Tax & Business Insights

A couple of years back I stumbled on an interesting song called “Mademoiselle Noir.” The whole premise is the same as Rapunzel, except instead of being viewed as virtuous and lovely, the townspeople think she is evil and fear her. This isn’t the first time a classic story has been retold with a drastically different […]

A little bit past tax season, but just got the audio from my second appearance on Cultivate Your Financial Health with Wayne Firebaugh! On the episode we talk about personal taxes. Discussion of extensions, Schedules A, B, C, D, and E, and other personal tax matters. Check it out! Any accounting, business, or tax advice contained in […]

“No need to worry, my accountant handles that” – The Notorious B.I.G Since I’ve been in practice I have found that a lot of people have the Biggie Smalls viewpoint on money management. This sounds reasonable in theory. Accountants are financial professionals. The clients have confidence in their accountants’ expertise and trust what is being […]

Just a quick reminder that tomorrow (May 31st) is the last day of the Virginia Sales Tax Holiday for “Hurricane and Emergency Preparedness Equipment.” These can include: Ice packs Batteries Flashlights Two-way radios Waterproof sheeting Rope Duct tape Bottled water First aid kits Cell phone chargers Portable generators Chain saws Gas containers Several other items […]

“Sometimes I have a difficulty talking to people who don’t race sailboats.” – Bruno Gianelli That was one of my favorite lines from The West Wing, a show where the dialogue was so good and the characters so unbelievably quick-witted that it made you feel like an idiot. In the scene, President Bartlet was upset […]

I wanted to take a moment to thank all of my clients and business associates for making this past year a great one! In the practice’s very first year in business, we received the gold award for The Roanoker  Best of Roanoke CPA Firms! Receiving this is a testament to how fantastic our clients are and […]

As I have noted several times lately (and in case you have been living in a cave and have missed this fact) the deadline for filing your federal income tax returns is Tuesday, April 15. But as has also been discussed, there can be a variety of reasons why someone – perhaps you – is […]

Important Deadline Approaching – Personal Tax Returns “It’s almost the deadline Don’t miss the deadline, darling When all your bad dreams will come true Don’t miss the deadline It’s almost the deadline, darling I wouldn’t want it to happen to you.”           —  Blue Oyster Cult – “Deadline” So once again a very short blog […]

“Something for nothing, a bargain, a steal Used cars on credit card, lost another wheel I’d like to get it for free It’s what the price should be I just wanna pay less I just have to confess Quality and value, always wanting more Tip my hat to the taxman, the revenue does pour” – […]

“Deadlines and commitments Every morning and in the evening, They can suck you in, Boy, don’t I know it. This offer will be standing, All you gotta to do is call, Don’t be afraid to knock on the door”. – The Killers – “Deadlines and Commitments” This blog entry is going to be short and sweet: […]

“How can I go forward when I Don’t know Which way I’m facing? How can I go forward when I Don’t know which way to turn? How can I go forward into Something I’m not sure of? Oh no, oh no.”  “How?” – John Lennon Last year I wrote an article outlining the differences among […]

“Confess Confess, confess Why don’t you confess? Say yes, say yes I wish you’d reveal to me” – “Confess” – Doris Day and Buddy Clark In my last article I discussed some of the criteria that should be used to determine whether a worker is an independent contractor or an employee. I also considered the […]

“A little bit independent in your walk A little bit independent in your talk … A little bit independent with your smile A little bit independent in your style” – Fats Waller “A Little Bit Independent” With the start of a new year, many people are thinking about changes they want to make. Losing weight, home […]

What Are Flexible Spending Accounts? “Gumby and flexibility are synonymous, and top athletes are praised for their Gumby-like or Gumbyesque prowess. The U.S. Marines use the phrase ‘Semper Gumby.’”  – Gumbyworld.com In my last article I explained what Health Savings Accounts (HSAs) are, how they function, and the tax benefits associated with them. I used […]

With the end of the year and tax time quickly approaching, I’m going to start focusing on various tax tips up until April 15th. Today’s topic: Health Savings Accounts (HSAs). Health Savings Accounts (HSAs) are one of the most painless yet most underutilized tax instruments available. Here’s how they work: HSAs are savings accounts where […]

I am a wandering, bitter shade, Never of me was a hero made; Poets have never sung my praise, Nobody crowned my brow with bays; And if you ask me the fatal cause, I answer only, “My name was Dawes” – “The Midnight Ride of William Dawes” by Helen F. Moore Does anyone out there […]

“Free advice is often overpriced.” — E. C. McKenzie In the age of the internet, it is increasingly easy to find advice and information on…pretty much every topic. I love it. If I want to find steps for a simple DIY project, information on some obscure piece of history, or literally almost any bit of […]

Originally published November 11, 2013 “Necessity is not an established fact, but an interpretation” – Friedrich Nietzsche I love my job. As dry as accounting seems, I find it fascinating. You get insight into a business’s operations and finances – truly the core of what is going on. People open up to you on things they […]

Originally published October 21, 2013 My favorite uncle, Sam Stevens, has always had a lot of insight. Throughout my life I’ve often looked to him as a source of perspective and discernment. One of my favorite pieces of advice that he gave actually wasn’t directed at me, but to another one of his nephews – […]

Originally published October 7, 2013 “I crossed that intersection Truck came in my direction Crashed – then the driver said: “Look out, can’t you see that light is red?” Now he tells me Now he tells me People wait until it’s much too late Now he tells me” Now He Tells Me” – The Nat […]

Originally published September 23, 2013: Okay, maybe it’s not a tax deadline in the strictest sense of the word, although there are some important cut-off dates coming up as early as October 1 (more on that in a minute). However, let’s step back for a moment here and look and the important “bigger picture.” Once the year is […]

Originally published September 9, 2013: “It is an immutable law in business that words are words, explanations are explanations, promises are promises – but only performance is reality.”– Harold Geneen The world has always been filled with promises – some good and some bad. Friends and relatives make commitments to us out of the goodness […]

Originally published August 26, 2013 Small business owners have always been subject to greater IRS scrutiny than other taxpayers. The lack of reported, irrefutable documentation combined with business owners’ tendency to be slightly…“liberal” with what they report makes the IRS more likely to take a second look at their returns. This is nothing new. What is new […]

Originally published August 20, 2013 “Debt is the slavery of the free.” – Publilius Syrus I’m a firm believer that every business can benefit from a certain amount of debt. Borrowing fuels growth, can get you through lean months, and actually increases some measures of profitability Too much of a good thing, of course, leads to […]