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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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Juggling the Demands of a CPA & Family

business advice, book keeping, quickbooks consulting, new business owners Vero Beach Who among us does not know of a CPA or Tax Accountant whom you never see from December to April 16th? In our firm many of us have families and during Tax Season it is extremely difficult to carve out the kind of family time  we would normally have the remainder of the year. From Accounting Today, a post written by CARL ALLEGRETTI hit a nerve with me. Not all of you reading this will be accountants, but man or woman, Mom or Dad, we all have those times when work gets busy and it is difficult to balance the demands of work and the time we need with our families and children.

1. Set thoughtful priorities: As busy season comes around, your time becomes more and more precious as client work increases and deadlines need to be met. With all the demands on your time, something has to give. Focus on setting thoughtful priorities—both at work and in your personal life.

To find the right balance, I look closely at what my top priorities are in and out of the office. For me, family comes first. In order to find the time to coach and attend my sons’ sporting events, I stopped playing golf because I couldn’t justify the amount of time on the course.

2. Plan ahead: Many of us are great at planning when it comes to work. We have a laid out plan for all the things we want to get done. This approach becomes all the more important during busy season.

Don’t forget to also plan for personal time, which isn’t always easy given your professional demands. With careful planning, anything is possible—and that includes using your vacation time before and after peak periods of work. Like an elite athlete, we all must rest, recuperate and reenergize during the year.

I found that when I acknowledged that my personal life was as big a priority to me as my career, it became much easier to effectively plan my life outside the office. I now schedule my calendar up to a year in advance to make sure my personal and professional priorities are locked in.

3. Personal health: Taking care of yourself should be a big priority. If you are not healthy, juggling multiple tasks can become difficult. Getting enough sleep, eating right and keeping active are important in managing stress. The number one way to train the brain is physical exercise, and studies have repeatedly shown that physical activity keeps your brain healthier and stronger.”

Take the time to make a plan for your busy time. Don’t forget to carve out some time for your family and yourself no matter how busy things get.

Pete DiSalvo

CPA

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.

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June 16th Tax Deadline.

June 15th is ordinarily  the date that  second quarterly estimated tax payments are due, if you are self employed.  This year June 15th falls on a Sunday so this year, Monday the 16th takes on added significance.  If you are not sure whether, or how much  you should be posting for quarterly estimated payments, last week would have been a great time to Give Pete DiSalvo a call.

If you tax preparation-VeroBeach-Melbourne-Titusville-FLare still not sure at this point,  we invite you to call Pete right now! The sooner you answer this question the more Pete can do to help you minimize your taxes along with any penalty for underpayment.

Pete DiSalvo specializes in working with small businesses to help maximize profits and minimize taxes.

For those of you who like to plan ahead, September 15th is the 3rd tax deadline… Is your business ready?

Usually during the rush of tax season you have to decide upon what to base your 2014 estimates. You would have considered the safe harbors and chosen the one that best fits your circumstances at the time.

Click & let us answer all your tax questions!

Self employed taxpayers pay estimated taxes to avoid a penalty for underpayment of  tax liability. The Internal Revenue Service requires taxpayers to pay the lesser of 110% of the prior year tax or 90% of the current year tax. Generally it is easier to calculate 110% of your 2013 than to estimate 2014 income.

Now that five months of the year have passed you may have a clearer picture of your income for the year. If there has been a significant change from what you used for the first quarter estimate a re-calculation now could either save you cash flow (if you will owe less) or give you an opportunity to start paying that April 15, 2015 liability now if income is higher.

If you think there is a change in your income and would like to explore with us the possibility of a change in your estimates, please click to take advantage of our Free Consultation.  Don’t forget, Pete DiSalvo is the Dave Ramsey endorsed tax expert for small business.

