Bette Hochberger, CPA, CGMA: Recent Episodes
Bette Hochberger
Bette and guests discuss- The Business Book Club, tax, Profit First, accounting, and other business topics. Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I'm Bette Hochberger, CPA, CGMA, and I will talk a little about how we get into tax planning. Honestly, the best way to start is to keep good records. That may sound like you're not really doing anything, but you are. Because if you think about it, many times, people ask me, "Oh, how do I lower my taxes?" Well, are you taking all the expenses you can take and that you have spent money on? So again, we talked about tax evasion before. We're not making up expenses; that's not what we're doing. We're actually keeping track of things that we are spending already.
Support this podcast: https://podcasters.spotify.com/pod/show/bettehochbergercpa/support
Hi, I’m Bette Hochberger, CPA, CGMA, and on today's Finance Friday, we have Vishal Mahtani, a Digital Marketer and serial entrepreneur. Vishal has been in the digital marketing industry for over 20 years and has worked on all aspects within it. Mahtani has been a publisher, advertiser, and digital marketing network and has played these roles more than once. He also has valuable expertise in maximizing ROI by aligning digital and business strategies within growing corporations and start-up environments. Vishal can plan and implement high-growth initiatives by leveraging new and emerging technologies to drive increased brand awareness, consumer engagement, and customer satisfaction.
In this video, Vishal talks about his company's growth and how it all started. We discuss the value a Contract CFO has brought to his Affiliate Marketing Company. He goes into all the details of what had to be done to get his company from the bottom to the top. Over the past couple of years, both Vishal’s businesses, Kashkick and mine, have almost tripled in revenue. During these years of having his business, he has learned a lot from all the experiences. If you want to learn more about Vishal and his business, be sure to watch this video.
--- Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi Everyone - this was quite an exciting weekend in the world of Crypto-friendly Finance and Accounting. We spent the weekend watching the Silicon Valley Bank collapse and FDIC intervention. The end of SVB will change venture financing in the near future.
TL;DR; Silicon Valley Bank - the main banking institution of Venture Capitalists and Venture Capital backed startups, collapsed in the second-largest US Bank failure ever. By the end of the weekend, the government agreed to make all depositors whole and sort out liquidating the funds later, but it was an exciting and terrifying weekend.
After a day to reflect, we reviewed the events chronologically and highlighted some tweets for this social media round-up. Thank you to all our friends and family who were patient with us as we followed Twitter more than normal over the weekend.
On Wednesday, a few VC-backed companies started making large withdrawals, prompting discussions in various group chats popular with the silicon valley investor crowd. According to Bloomberg, the run started when Peter Thiel advised Founders Fund Startups to withdraw their funds. As other venture capitalists followed suit, SVB had a classic bank run that took place at 21st Century Speed. Because of the intricacies of bank accounting, the speed of the withdrawals forced them to sell "hold to maturity" assets - which are not marked to market - at market rates, causing immediate losses and a liquidity catastrophe.
By Friday morning (8 AM PST/11 AM EST), FDIC seized SVB Bank, unwilling to wait until 5 PM for more billions to leave the bank.
FDIC nearly immediately announced that:
250K insured deposits would be available Monday
Some portion of the remaining funds would be available as a “Special dividend” later in the week.
The remainder owed would be documented to be paid as assets were sold.
On Saturday, it became clear that Circle, the backer of USDC, had $3.3 Billion (out of $40 Billion) in reserves at SVB. Circle temporarily dropped the USDC-Dollar Peg, dropping as low as 88 cents.
Many VC-backed startups had 100% of their money at SVB. Payrolls of Tech companies were in danger of not running.
By Sunday, Treasury, Federal Reserve, and FDIC issued a joint statement saying SVB would be shut down. Also, depositors would have access to 100% of their funds on Monday, and SVB assets will be sold. If FDIC resources are used to cover uninsured accounts (over $250,000), they will be collected from all banks with a special assessment.
Some blame investors, but the tweet below exemplifies the problem with that mindset.
We are glad that we were able to reach all of our clients who bank at SVB and check in on them. If you are banking with SVB and are looking for new accounting and finance advice with experience in treasury functions, we are here for you, so reach out.
--- Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I'm Bette Hochberger, CPA, CJMA, and today I will talk about how not to screw up your relocation to Florida. There have been a lot of people moving here in the last couple of years, and there are so many reasons to live here! It's such a great place, but especially during the pandemic, there's been a big influx of people.
I talk to people all the time about why they're moving, what they need to do to move, and how to do it the right way and not screw it up because, most likely, you have a large financial situation that is part of the reason. I'm not going to say it's everybody, but usually, there's a financial incentive for people to move to Florida if they still need to be retired.
For those who don't know, Florida has no state income tax, so living here is so popular. We get a lot of people coming from up North, especially New York. Also, some people from out West, like California, these higher-income tax states. It seems all you have to do is pick up and leave, and boom, you’re a Florida resident. You’re here, everything is great, and you feel like you’ll never have to pay taxes again.
Well, part of the issue is that there are quite a few steps that you need to take to remove your domicile from your old state and become domiciled in Florida. I usually tell people that Florida doesn't care that you're here. Not that we don't love you or want you to be here, but we don't have an income tax trying to get claws into your wallet and take your money. So in that regard, Florida doesn't care if you're domiciled here. There are other reasons that you want to be domiciled here.
For example, if you buy a primary residence, you’ll want it homesteaded. The state you're leaving is where you need to be not domiciled any longer. Some places like New York have a declaration of non-domicile that says, I'm leaving, I'm done. You need to take so many steps to not screw up this new Florida residency of yours, so we're going to go through a couple of what those things are. This is not an exhaustive list. This will not be an ironclad case that says, no way are you still subject to taxes in your old state, but this is a minimum that you should be doing to ensure you're domiciled in Florida.
First things first, driver's license. You must move your driver's license from your old state to Florida. If you're still in the system of your old state, it's really hard for you to go then, "Oh yeah, by the way, I moved. I never updated my driver's license. And oh yeah, I don't live there. I don't want to pay taxes anymore." That's probably the first thing you should move. Then along with that, your automobile registration. You want to get everything that ties you to that state severed and moved to Florida. Along that same line, voter registration. You want to be on the rolls in your new state of Florida.
--- Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi everybody. I'm Bette Hochberger, CPA, CGMA. Today I’m going to talk about extensions. We have the saying, "An extension of time to file is not an extension of time to pay." This makes perfect sense to accountants and probably sounds like a bunch of gibberish to everybody else.
During tax season, many people will say, "Oh, I'm not ready." Maybe they're not emotionally ready to handle dealing with their taxes. Maybe they don't have everything they need yet to file their taxes, which happens if you're a business owner or if you're an investor, especially if you're invested in another business that needs to produce tax documents for you like a K-1 or maybe you're scared about this bill that you have coming up. You can't pay it right now. So, people want to file an extension, which you can do alone. I have some videos explaining how to file some pretty regular extension forms, or they’ll ask us to do it if they’re our clients. But the thing you have to understand is when you file that extension, it's literally extending the date by which you need to file the return.
If you file an extension, for a business, instead of the return being due on March 15th, it's now due on September 15th. Instead of your personal return is due on April 15th, it's due on October 15th. But that doesn't mean the IRS says, "Oh, you owe us a bunch of money, that's fine; just wait a few more months." No. That's what we mean by an extension of time to file is not an extension of time to pay because you'll see the IRS is what we call a “pay-as-you-go” system. So really, you're supposed to be withholding money from your paycheck. Most W-2 people probably get a refund or don’t owe anything when they file their taxes because the money's being paid throughout the year, or you need to make quarterly estimated payments. That's what the IRS means by “pay-as-you-go.”
The penalty for failure to pay is a late payment penalty of 0.5% of the tax owed after the due date for each month or part of a month; the tax remains unpaid up to 25%. Wow, it could be a lot, right? So, if you ever see a situation where somebody owed taxes and didn't pay them for a couple of years, you'll notice that the penalties and interest related to those penalties are often much higher. Then, the taxes are high after a couple of years because it grows quickly. And the one thing you really, really don't want to do, especially if you're like, "Look, I can't deal with my taxes right now, and I don't have the money for it." Don't say, "Eh, I'll deal with it later." Because there's another penalty called the “failure-to-file penalty,” it's another penalty based on unpaid taxes, and that failure to file can be avoided by filing an extension.
If you can file on time and pay everything on time, fantastic, you’re on the happy path, as we call it. If you can't pay immediately, it's not as great, but the worst thing to do is not to file an extension or a tax return and not pay. It's like you're putting yourself in a bad position regarding dealing with the IRS.
So, now you understand why an extension of time to file is not an extension of time to pay. If you've got any issues with filing extensions or paying the IRS needing payment plans set up, or anything else like that, please feel free to contact my office. We work with clients on all sorts of issues dealing with the IRS.
--- Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hey everyone, I’m Bette Hochberger, CPA, CGMA. Today, I will talk about the differences between e-filing (filing electronically) and paper filing and go into some of the advantages and disadvantages of each one. Let’s jump in!
What is E-Filing?Electronically filing, or e-filing is the process of submitting your tax return to the IRS over the internet.
Advantages
- Faster process. The IRS typically processes electronically filed returns within one or two days. The IRS will also send an almost immediate confirmation when they receive an e-filed tax return. If there was an error, your IRS e-file provider is requ
- Fewer errors. Your tax return must be accurate, so filing your tax return electronically will do the calculations for you. The IRS won’t need to re-enter your tax information in its system.
- Quicker refund! Probably everyone’s FAVORITE advantage to e-filing. E-filing reduces processing time, which can get individuals and businesses their refunds faster (most likely three weeks or less after filing).
Disadvantages
- There are limitations. For individual tax returns, you can’t e-file if you need to attach statements or other attachments or if you’re filing decedent returns. You also cannot e-file if you file before it begins (January 28th) or after it ends (October 20th).
- Technology isn’t perfect, so data loss is possible when e-filing.
What is Paper Filing?Paper filing is sending tax returns through mail.
Advantages
- Security. Paper filing may have fewer security risks rather than e-filing. Paper filing allows you to avoid entering personal information via the internet. When e-filing, information such as your social security number or address could be at risk.
- Some people aren’t tech-savvy, so paper filing may be easier.
Disadvantages
- Longer processing time. Paper filing requires mailing, which can take a longer
- time to process. While e-filing only takes a day or two to process, paper files may take weeks to process. This means that individuals might wait up to 6 weeks to receive their refund.
- Less time to prepare. When paper filing, you must consider the time it takes to prepare and mail your tax return. If you wait too long, you could miss the deadline and experience consequences and interest.
Overall, e-filing is definitely the go-to when it comes to filing your taxes. But again, if you aren’t tech-savvy, paper filing is probably the better option. If you can’t decide which is best for you and need help filing, feel free to reach out and schedule a discovery call with me, and I’ll be happy to help.
I hope you learned something new today. As always, stay safe, and I will see you next time.
--- Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I’m Bette Hochberger, CPA, CGMA. The 2023 tax season has officially begun, so I will discuss the deadlines to file your 2022 taxes today. As we are already heading into March, by now, you should have all of your W-2 and/or 1099 forms from your employers and are ready to file. For individuals, the last day to file your 2022 taxes without an extension is April 18th, 2023 (unless it is extended because of a state holiday). If you are a small business, your tax return is also due April 18th - but Multimember LLCs, S-Corporations, and partnerships must file tax returns by March 15th, 2023. Every Tax Deadline You Need to Know: April 3rd, 2023: RMD (required minimum distribution) due if you turn 72 in 2022. April 18th, 2023: Tax returns are due. Missing the tax deadline can have consequences, including penalties and interest. Deadline to file Form 4868 and request an extension. If you aren’t ready to file your tax return by the return deadline, make sure you complete an extension request instead, allowing you to delay filing a completed return until October 16, 2023. Remember that even if you choose to file an extension, you are still required to pay any taxes you may owe by the April deadline. Deadline to make IRA and HSA contributions for the 2022 tax year. After this date, you generally cannot make contributions for the prior tax year. First quarter 2023 estimated tax payment due. Making estimated tax payments means estimating how much income you will likely make for the year and determining how much you will owe to the IRS for income taxes. You can use Form 1040-ES to calculate how much tax liability you'll have for the year. If you overestimated how much tax liability you’d owe for a year and are due a refund, you can choose to receive that money now or transfer it to the following year’s quarterly tax payments. June 15th, 2023: Second quarter 2023 estimated tax payment due. September 15th, 2023: Third quarter 2023 estimated tax payment due. Deadline for extended partnerships and S-Corporation returns October 16th, 2023: If you filed an extension, this is the due date for filing your tax return. December 31st, 2023: RMDs (required minimum distributions) must be taken for individuals 73 or older. January 15th, 2024: Fourth quarter estimated tax payment due. If you have already filed and are expecting a refund, the IRS has stated that most refunds are issued in less than 21 days. Earned Income Tax Credit refunds will most likely be refunded even earlier when filed electronically. If you filed paper, it might take longer. Want to learn more about your refund and your filing status? Check out the “Where’s My Refund” page on the IRS’s website. If you are stressed about filing your taxes and are seeking help, I am always one click away. You can schedule a meeting with me through my website. As always, stay safe, and I will see you next time.
--- Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I'm Bette Hochberger, CPA, CGMA, and I will discuss the news we've all been raving about today! So, it looks like the IRS announced that there would be a delay in implementing the $600 reporting threshold for third-party payment platforms' Form 1099-K. I'm sure you're wondering, "What is a 1099-k form, and what are third-party payment platforms?"
Third-party payment platforms include: Venmo eBay Paypal Cash App Zelle And more What is Form 1099-K?
