Timely Financials-1

Welcome to


The Learning Center

One of our core values is empowerment through education - it means a lot to us.

The Learning Center was made as a resource for business owners and inquisitive individuals who want to learn more about the current world of taxes and accounting.  If that sounds like you, you're in the right place.

Reach out if you have any questions.  Thanks!

3 min read

Restaurant meals are fully tax-deductible for businesses until 2023

Written by Kristen Grau on Oct 15, 2021

The full deduction applies to any business-related restaurant meals from the beginning of 2020 to the end of 2022.

8 min read

When do I need a bookkeeper?

Reviewed by Erica Ortiz | Written on Oct 13, 2021

If your small business is growing and you feel overwhelmed keeping track of your books, it may be time to hire a bookkeeper.

11 min read

What’s the best accounting software for small businesses in 2021? [Pricing + Features]

Reviewed by Sheila Malavet | Written on Sep 24, 2021

Accounting software is an essential investment for small businesses. Most of the time, your best option is Xero.

8 min read

How would Congress’ new tax bill affect me?

Reviewed by Sean DiMercurio CPA CGMA | Written on Sep 20, 2021 | Last updated on Oct 6, 2021

A proposed bill in Congress would affect tax rates, capital gains, retirement accounts and more. People who make more than $400,000 would likely see their tax bills go up.

13 min read

What’s the best payroll software for small businesses in 2021? [Pricing + Features]

Reviewed by Sheila Malavet | Written on Sep 10, 2021 | Last updated on Sep 20, 2021

The most popular payroll softwares are Gusto, ADP Run, QuickBooks and Square. Nearly 100 percent of the time, Gusto is your best choice.

6 min read

When should I issue 1099s?

Reviewed by John Kirkland | Written on Sep 01, 2021 | Last updated on Oct 6, 2021

Form 1099 is typically used to report the income of people who aren’t your employees, like contractors and freelancers. But there are more scenarios where you have to issue a 1099.

3 min read

Florida back to school sales tax holiday begins July 31

Written by Kristen Grau on Jul 30, 2021 | Last updated on Aug 9, 2021

Floridians can avoid sales tax on select items until Aug. 9.

5 min read

What do I need to know about the 2021 Child Tax Credit?

Written by Kristen Grau on Jul 20, 2021 | Last updated on Aug 26, 2021

Millions of parents will find up to $300 per child in their pockets every month starting in July.

6 min read

Should I pay estimated taxes?

Reviewed by Sean DiMercurio CPA CGMA | Written on May 17, 2021 | Last updated on Aug 30, 2021

If you don’t get enough withheld in taxes annually, the IRS says you have to pay them throughout the year in the form of quarterly estimated tax payments. Find out if that’s the best option for you — or whether you should pay the penalties instead.

1 min read

What is reasonable compensation for S corporation owners?

Reviewed by John Kirkland | Written on Feb 03, 2021 | Last updated on Aug 30, 2021

If your business is taxed as an S corporation, the IRS has special rules for how owners are paid.

3 min read

How to avoid 3 common personal income tax mistakes

Reviewed by John Kirkland | Written on Feb 02, 2021 | Last updated on Aug 30, 2021

Avoiding these mistakes can save you from surprise tax bills.

5 min read

Important tax due dates for 2021

Reviewed by Sean DiMercurio CPA CGMA | Written on Jan 07, 2021 | Last updated on Sep 9, 2021

Keep track of the most important federal and Florida tax deadlines this year.

2 min read

The Heroes Group is now DiMercurio Advisors

Reviewed by Jeremy Sutton | Written on Dec 03, 2020 | Last updated on Aug 20, 2021

Our name has changed but our innovative accounting and tax services haven't.

3 min read

Is a 529 college savings plan right for me?

Reviewed by John Kirkland | Written on Jul 15, 2020 | Last updated on Sep 8, 2021

Saving for your child’s college without taking a hit on your taxes is easy with a 529 college savings plan.

3 min read

6 changes to the PPP you need to know

Reviewed by Sean DiMercurio CPA CGMA | Written on Jun 12, 2020 | Last updated on Sep 21, 2021

A newer act called the Paycheck Protection Program Flexibility Act of 2020 made big changes to the PPP.

2 min read

Should I set up an advisory board for my business?

Reviewed by Sean DiMercurio CPA CGMA | Written on May 19, 2020 | Last updated on Aug 23, 2021

These five signs could mean it’s time for you to seek advisory for your small business. Here are your options.

2 min read

How do I measure the success of my business?

Reviewed by Sean DiMercurio CPA CGMA | Written on May 12, 2020 | Last updated on Aug 24, 2021

There are many ways to measure your business’ success — but these metrics are some of the most telling.

2 min read

How can I save money on taxes as an independent contractor?

Reviewed by John Kirkland | Written on May 05, 2020 | Last updated on Aug 24, 2021

How can I save money on taxes as an independent contractor?