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Recipe: March Madness Mini Burgers

One of the downsides to being a CPA is that you don’t really have time to enjoy college basketball March Madness.  I have not had a spare minute to think about filling out a bracket.  I have been much too busy focusing on your brackets, tax brackets that is.  Someday maybe I will have a job that allows me the free time for that sort of thing, like maybe President of the United States.
Nevertheless,  we do enjoy the excitement we sense from our clients when we speak with them between games, about their tax returns.  Everyone is so excited at least until their own bracket is busted.   Our wish for each of you is that your bracket do at least as well as your next door neighbor.  I came across this recipe for a March Madness Meal that may help you get the most out of the madness experience.  Mange, mange!

March Madness Mini-burgers.

 

March Madness Mini Burgers from Pete DiSalvo & Co, CPAIngredients: Basketball Cheese Slices: 6 slices cheddar or American cheese black food coloring
Fried Potato Rounds:
3 russet (Idaho) potatoes
1/4 cup vegetable oil
1/2 teaspoon table salt, plus a pinch
Mini Hamburgers:
1 slice of white bread, crusts removed
1 1/2 tablespoons milk 1 tablespoon ketchup (or steak sauce)
1/2 teaspoon salt
pinch of black pepper
1 pound ground chuck 1-2 teaspoons vegetable oil
Optional toppings:
lettuce
small tomatoes, sliced, need 22 slices

Special equipment needed:
thin tip paint brush (used for food only)
Mandoline Slicer or a knife 2″ round cookie cutter, and a 1″ or 1 1/2″ round cutter
heavy duty baking sheet
non-stick aluminum foil griddle, skillet, or grill pan

– See more at: http://www.hungryhappenings.com/2011/03/march-madness-mini-cheeseburger-recipe.html#sthash.QfLjB1xZ.dpuf

Instructions

Use  1 1/2″ round cookie cutter to cut 22 rounds from the cheese slices.  Pour a few drops of black food coloring into a small bowl.  Dip fine tip paint brush into the food coloring.  Paint seam lines onto each cheese slice creating basketballs.
Move an oven rack to the lowest position.  Preheat oven to 475 degrees Fahrenheit.
Wash potatoes.  Cut, using a mandolin or a knife, into 3/8″ thick slices. Use a 2″ round cookie cutter, to cut rounds from each potato slice.  Fill a mixing bowl with hot tap water.  Place potato rounds in water and set aside for 10 minutes. Remove potato rounds from water and set on paper towels.  Blot dry.
  • Dry out your mixing bowl.
  • Combine the vegetable oil and 1/2 teaspoon salt in the mixing bowl.
  • Line a heavy duty baking sheet with non-stick aluminum foil.
  • Pour 3 tablespoons of the oil onto the foil lined pan.
  • Use your hand to swirl the oil around to get an even coating all over the pan.  Be sure the get the salt evenly distributed.
  • Place potatoes in mixing bowl and toss to coat evenly with the remaining tablespoon of oil.
  • Lay potatoes in a single layer on the baking sheet.  Sprinkle a pinch of salt over potatoes.  Cover pan tightly with aluminum foil.  Bake for 10 minutes.
  • Remove foil and bake for 8 minutes.  Rotate pan 180 degrees and continue to bake for 8 minutes.
  • Remove pan and flip potatoes over.  Bake for 8-14 more minutes until golden brown.
  • Remove from oven and place potato rounds on paper towels to remove excess oil.
Tear slice of white bread into small pieces.  Place in a mixing bowl.  Pour in milk.  Use a fork to smash the bread into a paste. Add ketchup, 1/2 teaspoon salt, and pinch of black pepper. Stir to combine.  Add ground chuck and stir just until combined.
Scoop out 22 portions of meat and form patties into  2″ circles.  Heat one teaspoon of vegetable oil on a griddle pan, skillet, or grill pan until smoking.  Cook burgers in two batches until well browned on both sides. If serving these right away, set a piece of cheese on each burger after you flip it to cook the second side and allow the cheese to melt slightly. If preparing in advance do not top with cheese yet.
To reheat before serving, heat your oven to 350 degrees.  Place potatoes and burgers on a baking sheet and heat for 5 minutes.  Remove from oven and top burgers with a slice of cheese.  Heat just until cheese melts and burger is heated through. To assemble: set potato rounds on a serving platter and top with lettuce and tomato, if using. Then top with a cheeseburger. Serve immediately.  The burgers will remain moist because of the addition of the panade (bread and milk) even after being refrigerated overnight and cooked the next day.
I love to use  potato rounds as a “bun”, but you can use a bun, if you prefer.
To see complete  illustrated instructions here.