This form is an IRS information reporting form. It contains information, for your taxes, about the gross number of payment transactions that you had on a third-party payment network when that amount exceeds $20,000 in the previous year. So, for example, you would receive this form in 2023 if you received more than $20,000 in payments for goods or services through third-party payment networks in 2022. What does this mean, and what changed? The American Rescue Plan Act reduced the 1099-K reporting threshold from $20,000 to $600. Under the act, a third-party organization must report third-party network transactions paid in 2022 with any participating payee exceeding a minimum threshold of $600 in collected payments, regardless of the number of transactions. This differs from the previous point of 200 transactions per year exceeding $20,000. This was initially supposed to take effect in 2022, but it is now being delayed. Who does this affect? This new threshold mainly affects third-party settlement organizations and e-commerce platforms (i.e., eBay, Offer Up, etc.). However, this also includes individuals and small businesses that use those platforms. Many companies who use third-party payment networks are celebrating, as they will not be required to report the 2022 tax year transactions on a Form 1099-K to the IRS or the payee for the lower $600 threshold amount enacted by Congress as part of the American Rescue Plan Act. In addition, contrary to popular opinion, this law does not track personal transactions, such as sharing the cost of a car ride or meal, birthday gifts, etc. When did the IRS announce this? On December 23rd, 2022, the IRS announced the reporting thresholds for third-party settlement organizations and e-commerce platforms set to take effect for the upcoming tax filing season. Then, on January 3rd, 2023, the IRS updated the timing in response to the public's concerns. To help smooth this transition rather than just jumping right into it, they will now be delaying the implementation of the 1099-K changes, hopefully giving some clarity to taxpayers and tax professionals in the industry. However, the existing 1099-K reporting threshold of $20,000 in payments from over 200 transactions will remain in effect until they've come up with a solution. As always, I hope you learned something new. Stay safe, and I will see you next time!
--- Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I'm Bette Hochberger, CPA, CGMA, and today I want to discuss some recent statistics regarding venture capital. What is Venture Capital? According to Investopedia, "Venture capital (VC) is a form of private equity and a type of financing that investors provide to startup companies and small businesses that are believed to have long-term growth potential. Venture capital generally comes from well-off investors, investment banks, and any other financial institutions." On this page, we've discussed angel investors and venture capital before, so if you want to learn more, click here. What Happened? If you didn't know, venture capitalists historically tend to invest heavily in California, Massachusetts, and New York. But according to the latest statistics, all that has changed! Where did all that money go? You guessed it, The Sunshine State, and two other honorable mentions - Texas and North Carolina. According to Crunchbase.com, "The Sunshine State saw the biggest percentage increase of any state in venture capital investment between 2021 and last year." This is no surprise to me as I am heavily entrenched in the Miami Tech scene, but seeing these numbers really solidifies my stance on Miami Tech's staying power. A huge reason for this uptake is that Florida stayed open while the prior ring leaders (California, New York, and Massachusetts) remained more or less closed. We saw people moving to Florida left and right. So much so that we even started offering Florida Domicile packages to potential movers to reassure them that their old state won't come chasing after them for taxes. So, anyway, that is the news, what do you all think? Let me know in the comments, and as always, stay safe.
--- Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I'm Bette Hochberger, CPA, CGMA. Today I will explain Form 1098-T and what that means for college students. Let’s go ahead and jump in! What is Form 1098-T? Your college or career school may be sending you (or already has sent you) a 1098-T form. Please don’t worry, because it may be a good thing. Form 1098-T is a Tuition Statement to report qualified tuition and related educational expenses to you and the IRS. So, why might receiving this form be a good thing? If you are a current student or recent graduate who has received Form 1098-T, you might be able to get added money refunded to you when doing your taxes. In short, it’s possible to claim these expenses as educated-related tax credits. Who gets the 1098-T form, and what are the qualified expenses? Schools must send Form 1098-T to any student who paid “qualified educational expenses” in the prior tax year. Qualified expenses include tuition, scholarships or grants, fees required for enrollment, and course materials required for a student to be enrolled. If someone else pays for these expenses on behalf of the student, such as a parent, the student will still get credit for them and receive Form 1098-T. Schools must send this form out to their students by January 31st, 2023, and file a copy with the IRS by February 28th, 2023. Understanding Form 1098-T The 1098-T form has been updated over the past several years. Before, Boxes 2 and 3 were used, but now they are no longer used and will be seen empty. Box 2 showed how much the school billed the student during the year, and Box 3 was provided to put a check mark if the school’s reporting method had changed. Now, looking at the form, you will see ten boxes. Let me explain a little more about what each one means. Box 1: Payments received for qualified tuition and related expenses. Box 2: Empty Box 3: Empty Box 4: Adjustments the school has made to qualified expenses for a prior year. The student may be responsible for additional tax for that year if it turns out that a previous year’s expenses were lower than initially reported. Box 5: Scholarships or grants. These may reduce the number of qualified expenses students can use when calculating a credit. Box 6: Adjustments to scholarships or grants for a prior year. These adjustments may affect the student’s tax liability for the previous year, so the student may have to file an amended return. Box 7: This box is checked if the amount in Box 1 included amounts for an academic period beginning January-March 2023. Box 8: This box is checked if the student is enrolled at least half-time. Box 9: This box is checked if the student is enrolled in a graduate program. Box 10: This box will only be filled in if the student had expenses reimbursed under a “tuition insurance” policy. These typically go along with instances where the student is forced to withdraw from school due to medical reasons or family emergencies. This box, if filled in, will show the amount reimbursed. I hope you were able to learn something new today. As always, stay safe, and I will see you next time!
--- Support this podcast: https://anchor.fm/bettehochbergercpa/support
2023 E-Filing Taxes with the IRS
--- Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hey everyone, I’m Bette Hochberger, CPA, CGMA, and today I will explain the meaning behind Web3 and Blockchain technology. So, what is Web3? Web3 refers to the third evolution of web technologies and surrounds the decentralized applications that run on a blockchain, including NFTs (non-fungible tokens) and cryptocurrencies. Web3 can come in multiple forms, such as a browser, an app, or an app attached to a regular browser such as Chrome.
Some key features of a Web3 browser include:
- Greater control over webpages because of decentralization
- Faster browser
- User privacy with higher security
- full integration of blockchain products such as crypto wallets
- A more accurate search due to tagging
Now let’s go ahead and talk a little about Blockchain Technology. Blockchain technology is the backbone of Web3. It’s a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be either tangible (real) or intangible (unreal). For example, a tangible asset could be a car, house, cash, or land. An intangible asset could be intellectual property, patents, or branding. Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
Blockchain is vital for Web3 because businesses run on information; the faster it’s received, the more accurate it is. Blockchain is ideal for delivering that information because it provides immediate, shared, and utterly transparent information stored on an immutable ledger that can be accessed only by permission network members. Some benefits of blockchain technology include greater trust, security, and efficiency.
A few critical elements of a blockchain include:
- Unchangeable records. No participant can change a transaction after it’s been recorded in the shared ledger. If a transaction record includes an error, a new transaction must be added to reverse the mistake, and both transactions are then visible.
- Distributed ledger technology. All network participants have access to the distributed ledger and its immutable record of transactions. This shared ledger records transactions only once, eliminating the duplication of effort typical of traditional business networks.
- Smart contracts. A set of rules is stored on the blockchain to speed up transactions and execute them automatically. For example, a smart contract can define conditions for corporate bond transfers, include terms for paying travel insurance, and much more.
So much of the above content was discussed at the recent Web3 event in Miami. Jordan, Alex, Kaylee, and I had so much fun listening to the multitude of speakers and enjoyed the exquisite food and drinks. My favorite speaker was from the crypto tax software company called Taxbit, where the speaker discussed the potential new requirements that will be enforced toward crypto trading platforms. They will soon be required to give their users 1099-B forms, which will make my job a lot easier and hopefully yours, too, when tracking your crypto. Look below for some fun photos from the event.
https://www.instagram.com/p/ClyswPELkzI/?utm_source=ig_web_copy_link
Thanks for sticking around. I hope you learned something new today. As always, stay safe, and we will see you next time!
--- Support this podcast: https://anchor.fm/bettehochbergercpa/support
Join Sarah Broglie and me for this #FinanceFriday, where we will discuss "The Best Fit: How To Choose a Financial Advisor." Learn more about Sarah here: https://www.raymondjames.com/sarahbroglie/our-team/bio
--- Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I am Bette Hochberger, CPA, CGMA, and on today's quicky, we will be discussing the Home Office Deduction. The main questions we are tackling are: What is the home office deduction, what qualifies, and how do I calculate it? As a bonus, I will also walk you through the two ways the IRS allows you to claim the home office deduction, the simplified option and the regular method (i.e., Form 8829). What is the home office deduction? The home office deduction is a tax deduction the IRS allows Schedule C businesses to take. Schedule C refers to the portion of the 1040 tax return that deals with people who run their businesses as sole proprietors, so single-member LLCs, and 1099 workers. In short, this deduction allows sole proprietors to deduct expenses related to their home offices. What Qualifies? The space must be exclusively and regularly used for Schedule C business purposes for your space to qualify for the home office deduction. Exclusively meaning, the space is only used for business purposes. Regularly means, you use the space often and continuously. If you meet these requirements, you may deduct a portion of your home expenses (e.g., mortgage interest, insurance, utilities, repairs, maintenance, depreciation, and rent). How do I calculate it? The IRS provides two options for calculating the home office deduction. The first is the simplified option, which is a rate of $5 per square foot, so if the qualified area is 150 square feet, you multiply 150 X $5, giving you a deduction of $750. Using this method, the maximum amount of space you can deduct is 300 square feet. Now, if this is not advantageous, you can use the regular method, Form 8829. I highly recommend you consult with a professional before attempting this form on your own and doing some tax planning to find out if it would be worth it to go through the headache of filling out the extensive Form 8829. Please watch the video above if you want to see my overview of the form. That is all we have today; I hope you learned something new. If you have a specific topic you want to see discussed, don't hesitate to DM me, and I will put it on the docket. As always, stay safe, and we will see you next time.
--- Support this podcast: https://anchor.fm/bettehochbergercpa/support
Today we will be doing an overview of various #TaxCredits on this #taxtiptuesday. We are reviewing the Child Tax Credit, Recovery Rebate Credit, Earned Income Tax Credit, Lifetime Learning Credit, American Opportunity Credit, Child and Dependent Care Credit, Saver's Credit, and Adoption Tax Credit.
--- Support this podcast: https://anchor.fm/bettehochbergercpa/support
On this #TaxTipTuesday, Bette talks about tax savings for college! On this Tax Tip Tuesday, we'll talk about some benefits you can get when you've got kids at college and possibly if you are returning to school.
--- Support this podcast: https://anchor.fm/bettehochbergercpa/support
On this #TaxTipTuesday Bette talks about the new student loan debt cancellation and what it means for your taxes.
--- Support this podcast: https://anchor.fm/bettehochbergercpa/support
I'm Bette Hochberger, CPA, CGMA, and on today's Tax Tip Tuesday, we're going to talk about some penalty relief from the IRS. Now it's been a crazy couple of years and the IRS has certainly had its share of problems during all of what's been going on. You might remember when the pandemic really first hit they were moving deadlines, it was very chaotic, very crazy, and even with extending those deadlines, there were a lot of people that still couldn't manage to get their stuff together in time and file. And you could have filed extensions and still file later as usual but it's been rough, it's been a rough time, hard to get information, hard to get all your stuff together to get to your CPA or tax preparer, et cetera. So the IRS did come out and they said that there was a notice called the 22-36 that if you filed a late 2019 or 2020 tax return that they are going to remove the penalty. We call it a penalty abatement in the CPA world. So this is huge. If you filed things late or if you got a letter from the IRS that said that there is a failure-to-file penalty that was assessed, and if you already paid it even these are all either getting removed or they're going to be refunded. It's automatic; you don't have to call the IRS, you don't have to send a letter; it's supposed to happen by the end of September, they're saying it's $1.2 billion of refunds to taxpayers who received this failure to file penalty. There are some other little caveats to this. There are other different types of relief that they're giving, but it's really just, "Did you file late?" If you filed late, they are removing those penalties for the 2019 and 2020 tax years. Now, something else that was part of that, I think it's part of that same notice. Yep, it's part of notice 2022-36. Also, if you had certain international information return penalties right, and if you need to file what we call the FBAR, if you have a foreign bank account with an over $10,000 balance and you have to file that return every year, it's the Fin-sen, it's a little bit strange it's not really for taxes. Still, a lot of times your CPA might ask you about if you have a foreign account. Returns like those, they're also getting penalty relief and that's huge because those are very, very, very big penalties. You're talking a $10,000 penalty for not filing those returns. So that's huge news. It hopefully will take some of that burden off of the IRS so you don't have to keep calling and waiting on hold for hours, or trying to send letters that feel like they go right into the garbage can. It's supposed to all happen automatically. So if you know had one of those penalties and you don't get a refund by the end of September probably wait a couple of weeks and then you might have to try calling again afterward, but hopefully, fingers crossed everybody who's entitled gets it. And that's it, that's all I have for you. So if you are one of those people suffering from these penalties, I hope you get it. And if you have any other questions drop a comment, and throw us a like. We'll see you next time.
--- Support this podcast: https://anchor.fm/bettehochbergercpa/support
“Do you really need custom software?” is the question we explored last Finance Friday with Mark Turkel, CEO, and Founder of Palm Beach Software. Watch the video below to learn more!
Mark is my client, and we love all things automation and programming, so I figured he would be a great guest for this Finance Friday. Since 1987 Mark has been writing software for businesses of all sizes. With years of business knowledge and professional software development experience, he has also become a Business Process Coach, helping companies of all sizes startup, plan for expansion, and create and execute sound strategies for growth and automation. In addition, he is a community leader. His company, Palm Beach Software Design, Inc., is entering its 35th year of business! He is also the founder of the quickly rising networking group Palm Beach Elite Networking, a group dedicated to business owners and C-Level executives. So whether your business issues are in marketing, sales, production, intelligence, or maybe you have that next excellent software idea, he can make your company operate more smoothly and increase your profit margins.
