News

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

Punctuation Matters! Here is Proof.

We at DiSalvo & CO, CPA, love to read consumerist.com.  We learn things you just don’t see anywhere else these days.  Here is what we learned this week.

Payroll Services Vero Beach FloridaIt pays to read everything carefully — or rather, you might not have to pay a fine if you’re as sharp-eyed as one Ohio woman. She ended up having a parking citation tossed by an appeals court, all because she noticed there was a comma missing in the local law.

As anyone who has ever written a sentence knows, punctuation is of the utmost importance. And in one Ohio village, English teachers are likely sighing and shaking their heads at a grammar mishap involving the local law on parking regulations.

The Columbus Dispatch reports that the 12th District Court of Appeals overturned a parking violation [PDF] for a woman living in West Jefferson. She’d been convicted in municipal court for leaving her pickup parked on a village street for more than 24 hours.

But she pointed out that the municipal ordinance prohibited “any motor vehicle camper, trailer, farm implement and/or non-motorized vehicle” from daylong parking.


 The comma ( , ) is a punctuation mark that appears in several variants in various languages. It has the same shape as an apostrophe or single closing quotation mark in many typefaces, but it differs from them in being placed on the baseline of the text.


 

The comma ( , ) is a punctuation mark that appears in several variants in various languages. It has the same shape as an apostrophe or single closing quotation mark in many typefaces, but it differs from them in being placed on the baseline of the text.
Her truck, she said, is not a motor vehicle camper. It is a motor vehicle, which would’ve been covered if the law had a comma where it should’ve.

The village argued that it was just a typo and therefore didn’t invalidate her violation. The trial court upheld that view, saying that when reading the ordinance in context, it unambiguously applied to motor vehicles and “anybody reading [the ordinance] would understand that it is just missing a comma.”

Grammar won the day, however, after the court sided with the truck owner.

“If the village desires a different reading, it should amend the ordinance and insert a comma,” Judge Robert A. Hendrickson wrote.

Oh, snap.

Thanks to Consumerist.com, and the Columbus Dispatch for reminding us that the comma still matters.

This information brought to you by DiSalvo & Co, CPA, with offices in Vero Beach, Titusville, and Melbourne, FL.

Melbourne - Titusville - VeroBeach - Certified Public Accountant

Congrats to Vero Beach Girls Lacrosse

782921
Florida’s top power-rated high school girls lacrosse team is headed to its 11th consecutive Final Four. Congratulations to the Girls Lacrosse team at Vero Beach High School.

Forbes Offers 5 Ways to Avoid IRS Audit.

A recent Forbes article by Robert W. Wood offers these 5 ways to “audit proof” your tax return.

View the entire Forbes article here:

1. Don’t claim flaky deductions.

A wise man once said “Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one’s taxes.” Helvering v. Gregory, 69 F.2d 809, 810 (2d Cir. 1934).   Even so, thre are limits to what the IRS will buy when it comes to deductions.

2. Use a pro, or use software. 

tax preparation-VeroBeach-Melbourne-Titusville-FLWe at DiSalvo and Company heartily agree.  At least let a software guide you through the process to make sure you are asking all the right questions.  Forbes suggests you use one of the majors, such as Intuit’s Turbotax or H&R Block’s Taxcut.  We will say that from time to time someones asks us to have a look at the return that was prepared by a software program.  Just last week we found an oversight that let to our client receiving almost 10,000 back in additional refunds over the last few years.

In light of that, our advice would lean toward using the pro.

3. Disclose just enough.

If you report a transaction that you feel needs an explanation to be clear.  Forbes advises not to include lots of supporting documentation unless asked.  More than one taxpayer has provided the IRS with documentation which raised more questions than it answered.  They have ended up being hoisted on their own petard.

5. Account for every 1099 you receive. 

You receive IRS form 1099 for income you receive from someone for whom you are not considered an employee.  This may be work that you have done on a consulting basis.  Forbes advice makes sense.  Whoever sends you a 1099, also sends a matching copy to the IRS.  The IRS will certainly match up the 1099s reported on your return with the 1099’s they received for your tax id.   The same holds true for 1098 forms that lenders use to report interest paid.

In the final paragraph of the Forbes piece, they remind you that no matter how careful you are with your returns, there is a chance that someday you will have an appointment with the IRS, so be prepared.  Keep your returns and all of your written documentation to back up your deductions.

