CPA Melbourne Fl.

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.

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

 

 

 

US Home Prices Rise

According to Bloomberg, home prices rose in May by the most since 2006.  The Bloomberg article states:

“The S&P/Case-Shiller index of property values climbed 12.2 percent from May 2012, the biggest 12-month gain since March 2006, after advancing 12.1 percent a month earlier, a report showed today in New York. The median projection of 31 economists surveyed by Bloomberg called for a 12.4 percent advance.”

US Housing MarketRiseGood news for housing prices often translates to good news for other sectors in the economy. A strong housing market can lead to better times not only for Realtors©,   home builders,  and tradesman, the increase in the value of ones own home can lead to a sense of security that may prompt us to consider other purchases; perhaps  luxury items such as recreational vehicles, jewelry, or a dream vacation.

They say  “a rising tide lifts all boats.”  There isn’t much that can raise the tide in our economy like rising home prices can.

This news brought to you by DiSalvo & Company, CPA with offices in Melbourne, Titusville, and Vero Beach, Florida. If you would like a second opinion regarding your personal, or business finances, please Call DiSalvo & Company, CPA at (772)770-6008