As you probably know, Bette Hochberger Inc. loves increasing profit margins and other KPIs, as evidenced by our fractional CFO services. Mark and I have similar business interests and attitudes. In the above video, we discussed automation and how if automation can take over and do the admin work so that our employees can take on more high-level tasks, we are all for it. However, we must recognize that automation can not replace a well-thought-out business process. This is our warning to not over-automate and one that our Zoho Representative, Danielle, has taught us.
Palm Beach Software is a full-service software development firm that puts people first and solves real-world business problems. They specialize in business technologies for Web (Cloud), Mobile, Desktop, and Enterprise-level software applications. So, if you require his services, please reach out to him on LinkedIn.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
On today’s #FinanceFriday, we have Mark Hindley, who has come on to discuss how TradFi (Traditional Banking) is merging into DeFi (Decentralized Banking). Even though banking and Decentralized Finance (DeFi) seem to oppose each other, Mark and his Bank, Cogent, have been blazing trails. Mark is the Managing Director of Blockchain Innovation at Cogent Bank, leading the sales strategy, product development, and risk management for Blockchain-Enabled Businesses. Cogent is a young, future-focused, leading-edge commercial bank working daily to bridge the gaps between decentralized ideas and centralized banking horsepower. Mark works closely with Blockchain and Crypto native companies and leaders in his role, finding innovative solutions for the evolving block/crypto space. Oh, and as a reminder, Web3 is a hypothetical, future version of the internet based on blockchain technology.
For DeFi to get scaled, it needs to get involved with its much bigger brother, TradFi. So, that is what Mark is doing at Cogent Bank “in the real world.” The reality of being a Web3 company is that you can’t pay your electric bill with your DOA’s coin; you need fiat. Mark wants the DAO to be able to function outside of its underground beginnings. Because, in his opinion, some healthy regulation is coming. To scale Web3, it needs to be digestible for the average consumer, which means adhering to specific protocols. Watch the full video above if you want to learn the real-life applications of this technology, such as owning your birth certificate in the form of an NFT.
As you know, Bette Hochberger Inc. is involved in the Miami Tech and Crypto scene, so we have seen the impact of the lack of regulation come tax time, and it is expensive and exhaustive to sift through thousands of crypto transactions trying to discern how much money you made and lost. So I welcome some healthy regulations and protocols. What about you? Do you want Web3 and DeFi to scale or for it to stay the wild west? Let me know over on social and as always, stay safe, and we will see you next time.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
What if I told you you could use an NFT land deed to secure land in Minecraft? Hi, I am Bette Hochberger, CPA, CGMA, and on today’s Finance Friday, we have the founder of The UpLift World Metaverse, Corey Cottrell, joining us to discuss how NFTs might be a trillion-dollar industry.
Who knew you could put Cryptocurrency, NFTs, and Minecraft in a blender and make a metaverse? Corey did! Corey has been an entrepreneur for years and has finally made his big break. Corey was working on a metaverse long before popular media was, so I wanted to bring him on here so we could all discuss the Uplift Metaverse and the DAO.
Through his musicianship, Corey was first introduced to the world of NFTs (Non-Fungible Tokens). He was approached by a charity looking to make and sell musical NFTS; interested, Corey helped create the NFTs. They were a hit, and this fired up his entrepreneurial brain. He comes from a podcast background, and his podcast was interested in live streaming video games; they tried fortnight, but it did not stick, but then they tried Minecraft. They had guests come in, interview them, and live stream. That is when Correy learned he could make NFTs a land deed within the Minecraft server. Hence, the Uplift World Metaverse was born.
A metaverse is essentially the internet merged with virtual reality using augmented reality headsets. An NFT can involve artwork, but they are much deeper than that. You can own an NFT in the Uplift, which is the passport to the world; it gives you permanent building rights to that virtual land. Some cool things people are doing are NFT art galleries and iceboat races. Watch the video above to learn what I will build on top of my house in The Uplift. Join the Uplift now, and don’t be afraid to join the very helpful discord. As always, stay safe and we will see you next week.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Qualifying for a Loan as an Entrepreneur. Hi, welcome to #FinanceFriday. My name is Bette Hochberger, CPA, CGMA, and on today’s episode, we have the lovely Cheryl Euart joining us to discuss how you, as an entrepreneur, can qualify for a home loan without a w-2. This week was a bit different because I am on my way to New Jersey to visit my family. One of the perks of working remotely and in a cloud-based business is that I have an excellent work-life balance.
Let’s get into it. Cheryl provides creative, customized mortgage solutions at competitive rates. She has been in the mortgage industry for over 20 years. Throughout her career, she has perfected all aspects of the process, including but not limited to processing, underwriting, and closing of residential loans. She is a performance-driven person, and her team prides itself on transparency and communication with all parties involved throughout the process. They close on time and create raving fans one loan at a time through consistent A-Class customer service and stress-free experiences. If you are interested in working with a true professional and her team of professionals dedicated to making the home buying experience an exciting and pleasurable one for everyone, reach out to Cheryl here.
Suppose you would like to learn how about the different ways Cheryl provides to her clients who are entrepreneurs who are investors, homeowners, or home-buyers, watch the video above. Cheryl provides unique options as a loan officer to her clients that other loan officers do not because they believe it is too complicated. I relate to this because, as a crypto CPA, I, too, help my clients with complicated crypto taxes that other CPAs will not touch.
If you want to learn about Cheryl’s weird hobbies, watch the video above. As always, stay safe, and we will see you next time.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I am Bette Hochberger CPA, CGMA, and on today’s Finance Friday, I have a special guest, Eric Chafin, who has come on to tell us about the ROI (Return on Impact) of charitable giving.
Erik Chafin is the Chief Development Officer at Children’s Harbor, an organization in Plantation, Florida, that helps teens who have gone through neglect, abuse, and abandonment. As Chief Development Officer, Erik’s primary role is to manage a philanthropic, educational approach to ensure the overall growth and long-term stability of Children’s Harbor, Inc. He also works to ensure the strategic direction and development of the agency through community collaboration and corporate partnerships. Before joining Children’s Harbor in his current capacity, Erik served on the board of directors, where he helped cultivate community relationships, awareness, and philanthropic relationships.
Erik explains in the video above the ROI of charitable giving. Although the ROI he refers to is not the typical ROI, we refer to in business but instead stands for return on impact. Return on impact answers the question, “What is the impact of the dollars that I’m giving to any organization here in Florida?” Children’s harbor is very intentional and very transparent about your ROI. They love to have those conversations with people in the community and do things a little bit differently. For every dollar they bring into the children’s harbor, eighty-eight cents of that dollar goes directly to the kids.
They throw these events quarterly with sponsors. Not only can you give back and help an organization like Children’s Harbor, but you have the opportunity to speak in front of a hundred plus C-level individuals. They have had a wide array of harbor keepers that help move the needle forward. They have high-level attorneys, bankers, CPAs, business brokers, and a ton of different folks coming there, and most of the time, they’ve been in the Broward county arena for decades.
Check out Erik’s events here if you want to meet more go-givers. And if you want to hear about Erik’s weird hobbies, watch the video above. As always, stay safe, and we will see you next time.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
If you are new here, welcome to my channel, and if you are returning, welcome back! On today’s quickie, we are answering the question, “What is a fractional CFO, and do I need one?”
So, what is a fractional CFO? We should probably start with what a CFO is… CFO stands for Chief Financial Officer. The CFO is a top-tier executive who manages everything related to a company’s cash flow and controls financial planning and taxation issues. Every successful company should have a CFO, but it is expensive. Companies must pay hefty salaries, vacation time, and benefits to full-time executives.
To avoid this issue, you may consider hiring a Fractional CFO (sometimes called an interim CFO or an outsourced CFO). A fractional CFO is ideal for growing companies that need the financial guidance of a CFO but does not need one full-time. For example, service businesses with $750,000 in revenue or product businesses with $1,500,000 or more in sales have started to outgrow their early mom-and-pop systems. More complex organizations may want to start putting in real systems earlier. If you need to get financial information to the decision-makers in real-time, then Fractional CFO services give you the tools to make data-driven decisions.
As your business grows, small changes can have a significant impact. For example, a 10% improvement at a $1,000,000 company is $100,000, while you’d ignore such a slight improvement when you were just starting. Using fractional CFO services lets you find those improvements without needing to add multiple 6-figure employees.
A fractional CFO comes at a fraction of the cost and provides invaluable insight into your company’s financial health. Thanks for sticking around, and I will see you all next time. Bye.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I am Bette Hochberger, CPA, CGMA, and on today's #FinanceFriday, we have the fabulous Diana Moss from Mini Melanie joining us. Diana is going to teach us all about bootstrapping a business. Mini Melanie is a bakery owned by two sisters, Melanie and Diana Moss, who are our clients. Considering they started from nothing (with no investors) to now being recognized by huge brands like Beat Bobby Flay, Chopped, Guide Michelin, Forbes, and more, we are thrilled to have Diana on to discuss how they bootstrapped their business.
A little background on Diana is that she is a human rights lawyer turned entrepreneur; Diana brings a passion for flawless operations and delivering superior service to Mini Melanie's customers. Before Mini Melanie, Diana ran various sales and operations teams for eight years at Onefinestay, a hospitality startup now part of Accor Hotels. She graduated from Emory University and lived and worked in London.
Some of Diana's challenges with bootstrapping a business was running out of money; she avoided this pitfall by being extremely focused on their objectives, being aware of quarterly goals, and reinvesting their profit into the business. She attributes her success to her relationship with her sister and their ability to be nimble and make quick decisions. Mini Melanie has had a crazy year of pivoting due to COVID-19. The pandemic helped them accelerate the creation of their e-commerce site. She also cites spending money on marketing and crafting an epic newsletter, but she also credits luck as being a factor due to their loyal customer base. By keeping those loyal customers in mind, they can deliver fantastic new goods and are always looking for ways to provide more products and bring joy to as many of those customers as possible.
Watch the video to discover how Diana and Melanie navigate working so closely together and find out Diana's unique talent! As always, stay safe, and we will see you next time!
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I'm Bette Hochberger, CPA, CGMA. This #TaxTipTuesday, we are discussing the benefits you can access if you have kids in school or if you are in college. #TaxCredits #AmericanOpportunityCredit #LifetimeLearningCredit
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Join Nicole Sauk and me this #FinanceFriday, where she teaches us how to leverage your business website as an investment. We review #landingpages, #calendly, and pricing. Psst - Nicole has a YouTube channel too! https://www.youtube.com/c/NicoleSaukW...
