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

 

Thinking of Renting Out Your Home?

DiSalvo CPA, Melbourne, Vero Beach, SebastianReal Estate is booming here in Indian River and Brevard Counties. If you are thinking about moving to a bigger, or even to a smaller place, but you would like to keep you current home, not sell it. Then you may face some tax implications if you decided to rent it out.

If you’ve made the decision to rent your primary residency instead of selling it, there are tax implications to be aware of. The tax code in this area can be complex, so it’s important to understand the rules and regulations upfront before you take the plunge.

First off, a residence is considered primary when you live in it full-time and it is not rented out for more than two weeks in any given year. Conversely, a residence is considered rental property if you use it personal use for no more than two weeks of the year or 10% of the days it is rented.

Tax Implications
Once you have converted your primary residency to a rental property, you will be required to report any rental income as taxable income. On the reverse side, you will also be able to deduct expenses for repairing the property as well as general maintenance.

In addition, the IRS does allow you to use depreciation of the property to offset income received on the property as well as taking other deductions such as property taxes, insurance, mortgage interest, utilities, and association fees.

Any costs over the amount of the total rental income cannot be deducted unless you meet the following conditions:
-You actively participate in all real estate activities for the property
-Your adjusted gross income is under $100K for the year
-Your total losses for all real estate activity does not exceed $25K for the year

The basis for depreciation for rental property is the lower of your adjusted basis – capital improvements plus purchase price – or the fair market value. The property must be depreciated over a 27.5 year period. Also, you are only allowed to depreciate the portion of the residency that is used for income generation.

Set Up Payroll With Us

DiSalvo Accounting does Payroll, Calculate payroll for employeeSmall business owners have to wear many hats, trying to also be an accountant and a payroll expert can be one too many. Instead, have someone you can trust take care of your books and your employee payroll for you.

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 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, to meet the needs of your business. No more penalties or late notices to deal with.

Send us an e-mail or call us today at 772-770-6008 to discuss your payroll processing needs with an experienced Vero Beach CPA.

Pete DiSalvo

Melbourne - Titusville - VeroBeach - Certified Public Accountant

Stick With Your Core Business

forensic accountant vero beach, FloridaRunning a CPA Firm is something I love. Most of my clients only come to me at Tax Time, and that is okay, but another part of my business which is more challenging and rewarding is helping people to build and grow their business.

So often, once these business owners begin to experience some degree of success, they get carried away and move beyond their core business. As someone who sees the financial workings of businesses, I can tell you that while expansion works well in some instances, often what it really does is dilute the core of their businesses.

Sometimes, when I offer advice about this subject, business owners will listen, but sometimes they don’t and it’s sad to watch a business that was once thriving begin to struggle. This article in Inc. magazine speaks to the fact that every so often a business owner gets it. Do what you do better than anyone else, keep service levels high, and stick to your core business:

Alli Webb’s mobile hair-styling business led to an idea for a salon that offers only wash and blow-dry services. Since it opened in 2010, Drybar has become so successful–with 42 salons nationwide and counting–that the copycats are proliferating. Webb explains how she stays ahead of the pack.

–As told to Liz Welch

From the beginning, we’ve stayed very true to what we do–give great blowouts. Many investors have said, “We have this captive audience. That’s a huge opportunity to sell a lot of other things.” I’ve always resisted that–and I think it resonates.

Our clients know they’re not going to be pitched to or bombarded by our stylists to buy products. It’s hard to be really great at a lot of things. I have never entertained the idea of adding on services–but I have seen all of our competitors do that. Let them.

From an outside perspective, the barriers to entry appear very low: Hire stylists, build a space, and you have a blow-dry bar. But we have spent a lot of time and money to make the experience great, which includes everything from the spacing of our chairs to the lighting and the iPhone chargers at each station. We could put up to 10 more chairs in most salons, but we don’t, because the space is built in a special way, so it feels like you are sitting at a bar. “

So remember, working hard and building your business on sound financial underpinnings is a great dream. Just don’t stray too far from the business model that brought you success in the first place.

Pete DiSalvo CPA

Vero Beach Certified Public Accountant

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Quickbooks

book keeping, QuickBooks, Book keepersIf you are a small to medium sized company and you use Quickbooks, we are betting that you could use some help with it. Let’s face it. The accounting parts of your business, any business, is what we are good at.

If you are selling goods, or services, you are not necessarily a personality type which loves accounting and bookkeeping. Am I right?

