Nicole M. Albrecht

If You’re Considering Moving to a Different State, Taxes in the New State may be the Deciding Factor Especially if you expect them to be Lower Consider All Applicable State and Local Taxes – If your objective is to move to a lower-tax state, it may seem like a no-brainer to move to one that […]

by Rob Britton CFA, CFP & Nicole Albrecht EA, CTC The Senate passed the legislation 96-0 and the bill now heads to the house for a vote tomorrow. If passed the bill would be the largest aid package in US history. The key points of the bill are as follows: The most anticipated piece of […]

The number one audit risk that S-Corporations have to deal with is salary and wages paid to officers of there corporation. One of the fastest ways for the IRS to audit an S-Corporation is to file an 1120S tax return with no amount showing on Line 7. It is assumed by the IRS that no […]

Helpful tips for tax time. Being a small-business owner isn’t easy. After all, balancing payroll, managing employees, drawing up marketing plans, and handling the bookkeeping can be stressful! Luckily, the Internal Revenue Service (I.R.S.) allows small-business owners to take some surprising deductions, which may help come tax time. Read on to learn more. Remember, the […]

Here are some things you might consider before saying goodbye to 2019. What has changed for you in 2019? Did you start a new job or leave a job behind? Did you retire? Did you start a family? If notable changes occurred in your personal or professional life, then you will want to review your […]

The Profit First principle does not try to change your habits, because that is nearly impossible. Profit First works with your existing habits. By first allocating money to different accounts, and then removing the temptation to “borrow” from yourself, your business will become fiscally strong and you will benefit from regular profit distributions. The Profit […]

If you are an officer in a corporation, you must be on payroll and receive regular checks that include all standard withholdings. If your company is structured as an S Corp, you are still required to receive regular paychecks with standard withholdings but there is also an option to give yourself additional funds separate from […]

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 […]

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 […]

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 […]