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I'm Bette Hochberger, CPA, CGMA. A very recent of looks like it's dated yesterday's opinion editorial in the New York Post; apparently, New Yorkers are still fleeing the state and moving to the sunshine state of Florida. Now, Floridians, for anyone who's been living here since I guess the pre-pandemic, we've seen this, we know. We know how little housing there is and how many drivers are on the road, but we have an official number now. Florida Department of Highway Safety data says a 12% increase in the number of New Yorkers swapping their driver's licenses for Florida's just in the first four months of 2022. So many people, it's crazy. Then not only that, it's high-income people who are moving. Now, anecdotally, we've seen this. We've seen the people I talk to who are moving, who want to know how they're going to save on taxes, how it's going to help them. We've seen it in the housing prices, but it's exciting to have that confirmed with actual data. If you want to hear more about the Florida housing market, check out last week's Finance Friday with Alexa Rosario. We talked all about what was going on. It was fascinating, and please check out the article. It's just fascinating. It's interesting to see what's changed over the last few years. New Yorkers, we are so happy you're here. Keep Florida weird. Okay. Let's not turn it into a new New York. We love it the way it is; just don't change anything. Enjoy the sunshine state, and we will see you next time. Thanks.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Join Alexa Rosario and me as we discuss the #Florida #realestate market.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I am Bette Hochberger, CPA, CGMA, and on today's Finance Friday, we have the author of Seller Mistakes, Michael Bell, who will tell us all the secrets that your real estate agent does not want you to know. Then, we will hear all about his journey in writing his book, Seller Mistakes, and he will give us an overview of the primary mistakes. Michael Bell is a first-time, and as he says, a last-time author of the international best-selling book Seller Mistakes. It hit #3 on the Wall Street Journal list in 2021. Michael is a full-time real estate broker in Pasadena, California, for Sotheby's International Realty and is ranked in the top .01% of all agents nationwide. Michael told me he had hoped to sell a few hundred books, but the book has taken off and has sold almost 38,000 copies. What he writes about and what we will talk about have obviously resonated, and that's why I asked him to join us. Be sure to check out the video above if you want to hear more! One of the stand-out reviews - “Michael provides first-hand expertise to sell your home for top dollar in this well-written book.” – Philip White, President & CEO of Sotheby’s International Realty However, Seller Mistakes supposedly made a few realtors angry, so if you are curious as to what the fuss is about, you can grab a free copy of the book on his website or order online! Also, if you want to hear about Seller Mistake's author Michael Bell's weird hobbies; be sure to watch the video.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I'm Bette Hochberger, CPA, CGMA, and I have exciting news! We are officially accepting crypto as payment. Our firm knew that accepting cryptocurrency as payment was the only natural next step after solidifying our relationship with TaxBit. If you don't already know, at Bette Hochberger CPA, CGMA, we pride ourselves on being a crypto-informed CPA firm. Some of you may ask yourself, "What is a crypto-informed CPA Firm?" And to that, I will tell you one of the many stories I have heard from my clients who are involved with crypto. For the sake of the story, we will call the client "Charlie." So, Charlie has been investing in cryptocurrency for a while, obtaining new coins and even dabbling in NFTs. Eventually, Charlie becomes what many would call a crypto-expert, and he opens up a crypto-mining business. Tax time comes around, and Charlie is worried since he knows the transactions are difficult to track and that crypto's tax laws are finicky. So, he goes to his accountant, who he has been going to for the past few years, and his accountant tells him that they can't do it and good luck finding anyone who will. That is where we came in, we saw a need that CPA Firms were neglecting, and we decided to take the time and care for that need. We are so excited to tell you that we have partnered with TaxBit, the industry's most trusted and largest cryptocurrency accounting software. We searched a lot of software, but once we found Taxbit, we fell in love. One of the great things about TaxBit is that you will get 20% off your TaxBit subscription when you sign up with us. We want you to be secure, safe, and free of IRS audits. We won't struggle to understand your crypto mining, staking, and NFT woes at my firm. Instead, we will meet you with cutting-edge software and the effortless payment option of cryptocurrency. We hope that if you are one of the many who have felt rejected by CPAs or misunderstood by them, you will trust me to be your crypto CPA. Are you excited that we are accepting crypto as payment and partnering with TaxBit? Let us know on social. Anyway, that is all I have for today, and I look forward to seeing you on my calendar.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I'm Bette Hochberger, CPA, CGMA. On May 6th, #Florida Governor Ron DeSantis signed #HouseBill7071, which provides more than $1.2 billion of tax relief for Floridians. This bill is a massive tax relief bill that includes ten tax holidays. We're going to run through them quickly. #1) A one-month fuel tax holiday, October 1 through October 31, 2022, will save Floridians $200 million, lowering the price of gas by 25.3 cents per gallon. If you've been paying this over $4 per gallon gas price, that will be a welcome relief. I am so looking forward to that in October. #2) A three-month sales tax holiday on children's books, May 14 through August 14, 2022. That's great because it's summer; you got to keep those kids busy in the summer. So sales tax relief on children's books. #3) A one-year sales tax holiday, July 1, 2022, through June 30, 2023, for baby and toddler clothing and shoes. You know how expensive that stuff can be if you've had a child, OMG, especially as they grow out of everything so quickly. #4) For diapers, a one-year sales tax holiday, July 1, 2022, through June 30, 2023. OMG, another super expensive thing when you've got little kids. So that's a great relief for families with small children. #5) 14-day back-to-school sales tax holiday. It's going to be from July 25 to August 7. Clothing, shoes, backpacks, school supplies, and more. #6) 14-day disaster preparedness sales tax holiday. Again, one we've had for a couple of years, May 28 through June 10. It's hurricane season. So make sure you get your flashlights, radios, tarps, batteries, and all that good stuff. Get ready for the hurricanes. #7) We will have a seven-day sales tax holiday from September 3 through the 9th for tools and other home improvement items. Maybe you need to fix some stuff up at the end of hurricane season if it's a bad season. #8) A two-year sales tax holiday, July 1, 2022, through June 30, 2024, for impact-resistant windows, doors, and garage doors. That is huge for Florida. Again, hurricanes. If you don't already have those impact items on your house, you'll want to get them. Such a great deal for fantastic things to add value to your home and add protection from hurricane season, and now you're getting a sales tax break. #9) The seven-day freedom week, July 1 through July 7, 2022, sales tax exemption for admission and items related to recreational activities. Yes, I love it. You got to buy tickets. Save some sales tax money. #10) And last but not least, one-year ENERGY STAR appliance sales tax, July 1 through June 30. That's going to be on your big machines; washers, dryers, refrigerators, etc. So substantial tax savings for Floridians. If you need to do some shopping, just check those dates, make sure you're going to make those big-ticket item purchases during the sales tax holidays, and save yourself a ton of money. How awesome is that? That's it for me for #TaxTipTuesday today, and we'll see you next time.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I’m Bette Hochberger, CPA, CGMA, and welcome to Finance Friday; we have a fantastic guest! We have Danielle Major from KiConsultants, a CRM and Automation expert, who will talk to us about all things CRM. Danielle works with businesses, anywhere from small to medium to enterprises; she helps them get organized by implementing software technology to help make their lives easier and make more money with fewer resources. She primarily uses CRMs and implements various project management tools, finance tools, and other helpful software.
Danielle says that most people think that CRM means Customer Relationship Management software, but in her world, it stands for “Can’t Remember Much,” which is why she has a database to remember things for her. Let me tell you, I relate, which is why I am so happy to be implementing a new CRM. Essentially a CRM is a sales pipeline where businesses can keep client and future-client information. Including all communication touch-points between your business and the customer. Because of these fantastic features, it allows companies to nurture their client relations and helps companies to grow.
It sounds complicated, but it’s perfect for small businesses as well. Danielle shares her own experience implementing a CRM in her small business in the video above, so be sure to check that out. I love sharing the software that works for my business with my clients because I know it should work for their companies if it works for me. I’ve done this with Gusto and QuickBooks, which are fantastic tools I use daily.
If you want to get started with a CRM, first, you need to choose a CRM. The most popular is Salesforce, but it is pretty expensive. However, Zoho is the CRM we love using, and Danielle is integrating us. We had hit a pain point at Bette Hochberger, CPA, CGMA, and I knew we needed to make a change. Now, we are cleaning up our mess of data and putting it into Zoho CRM and many of Zoho plugins with the help of Danielle. For a fifth of the cost, Zoho provides customizable, essential products.
The key takeaway is if you have automation tools in place, you will make more money with fewer resources. Be sure to watch the video till the end to hear all about Danielle’s weird and exciting hobbies. That is it for this Finance Friday, and we will see you all next time. Thank you.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I am Bette Hochberger, CPA, CGMA, and on today’s #TaxTipTuesday, we will be discussing business state taxes.
For many business owners, taxes can be a stressful time of year. Not only do you have to worry about filing your business’s federal tax return, but there are also state tax returns that you might have to file along with other business taxes.
Did your business earn income outside of your home-based state? Did you have employees out-of-state? Did your business expand to a state outside of your home-based state? If you answered “yes” to any of these questions, you might be subject to state taxes.
Each state has different rules on whether your business has “nexus.” Nexus is the connection between your company and the state that imposes taxes. Some states can even subject your company to state franchise and privilege taxes based on your business’s net worth and levied on your business’ right to do business in that state.
For example, if you have a Florida-based business that has sales, payroll, and offices only within the state of Florida and it is an S-Corporation or LLC, it would not have to file taxes in the state of Florida. However, if your business is a C-Corporation, it would need to file a Florida corporate tax return.
You might be asking what happens if your business does not comply with state reporting requirements? Well, each state can subject your business to various penalties, interest, and even the loss of your business’ right to conduct business within the state.
If you think you may have state tax reporting requirements or want to inquire about state nexus reporting, let us help you get the answers you and your business need. We are here to help you file your state taxes accurately. Set up a meeting with us by clicking the link I have provided.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I'm Bette Hochberger, CPA, CGMA, and Christmas time is right around the corner, and as we all know, this means holiday music and gifts. On today's #TaxTipTuesday, I want to explain what qualifies as a business gift, how much you can deduct from your taxes, and answer some of your frequently asked questions about business gifts. Let's get started!
The tax law applied to business gifts is that you can't deduct more than $25 per person. So you must look at how much money you plan to spend and decide whether it would be better if you deduct the present as a business gift or as some other form of giving (meals, promotion, 1099-NEC). Examples: If you give a snowglobe worth $50 to a client at an office holiday party, you will only be able to deduct $25 worth. But say you wanted to take a client to a nice dinner, it might be better to claim this as a business meal since you can deduct up to 50% of the cost, which will likely be more than $25. Make sure you follow all the rules to deduct business meals. Maybe, your company has an event where you give out branded t-shirts for free to anyone who stops by your booth, and one of your clients comes and grabs some; this is considered a promotion, and promotions are 100% deductible. What if you give an employee cash? Cash is not a business gift; include this in payroll, or if it's over $600 and they aren't your employee, provide them with a 1099-NEC.
The $25 limit is small because the amount hasn't changed since 1962, so if you are looking for a way around it but aren't convinced it will be able to pass as anything other than a business gift, there are a few exceptions. Incidental costs - meaning the cost of packaging, shipping, and engraving can be deducted on top of the $25. So, if it cost $10 to ship the $50 snowglobe, your total deduction would be $35. Gifts to a business - the $25 limit only applies to direct and indirect business gifts given to an individual. So gifts given to a company for use in the business aren't subject to that pesky limit. For example, a gift basket given to an office for everyone's enjoyment - that would be a gift to the business and fully deductible. Whereas a gift basket given to just the owner would not. Please remember to document your spending! Best practices include keeping a description of the gift, the gift's cost, the date the item was purchased, the business purpose of the present, and the business relationship to the taxpayer of the person reviving the gift (employee, client, prospect). Honestly, if you want to get 100% of your business gift deducted, give them something permanently branded; this way, it can be categorized as promotion or advertising! Anyway, that is it for this #TaxTipTuesday! Let me know on social what you plan to give to your business associates this year? See you next time!
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hey, I'm Bette Hochberger, CPA, CGMA, and today we will talk about why running payroll when you are an S corporation owner is essential. Okay. So you have to run payroll when you're an S corporation owner. The IRS, the government, knows that many people create S corporations because they function similarly to an LLC. Or a partnership where you get that flow-through entity, and you get the tax savings of not being a regular C corporation where the taxes are a lot higher. And the other cool thing is with the S corporation; you're not paying self-employment tax on all that income because if you were just an LLC or you were a sole proprietor or just a regular partner, you'd be paying self-employment tax on all of your net income, and that could be a little bit painful. So, the result of that is because the government knows you're not paying money into that self-employment tax; you do need to run payroll to get those payroll taxes paid in. So, payroll tax and self-employment tax is kind of the same thing. So when you're an S corporation owner, I don't care how much you're making, how little you're making, whatever the IRS can come in and make your life a living hell if you're not running payroll. So run payroll, please. But, of course, there are other reasons you want to do it besides the fact that you can be inviting an IRS audit, which nobody wants. Still, if you're looking for some other tax planning and you're an S corporation owner, you might be looking at some retirement accounts, and a lot of times, you need to be on the payroll for those retirement account contributions to happen. So if it's not enough that the IRS wants you to run payroll, do it so that you can put away money for your future and lower your taxes at the same time, which is fantastic. If you aren't set up already to run payroll, it's not the fastest process. You do need to register with your state. So tick tock because the sooner, the better, because we're already a week into December. So that's my big tip for today. If you are an S Corporation owner, run your payroll! Thanks. #TaxTipTuesday
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I'm Bette Hochberger, CPA, CGMA, and #VeteransDay2021 is approaching. The complicated life of military personnel and their families doesn't get any less complex during tax season, so I figured I would try to uncomplicate it for you by sharing some of the unique tax rules that apply to active and retired military. I will also briefly touch on the work opportunity tax credit (WOTC) available as an incentive for employers looking to hire a qualified veteran. Let's get started. So, the first thing you need to know is if you are eligible for military tax benefits. According to the IRS, you may qualify for military tax benefits if you are a US Army, US Navy, US Air Force, US Marine Corps, US Coast Guard, or the US Space Force. Aside from armed forces, some uniformed services and support organizations are also eligible. Once you find out if you are eligible, you should know that combat pay and your basic allowance for housing and subsistence are non-taxable forms of income! Non-taxable means that you do not have to claim that income on your taxes unless you decide that claiming it would work best for your specific tax situation (such as claiming the Earned Income Tax Credit). In a normal tax situation, filing an extension is necessary to file "late," and it doesn't excuse late payments; however, if you are a qualified military member stationed abroad or in a hazardous zone, you will have an automatic extension that gives you at least 180 days once you leave your station to file and pay! With so many people moving to Florida, I get asked about moving expenses often. Moving expenses usually must be proven using a time a distance test. Because of the 2017 Tax Cuts and Jobs Act, most taxpayers aren't eligible for this deduction; however, if you are moving because your station is moved. Instead, you need to file form 3903 to get those moving expenses reimbursed. To take a deeper look at and find more credits and deductions available for current and former military, go to www.irs.gov/individuals/military. Now, what if you are an employer looking to hire a veteran? Well, there are benefits available for you also! The Work Opportunity Tax Credit (WOTC) allows employers to hire certain groups who struggle to gain employment due to unfortunate circumstances. The IRS specifies that to acquire the WOTC, you must hire qualified veterans. You can find the qualifications on the IRS website. So, hire a veteran and don't miss out on these tax credits. That is all I have for this Veteran's Day Quickie, be sure to like and comment if you found this video helpful. Thank you for joining; I will see you all next time.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Join us for a special #FinanceFriday 🌻 where we will be discussing what to expect from the Florida #RealEstateMarket 🏡when moving! Alexa Rosario