1 min read

Do I have to forecast my business’ cash flow?

Reviewed by Sheila Malavet | Written on Apr 21, 2020 | Last updated on Aug 24, 2021

Understanding your business’ cash flow helps you plan costs and avoid problems before they happen.

3 min read

Will working from home during COVID-19 save me in taxes?

Reviewed by Sean DiMercurio CPA CGMA | Written on Apr 09, 2020 | Last updated on Aug 30, 2021

The answer is, unfortunately, probably not. Here’s why.

2 min read

Can I qualify for unemployment as an independent contractor?

Reviewed by John Kirkland | Written on Apr 07, 2020 | Last updated on Sep 21, 2021

The CARES Act made unemployment benefits accessible to those who don’t typically qualify for them, like self-employed workers and independent contractors. However, there are requirements you need to meet.

2 min read

How can I reduce my business debt?

Reviewed by Sheila Malavet | Written on Apr 07, 2020 | Last updated on Aug 30, 2021

Getting proactive with your credit control can help you improve your credit score and tackle your business debt.

3 min read

Can my business get a loan because of COVID-19?

Reviewed by John Kirkland | Written on Apr 03, 2020 | Last updated on Sep 21, 2021

Yes. Your business may qualify for an Economic Injury Disaster Loan (EIDL) or a Paycheck Protection Program (PPP) loan.

2 min read

CARES Act makes it easier to withdraw from retirement accounts

Reviewed by Sean DiMercurio CPA CGMA | Written on Apr 03, 2020 | Last updated on Sep 8, 2021

The 10 percent early withdrawal penalty has been dropped for plans such as traditional IRAs, 401(k)s, SEPs and TSAs.

37 min read

How can I file for unemployment in the United States?

Reviewed by Sean DiMercurio CPA CGMA | Written on Apr 02, 2020 | Last updated on Aug 3, 2021

In these times of uncertainty, governments all over the world are taking unprecedented action to support people who have been adversely affected by the COVID-19 pandemic. On March 12th, the U.S. Department of Labor released updated eligibility criteria for unemployment insurance (UI) programs to include people that have become unemployed as a direct result of the coronavirus outbreak.

2 min read

Do I qualify for the Employee Retention Credit?

Reviewed by John Kirkland | Written on Apr 01, 2020 | Last updated on Sep 21, 2021

Find out how much you can save by simply keeping your employees on payroll during COVID-19.

2 min read

How much should my business charge?

Reviewed by Sheila Malavet | Written on Mar 31, 2020 | Last updated on Aug 26, 2021

There’s no magic formula — but there are a few factors every small business owner should consider regardless of your industry.

4 min read

How does the CARES Act impact me?

Reviewed by Sean DiMercurio CPA CGMA | Written on Mar 27, 2020 | Last updated on Sep 8, 2021

If you’re an individual or a business owner, the $2 trillion stimulus package probably benefits you.

7 min read

How do SBA disaster loans affect me? [FAQs]

Reviewed by Sean DiMercurio CPA CGMA | Written on Mar 27, 2020 | Last updated on Sep 9, 2021

The Small Business Administration (SBA) is offering loans of up to $2 million for small business owners struggling during COVID-19. Find out how to apply, qualify and more.

3 min read

Do I qualify for paid sick or family care leave during COVID-19?

Reviewed by Sean DiMercurio CPA CGMA | Written on Mar 26, 2020 | Last updated on Sep 9, 2021

Federally-funded paid sick and family care leave can help struggling employees during COVID-19. Find out if you qualify.

3 min read

Tax deadline extended due to COVID-19

Reviewed by Sean DiMercurio CPA CGMA | Written on Mar 25, 2020 | Last updated on Sep 9, 2021

You’ll have until July 15 to file your 2019 tax return and pay your tax liability.

2 min read

Coronavirus and Taxes: Frequently Asked Questions [FAQ]

Reviewed by Sean DiMercurio CPA CGMA | Written on Mar 24, 2020 | Last updated on Sep 8, 2021

COVID-19 has affected every part of our lives – including our taxes. This FAQ will cover how it impacts your tax deadlines, IRA contributions, and more.

9 min read

How does the Families First Coronavirus Response Act affect my employees?

Reviewed by Sean DiMercurio CPA CGMA | Written on Mar 24, 2020 | Last updated on Sep 8, 2021

Learn your responsibilities from the Act as an employer, and what your employees’ rights are during COVID-19.

1 min read

What should I do before I sell my small business?

Reviewed by Sean DiMercurio CPA CGMA | Written on Mar 24, 2020 | Last updated on Sep 9, 2021

Before you sell your business, focus on improving its financial health and adding value to it.