Disalvo CPA, a Dave Ramsey endorsed provider.If you are ever called to sit with the IRS, consider having one or the experts at DiSalvo and Company, represent you.  We have a strong track record of achieving favorable results for clients who have a dispute with the IRS.   Even if we did not prepare your original return, our knowledge of the process can often keep an inconvenient event from becoming a major financial setback for you, and your family.

View the entire Forbes article here:

DiSalvo and Company specializes in the accounting needs of individuals and small business in central Florida.  We offer all types of accounting services including, Quickbooks set-up and training, bookkeeping, payroll services, tax planning and preparation, financial auditing, representation before the IRS,  business consulting, business advisory services, forensic accounting, estate planning.

In addition to our new Vero Beach location, DiSalvo & Co. maintains offices in Titusville, and Melbourne, Florida for your convenience.  We encourage you to call us to arrange a visit to our new space for a free consultation to see if we can help your business expand in Vero Beach.

 

 

 

 

 

 

20 Must Have Tools for Homeowners

DiSalvo and Company specializes in the accounting needs of homeowners, individuals and small business in central Florida.  We offer all types of accounting services including, Quickbooks set-up and training, bookkeeping, payroll services, tax planning and preparation, financial auditing, representation before the IRS,  business consulting, business advisory services, forensic accounting, estate planning.

In addition to our new Vero Beach location, DiSalvo & Co. maintains offices in Titusville, and Melbourne, Florida for your convenience.  We encourage you to call us to arrange a visit to our new space for a free consultation to see if we can help your business expand in Vero Beach.

Indian River Charter High School Choir to Perform at Carnegie Hall

Vero Beach CPA sponsors Indian River Charter High School ChoirYou may have seen the recent article in the TC Palm newspaper reporting that the Indian River Charter High School Choir will soon have the opportunity to perform at Carnegie Hall in New York City.   The students along with music teacher Gary Miller will leave for New York City May 22nd, for a performance on May 25th.

Noted choral director John Rutter will direct the choir along with additional singers from across the country.  This will reportedly be John Rutter’s final appearance before his scheduled retirement.

Although this is not the first time a choir from a Vero Beach High School will perform at Carnegie Hall, it is the first time several of the 75 students have performed outside of Florida.  The trip will also include an opportunity for the students to visit New York City landmarks such as the empire state building, the campuses of New York University, and Julliard School of Music.

Vero Beach CPA sponsors Indian River Charter High School Choral GroupEach Student will be responsible for raising a portion of the cost of the trip.  The parents and association members have been busy planning fundraising events,  and seeking corporate sponsors.  On February 24, eleven “celebrity chefs” will participate in a special fund raiser at Fujiyama Japanese Steakhouse to help support the trip.

DiSalvo and Co, CPA is happy to announce our support for this worthy cause.  If you are able to help in some way, please feel free to contact Peter DiSalvo at 772-770-6008.

To get you in the spirit please enjoy this video of the Concert Choir performing at the 28th Annual Invitational Choral Festival at the University of Florida.

 

To read the entire article in the TC Palm please click here.

Indian River Charter High School Choir to Perform at Carnegie Hall

Melbourne - Titusville - VeroBeach - Certified Public Accountant

DiSalvo & Co Expands Vero Beach CPA Office

We are pleased to announce that Vero Beach CPA DiSalvo & Company, has completed our relocation to a spacious new headquarters at 1945 20th Street Vero Beach, FL 32960. This new space allows DiSalvo & Company more room to grow the best team to serve our clients  better than ever.

Along with the expansion, Peter DiSalvo is happy to announce that Rosemarie Hatch has agreed to join the team. Rosemarie specializes in tax preparation and is designated as an “enrolled agent” to practice before the IRS. Rosemarie has been serving individuals and business owners in Vero Beach for years. We are excited that Rosemarie has joined our team at DiSalvo & Co., Certified Public Accountants.

DiSalvo and Company specializes in the accounting needs of individuals and small business in central Florida.  We offer all types of accounting services including, Quickbooks set-up and training, bookkeeping, payroll services, tax planning and preparation, financial auditing, representation before the IRS,  business consulting, business advisory services, forensic accounting, estate planning.

In addition to our new Vero Beach location, DiSalvo & Co. maintains offices in Titusville, and Melbourne, Florida for your convenience.  We encourage you to call us to arrange a visit to our new space for a free consultation to see if we can help your business expand in Vero Beach.