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Cryptocurrency #TaxTipTuesday Hi, I'm Bette Hochberger, CPA, CGMA. And on today's #TaxTipTuesday, we're going to talk about your #cryptomining business. I've been getting some calls, emails, et cetera, meetings with people setting up #crypto mining businesses. Because why not? If you're in Miami and you want some Miami coin, and maybe you want to go mine it. Well, you need to know some things if you're going to start a crypto mining business. So first off, every time you mine a coin, it's considered taxable income. Make sense. It's kind of like if you have any other business and you perform a service or sell a good, whatever it is that you do in that business, it's an income event, which means it's taxable. And you most likely won't get a 1099 from this from anyone, so you're going to have to keep outstanding records to make sure you're reporting all that income. Now that income is taxed at ordinary rates, which is the value of the crypto you mine on that day. And now the IRS will tell you that if you're in the business of mining crypto, that income, in addition to being subject to ordinary income tax, is also subject to self-employment tax, which is 15.3%. So now, if you're self-employed, no matter what you do, whether it's mining crypto or something else, you're subject to those taxes. So that's pretty much the same as if you were running any other kind of business. So if you're mining crypto on your own, and you're doing it as a business, you're going to file a Schedule C on your personal income tax return. The cool thing about this is that you're allowed to deduct expenses against that income. So what kind of expenses are we looking at? Rent, electricity, cost of your gear or your rig, repairs, and maintenance. Anything related to running that crypto mining business is a legitimate business deduction to offset that mining income. Now, because this is a business, you can set up other business structures. You don't have to be a sole proprietor, which is what the default is if you're only filing a Schedule C. So you could go and set up an LLC, an S Corp. You can talk to a CPA, maybe be if you want to figure out what the best structure is, but you absolutely can do it. Now, the thing you have to remember is just like every other business. If you're going to do certain transactions, they are going to trigger certain things. For example, if you pay people, whether you pay them in crypto or if you pay them in fiat currency. If you pay them more than $600 during the year, you have to issue them a 1099 same as a regular business. Now, what makes it a little bit more complicated is if you are paying people or doing any other transactions in the cryptocurrency, that's a whole other taxable event in and of itself where we're going to trigger the capital gain rates. So there's a lot of moving parts when you're in the crypto business world. You've got a lot of transactions to keep track of, and the most significant thing here I'm going to tell you is to keep good records, keep good records. Very, very important. You don't want to get in trouble with the IRS. You don't want to have a problem with anyone. So good recordkeeping is what's going to cover your butt. So what do you think? Are you going to start a crypto mining business? It might be very lucrative. Who knows? And if it is, you're going to need some tax help. But let me know what you think about crypto businesses in general; drop a comment, and we'll see you next time. Thanks.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I'm Bette Hochberger, CPA, CGMA. For today's business quickie, we will be discussing the difference between venture capitalists and angel investors so that you can decide which investor best suits your business. Venture Capitalists, It's essential to remember that Venture Capitalists (VCs) are not the same as a bank loan; when a company takes on a VC investment, they are essentially taking on a partner. The VC investment is usually traded for a 40% preferred-equity ownership position. This can be a pro or a con depending on the kind of support your business needs; in order to take on this kind of investor, I would suggest finding an investor you trust. Venture capitalists are generally a part of larger companies and typically invest using pooled money from their firms - think pension funds, etc. Venture capitalists usually invest in already established businesses to reduce risk, so VCs are probably not the right fit for you if you are a start-up. VCs invest more money than angel investors, averaging $11.7 million. So, do your research and come prepared with your business plan and key performance indicators (KPIs). Get with your accountant before meeting with the VC of your choice, and make sure to review your financial statements and decide how much capital you should be seeking. Angel Investors Angel Investors, unlike VCs, are accredited individuals who use their own money to invest in small businesses and start-ups. Typically, angel investors take on more risk than VCs and invest earlier. So, if you're a start-up and don't have much of a proven track record yet, consider an angel investor. Angel Investors, just like VCs, are not to be confused with a bank loan; they will want equity in your business. The average angel investment amount is $333,000, so their equity is likely to be less than a VC. However, because angel investors are individuals, they often act as mentors to the entrepreneurs they assist. This level of support can be good or bad, the good being that they can help you network with established professionals and assist in business decisions. The bad is when you don't agree on what business approach to take. So, before making hasty decisions, ask yourself what you are looking for in an investor and compare your options. Anyway, that's all I have for today's business quickie. Let me know what you think in the comments and drop a suggestion or any business content you would like to learn about more.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I'm Bette Hochberger, CPA, CGMA, and today we're going to do a little bit of a laser focus on a helpful report in #QuickBooks called the accounts receivable aging report. So watch the video below to see a walk-through. we're going to look at an "accounts receivable aging report." All right? If you click on reports, it brings up all this stuff. It's a little overwhelming when you first look at it. There's a lot, a lot, a lot of stuff in here. There are probably many things you won't ever look at. I'm sure there are reports on here that I've never dealt with, but this is an essential one because if you create invoices in #QuickBooksOnline, you need to know who still owes you money. Right? Super crucial for running your business. There's an account receivable aging detail and an accounts receivable aging summary. Okay. So we're going to look at the summary. It's a little bit easier to handle. So you go ahead and click on that. And it will show as of today who owes you money in a couple of different timeframes, right. So who right now owes you money, who's out one to 30 days, 31 to 60, 61 to 90, and then way older stuff, and then a total column here. This is great because it's like, gives you a bit of insight into what your expected cash flow could be. So if you know that, 0969 Ocean View Road, that client is a timely payer, and this is a current receivable, that you'll probably be getting this money shortly. But maybe you see over here, you know, Red Rock Diner, oof, there's something they haven't paid in a couple of months. So first off, you know, you got to go chase them down. And second, maybe there are some issues there with that client. You know, perhaps you shouldn't rely on that cash to be coming in if you're trying to figure out what money's coming in to pay bills, run payroll, that kind of thing. Now, the other cool thing is that you can click on these. You'll see that it gives you a little blue hyperlink. So if you go ahead and click on one of them, you'll see it pops up the detail, and then you can click on it again, and it's going to show you the actual invoice. So you can see what it is that you sent to them and what hasn't been paid, how old it is, what your terms are, whose email it went to. So it gives you a lot of information. All from that one little aging summary, you can get a whole lot of information about your customers and who owes you money. Now, another helpful thing, at least to accountants, is that you can change the date as you want to see this. So a lot of times what we'll do is we'll say, what did the third quarter look like? What were our receivables at that point? So you can change the date. Or maybe you want to see, hey, what did our AR look like last year? Oh, we did great at the end of last year. Nobody owed us anything. So it's flexible. You can put whatever date you want in there. So it's super customizable, which is pretty cool. So, that's that. I hope you find that a little bit helpful. If you're using QuickBooks to run your business and you're creating invoices, it's a super handy tool. You want to make sure you spend some quality time with that one. And is there anything else that you want to know about using QuickBooks? Drop a comment in there. I get a lot of questions. So, you know, things that come up a lot for people, I'm happy to do videos about them and try to explain as best I can, because it is such an excellent tool for business owners. And we'll see you next time. Thanks.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hey, everybody. It's been a minute. We've been so busy during the tax extension season. I haven't had time to come on and give you guys all kinds of great advice and information and stuff about taxes and crypto, all kinds of nuttiness, but it's an important day, or at least, it will be in a week. So I will do a real quick Finance Friday to make sure we get it done. So let's start.
Hi, I'm Bette Hochberger, CPA, CGMA, and coming on today to let you know that the extension deadline for corporations, specifically C-corporations, is not the S's. So if you didn't file your S-corporation return, you're late, but your C-corporation returns and your individual 1040 income tax returns are due next week, a week from today, 10/15 on a Friday, which is not fun for us CPAs, although it will make Saturday a lot more fun.
It's what we call a drop-dead deadline. That means that this is it. There's no extension past here. So if you're coming up on this deadline, you got to get your stuff together, get it in, get it filed. A lot of times, people will ask me like, "Oh, I can't afford to pay my taxes. Should I file?" And the answer is yes; you absolutely should, because if you don't file, even if you owe it, even if you don't have the money right now to pay the taxes, you're going to get hit with all kinds of penalties and interest on those penalties, that you can stop or prevent from filing on time, even if you can't pay, right? So if you can't pay your taxes, you can always work with the IRS. You can set up payment plans. There are other things; if you're in really dire situations, I'm not even going to get into that because that's the whole super complicated thing, but know that if you can't pay it right now, you can work it out with the IRS.
You can set up payment plans; they'll go across, I think, five or six years, they'll stretch it out for you. And even if you do go on a payment plan, you can pay it off early. So please don't wait; get it done. Also, we've noticed a lot of problems with filing this year; we've had a lot of electronic filing problems with the IRS. So do not wait till the last second. If you made it to this point, you're probably a bit of a procrastinator, but suck it up, get it done. It's not fun. No one likes to do it, but better to do it sooner rather than later. And hopefully, we will come back with more regularly scheduled videos after this deadline, so looking forward to it, and we'll see you next time.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
It’s time for a #BusinessQuickie, and I wanted to come on here and tailor this go-live to our small business owners who want to know the difference between contractors (1099) and employees (W-2) so that you can find which best fits with your business. I figured this would be a great topic for labor day! Let’s get started.
You might ask why is it important to know the difference? If you misclassify an employee as a contractor, it can lead to audits, penalties and fees, so we want to avoid that at all costs. There are three areas the IRS looks at to make this determination- behavioral control, financial control, and the relationship.
So, what is a W-2 employee? Well, a W-2 employee is a typical employee that works for you either part-time or full-time. With W-2 employees, you must withhold payroll taxes from their paychecks, and your business pays the payroll taxes on their earnings. The W-2 employee can be either hourly or salaried. When it comes to labor laws, such as minimum wage and overtime, W-2 employees are protected.
In contrast, a 1099 worker usually works for you part-time. When it comes to payroll taxes for 1099 workers, your business doesn’t need to withhold taxes or pay taxes on their earnings. The contractor is never salaried and is less protected by labor laws.
Now, which is best for your business? Well, there are pros and cons to both, and you are going to have to make this determination with your own facts and circumstances.
The pros of working with 1099 workers are fewer costs because you don’t have to pay payroll taxes for them, you don’t have to pay worker’s compensation insurance or provide benefits like healthcare, and - because your business is not subject to the same labor laws that apply to W-2 employee’s- you’re less likely to be sued on the grounds of labor law violations. A contracot also makes for a more casual relationship between your business and the individual, so there is more flexibility. However, the cons of hiring contractors are they generally have a higher hourly rate than W-2 employees and the casual relationship I just talked about can backfire since they don’t understand your company’s culture and they are less likely to be available to you and your company when you call them needing their assistance on a whim.
The pros of working with a W-2 employee are it is much easier to hire W-2 employees since most people aren’t looking for contracted work. There is also more versatility with W-2 employees since they can pretty much do anything you might need them to since their role is less defined than a contractors’s role. The W-2 employee will be more reliable since they usually work for you full time with a set schedule and understand the company’s culture. The cons are, of course, they cost more in payroll taxes and benefits, and you have a lot of labor laws to follow.
In summary, both types of workers can be a great fit for your business depending on what you need them for. Just DON’T you accidentally file one as the other because the IRS will fine you with penalty and fees. And payroll audits are no joke!
That’s it for the #BusinessQuickie. Happy labor day! Enjoy your weekend, drop a comment, and I will see you next time.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Happy Tuesday. It's your favorite CPA in the whole world, hopefully. And it's Tuesday. So what do we always do on Tuesday? It's going to be #TaxTipTuesday. And this one's going to be real short and sweet, and it's not going to apply to everybody. But if it applies to you, you know that it's happening. So without any further ado, we're going to get started because my calendar is insane, and I had a hop-on in between calls to be able to even do this. Let's do it. Hi, I'm Bette Hochberger, CPA, CGMA, and today's Tax Tip Tuesday is for all you procrastinators out there. So it's the last day of August, which is a little bit crazy. The kids are hopefully back in school or some semblance of school. And I'm starting to see those pumpkin spice everything advertised all over the place. So while it is fall, do you know what that means for those of us in the tax world? It means extension season. So if you've been putting off filing your S Corporation or your partnership, and that includes your multi-member LLCs, right? LLCs with more than one owner, the time has come. You've got about two weeks. So please take pity on your poor CPAs and tax people. And don't wait until the last second. You're already fairly last second, let's be honest. But get your stuff together, get it over. You don't have that much time. It's a hectic time of year. And you know what? The IRS they're still behind, but they want your stuff by their deadline. They don't care that they're behind. So if you have any problems, issues, questions, et cetera that could still be cropping up, contact your CPA right away. Email them. Give us a break. It's a tough time of year. So our phones ring nonstop, our email boxes are full. But don't wait any longer. You got to get those returns, and you got to get them done. And the sooner, the better. So the Tax Tip for today, get your returns done. That's it. We'll see you next time.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I'm Bette Hochberger, CPA CGMA, and welcome to our very first #MiamiMonday. Miami, as you know, we're trying to be the crypto capital, and our Mayor Suarez is dedicated to making the magic city the place to be for crypto. In a recent announcement, Okcoin, one of the world's fastest-growing cryptocurrency trading platforms, announced that it's opening a Miami office, and with it bringing potentially 100 jobs, which is fantastic. It joined other crypto companies, Blockchain.com, FTX, and eToro, coming to Miami. In other Miami crypto news, which is super exciting, MiamiCoin is the first city coin to come to market. Woo hoo, it's fantastic. It's like a Bitcoin and is on the Blockchain protocol, so whenever that coin is mined, a percentage, actually 30% of what's mined, goes to the city of Miami. So 70% goes to the miners, and Miami will benefit from the use of the coin and the great branding associated with it because if you want to be the crypto capital, you've got to have your cryptocurrency. It's very cool. You want some MiamiCoin; you're going to have to mine it. MiamiCoin's powered by Stacks, a protocol that enables smart contracts on the Bitcoin network. Anyone can compete to mine MiamiCoin by forwarding their STX tokens through the protocol. The Stacks web wallet is required to interact with the MiamiCoin smart contract on the Stacks blockchain. If you want some MiamiCoin, you're going to have to start mining. I want some MiamiCoin. I think I'm going to have to start mining. What do you guys think? Are you going to go mine some Miami coin? Are you excited about the development of all this crypto growth and this tech growth in Miami? I've been here for a long time. I love seeing all of the change, companies moving here, and the tech industry booming in Miami. I'm excited, and I hope you enjoyed our first Miami Monday and drop a comment. Let me know what you're mining. Let me know what your favorite cryptos are these days. We'll see you next time.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Can making your bed make you a better leader? 🌟 The #scouts think so. I'm usually not a proponent of silly self-help techniques, but this works! ✅ #leadership https://zcu.io/guxa
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I'm Bette Hochberger, CPA, CGMA. And today, we're going to talk about the Olympics because they're going on right now, and even though there's a bit of controversy around the games and some of the athletes, I like to bring it back to my favorite topic: taxes. Specifically, taxes that Olympians must pay on their winnings and complexities within that tax.
