FInancial Advice

Taxes and Divorce

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Unfortunately, for some couples, once the children are all grown, all that is left is two people who no longer have a reason to stay together. They might not be angry with one another, or have a big issue with each other, its just a case of not having much in common. And also not being willing to work towards a common goal. We see this more often these days in the baby boomers, than we ever saw it before. There are considerable life style and tax ramifications to a divorce, and if you are even thinking about such a thing, it’s a good idea to get all of your financial records together and come see us. Why mention it at this time of the year? Well, chances are you are already gathering everything up in order to prepare your taxes so why not kill two birds with one stone as they say.  Journal of Accountancy had some great advice on this subject: Continue reading

Are You Saving Enough Money?

Incomes are rising, unemployment is going down, new businesses are popping up and things in general are looking quite a bit more hopeful than they did just a few years ago? For some of you, that means you had a great year, and perhaps you used some of that new found money to purchase things you have been putting off for several years. It also means that you were able to pay off some debt, and even save a little money.

This year it might be a good idea to save a little more of that money. Look at your budget, see where you got a little careless with your spending in 2016, and perhaps you can cut out some of those expenses, are at least bring them down, and start saving a little more.

CNN had a great post this week about how much we our saving these days, and how much more we should be:

“Roughly half of Americans are saving 5% or less of their incomes, including 18% that are not saving anything, according to a survey from Bankrate. Only about a quarter of people are saving more than 10% of their earnings.  So how much should you be saving? Bankrate recommends 15%.

“Between emergency savings and the ever-increasing burden of retirement savings that is on the individual, the goal should be 15% of your income,” said Greg McBride, the personal finance website’s chief financial analyst.

Currently, one in seven people are saving more than 15%, the report showed.

“For a lot of people, it won’t happen overnight. It’s going to take some time, but it’s doable, as the middle class is showing.”

Those in the middle class are proving to be the super savers with 35% of people with an annual income of $50,000-$74,999 saving more than 10% of their earnings.

Of those taking home more than $75,000 a year, 32% were saving more than 10% of their income, according to McBride.

Saving more is easier said than done, which is why McBride suggests making it automatic by having a portion of each paycheck be directly deposited into a savings account and a retirement plan. “Saving needs to happen before you pick up your paycheck.”

Bankrate’s Financial Security Index, which surveyed 1,000 adults in the U.S., also showed consumers are feeling better about their debt and financial situation compared to a year ago, which could actually be bad news for savings accounts.”

If you are a member of a Credit Union, it’s easy to sign up for automatic deductions from your Payroll Checks. Or, if you use online banking, just have an automatic transfer set up to take a small amount our of your regular checking account each month. You can always add more to that on months when your income is a little higher, or expenses are lower, but at least you will have something in savings. We can help you go through your statements and even give you some advice on the best type of investments.

Pete DiSalvo, CPA

Vero Beach Certified Public Accountant

CPA – DiSalvo Logo

 

Have You Run Your Credit Report Lately?

Forensic accounting, bokkeeping, CPA, tax preparation, business planning

With all of the  computer hacking and other  scams  are around these days, it’s more important than ever to run a credit report at least once a year.  The major credit reporting agencies are required to allow you to run a free credit report which also does NOT impact your FICO  score. Before the end of the year, please, go and take a moment to run this free report. It’s also a good idea to check and see if your credit card company has provisions for checking your credit score. I know that Citibank has that feature on it’s website.

Why do you care about your credit and your credit score? You may not know this, but all manner of companies check your FICO Score.

  1. Utility Companies
  2. Insurance Companies  both Home and Auto
  3. Potential Employers
  4. Credit Card Companies
  5. Investment Companies
  6. Mortgage Lenders
  7. Landlords

As you begin your Investment planing for 2017, or if you may be thinking about purchasing a home, or a new automobile, it’s always best to know where you stand BEFORE you begin the search. That way you can clean up any errors should you find some. Also, be very careful about checking your credit card statements each month. Some of my clients have found small, regular charges on their statements which were NOT initiated by them. The sooner you catch this type of thing, the easier time you have getting those charges removed and preventing further charges on your card.

DiSalvo CPA

Vero Beach Certified Public Accountant

CPA – DiSalvo Logo

 

 

 

 

Have Your Been Tracking Your Expenses?

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Tax Time is going to be here before we know it. If you aren’t tracking your expenses it’s going to make preparing your taxes more difficult and dare I say frustrating. Before the holiday press begins, please take a moment and look through your credit card statements and receipts and begin to list your expenses. Continue reading

A Little Advice From a CPA About Getting Married

Scribbled love and marriage symbols on metal cans

I know it’s not even Halloween just yet, there are a couple more weeks to go, but there are some of you who may be thinking about getting married next year. Perhaps even considering purchasing that engagement ring in time for Christmas or New Years? There is lots of advice about how much you should spend on the engagement ring, and on your wedding. Let me be the first to say that I understand how things can get carried away in the heat of the moment, but if there is anyway to plan ahead without creating undue stress, I would strongly advise it. Continue reading

September 15th is Almost Here

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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

 

 

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

 

 

What Do We Do When Tax Season Has Passed?

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I think that some people are under the misconception that when their tax returns have been completed and filed that everyone in the DiSalvo and Company CPA Offices just goes on vacation. While that might be a nice idea, other than perhaps taking a day or two off after tax season, we are here, ready to work with you during the remainder of the year. Continue reading

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