Ask Annie: Recent Episodes
Annie Hung-Scanga
This Podcast is dedicated to sharing information, resources and strategies on all things accounting, tax preparation and financial planning. Annie Hung-Scanga received her CPA and achieved her MBA in 1995, and after working for such notable firms as Arthur Anderson and HR Block, Annie founded Atlantis CPA in 2006. She brings significant and well-rounded expertise to the Podcast.
Available IRS tools to help taxpayers through tax filing season
The IRS recommends trying the following self-help resources available to taxpayers 24/7 for a smooth and easy tax filing experience.
Where you locate your business depends in part on the location of your target market, business partners, and your personal preferences and much more...
There are a variety of state programs that distributed these payments in 2022 and the rules surrounding them are complex. IRS plan to provide additional clarity for as many states and taxpayers as possible as possible.
It costs money to start a business. How to fund your business could affect how you run your business...
The IRS will begin accepting and processing 2022 tax year returns and Some 2022 changes might affect your tax refund...
A good business plan guides you through starting and managing your business. You’ll use your business plan as a roadmap for how to structure, run, and grow your new business
If you bought a new, qualified plug-in electric vehicle (EV) in 2022 or before, you may be eligible for a clean vehicle tax credit up to $7,500 under Internal Revenue Code.
Starting a new business is exciting and overwhelming. Where to start? Turn your passion into income/profit.
Get ready to file your 2022 income tax return. Planning ahead to get documents / records ready now can help you file quickly and help received tax refunds sooner if you are entitled to!
Further to this December's theme, today's podcast covers valuable insights into tax savings and financial literacy strategies you can employ before year end. Today we'll be discussing:
Health Savings Accounts (HSAs), 401k maxing, Dependent Care Flex Accounts, Charitable Donations and Education Plans.
To learn more about Annie's firm and their broad array of services, please visit the Atlantis CPA website. And if you'd like to schedule a no-cost, no-obligation consultation with Annie, you can do so here.
Wishing you and yours a joyous holiday season!
The New Year is almost here, and our resident expert Annie has some valuable insights into how to position yourself best financially for 2023. As a follow-up to our previous episode, today's session covers the final three important tips to consider as we near year-end. In today's conversation we discuss:
1) Boosting your emergency savings, 2) Planning your spending to get the most from your purchases, 3) Charitable donations.
If you'd like to learn more about Annie and her firm, visit the Atlantis Accounting website. And if you'd like to schedule a no-cost, no obligation consultation with Annie, please schedule it here.
Warmest holiday wishes!
It's almost here! With 2023 just around the corner, today's episode covers 5 important things you can do before year end to set yourself up for financial success in the New Year. Today's episode will cover the first two, but stay tuned for Pt. 2 for the rest.
As always, we're here to help. To learn more about Atlantis Accounting services please visit our website. Or, if you'd like to schedule a no-cost, no-obligation consultation, you can schedule it here.
Annie is an MBA, CPA and CKA. In today's episode we pick her brain and have an engaging conversation around three important topics that are on the minds of many business owners as the New year approaches:
1) The new monies appropriated to the IRS and what it could mean
2) With interest rates in flux, how to reevaluate revenue to debt service ratios
3) New Year's resolutions a business owner should consider
We hope you enjoy today's episode, and if you'd like to learn more about Annie's services please visit the Atlantis website, or schedule a no-cost, no obligation consultation here. Happy Holidays!
'Tis the season, and knowing the IRS guidelines on holiday gifting, bonuses and holiday events you may be planning will help you stay within the IRS guidelines while taking advantage of all acceptable deductions.
Did you know that there's an annual limit of gifting deductions, fixed at $25 p/ year p/ staff member? If you invite clients to your staff holiday party, did you know that you automatically lose 50% of the deductible value of your event?
Here's a link to the IRS guidelines on supplemental income.
Tune in, there's a lot of timely and important value to today's session. And if you'd like expert advice, please schedule a no-cost, no-obligation consultation with Annie.
As we discussed in part one, it's never too late to take control of your financial future. In today's episode we cover the final four of seven foundational steps to take in planning your estate. In addition to the first three steps outlined in part one, which include: 1) Inventory and valuation of both tangible and intangible assets, 2) How to ensure you've accounted for your family's needs, 3) Establishing your directives - including such important considerations as setting up a trust, medical care directives and the two common types of powers of attorney - today's episode covers the additional topics of:
4) Reviewing beneficiaries, 5) Noting your state's estate tax laws, 6) Weighing the value of professional help and 7) Planning to reassess (as life's circumstances change)
As always, consult your estate planning professional for their advice, but if you're in need of an experienced estate/ financial planning professional, please reach out to Annie for a no-cost, no-obligation consultation.
It's never too late to take control of your financial future. In today's episode we cover the first three of seven foundational steps to take in planning your estate. These steps include:
1) Inventory and valuation of both tangible and intangible assets, 2) How to ensure you've accounted for your family's needs, 3) Establishing your directives - including such important considerations as setting up a trust, medical care directives and the two common types of powers of attorney.
