goals are, and what steps they need to take to get to the next level.

Pete and his staff can help you plan for the future, and stream line the company tasks by taking over things like Payroll and Bookkeeping. We have the tools to put you on the path.

The first thing we need to determine is what is currently working well for you. Is it print advertising, word of mouth, networking, website and social media, or perhaps a combination?

Next, we work to figure out who your most profitable customers are, and how we can get more of them.

Third, who are the customers you want that you aren’t getting? Is your image consistent with the value of your services? Sometimes a business doesn’t need MORE customers, they just need customers who are willing to pay more for a higher quality of service.

Give us a call..it’s a great time of year to take stock and ramp up for next year!

Pete DiSalvo

Vero Beach Certified Public Accountant

CPA – DiSalvo Logo

 

 

Financial News About In-Home Care for Seniors

 

tax ramifications of in home care for seniors

Some of us have parents who are now in their mid 80’s, and taking care of a home, and themselves, is becoming more difficult. There are medications to manage, physical limitations that weren’t an issue before have cropped up, and the memory may be slipping a little as well.

Continue reading

The Scoop on Workman’s Comp

 

Workman’s Compensation rules and regulations vary from state to state. What stays the same, however, is that each employer with a certain number of employees MUST carry Workman’s Comp. In Florida, if  have a company, other than construction company, and have four (4) or more full-time or part-time  employees,  our laws state that you are required to carry workers’ compensation coverage. Continue reading

What About Next Year?

preparing for the new yearYou have gathered all of the information you need for us to prepare your taxes. When you look at this information with a different eye, what do you see? Is it hard to see anything but income and expenses? That’s where we come in. Continue reading

Book Keeping

forensic accounting, book keeping, tax preparation

It’s here again. Tax time. At DiSalvo and Company, PA, we are always grateful to our clients who take bookkeeping seriously. Those are the clients who’s tax returns are much easier to prepare. Everything is in the books. Expenses, properly categorized, income, also properly categorized. All in one place.

Not all of our clients take the time to do their own bookkeeping,or spend the money for a bookkeeping service, and that is a shame. Because in the long run, if you take the time to properly do the books, when you want to see what your financial picture is, it can be done with a keystroke. When its tax time, you won’t need to spend a whole week preparing for your appointment with us.

Managing cash flow is difficult when your invoices are not promptly sent out each month . So rather than doing them by hand, you might want to set up a bookkeeping software program. That way you only have to enter the specific charges for a regular client. If you have a new client, you enter their information one time, and then next time you need to invoice them, you just type in their name and the invoice will populate for you.

If you need a loan for your business, all the data is there, just print out a profit and loss and you could be ready to go. When you are trying to build a new business plan for the year, you can see where your money went over the past year. Advertising? Promotions? Website? All of those expenses are there.

At DiSalvo and Company, we use Quickbooks. Our staff can train you or your staff on how to use Quickbooks, and make your business life less stressful.