We can help with whatever aspect of QuickBooks you may be struggling with, on  all phases of the program for our existing clients on demand. Just like you, we want your books to be in good order as this makes our services more efficient and keeps fees down. Here are just some of the services we offer:

  • Reconciling your bank accounts in QuickBooks. An important part of keeping a proper set of books and assuring that no numerical errors have been made by you or your bank is balancing your checkbook at the end of the month (A/K/A reconciling your bank account).
  • Online banking set up and coordination with QuickBooks. If you would like to pay your bills online, QuickBooks can by synchronized with your bank account and automatically record your transactions.
  • Printing and customizing reports for your specific needs. Depending on the type of business you are running, you will want certain reports daily, weekly or monthly so you can oversee your operations.
  • Overseeing your bookkeeper. If you have a bookkeeper operating QuickBooks for you, we will oversee them to be sure he/she is entering transactions properly and be available to answer any questions your bookkeeper may have about your QuickBooks file.
  • Accounts receivable & invoicing. Depending on the type of business you are running, you may want to keep your Account Receivable on QuickBooks so you can track who owes you money.
  • Entering  payroll.

DiSalvo Accounting is here to help with any or all of your accounting needs, from QuickBooks to  accounting and tax planning needs of small business and individuals throughout the Space Coast and Treasure Coast.  We serve customers in Vero Beach, Melbourne and Titusville. If you don’t have a business yet, and are thinking about starting on, we can help you with that as well. Should you find yourself going through a dispute of some sort, we can also help with Forensic Accounting.

Stop by again!

DiSalvo & Company PA, Certified Public AccountantsMelbourne - Titusville - VeroBeach - Certified Public Accountant

 

 

 

Before You Start Your New Business!!!

business advice, book keeping, quickbooks consulting, new business owners Vero BeachStarting your own new business can be an exciting thing to do. Running your own new business is not always exciting. So listen up. BEFORE you start you new business, take a month to plan and put certain things in place.

Write a business plan, not necessarily a complex one, but one that outlines what you would hope to accomplish in the next two to three years. Put money in the budget for advertising and marketing, and for your accounting and bookkeeping needs.

Yes, you can do those things yourself, and no, most small business owners should NOT do their own book keeping and accounting. If you are an expert in marketing, I can almost guarantee that you are not someone who is going to relish spending time with receipts and payroll. So hire someone to do that and take that money away from your projected earnings right off the bat.

We offer a FREE consultation for those of you who are considering opening a business, or expanding your current business. Here are just a few of the things we help you with:

Choosing the right name for your new business.

Whether you should incorporate or not.

Partnership agreements

If you do incorporate, should it be in Florida, or in another state?

How to minimize your Taxes

What are the best banks for your business.

What payroll service is best, and what are the guidelines for a company such as yours?

If you are already using Quickbooks, and are frustrated with it, we can help with that as well.

DiSalvo and Company has locations serving clients from Vero Beach, Port St. Lucie, Palm Bay, Melbourne, Fort Pierce, Sebastian, Micco, Fellsmere, Titusville, Merritt Island, Cocoa, Viera and Rockledge, to St Lucie County, Martin County and Brevard County.

 

Melbourne - Titusville - VeroBeach - Certified Public Accountant

 

Have Peace of Mind During Tax Season

As we near our annual “tax season” it is a good time to pause for a moment and examine your plan. A certain percentage of American citizens are selected for a tax audit by the IRS each year no matter what. What if it happens to you? Are you comfortable that the person you are planning to have prepare your tax return is the right person to face off against the IRS with you?

Tax Season: 2014

tax preparation-VeroBeach-Melbourne-Titusville-FLAre you planning to do your own taxes, maybe with the help of some do it yourself software from a big box store? I don’t think you want “the Geek Squad” helping you navigate a tax audit, do you? Imagine then for a second, staring down the IRS auditor all by yourself.

Here is some words from  folks who are glad they did not to do it themselves when they sat across from the IRS not long ago.

“We eventually got the IRS issue settled but it was through Pete’s calm, collected attitude and pragmatism working with the agent that got me through this life event. Pete’s an honest and knowledgeable man with years of experience and with a high degree of integrity. He worked with me to compile all the paperwork and details for justification and explanation of the errors. Pete was a life saver for me and I place my faith and trust in him. I highly recommend Pete for your tax needs!”
- Frank S., Melbourne, FL

I’ll bet Mr. S from Melbourne Florida was glad he was not stuck on hold for someone in customer service over at TaxByte.com

Now is the time to examine your plan for taking care of this unavoidable chore that comes with being an American citizen in 2014. Now is the time to give the tax experts at Peter DiSalvo & Company,CPA a call to see if there is a better plan. Many of Peter’s clients find that for not much more than the cost of the do it yourself software, they can have the security, and peace of mind that comes when DiSalvo & Company takes care of this chore for you.

Call Peter DiSalvo & Company now at 772 770 6008 and arrange a better plan for 2014.

DiSalvo And Company, P.A. is a CPA firm with offices in Vero BeachMelbourne and Titusville. DiSalvo and Company is committed to meeting the accounting and tax planning needs of small business and individuals throughout the Space Coast and Treasure Coast, with clients in Brevard CountyIndian River County, St. Lucie County, and Martin County.

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Happy Holidays from the CPA firm of DiSalvo & Company

HappyHolidays

Happy holidays from DiSalvo & Co.  We hope you have a safe and joyous holiday season.

from the CPA firm of DiSalvo & Co.

Melbourne – Titusville  – Vero Beach

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