Read the full article or watch the video here: https://bettehochberger.com/quickies/the-olympics-are-taxing-4689/
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I'm Bette Hochberger, CPA, CGMA, and today we're going to talk about how long does it take to become a #Florida resident? Hmm, well, people are still leaving California and New York and many of these various distorted high-tech states, and they're still coming to Florida. So thank you all. We appreciate it. Our property values love it. So you guys might not like it when you're coming here and trying to rent or buy, but for those of us who were here before, we're delighted. So thank you. Now, if you want to establish residency in a state, the general rule is 183 days. Hmm, sounds like a random number, except if you take 365, the number of days in a year, divide by two, you get 182 and a half. So round that up because they're not going to count a half a day, and you have 183. So they want you to be there for more than half the year. Right? Okay. So does that mean you can just count backward, 183 days, and boom, just move by then? Eh, maybe technically, possibly. But as we know, nothing really goes that smoothly and when you're trying to establish your residency, you're dealing with a lot of government agencies. So we know, even before COVID, we know government agencies do not move that fast. So I would say if you're trying to establish residency in Florida, you want to move in the first half of the year. Right? You could do June. You're going to be pushing it. You might run into some snags. But if you can do it earlier in the year or do it at the very end of the year before the next year starts, it's even better. It's not good for that year that it's the end of, but you'll be able to establish residency for the following year. So things you're going to need to do. Find a place to live, get a lease, buy a house, something like that. Those things can take a long time. If you're lucky, if you're maybe not so picky, and perhaps you have a lot of money, you could possibly get them done quickly. But you got to give yourself a little bit of time, especially if you're buying because that closing process isn't that fast. You're going to need to move your driver's license. Holy crap, does anyone enjoy going to the DMV? No, it's never fun. We had an appointment system for a while. I believe we stopped in Florida. So now you got to get up at 2:00 o'clock in the morning and get in line to get to the DMV. It's not a fast process by any means, so there's that. Basically, anything you're doing with the government to establish your residency here, it's going to take you a hot minute, maybe a few weeks even, it depends, but it's going to take you a while. So I would say at the very latest, if you're trying to be a resident for the gear, come before July. So if you're trying to move here now, I don't think it's going to work. You're not even going to hit the days. But if anyone's planning for next year, beginning of the year, for sure, or come here at the end of this year and you should be all set. You'll be able to get all those documents in order and prove your residency. So I hope you found that helpful. Keep moving to Florida. We love it. It's even sunny sometimes right now, which is excellent in summer. But that's it, and we'll see you next time.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I'm Bette Hochberger, CPA, CGMA, and on today's Tax Tip Tuesday, we're going to talk about the upcoming back-to-school sales tax holiday. This is a very cool thing we do in Florida. It's been going on for; I don't even know how long. It's been going on for years, but basically, what's going to happen is there are many things that you can buy that are going to be sales tax exempt for going back to school.
This is going to start this coming Saturday, July 31st, and it runs through August 9th; and basically, there's a list of qualifying items, mostly stuff you would expect to need to go back to school: pens, pencils, paper, or staplers, like all that kind of good school stuff. And it is exempt from sales tax, which is a nice break for families, right? But, unfortunately, kid's school supplies are expensive; especially if you have many kids, you have to pay a lot of money.
Some things you might not realize are the books and pencils kind of stuff, it also applies to clothing: shoes, footwear, things like that, but there is a limit of $60. So, if you need to buy some expensive sneakers for your high school boy as I do, unfortunately, it's only if the item is $60 or less. School supplies have to be $15 or less per item.
And then, this is an excellent thing. A lot of kids now, especially since everyone had to go online, have purchased many computers, right? The first thousand dollars of a sale of a computer and certain computer-related accessories is not subject to sales tax. So if you have to buy a fancier computer and it's over a thousand dollars, that first thousand, no sales tax. They would do sales tax on the rest of it.
Now, all these things have to be used... Personal use for kids to go to school. It can't be commercial. So no business owners. I'm sorry. You cannot go out and refurbish your office with all new office supplies and computers and all that stuff. It's really for getting the kids back to school. But yeah, that's it. So go shopping. I'm going to say, "Go early." I don't know if you've ever tried to buy this stuff at the tail end of this back-to-school sales tax holiday. There's nothing left. And when you get those lists where they want particular things, like you need that purple binder and other crazy stuff that ends up on those school supplies lists. So you want to go early, so you can find what you're looking for. And enjoy that sales tax holiday—yet another great reason to live in Florida.
And that's it for this Tax Tip Tuesday, and we'll see you next time.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
A #BusinessQuickie about the ins and outs of deducting meals and entertainment for business. https://bettehochberger.com/tax-tip-tuesday/tax-credits-vs-tax-deductions-4643/
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Tomorrow is Bobby Bonilla Day. Hi, I'm Bette Hochberger, CPA, CGMA. Today's business quickie is going to be a bit different because tomorrow is Bobby Bonilla Day. Bobby Bonilla is a former player in Major League Baseball who played in the major leagues from 1986 to 2001. This day is celebrated by the sports and financial world! Why? Because the Mets pay Bonilla $1,193,248.20 every July 1 from 2011 until 2035. https://bettehochberger.com/quickies/... Bobby Bonilla was a Mets All-Star player, the new manager changing the team in 2000 releases him because Bonilla was at the end of his career. Bobby had been hurt, and it was now starting to show in his performance. They owe him $5.9 million on contract. They want to use the money from Bonilla’s contract to pay other players, so they negotiate with his agent a deferred money contract based on an 8% interest rate of money 10-year deferral. A great day for the finance world but a terrible day for the Mets. Every July 1st, the Mets write a check to Bonilla 1.2 million until the year 2035. But the mythos is that the total payout (1.2M for 25 years) is $30 Million for a 6 Million dollar debt. And since the Mets pay him $1.2 Million every July 1st, the sports world and financial world celebrate Bobby Bonilla Day. The sports world mainly uses it to poke fun at the Mets but we financial people really like recognizing the magic that is compound interest. We also like to look to this as a lesson, and really hope the Mets hired a new financial advisor. Guess where Bobby "Bo" decided to retire? That's right, Bobby Bonilla is retired in Florida, keeping New York from taxing his earnings. So, it looks like Bobby wasn’t only good at baseball but great at finance and tax planning also.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Join Samra and me while we explore why appearance matters in business. Hello, happy Friday. Happy Finance Friday. I'm Bette Hochberger, CPA, CGMA. And today, I have my fantastic friend who keeps me looking great and young. Since last night, people said to me, why do you look so young? And I'm like, Samra. Samra Vogel, an independent Mary Kay salesperson for over 20 years, and is fantastic. I'm sure she has many pink cars, which is cool too. Watch the video above to learn more or read our blog on my website! https://bettehochberger.com/finance-f...
Support this podcast: https://anchor.fm/bettehochbergercpa/support
It’s TaxTipTuesday. Hey, I’m Bette Hochberger, CPA, CGMA. And today, we’re talking about the difference between a tax deduction and a tax credit. People often don’t know the difference. They don’t realize these are two different things, but they are.
The simplest way to explain it: a tax credit, dollar for dollar, reduces your tax liability. So, for example, if you owe a hundred dollars in taxes and you have a hundred-dollar tax credit, you would owe zero in taxes, right? So the tax credits will eliminate those taxes well, eliminate up to the dollar amount that you have a credit, the taxes that you owe. Now, a deduction, on the other hand, reduces your taxable income, right? So if you’ve got, say, $20,000 in medical expenses and charitable donations and state income tax and real estate tax and all those things, if you’ve got that, you’re going to offset your income by the amount of money. So then, you’re going to calculate the tax after that. So you reduce your taxes, yeah, but it’s not dollar-for-dollar because a tax calculation is a little bit complicated. So maybe that’s another TaxTipTuesday.
Now, beyond that, there’s another layer. So when we talk about tax deductions, you might hear people say “I itemize” or “I take the standard deduction,” right? So you have that difference there, and you’re allowed to take whichever is more beneficial to you: thank you, IRS. They don’t often throw us a bone like that, but, on this, they happen to let us take advantage of the tax code a little bit. So tax deductions can either be itemized deductions, which is your medical expenses subject to that floor, which is again, another whole topic, state income tax, real estate taxes, mortgage interest, charitable donations. Those are the big ones. Those are the main ones. And if you don’t want to keep those records, or if you don’t have enough, you can take the standard deduction, and you don’t have to worry about any of that, but only do that if it’s to your benefit. So if you’re better off keeping track of all those things, do it. Save money on taxes.
Now, tax credit, on the other hand, right; there are two main kinds. You’ve got a refundable tax credit, any non-refundable. So what does that mean? It’s a little obvious once you know. So a non-refundable tax credit means it will not reduce your taxes down past zero. But if it’s a refundable credit, like earned income tax credit is a refundable credit, you can take your taxes, the income taxes you owe below zero, and generate a refund. So that’s a refundable tax credit. It makes sense once you know what it is.
So in all, if you have an option, for some reason, you could take one or the other. You want the credit because the credits are better; It’s like getting free money. But yeah, we’ll take deductions, too. It’s all good. It all lowers our taxes. So I hope that explains a little bit between the differences: tax credits, tax deductions. If you have any further questions, drop them in a comment below, and we’ll see you next time.
Watch the video here: https://bettehochberger.com/tax-tip-tuesday/tax-credits-vs-tax-deductions-4643/
Support this podcast: https://anchor.fm/bettehochbergercpa/support
We’ve seen Florida's tax-free weekend for back-to-school and the disaster-preparedness sales tax holiday, but now Gov. Ron DeSantis has signed a bill that begins a new tax free holiday called “freedom week.” The so-called “Freedom Week” makes buying tickets for 2021 music concerts, sporting events, movies, museum visits, state parks, and buying gym memberships tax-free from July 1 to July 7, 2021. House Bill 7061 also says that buying boating and water activity supplies, camping supplies, fishing supplies, and general outdoor supplies will be tax-free during the sales tax holiday dubbed Freedom Week. According to state lawmakers, the goal of the new tax holiday is to help Floridians return to normal activities after a challenging 2020. State economists projected that the “Freedom Week” sales tax holiday will save $54.7 million for shoppers. The Florida Senate issued a press release that goes over the details of exactly what and how much is sales tax-free. https://www.flsenate.gov/Media/PressR...
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I'm Bette Hochberger, CPA CGMA, and on today's #BusinessQuickie, we're going to talk about six reasons why your #startup needs a #CPA. Now, I can tell you all sorts of horror stories, and I'm sure you find anyone who started a business. They can also probably tell you many horror stories about not having the right professionals on board, not having an attorney, not having a CPA, all these things. So, if you think it's not worth the investment in your business, which is like your baby. In case you think it's not worth the investment, here are the six reasons why you do.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
In honor of Juneteenth, I want to discuss the Black Angels Miami Investor group, black-owned banks and credit unions, and the Black Bitcoin Billionaire. Important links: https://www.blackangels.miami/, https://mocafi.com/, https://famufcu.com/, and https://www.blackbitcoinbillionaire.com/. Let me know what you think in the comment section.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
"Barking Up The Wrong Tree: The Surprising Science Behind Why Everything You Know About Success Is (Mostly) Wrong" by Eric Barker was June's #BusinessBook. Join me and my fellow book club members as we discuss our key takeaways from "Barking Up The Wrong Tree" and let us know what you think.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Estimated Tax Payments for quarter two are due. Hi, I'm Bette Hochberger, CPA, CGMA, and on today's Tax Tip Tuesday, this is your reminder to pay your second 2021 quarterly estimated tax payment if you're somebody who needs to pay those; many people don't pay them. If you only have a job where you get a W2, and you're on the payroll, you probably aren't making estimated payments, but if you're a business owner or a freelancer, something like that, you probably have to make these payments. So how do you know how much to pay? That's always the question. People always want to know; how do I even know?
