THE PROFIT FIRST FORMULA – The GAAP (Generally Accepted Accounting Principles) formula for determining a business’s profit is Sales – Expenses = Profit. It is simple, logical and clear. Unfortunately, it’s a lie. The formula, while logically accurate, does not account for human behavior. In the GAAP formula profit is a left over, a final […]
Nicole M. Albrecht
Nicole Albrecht may be reached at (951) 719-1515 or Nicole@thinkfas.com.
- Posts: 16
- Website: http://www.thinkfas.com
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8. The qualified medical expense deduction improves. One of the few itemized deductions kept under the tax reforms also has a lower threshold this year. You can now deduct any out-of-pocket medical expenses exceeding 7.5% of your adjusted gross income (AGI). This applies to qualified medical expenses in 2017 and 2018. (The old deduction threshold […]
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The legislation popularly known as the Tax Cuts & Jobs Act did not exactly “rewrite the book” of federal tax laws, but it almost seems that way. On January 1, a host of important, new tax provisions entered the Internal Revenue Code, and others were suddenly repealed. Due to these reforms, federal tax law has […]
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Some of the impact of the Tax Cuts & Jobs Act will be felt mostly for the 2018 tax year. President Donald Trump signed the Tax Cuts & Jobs Act into law on December 22nd, and on January 1st, some key details of the Internal Revenue Code will abruptly change. Changes will be noticeable. On […]
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As a business owner, do you ever wonder if you are doing things right in regards to the distinction above? If you answered yes, we at Financial Accounting Services are here to help. Considering the hefty penalties that come along with misclassification, it is vital to be aware of the many different variables that come […]
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The answer depends on your income. Your Social Security income could be taxed. That may seem unfair, or unfathomable. Regardless of how you feel about it, it is a possibility. Seniors have had to contend with this possibility since 1984. Social Security benefits became taxable above certain yearly income thresholds in that year. Frustratingly for […]
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Everyone should aim to have a cash reserve. We all would love to have a little extra cash on hand for emergencies. Saving up that cash can be a challenge – but with a little effort, that challenge can be met. Imagine a 30-year-old couple with no real savings. Let’s call them Kurt and […]
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Business Taxes: The standard mileage rate for business driving has changed in 2017, it falls to 53 ½¢ a mile, a 0.5¢ drop. Traveling for medical purposes and job-related moves the rate decreases to 17¢ a mile. For the charitable driving the rate remains at 14¢ a mile. Two business tax breaks first apply on […]
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What could that money potentially help you to accomplish? Should your refund be spent? In 2016, more than 109 million tax filers received federal tax refunds, with the average refund at $2,893. What happens to that money? In most cases, little of the refunded money is saved or invested: last year, more people used their […]
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Are you worried about being audited? The fear may be overblown as only 0.86% of taxpayers had their federal returns examined in 2014. Last year, 7.5% of millionaires had their returns scrutinized. Much of this is down to low staffing at the IRS. In 2011, during more prosperous times for the agency, the IRS audited […]
