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

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Self Employment and Home Purchase

moving up to a lrager home, accoutant who plans for home purchases, home purchase qualification, tax preparationNow that the bank statement loans have gone by the wayside because they were abused by some people in the Mortgage Industry, what is the self employed person to do when they want to purchase a home? Continue reading

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

News From the IRS

Advice on Moving an IRA, CPA vero beach, tax advice, financial adviceAs a CPA firm, it is our obligation to keep up with new rules and laws which affect the taxes of our community. We regularly study and learn about these new laws, not all of which we enjoy learning about, but this one is a ruling that will help some people a great deal. Taken from the IRS.GOV website:

“New Procedure Helps People Making IRA and Retirement Plan Rollovers

IR-2016-113, Aug. 24, 2016

WASHINGTON — The Internal Revenue Service today provided a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA).

In Revenue Procedure 2016-47, posted today on IRS.gov, the IRS explained how eligible taxpayers, encountering a variety of mitigating circumstances, can qualify for a waiver of the 60-day time limit and avoid possible early distribution taxes. In addition, the revenue procedure includes a sample self-certification letter that a taxpayer can use to notify the administrator or trustee of the retirement plan or IRA receiving the rollover that they qualify for the waiver.

Normally, an eligible distribution from an IRA or workplace retirement plan can only qualify for tax-free rollover treatment if it is contributed to another IRA or workplace plan by the 60th day after it was received. In most cases, taxpayers who fail to meet the time limit could only obtain a waiver by requesting a private letter ruling from the IRS.

A taxpayer who missed the time limit will now ordinarily qualify for a waiver if one or more of 11 circumstances, listed in the revenue procedure, apply to them. They include a distribution check that was misplaced and never cashed, the taxpayer’s home was severely damaged, a family member died, the taxpayer or a family member was seriously ill, the taxpayer was incarcerated or restrictions were imposed by a foreign country.

Ordinarily, the IRS and plan administrators and trustees will honor a taxpayer’s truthful self-certification that they qualify for a waiver under these circumstances. Moreover, even if a taxpayer does not self-certify, the IRS now has the authority to grant a waiver during a subsequent examination. Other requirements, along with a copy of a sample self-certification letter, can be found in the revenue procedure.

The IRS encourages eligible taxpayers wishing to transfer retirement plan or IRA distributions to another retirement plan or IRA to consider requesting that the administrator or trustee make a direct trustee-to-trustee transfer, rather than doing a rollover. Doing so can avoid some of the delays and restrictions that often arise during the rollover process. For more information about rollovers and transfers, check out the Can You Move Retirement Plan Assets? section in Publication 590-A or theRollovers of Retirement Plan and IRA Distributions page on IRS.gov.”

IF you have any questions about this information, please don’t hesitate to call myself or one of my associates. Moving IRA’s can seem like a daunting task, but if it’s done properly by a firm that knows what they are doing, it can be a smooth process.

 

Pete DiSalvo, CPA

Vero Beach Certified Public Accountant

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Payroll Services for Your Company

Payroll Services Vero Beach, Titusville, Melbourne

Here at DiSalvo and Company we not only offer tax and financial services, we also offer Payroll Services. Payroll entry for a growing company can be a headache that just doesn’t go away with aspirin. There are  each employees wages and time sheets to track. Taxes need to be withheld and companies are also charged with paying their own portion of taxes. In some instances 401k contributions, savings and other deductions must also be carefully input.

If you don’t have someone on your staff who has been properly trained on how to process payroll, their could be costly mistakes made and lots of frustration. For many small businesses payroll is an inefficient and overwhelming task that can require resources your company can’t afford to invest. Outsourcing this critical function can actually save your company money and lighten your work load.

At DiSalvo And Company, P.A., a Vero Beach CPA firm, we’ll ensure your employees get paid on time and your payroll taxes are prepared and submitted on time. Don’t waste another minute trying to figure out confusing federal and state payroll tax laws. Our expert payroll solution is designed to ease your burden and free up your time to manage your Vero Beach business.

Our payroll services for small businesses include:

  • Preparing the payroll
  • Preparing W-2s and W-3s
  • Preparing 1099s
  • Federal and state payroll tax filings
  • Worker’s compensation audits
  • Unemployment claims

We customize our payroll service in order to meet the needs of your business.  You no longer have to be concerned with  penalties or late notices  or just the weekly headache of Payroll.

Pete DiSalvo, CPA

Vero Beach, Melbourne, Titusville

Vero Beach Certified Public Accountant

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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

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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

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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