Support this podcast: https://anchor.fm/bettehochbergercpa/support
To Sell Is Human: The Surprising Truth About Moving Others, by Daniel H. Pink, was May's Business Book. Join me and my fellow book club members as we discuss our key takeaways from To Sell Is Human. We concluded that this is an excellent book for beginners because it summarizes many books we've read previously at Bette's Business Book Club. Watch our book club below and let us know what you think in the comment section. Daniel H. Pink aims to teach his readers that we are all in sales; what he means is that we all spend a good portion of our life convincing someone to do something. He says whether it's getting your kid to clean their room, getting your boss to give you a raise, or even teaching your students a lesson: we're all in sales. To some of us, this may seem obvious, but David H Pink believes it isn't. The next thing Pink brings to our attention is that the market has changed, that it's no longer "buyer beware" because it's changed to "seller beware." I agree with him; the market has changed; anyone with access to the internet can "fact-check" you. I believe this makes it all the more important to be selling an honest product. He tells us that the old "ABC" (Always Be Closing) way of selling is dead and that if we want to influence people, we must commit to his version of ABC. His understanding of ABC stands for Attunement, Buoyancy, and Clarity. Attunement means getting in touch with the world around you, Buoyancy meaning a combination of believing in what you're selling and bouncing back from rejection, and Clarity, indicating the ability to find and solve problems. Once Pink explains his ABCs in great detail, he teaches his readers how to pitch what they're selling through various exercises and stories. If you are interested in reading To Sell Is Human, you can find it on amazon. You can learn more about the author through his website. Don't hesitate to join our Business Book Club; it's completely free, and we are always looking for new members. Check out last month's book club, where we had an extraordinary guest. Thanks for reading, and we hope to see you next time.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
$16 billion. Hours to get into the application portal. Thousands of incomplete applications. Hi. I'm Bette Hochberger at CPA, CGMA, and this is a quick minor update on the Shuttered Venue Operator Grant. It's a little different than PPP. This was very specific as to who can apply. You had to be a live venue operator. If you produce theatrical performances, live performances, concerts, movie theaters, museums, talent representatives, all these folks got super, super hit by COVID because even if they wanted to open, they really couldn't. So, because there was so much devastation in those industries, the SBA has an entirely separate grant, and it's not like the PPP loans being forgiven and things like that. It's a bit different. The exciting thing with the billions and billions of dollars available for the shuttered venue is that they've got about 10,300 groups successfully submitted. And a lot of those people had to sit in those waiting rooms online for hours to have the luxury of even putting in the application. While it sounds like a lot with that 10,000, there were over 12,000 that started the application and didn't even finish it. So you can imagine it wasn't easy if you went through PPP or EID or any of those things, and you saw how much information they wanted; this was like a hundred times worse. I did work on a shuttered venue grant for a nonprofit I'm on the board of, and it was not for the faint of heart, that is for sure. They don't know quite how quickly the funding will run out, but it's set up in a tiered priority distribution system that is complicated. I'm not going to get into all of that, but they do have somewhat of a timeline ish, more or less. So they think that end of May, priority round one should be getting funded. And if you manage to get into importance round two or three, that should happen in June if there's any money left over. They don't know how much they will be giving out yet, and we still have over 12,000 incomplete applications. Wow. It's so many, and who knows how many of them will ever actually finish. So that is your update on the shuttered venue. If you put in for that, hopefully, you're going to get it. Hopefully, you're going to see it kind of before summer starts, but who knows? We'll see you next time.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hey, guys. I hope everybody's having a good day. It's Friday. I'm thrilled it's Friday. It's been a very long short week. Hopefully, it'll be relaxing. Okay, I'm going to go ahead and get started. Hi, I'm Bette Hochberger, CPA, CGMA, and about a year or two ago, I started a #BusinessBookClub. The thing that's cool about this is it's completely free. It's like a free school. We used to compare it to free root canal, free school. But this is a free school. If you're the type of person who likes to read, or if you're the type of person who doesn't want to read, this can be such a valuable group for you. There are a few reasons. Number one, I read a lot. I also listen to a lot of books. So between those two things, I cover a lot of books in a year. I have found that I've gained so much knowledge in a relatively easy, fast, and cheap way, especially with business books. And I discovered that I would read these books and I wouldn't have very many people to discuss them with. So I created the book club. Number one, there, is that you can join us for free. Number two, you can discuss the topics and the books and the matters they cover with other people—number three, networking. You have the opportunity to meet people you've never met before, which is always pretty cool. Number five, hmm. Well, you get to spend time with me. So check it out. That's Business Book Club. It's free. It's not like a crazy book club where you're committed, and if you don't show up, something happens. Come and go as you please. We do it on Zoom. Hopefully, soon we'll be back in person. I hope you join. Our next one is next Thursday, I believe. Was that the 27th? Yeah. So I hope to see you there.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
SHOW LESS#RetirementPlanning can seem boring, but when you have our #FinanceFriday guest Seth Bassoff CEPA®, APMA®, CRPS®, CRPC®, RFC® on your side, you can do some very cool things. Find Seth is a financial advisor and senior vice president of the Adelson Group, a private wealth advisory practice of Ameriprise Financial Services. Seth's impressive biography is just one reason I brought him on today's #FinanceFriday; he is also an old friend of mine. Watch our video where we discuss retirement planning and tax savings below. https://www.ameripriseadvisors.com/se... The first topic we go over is retirement planning and the most beneficial retirement plans that a small business owner can have. Most small business owners have SEP or Simple IRAs; however, Seth introduces us to ERISA, Employee Retirement Income Security Act of 1974. 401ks are an example of an ERISA-qualified plan. SEPS and SIMPLES are designed for certain types of people and contribution levels, while in contrast, ERISA qualified plans offer a big opportunity for savings and tax savings. Consulting with Seth can help you plan for your retirement. Any #smallbusiness can take advantage of ERISA plans, including a sole proprietor or LLC who only has one employee, yourself. The amount you can contribute and divert away from tax is huge in comparison to other retirement plans. Seth shares a story of a client who was offered this retirement plan, and after understanding the tax-saving implications, asked Seth, "Is this legal?" The plan saves you so much money it feels illegal, but Seth assures that it is all very legal. It's not a tax technique; it's written n the code. However, you should make sure to partner with some like Seth, who does this consulting daily. Seth and I urge you to get informed and educated not these matters before you jump in, and Seth can help you do that. Watch the video above to hear more about Seth's expertise regarding tax savings and retirement planning, as well as some personal interests of his. Check out last #FinanceFriday, and have a great weekend. As always, if you’re looking for a fantastic CPA to help grow your business and wealth, set up a zoom call with me.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Social Media Marketing is a fantastic way for small business owners and big ones to engage with current clients and future clients. On this #FinanceFriday, Karen Dennis teaches us how to choose which social media platform is best for your business to market on. Karen Dennis is a health care publicist, blogger, reputation manager, web content writer, and media pitcher with a proven track record of success. Karen focuses on creating media opportunities for physicians and other practitioners in print and online. Karen’s creativity in promoting these physicians has earned her the hashtag #PR4THEDR.
Watch the full video and read the full article here: https://bettehochberger.com/finance-friday/financefriday-ft-karen-dennis-social-media-marketing-4559/
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hey guys, it's Bette Hochberger, CPA, CGMA, and to kick off Pride Month, we're bringing you a special tax tip Tuesday. On this one, we are going to go over the adoption tax credit. Now, obviously, the adoption credit applies to anyone who adopts a child. It is not strictly for the LGBTQ plus community. It applies to everyone, but the LGBTQIA+ community does tend to make good use of the adoption tax credit, so I wanted to do a high-level overview of the credit. #TaxTipTuesday
Read the full article and watch the video here: https://bettehochberger.com/tax-tip-tuesday/adoption-tax-credit-4554/
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hey guys. It's Bette Hochberger CPA, CGMA. On today's #FinanceFriday, we're going to talk about the Florida tax holidays. Florida tax holidays? But you don't pay any income taxes in Florida. Right? That's why everyone wants to live here. Well, this isn't actually an income tax holiday. It's actually a sales tax holiday, which isn't really new in Florida. We've been doing this for several years, but it is a little different this year. Anyone familiar with Florida knows that the rainy season is hurricane season. Actually, it's starting May 28th, and if you're watching this live, that's today; we've got the Disaster Preparedness Sales Tax Holiday right now. So what does that mean?
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Karrie Klimas, is an expert on communications, networking, and people skills. She joins us to explain how she helps people become better communicators. Of course, of course. Well, I'll give myself this. I am a cold lead trainer for our communications workshop called Great People Skills: Skills for Being Great People. I'll give myself that little plug plus reasons why I can also share this since we got to call ourselves experts so why not give myself that permission? As well as a self-discovery life mastery coach. But I'll say when it comes to networking, the goal for us, even in self-discovery, is trying to get you to pay more attention. If you can get your attention acting like being curious and acting as an explorer, being open to see what people are doing, and having conversations. Most people might ... too much in their head, judging themselves and putting themselves in fear rather than being open to taking the chance to see who else is out there and connect to people.
Watch the full video here: https://youtu.be/qgjZFMuPaSo
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hi, I'm Bette Hochberger, CPA, CGMA. And on today's #TaxTipTuesday, I will dive into a trendy subject right now, #cryptocurrency. I know my newsfeeds have been lit up like crazy; people are making a ton of money. It's insane. And there are so many different cryptocurrencies out there. But what does it mean for your taxes? Right? What is cryptocurrency in the eyes of the law? And in the law here, we're mainly talking about tax law and the IRS. So Bitcoin, Ethereum, all these crazy cryptocurrencies that are out there. In the IRS's eyes, they're all treated the same, and that is like property, right? So what does that mean? Well, think about stocks, bonds, things like that where you usually have to report your sales price when you sell it. And you get to say the cost or the basis of when you bought it.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
The second round of PPP funds has been exhausted before the May 31, 2021 deadline.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
"The Go-Giver: A Little Story About A Powerful Business Idea" by Bob Burg and John David Mann. This month's book club was inspiring because we were unexpectedly blessed with the presence of one of The Go-Giver's authors, John David Mann, and his wife, Ana. John David Mann reached out to us on Twitter after seeing one of our posts about book club and offered to come on. Now, if you've read The Go-Giver, you'd know that I shouldn't have been surprised by this generous act; but I still was. John was gracious enough to come on to our zoom chat and tell us about writing the book and answer any of our questions. Check out our video reviewing The Go-Giver below. I've read this book multiple times, and I genuinely believe in its philosophies. To give you a summary, Bob Burg and John David Mann write about what they call "The Five Laws Of Stratospheric Success." The first law is the law of value; this essentially means that when selling a product that you want to be successful, you must give away more in value than you take in payment. It sounds a bit counterintuitive, but it's truly a remarkable "law" when you play with the idea a bit more. The second law is the law of compensation; this law gets into the nitty-gritty of how much money you will get. The Go-Giver makes it simple; the more lives you touch, the more money you make. The third law is the law of influence; this law points out that if your character is genuine and you put others first, you will, without a doubt, influence others. The fourth law is the law of authenticity; we all know this one because our parents have said it to us many times, "Just be yourself." Remembering that at the core of what you sell is you and that the most valuable thing you can offer another person is your honest self. The fifth law is the law of receptivity which points out that you have to remain teachable and open to new experiences, meaning get used to saying "yes." If you're interested in The Go-Giver, you can purchase it on amazon. If you want to join the discussion for our next book club, you may do so by joining our Facebook group. Next month we will be reviewing "To Sell Is Human." Check out last month's book club, where we discussed Failing Forward. #BookClub #TheGoGiver #BettesBusinessBookClub
Support this podcast: https://anchor.fm/bettehochbergercpa/support
So, today's #businessquickie: I'll be talking about my unusual background as a certified public accountant (CPA). I did not study business at all as an undergrad, and I think I dropped an economics class at one point. I have an engineering degree from #MIT, which is very, very unusual. I know one other accountant who went to MIT. So it's a unique path for someone who studied engineering like that. Now, I specifically studied material science, engineering, and music. So, a little left brain and right brain activity are going on. But what does engineering have to do with accounting? Well, there's a lot of math. Math, math, math, math, math, right? And actually, engineering math is way harder than anything we do in accounting math. In accounting, we maybe multiply by a percentage once in a while or have to do a ratio. The thing that it's super useful for me, having that engineering background, is problem-solving. Because many times clients come to me and have an unusual situation with something with their business, with their technology, they can't figure out how to make their books work and integrate other applications into their QuickBooks system. Or they're just like 'Hey, this is my situation, and I don't know what to do. Can you help me figure it out?'. Whether it's how to treat something in accounting or how to resolve a tax situation, various things like that. So the #problemsolving skills that I obtained going to engineering school are beneficial for me as an accountant. As a CPA, I can provide high-quality, helpful problem-solving skills to my clients, and they appreciate it. I know they do because they tell me they love it. It's also benefited me in other places that I've worked and when I have staff working with me. I know this because they've told me during reviews. They said they love working with me because I can break down the process step-by-step. So, they know what to do from start to finish to get a project done. There's a lot of really excellent skills you learn in engineering school, even if it is a difficult school to go through at the time. My engineering background has helped me in accounting because one of my niche industries is technology startups. I enjoy working with other tech people, other people who have that engineering, science, math background. We get each other because I'm not confused by what they do. I understand their processes. I can help them get research and development tax credits because I know what they're doing. I see the process, and I can show them how that process, those business processes, and those business tools and how what they do translates directly into tax credits. So, it's not the most typical route to go to engineering school and then decide to become an accountant. And it had me in school for a bit longer than the average. It made me a little bit strange compared to some of my colleagues, but really, it makes me stand out. It makes me just a different type of accountant than you usually find. And I think it makes me a better CPA as a result. So, if you have a weird background for whatever industry you're in, figure out how it helps you and take advantage of it. And we'll talk to you next time.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hey, everybody. It's Bette Hochberger, CPA, CGMA, and I wanted to come online and share with you some relatively new breaking news that's pretty exciting. And that is that the PPP application deadline has been extended to May 31st. So if you've been thinking about putting in an application and you haven't gotten around to it, you weren't sure if there was money left, you never found someone to process your application, whatever the case may be, you now have a lot more time. What I can tell you is from speaking with bankers and from my own personal experience, that the process now is way faster. It's much more organized, I guess we could say. It's not so chaotic like it was around this time last year. It's just overall, it's a better experience. #PaycheckProtectionProgram #PPPLoans So if you thought, "Maybe I should go get a PPP loan," and then you never quite got around to it, now is your time. You definitely have time. There were some changes also. For example, if you're a sole proprietor or a single member, LLC, you can now use your gross income to calculate how much PPP loan you can get, which for some people, might be a huge amount. Unfortunately, you can't go back in time and change it if you've already filed. But if you're a new filer, you can use that. So go get your PPP money. I know a lot of people are still struggling. 2020 going away did not end a lot of the COVID problems. So there is help out there. Go get PPP 1, then you can go get PPP 2, and make sure your business stays afloat. So good luck and go get your loans.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
This #FinanceFriday, we will discuss the recent changes made by the #SBA. This will include the EIDL Targeted Advance, the #EIDL Loan Limit Increase, and the Shuttered Venue Operator Grant. Come check out my website: https://bettehochberger.com/. And as always, have a great day.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
"Failing Forward: Turning Mistakes into Stepping Stones for Success" by John C. Maxwell. Join me and my fellow book club members as we discuss our key takeaways from Failing Forward.
