I’m writing this blog post during the final days of my 2025 “after tax season vacation” at The Cliff Lodge at Snowbird, Utah. The featured image was from taken from the balconey of my room before another “dump” of spring skiing powder❄❄❄🎿⛷🏂. It’s very beautiful and relaxing here but I know I’ll be shoulder deep in tax extensions and planning once I return home… Snowbird from my Balcony As we… Read more
Our bags are packed 💼🧳and once again I am heading out to Snowbird Utah✈️🏔️🚠⛷️😎, but I wanted to send out a quick reminder… It’s spring and with spring comes spring cleaning and tax planning season. Whether you have filed your 2024 tax returns or are on extension for this and possibly prior years here is a list important tax documents and what to do with them: Save a hard copy… Read more
As Passover, Easter and the other spring holidays approach, many of us are busy preparing meals 🥖🍗, gathering with family and friends 👨👩👧👦, and ensuring everything is just right for the celebrations 🎉. Coincidentally (or for us accountants), the personal tax deadline is right around the corner too 📅, making this a time of preparation for another important event: filing your taxes 📂. While these two activities may seem worlds… Read more
The Power of Financial Models Financial models are invaluable tools designed to help you understand and project the financial health of your business. By simulating different scenarios and examining potential outcomes based on various inputs like sales growth, margins, and cash flow, these models provide a comprehensive picture that aids in informed decision-making. Practical steps for leveraging financial models: 1. Planning and forecasting Start by creating a base… Read more
It’s tax season—do you know what your dependent children 👧🏼👧🏾👦🏼👦🏾 are including when e-filing their personal tax returns? While they’re cute, funny, brilliant, and tech-savvy, they may not fully grasp the consequences of those yes/no boxes they check when submitting their tax returns via free or DIY software. As a parent, you might think, “It’s great that my child wants to be independent and handle their taxes,” but let’s take… Read more
Here’s a life lesson; a life take-away (way more valuable than a weekly take-away): It’s Better & Cheaper 💰💲💲to Extend 🫷🏻than Amend ☺️ The myths and truths about income tax extensions: Myth: a tax extension enables you to file AND pay the balance due later.(with no consequences) Truth: While a tax extension gives you more time to file your taxes, it does not extend the deadline for paying any tax due. When you submit your request… Read more
I hope this follow-up to last Friday’s blog, highlighting the “Do’s” and “Don’ts” will help you with navigating debt repayment helping your business grow and helping you get a good night sleep: While significant expenses like staff salaries, rent, and advertising are carefully budgeted, one critical “cost of doing business” that often flies under the radar is debt servicing—the monthly principal and interest payments on loans 💸. Managing debt can feel like… Read more
Navigating Debt Repayment for Financial Freedom For many small business owners, medical practitioners, and other professionals, launching a business or practice often begins with a well-crafted business plan 📋 and the assembly of a strong professional support team 🤝. Once a loan is secured 💰, a prime location chosen 📍, and key staff hired 👥, the real work begins. While significant expenses like staff salaries, rent, and advertising are carefully… Read more
I hope this follow-up to last Friday’s blog, in a checklist format, highlights the “Do’s” and “Don’ts” will help you with organized, sustainable business growth. Follow the list, check off the boxes, and watch your business thrive. A great business plan is the cornerstone of success for any business. Use this checklist as a reminder as you work through your plan. Whether you’re a medical practice, a professional service provider,… Read more
Finding new customers and markets is an exciting journey that requires careful planning and strategic action. With the right approach, the rewards can be significant. So, why not take the first step today? 🏠🚀 Weekly Takeaway: For a business to thrive and grow, it essentially needs two things: a strategic plan and an ability to continually find new customers while tapping into promising markets. There’s a popular marketing saying: “Go where… Read more
I hope this follow-up to last Friday’s blog, highlighting the key benefits of utilizing Budgeting, Forecasting, & Goal Setting for Business Success, provides actionable insights to help your business thrive. Best practices include proper financial planning as the cornerstone of success for any business. Whether you’re a medical practice, a professional service provider, or a small business owner, aligning your budgets, forecasts, and goals can pave the way for sustainable… Read more
Weekly take away: With so much uncertainty these days it’s helpful and maybe even critical to include budgets, forecasts, long and short-term goals in your business process. Many business owners find themself struggling to understand what their finances mean or how they can use available financial information to make appropriate and necessary decisions for their business. We often get into business because we love a product or service we want… Read more
I hope this follow-up to last Friday’s blog, highlighting the key benefits of working with an accounting firm who supports your cloud-accounting software platform, proves valuable—especially for small business owners striving for financial clarity and control. Quite a mouthful, I know, but I firmly believe that implementing real-time accounting processes, accessible anytime and anywhere, is one of the most transformative steps your accounting firm can assist and support you with.… Read more
Weekly take away: In this day and age, business best practices almost REQUIRES switching to cloud accounting software. Utilizing real-time accounting data enables our clients to make well-informed decisions, rather than simply analyzing historical data. As a Certified Public Accountant and Certified Tax Planner, offering business advisory services for small business clients, medical offices and other professional practices we emphasize the importance of adopting cloud based, online accounting software as… Read more
I hope this follow-up to last Friday’s blog highlighting the necessity to create a contingency plan and testing it to confirm it will work when you need it may be one of the most important lessons you never have to use. We did back in October 2012 when Hurricane Sandy hit my home and office in Rockaway Beach Queens, and then again in March of 2020 when the pandemic hit… Read more
Weekly Takeaway: This old photo is an aerial of my block taken October 30th 2012 from a private plane owned by my sister’s friend. He had no idea this was my block; it was one of many taken after Hurricane Sandy hit. We had stayed put for Hurricane Irene which landed here in August 2011 with no serious damage. We were lucky with Irene. Soon after, I checked my systems… Read more
I love following up my Friday “wordie” blog with a visual version. This week I have created a check list to help follow best practices for working smarter not harder and following time tested best business practices for HOPEFULLY solving some of the problems or issues many small businesses are facing these days. Financial Best Practices for Small Business Do’s: Pay Yourself 🤑 Maintain a Separate Business Bank Account 💳… Read more
Weekly Takeaway: Stay abreast of the tax laws, even when you are “knee deep” in tax season; be informed and keep your staff, clients, and other tax professionals informed of the latest developments. They may roll their eyes, but they can as they are well informed of the law and developments surrounding filing requirements. Rolling 🙄your eyes is a luxury as compared to panic and sleepless nights 😥when you are… Read more
We celebrated Valentine’s Day 2025 💝last Friday and my post focused on several key issues for owners of small businesses with some specifics for medical practitioners who own their medical practices. One related specifically to the end goal of the tax minimization strategies we design and implement with/for our clients: it’s not just the savings, it’s what you do with those funds that matters. I also “hinted” that implementing better… Read more
Weekly Take Away: It makes sense to take the time to imagine and then plan for your business and personal goals. We love to brainstorm to help our clients line up those tax strategies which help them achieve long and short term goals 💸💲🥇while still taking some “me” or “you” time along the way🏃🏻🎾⛹🏻🤸🏻🎣… Navigating the world of taxes can be tricky for anyone, but when you’re juggling the demands… Read more