– See more at: http://www.hungryhappenings.com/2011/03/march-madness-mini-cheeseburger-recipe.html#sthash.QfLjB1xZ.dpuf

This March Madness recipe brought to you by DiSalvo & Company, CPA with offices in Melbourne, Titusville, and Vero Beach, Florida. Call the office ( as soon as the game is over) at 772-770-6008  to find out about their complimentary financial audit for your business.
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Do You Remember Vinyl?

I may be about to give away my age here, but I noticed a small shop in Vero Beach that buys and sells vinyl records.  Seeing this shop brought back memories of all the time I spent saving for, and shopping for, my favorite music on vinyl record albums.  There was something almost ceremonial about listening to a new album for the first time.   First you would remove the cellophane wrapper, and then carefully slip the shiny black disc out of the protective paper sleeve before placing it carefully on the platter of your turntable.   Then I would wipe the vinyl records, vero beach, titusville, melbourne, FLsurface with a special brush before lowering the tonearm into the outer grove for the first time.  Once the music began to fill the room, I would of course study the wealth of information, art, and images on the album cover.

Bedroom walls of the 60s and 70s were frequently lined with record albums.

I listened to vinyl records long after the compact disc came along promising the world “perfect sound forever.”   I stayed with vinyl largely because much of my favorite music was off the beaten path, and did not have a large enough of an audience to warrant re-release on the new digital format.  Others however stayed with vinyl because they were convinced vinyl just sounds better.   I must confess, I did not miss the pops and ticks that I could never eliminate from my vinyl rig, but I do believe that vinyl records were able to reproduce a degree of warmth and depth that was lacking in the new compact disc.

There is definitely basis in fact for the theory that vinyl sounds better.  Real music consists of sound waves that are continuous, and ever changing in frequency.  The groove in a vinyl record is able to reproduce those continuous waves.  Digital on the other hand samples the continuous waves at a fixed interval and only presents the value of the waveforms at those sample points in time.

Think of it like a connect the dots drawing. If you take a drawing of a beach ball.  At every half inch along the round ball you put a dot with the next number.  If you replace the curved line of the original beach ball drawing with  straight lines from dot to dot, you will end up with a shape that looks a little like a beach ball, but not as much as the original drawing.   In our analogy, the music is the original drawing of the beach ball, and the digital recording is the connect the dots representation of the music.

vinyl records - vero beach, titusville, melbourne.After moving all those albums a few times, I finally decided that digital music was probably good enough for me, but believe it or not, the market for vinyl never died. There are dedicated enthusiast still who keep vinyl alive.    Some of the more hip recording artists today are choosing to have their new work released on high quality “180 gram” vinyl albums.   Audio manufacturers exist who are dedicating much effort to perfecting playback for the vinyl purist. You might not even recognize  some of the more esoteric  turntables for what they are.

This state of the art turntable retails for $35,950. The tone arm pictured adds $9,500.  A suitable cartridge may add as much as $15,000.

It seems the major focus on music reproduction is now all about convenience rather than fidelity.  With each new medium, the music is compressed a little more, and loses some quality in the process.  Now that even the compact disc seems dated,  I think it is quite cool that the nostalgic record player, and the vinyl record has survived.

DiSalvo And Company, P.A. is a  Treasure Coast CPA firm, with offices in Vero Beach, Titusville, and Melbourne,  providing comprehensive accounting and tax services for businesses in the Treasure Coast and Space Coast area of Central Florida. We  are the  Dave Ramsey endorsed local provider of Tax Services in your area.

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DiSalvo & Co. CPA Wishes You a Happy, and Prosperous 2014.

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