Watch the video and read the article here: https://bettehochberger.com/business-book-club/failing-forward-video-4230/
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Estate planning can be a complicated task when moving from state to state, which is why I've invited Jennifer Gomez, Esq., to come on this episode of Finance Friday and clear up any confusion.
Read the article and watch the video here: https://bettehochberger.com/finance-friday/finance-friday-ft-jennifer-gomez-esq-estate-planning-florida-4239/
Support this podcast: https://anchor.fm/bettehochbergercpa/support
The Tax Deadline for Individuals was extended by the IRS; let's talk about it.
Read the article and watch the video here: https://bettehochberger.com/quickies/tax-deadline-delayed-2021-irs-4244-4244/
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Buying Real Estate in Florida on #FinanceFriday ft Odelia Goldberg, Esq. According to Odelia, Florida is the best place to live and die. On this Finance Friday featuring Odelia Goldberg, Esq. We will discuss buying real estate in Florida and the processes involved.
Read the article and watch the video here: https://bettehochberger.com/finance-friday/buying-real-estate-in-florida-finance-friday-with-odelia-goldberg-esq-4224/
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Today I'm going to keep it focused on taxes because it is tax season. Many people received the first stimulus or economic impact payment from the federal government sometime in 2020. Some people received it direct deposited, and some got it on debit cards. It was kind of all over the place. And then the government announced there would be a second economic impact payment. Some people got it, and some didn't; some people have no idea. The point here is if you got that second payment, fantastic. If you didn't get that second payment, you might qualify for the Recovery Rebate Credit when you file your 2020 tax return. So your tax-preparer, or if you're trying to DIY it, the software you're using should ask if you received the first and, or second payment. And if you did not get that second payment, it's going to go ahead and fill out the Recovery Rebate Credit for you. Now, it'll be based on your tax situation to determine whether you will get this credit as a refund or if you'll use it to offset your other taxes. So it's kind of like you still get it, even though it's not as fun as getting random money deposited into your bank account from the government. But make sure you check. It was $600 per qualifying person, so if you're single, you probably got 600. If you're a married couple, you might've gotten 1200. Look for that December, January time, and if you didn't get it, make sure you claim it via the Recovery Rebate Credit. There's also a place on the IRS website where you can go and check to see if they sent it to you or not. And it'll tell you if it was direct deposited and the last four digits of that bank account. So make sure you go and get your stimulus money.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hey guys out there. I hope everyone's having a great day. It's Tuesday, so that means it's a Tax Tip Tuesday. Valentine's Day is not that far off, so I figured what could be more romantic than a discussion about taxes. Maybe not actually the most romantic discussion, but marital strife around finances is one of the leading causes of divorce. So, even though it might not seem romantic, it could be super beneficial to your relationship if you actually go ahead and figure out how you want to file your taxes. The IRS, I guess, is a little bit traditional. Now, I know people can be in all sorts of different kinds of relationships these days, but they really want to know, are you married, or are you not married? It's not real shades of gray with the IRS, and the reality is, they only care what you are on December 31st. If you go and get married on December 30th, you can claim to be married and file as married for the entire year. Actually, you have to. You have to either file married joint or married file separate, which leads us to the next topic. Right? Should you file jointly, or should you file separately? I'm often surprised at how many people don't understand that when you're married, that you file, generally speaking, one tax return. All right? That's for our married file joint folks. Then the next question is obviously, "Well, which one should I do?" All right. People wonder, "Am I losing money? Am I saving the money? Why would I go about doing it?" And there's a couple of reasons. Number one, if you file married joint, you are each 100% responsible for all of the taxes. Right? And that math doesn't really sound like it makes sense, but what they mean by that is, if you're a married couple, and say you generate $10,000 of taxes, and maybe only one of you works. Whose taxes is it? Well, the 10,000 actually belongs to both of you and each of you. So if the spouse that works pays the tax, okay, great. If the spouse that doesn't work needs to pay the tax, well, that might be harder for them to come up with the money. But in the eyes of the IRS, they don't care. One of you, or the both of you, is going to come up with that money. Now, when you file married separately, which is the next version of married filing taxes, it's a little bit different. Right? You each are going to end up filing your own tax return, and you're each only responsible for your own taxes. All right? And that kind of sounds like it's a little bit more fair, but there's a lot of other quirks to filing married separate. For example, if one of you itemizes their taxes, you both have to itemize, and if one of you takes the standard deduction, you both have to take the standard deduction. So there's not like a mix and match for certain things like that. Also, the tax rates tend to be higher. So while it sounds great, like, "All right, I don't have to be responsible for my spouse's taxes. They can deal with their own taxes." You might, overall, as a family unit, actually ended up paying much more in taxes. You have to weigh the pros and cons of each. I will tell you guys that about 99% of the married couples that I do taxes for end up filing married joint. There's very few times that it works out to their benefit to file separate. And if you're in a completely not official relationship, but maybe you've been living together for two years and whatnot, well, you guys, you're filing separate. I'm sorry to tell you unless you want to go get married, and it may or may not be for the better, at least for your taxes. You would have to do a little bit of tax planning and see. So, happy Valentine's Day. Keep it romantic. Talk about your finances. Talk about your taxes. We'll see you next time.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
February 2021 meeting discussing, "Delivering Happiness" by Tony Hsieh. The first thing that interested me in this book is the fact that it is written by the CEO of Zappos, Tony Hsieh, who just so happens to be a multimillionaire. Now, if you've been here before, you know that we focus on business books. This business book is interesting because it felt to be more of a memoir sprinkled with nuggets of business advice than it did a business book. The story begins at the beginning of Tony's life and he walks us through his trials and tribulations as a business owner and human. The book, unsurprisingly, is about delivering happiness. Now, this took me through a slight-loop because as I said before I was expecting a business book however, my husband, Alex points out that once you've reached the summit of your career and finances... happiness and purpose take the front seat in your mind. So, how does Tony create this happiness? Well, through culture. Tony talks about nurturing the clients you do have, before finding new ones and that advertising efforts are null and void until you can give your existing customer an experience that turns that customer into a loyal follower. It sounds somewhat cultish, but if I think about the success of certain products that have a "cult-following" then it is actually genius what Tony is attempting to do. He talks about rave culture and the sense of community there and tries to implement that in his company. He motivates his employees by offering them free workshops where they can further develop their skill sets. Tony talks about why it's so important for you to be passionate and see the purpose in your work and that your employees need to have that same mindset. Basically, anyone who works for you or with you needs to be a brand ambassador. Overall Tony's message is that if you treat your company, clients, and employees the same way you want to be treated then your business will be successful and you will be happy. That's all for this month, tune in next month!
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Today we’re going to talk about three questions that you should ask before you decide to outsource. Now, I’ve spoken before about why to outsource, but today I’ll talk about what to do once you’ve decided to outsource. Because, you can’t just hire anyone, right? That’s a little risky. So, three things to ask before you say yes.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
On this #FinanceFriday Bette will tell you how the Profit First system can actually make you excited to pay your taxes.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Today we will be discussing the book, "Subscribed- Why the Subscription Model Will be Your Company's Future - and what to Do about it" By Tien Tzuo, Gabe Weisert. The Book In Three Or More Sentences: People don’t want more stuff, they want more experiences. Access to more content, more music, more videos, more fun rides but without having to think about where to store all of this. In Subscribed, Tien Tzuo, the founder of Zuora, software for subscription-based businesses, explains how the world is shifting from products to services and why you should adjust your business model to a subscription-based one. - Durmonski
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Today, we're discussing, "Who Moved My Cheese?" by Dr. Spencer Johnson. It's a telling of a story of two mice and two little people. We got Sniff and Scurry who are the mice and Hem and Haw who are the little people and their names kind of implied how they behave. The basic premise of the story is these little people and these mice live in a maze and they run around looking for cheese and how do they behave once they find the cheese. It's a parable of how do they react when the cheese runs out. It's a matter of which of the characters do you identify with and which one do you want to identify with. I will say I think I am more of a hem than I would like to admit.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Want to work with me and my team? Here’s how! Schedule a FREE consultation with me here: https://bit.ly/3a2KbUG
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Outsource your bookkeeping, accounting, payroll, and taxes to a pro.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Join Bette on this #FinanceFriday to learn more about the PPP Second Draw program. Answers to questions such as how is it calculated and who is eligible.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
This #FinanceFriday I sit down with my friend, Gavriel Maman, to discuss business banking versus personal banking, and of course, we touch on the PPP disaster.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Hello. Good morning and welcome to Tax Tip Tuesday. Today for your tax tip, we're going to discuss the recent announcement by the IRS to delay the opening of the 2020 tax filing season to February 12th.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Happy Martin Luther King Day and in honor of the day we are going to talk about advice Dr. Martin Luther King gave out including this quote:
"Money in its proper place is a worthwhile and necessary instrument for a well-rounded life. But when it is projected to the status of a god, it becomes a power that corrupts and an instrument of exploitation." - Dr. Martin Luther King.
Check out the video here: https://www.youtube.com/watch?v=rZ0ebhQKhIg&feature=emb_title
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Tune in to hear about the ways my accounting firm puts our clients first. Recorded on 02/19/2020.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Listen as we discuss Mel Robbins' 5 Second Rule
Support this podcast: https://anchor.fm/bettehochbergercpa/support
A discussion of the book indistractable by Nir Eyal
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Bette's Business Book Club for July discussed the book, Fanocracy: Turning Fans into Customers and Customers into Fans
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Bette's Business Book Club meeting to discuss Start With Why by Simon Sinek.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Our exciting discussion of the popular book, Good To Great by Jim Collins!
Support this podcast: https://anchor.fm/bettehochbergercpa/support
How I balance working ON my business with working IN my business. Learn my secrets to making sure I work ON my business every week consistently!
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Things that inspire me. These are some of the things that keep me feeling inspired. What inspires you? Drop a comment!
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Let's talk about work life balance. For me it's about setting priorities. Sometimes there is more to do in a day or week than seems humanly possible. Make sure you know what's important.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
The hardest lesson I learned while growing my business.
When you are an independent solopreneur it's a hard lesson to realize you can't do it all yourself!
Support this podcast: https://anchor.fm/bettehochbergercpa/support
A brief history of my firm! How I went from an MIT engineer to owning my own CPA firm with a staff of super stars!A brief history of my firm! How I went from an MIT engineer to owning my own CPA firm with a staff of super stars!
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Reward Yourself with More Time by Outsourcing!
Have more on your plate than hours in the day? Figure out what not to do and outsource it. My recommendation for entrepreneurs and business owners is to outsource their bookkeeping and accounting!
Need to contact Bette?
Office- 954-639-4060
bette@bettehochberger.com
http://bettehochberger.com
Support this podcast: https://anchor.fm/bettehochbergercpa/support
An inside view of what my CPA firms offers! Hint- it's more than just tax returns! :-D
Other services include business consulting, cash flow management, payroll, IRS representation, profitability consulting, accounting and bookkeeping, and management consulting.
Link for Gusto: If you want the best payroll experience, check out Gusto! https://gusto.com/r/bette2
Need to contact Bette?
Office- 954-639-4060
bette@bettehochberger.com
http://bettehochberger.com
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Some of my favorite business books. I'm an avid reader and learn tons of great things for my business through reading.
This is the list for my bookclub. I did this last year and am thinking of starting it up again. https://docs.google.com/spreadsheets/d/1chD8EBxncxF9rruXJOtm4s8jA9IKO8yx7e1MjQtDMf8/edit?usp=sharing
Friend me on Goodreads! https://www.goodreads.com/user/show/5609218-bette-hochberger
Have accounting, tax, or business questions? Set up an appointment to speak with me: http://bit.ly/1Jvxb71
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Listen in to the discussion of the book Influence:The Psychology of Persuasion by Robert Cialdini.
Get this whole list here: http://bit.ly/2019bbc
Join the Facebook event to watch live: https://www.facebook.com/events/2248003028858621/
Check out the videos and others on my YouTube channel: https://www.youtube.com/channel/UCNmaF-UYn3lJ9H7ShzyW6fA
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Listen in to the discussion of the book Clock Work by Mike Michalowicz.
Get this whole list here: http://bit.ly/2019bbc
Join the Facebook event to watch live: https://www.facebook.com/events/2248003028858621/
Check out the videos and others on my YouTube channel: https://www.youtube.com/channel/UCNmaF-UYn3lJ9H7ShzyW6fA
Support this podcast: https://anchor.fm/bettehochbergercpa/support
One week to go for our February book club about Clock Work by Mike Michalowicz
Support this podcast: https://anchor.fm/bettehochbergercpa/support
Listen in to the discussion of the book The 4 Hour Work Week by Tim Ferris.
Get this whole list here: http://bit.ly/2019bbc
Join the Facebook event to watch live: https://www.facebook.com/events/2248003028858621/
Check out the videos and others on my YouTube channel: https://www.youtube.com/channel/UCNmaF-UYn3lJ9H7ShzyW6fA
Support this podcast: https://anchor.fm/bettehochbergercpa/support
One day to go! The 2019 January first meeting of the Business Book Club.
Support this podcast: https://anchor.fm/bettehochbergercpa/support
A week to go before the first meeting of my Business Book Club! The first book- The 4 Hour Work Week by Tim Ferris.
Support this podcast: https://anchor.fm/bettehochbergercpa/support