As always, consult your estate planning professional for their advice, but if you're in need of an experienced estate/ financial planning professional, please reach out to Annie for a no-cost, no-obligation consultation.
In today's episode, our resident tax planning expert Annie dives into the topic of "Kiddie Tax." Kiddie tax is a special set of income tax rules that apply to individuals under 18 years and full-time students under 24 years. If the child’s unearned income (investment income) is more than the kiddie tax threshold for the tax year, then the child’s unearned income over the threshold is subject to the kiddie tax and gets taxed at the parents’ marginal tax rate rather than the child’s tax rate. The kiddie tax threshold is adjusted for inflation each year.
What is the kiddie tax threshold? Adjusted each your for inflation, the 2021 threshold is $2,200 and the 2022 threshold increases to $2,300.
If you'd like to learn more about this and other tax planning strategies, please consult your tax planning professional - and if you are in need of a tax planning expert, reach out to Annie to schedule a no-cost, no-obligation consultation here.
As tax season approaches, it's a great time to reflect on the many tax saving strategies available to us parents. While we're all no doubt familiar with one or more of them, we may not be familiar with all of them, which include; Child Tax Credits, Earned Income Tax Credits, Adoption Tax Credits, The American Opportunity Tax Credits and The Lifetime Learning Tax Credits.
In today's episode we share insights into how each credit works, who can qualify and why to consider taking advantage of them. At Atlantis CPA, we believe that every dollar saved is a dollar earned, and are committed to helping you find every eligible dollar in savings. To learn more about Annie's firm, Atlantis CPA, please visit our website. If you'd like to schedule a no-cost, no-obligation consultation call with Annie, please visit her online calendar.
Halloween is behind us, and Thanksgiving/ Christmas are just around the corner. After all these joyous celebrations are behind us, those two dreaded words will arrive - tax season. In this episode we explore year-end tax saving strategies you can employ now as an early Christmas present for your business next year.
We've recorded many valuable episodes, if you haven't gone back to our archives, I invite you to now!
To learn more about Annie and her firm, Atlantis CPA, please visit our website. And If you'd like to schedule a complimentary, no-obligation consultation, just pick the best day/ time to meet with Annie here.
Sound cash flow management is a fundamental building block and the foundation of every successful business venture. In today's episode we discuss smart cash flow management strategies, how to take a snapshot of your business' current cash flow statements and what cash flow forecasts really tell you.
This podcast is part one of two - but essential listening prior to the next episode on Year End Tax Saving Strategies. We hope you enjoy - both!
To learn more about Annie's firm, Atlantis CPA, please visit their website. If you'd like to schedule a no-cost, no-obligation consultation with Annie, please use our online appointment calendar.
In this insightful episode we learn the importance of good financial planning, and how it empowers your future. Many people consider investments as their prime financial planning vehicle - but did you know that after World War II, the stock market drops in value an average of 33% every five years? Portfolio diversification is the key to help offset these shifts - and that's what we'll be discussing today.
If you'd like to learn more about Annie's firm, Atlantis Accounting, please visit our website. And if you'd like to schedule a no-cost, no-obligation consultation, here's a link to Annie's calendar.
"My father was fond of saying you need three things in life; a good doctor, a forgiving priest and a clever accountant," movie lovers will recognize this quote. And it's never more true than that once-per-year magical time. No, not Christmas - tax season!
In today's session we talk tax strategy, and have fun while we do it! We'll cover such topics as: not letting tax savings dictate how you live, the difference between cash and accrual basis filings, why you should NOT take tax advice from random YouTubers and much more.
If you enjoy today's episode, we'd like to extend to you a valuable offer - a free consultation and follow-up business tax planning advice on the following:
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Tax Savings Strategies to Employ Before Year End
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The Best Ways to Prevent a Paper Audit from the IRS
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The Best Steps to Take if You're Currently Under a Paper Audit
Schedule your call here.
To learn more about Annie and her firm, Atlantis CPA, please. visit our website.
Markets change, our needs and goals change, and sometimes the business we so energetically started begins to look different. If you are considering unwinding your company, your choices are straight-forward. Sell or close. There are important considerations to each, and we'll explore them in today's episode.
To learn more about Annie's firm - Atlantis CPA, please visit her website. And if you'd like to schedule a no-cost, no-obligation consultation, here's a link to her online calendar.
The Atlantis Team offers financial planning, tax strategy and accounting services - but we also help businesses evaluate their cost centers and even offer resources to help you enhance and empower your sales and marketing strategies. In today's episode, Annie interviews Phillip Macko - a serial entrepreneur, career coach and consultant who brings 25+ years senior sales and marketing experience to today's conversation.
Join us, it's a fun one - we promise!
And if you'd like to learn more about Atlantis CPA, please visit our website. Or, if you're interested in a no-cost, no-obligation initial consultation, please schedule one using our online calendar.