Melbourne - Titusville - VeroBeach - Certified Public Accountant

Quickbooks By Intuit

QuickBooks accounting software is ubiquitous in the small to mid size business community. Between the computer based system that operates on your office computer, and the more recent QuickBooks On-Line version, that is accessible from anywhere, the QuickBooks brand has a significant piece of the accounting software market.  Intuit, the folks quickbooks-bookkeeping software Vero Beach, Titusville, Melbourne, FLbehind QuickBooks, have released the results of a study that shows small business owners consider themselves somewhat financially illiterate.

The results of the study also showed the following trends:

81% handle their business’ finances themselves.
69% have never taken a loan for their small business.
66% wish they knew more about their finances.
39% do not follow financial news.
Only 38% think their employees understand their business’ finances.
28% of small businesses are in debt.

In response to these findings, Intuit will unveil a new interactive tool Specially designed to encourage business owners to explore and improve their financial literacy. The Financial Literacy tool explores all aspects of business accounting and prompts users to test their knowledge with questions, explanations and topic-specific resources that may help them learn more about how to create and use financial statements to improve their business.

The experts at DiSalvo & Company, CPA are fully qualified to assist you with Quickbooks accounting support for your business, with services ranging from setting up QuickBooks software, training your staff, to handling your accounting tasks completely. If by chance your accounting system consists of receipts in a shoebox, please give DiSalvo & Company, CPA a call to explore a better option. DiSalvo & Company, CPA

Here is a nice little tutorial for those who may be new to QuickBooks Accounting Software.

Contact DiSalvo & Company

Certified Public Accountants today, at 772-770-6008,  to schedule a  free consultation for your business.

 

60,000 sq. ft. Florida Mansion only $139,000,000.

Any takers?



As the Florida real estate market prepares for a strong year ahead, think of the return on your investment with this little property.  If values rise just 5% you could pocket a cool $7M

This information is brought to you by the accounting firm of DiSalvo and Co.    DiSalvo & Company, with offices in Vero Beach, Titusville, and Melbourne, FL, is endorsed by Dave Ramsey to provide tax preparation, and accounting services for individuals and small businesses in the Indian River and Brevard County areas.  We are dedicated to meeting the accounting and tax planning needs of small business and individuals throughout the Space Coast and Treasure Coast, with clients from Titusville to West Palm Beach.

Melbourne - Titusville - VeroBeach - Certified Public Accountant

 

Case Shiller Index Shows Home Prices Rise in September

The Case Shiller composite index, a closely watched indicator of home price trends, showed U.S. single-family home prices rise was stronger-than-expected, year over year, in September. However, the pace of the increase slowed compared to August.

US Housing Market RiseDavid M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, stated “The overall trend in home price increases continues to slow down.”  The team at DiSalvo and company Certified Public Accountants  tends to believe that any home price increase is a good home price increase.
The S&P/Case Shiller composite index of 20 metropolitan areas gained 4.9 percent in September over September 2013.  In August, it rose 5.6 percent year over year. A Reuters poll of economists forecast a 4.6 percent increase.

On a seasonally adjusted monthly basis, prices in the 20 cities rose 0.3 percent in September. A Reuters poll of economists had forecast an increase of 0.1 percent.

The prospects for an increase in sales as well as sales prices in Florida brighten as the show belt braces for another cold and snowy winter.  Some areas like Buffalo,  NY have seen nearly a years worth of show already and it is only November!  The ice, wind and snow may be making life miserable for northern New Yorkers and Mid-westerners, but at the same time it sets the stage for a motivated set of potential home buyers heading our way.

As goes the real estate market, so goes many other industries such as floor covering, window treatments, appliances, landscaping, and of course your neighborhood tradesmen.    As we saw several years ago when the real estate market slowed abruptly, the ripple effect had far reaching effects on industries such as recreational vehicles,  that one might not have predicted.  That being the case, rising real estate values may just make homeowners feel more confident to spend money on the products and services you offer.

This information is brought to you by DiSalvo & Co. Certified Public Accountant, with offices in Vero Beach, Titusville, and Melbourne, FLDiSalvo & Company offers  accounting services,  Quick-books training, tax planning and tax preparation for individuals and businesses throughout Indian River County.

Please give Pete DiSalvo a call for a free consultation to discuss your accounting needs.

Melbourne - Titusville - VeroBeach - Certified Public Accountant