Every business needs equipment, but when and how your business acquires these assets has direct impacts on cash flow, depreciation schedules and taxes. In this episode we dive deep into the considerations a business should explore before making a capital equipment acquisition with our financial expert Annie.
To learn more about Annie's firm, Atlantis CPA, please visit her website. Or, if you need expert advice, please use her online calendar to schedule a no-cost, no-obligation consultation.
In this episode, we explore the tax-related timing and implications of your corporate structure. Whether you are a sole proprietor, sole member LLC, partnership or C-Corp, it's important to understand what is due, when it's due and how to correctly file. Today's session touches on each corporate structure and the associated tax reporting requirements it has.
To learn more about Annie's firm, please visit her website. And if you'd like to schedule a no-cost, no-obligation initial consultation with Annie, you can reserve your time here.
In today's Ask Annie episode we explore the important considerations to weigh when placing your financial future in the hands of a software package versus a financial planning professional. The nuances in communication matter as they can have a compounding effect on your financial future, so it's important to make an informed decision!
Join us as we explore the many benefits of working with a financial planning professional vs a self-serve software package.
To learn more about the many services Annie's firm provides, please click here. Or, if you'd like to schedule a no-cost, no-obligation consultation, you can access her online calendar here.
Not all financial services companies are created equal. In addition to her CPA certification and Master's Degree in Business, Annie is the proud recipient of a Certified Kingdom Advisor certification. As such, she must adhere to ELEVEN key service promises. Join us for today's episode to explore the Atlantis Accounting difference.
To learn more about Annie and Atlantis Accounting, please visit their website, or if you'd like to schedule a no-cost, no-obligation consultation, please use this link to secure a time on Annie's calendar.
How you structure your staff in your business has impacts on your profitability, tax strategy and more. In today's episode we again "Ask Annie" to flex her MBA muscle and speak to the pros and cons of each hiring option. In this conversation, Annie advises that you shouldn't base employment decisions based on the tax consequences, instead determine what's best for your business and then consider the tax consequences this decision may have.
To learn more about Annie, please visit her website, or schedule a no-cost, no-obligation consultation here.
In addition to her CPA and CKA certifications, Annie hold an MBA. Today we ask Annie to flex her MBA muscle as we explore the importance of developing a comprehensive business plan prior to launching a new venture. And importantly, beyond! The Business Plan should be a living, breathing document, though many businesses allow it to collect dust post-launch. Case in point, today's markets face unprecedented complexities; pandemic/ post-pandemic, oil and gas costs, supply chain challenges, inflation, microchip shortages, Ukraine and more. The assumptions made when you started your business have changed - perhaps it's time to revisit yours?
To learn more about Annie, please visit her website, or schedule a no-cost, no-obligation consultation here.
How you manage your businesses' profits can build wealth beyond you, provide resources, education to your children and grandchildren while driving profit and tax savings. In this episode we'll explore several multi-generational wealth building strategies with our expert Annie.
To connect with Annie on this - or on anything accounting, tax planning and more, visit her website - or schedule a no cost, no obligation consultation.
Depending on the industry, new business fail rates can range from 50 to 90%. Of the seven main reasons identified, not surprisingly four are directly related to sound cash management; Cost/ Vendor Management - 19.8%, 25% Business Planning/ OpEx - 25%, Financial Backing - 31% and Cash Management - 37%. In this episode we explore cash management strategies with our expert Annie - focussing on the two most important tools you should utilize - Profit & Loss Statements and Cash Flow Statements.
Annie became received her CPA certification in 1995. After working for such notable firms as Arthur Anderson and HR Block, Annie founded Atlantis Accounting in 2006. For 16+ years her firm has provided comprehensive accounting, tax strategy and financial planning services to a broad array of companies, and Annie herself brings decades of experience and expertise.
To learn more about Annie and her firm, please visit her website at https://www.atlantiscpa.com/, and if you'd like to schedule a no-cost, no obligation consultation with Annie you can do so by accessing her online calendar.
Not all accounting and tax preparation firms are the same, and choosing the wrong accounting/ tax preparation partner can effect your bottom line. In this episode, we explore the five important things to consider when choosing an accounting/ tax professional. Whether you're launching a new business venture or an existing business considering new services, this episode is a valuable one to listen to.
To learn more about Annie and Atlantis CPA, visit her website at https://www.atlantiscpa.com/
In this episode of "Ask Annie" we explore the benefits and liabilities of corporate structures. Is an LLC right for your new business? What are the key features of an S-Corp? When does a C-Corporation makes the most sense?
Our expert Annie received her CPA and MBA in 1995, and after working with such notable firms as Arthur Anderson and HR Block, Annie founded Atlantis CPA - a firm dedicated to providing the very best accounting, tax preparation and financial planning services.
To learn more about Annie and Atlantis CPA, please visit her website at https://www.atlantiscpa.com/.