4 min read

19 ways every small business can scale up

Reviewed by Sean DiMercurio CPA CGMA | Written on Mar 03, 2020 | Last updated on Sep 10, 2021

With a clear structure, documented systems and leadership development, you can start successfully scaling up your business.

1 min read

How employee benefits can increase engagement

Reviewed by Sheila Malavet | Written on Feb 18, 2020 | Last updated on Sep 15, 2021

Reviewing your benefits package regularly and making sure it’s customizable can help keep your employees happy, productive and engaged.

1 min read

How can I make my business more profitable?

Reviewed by Sean DiMercurio CPA CGMA | Written on Feb 11, 2020 | Last updated on Sep 16, 2021

There’s always room to generate more profits. You can do that by cutting costs, increasing prices and more.

2 min read

How can I get customers to pay on time?

Reviewed by Sheila Malavet | Written on Feb 04, 2020 | Last updated on Aug 30, 2021

Small businesses often struggle getting their customers’ or clients’ payments in on time. These seven tips can help you get your cash quicker.

2 min read

Should I fund my business with equity or debt?

Reviewed by Sheila Malavet | Written on Jan 28, 2020 | Last updated on Sep 9, 2021

The answer depends on your business’ financial health and long-term goals.

2 min read

How do I choose a business bank account?

Reviewed by Sheila Malavet | Written on Jan 23, 2020 | Last updated on Sep 10, 2021

With so many options, these are the top factors you should consider before choosing a business bank account.

6 min read

What is a profit and loss statement?

Reviewed by Sheila Malavet | Written on Jan 21, 2020 | Last updated on Aug 20, 2021

A profit and loss statement shows how much your business is making and spending over a period of time. You need this to make important financial decisions for your business.

2 min read

4 things to get right when starting your business

Reviewed by Sheila Malavet | Written on Jan 16, 2020 | Last updated on Sep 13, 2021

You might think that the hardest part of running your business is after you’ve launched it — but the real work begins before that.

8 min read

What is a balance sheet? [+ example]

Reviewed by Sheila Malavet | Written on Jan 14, 2020 | Last updated on Oct 14, 2021

A balance sheet shows your debts, assets and equity. It’s an important financial statement that lenders and investors will likely ask to see. Here’s how to create one and how to avoid common balance sheet mistakes.

5 min read

Should I file my taxes by mail?

Reviewed by Sean DiMercurio CPA CGMA | Written on Jan 09, 2020 | Last updated on Oct 7, 2021

It’s typically faster and easier to file your tax return digitally. But in these handful of instances, you might be better off the old-fashioned way.

3 min read

What is a cash flow statement?

Reviewed by Sheila Malavet | Written on Jan 07, 2020 | Last updated on Sep 14, 2021

Your cash flow statement shows how much money your business has earned and spent over a period of time. It’s one of the three most important statements your business should have.

5 min read

When do I have to file a tax return?

Reviewed by Sean DiMercurio CPA CGMA | Written on Jan 06, 2020 | Last updated on Sep 16, 2021

There are a few instances where you should file a tax return even if you’re not required to file.

5 min read

How will getting divorced, separated, married or widowed affect my taxes?

Reviewed by Sean DiMercurio CPA CGMA | Written on Jan 05, 2020 | Last updated on Sep 16, 2021

Your legal relationship status has a major impact on your taxes — so it’s just as important to prepare for these events financially as it is personally.

10 min read

Tax terms you need to know

Reviewed by John Kirkland | Written on Jan 03, 2020 | Last updated on Sep 20, 2021

Confused by popular tax acronyms like AGI and AMT? This glossary can help you navigate those terms and more.

6 min read

The business owner's guide to the Florida Annual Report

Reviewed by Sheila Malavet | Written on Jan 01, 2020 | Last updated on Aug 30, 2021

Florida business owners big and small must file this report to stay active. Here’s what you need to know.

3 min read

3 types of financial scams

Reviewed by Sean DiMercurio CPA CGMA | Written on Dec 26, 2019 | Last updated on Sep 17, 2021

You’ll never get a real phone call from the IRS or an email asking you for your bank account information.

4 min read

How often should I pay my employees?

Reviewed by Sheila Malavet | Written on May 15, 2019 | Last updated on Aug 25, 2021

Congrats on growing and hiring your first employees! Now you have to decide how often to pay them. There’s no right answer since every business is different — but you should make an informed decision.

8 min read

How do tax extensions work?

Reviewed by John Kirkland | Written on Mar 24, 2019 | Last updated on Oct 7, 2021

Filing a tax extension is easy — and sometimes a better option than filing your tax return by the deadline. Individuals and business owners can both file a tax extension for several reasons.

4 min read

Can I Write That Off? Income Tax Deductions for Batman

Reviewed by Sean DiMercurio CPA CGMA | Written on Nov 29, 2018 | Last updated on Jul 28, 2021

Can I write that off? Sometimes income tax deductions can get complicated as a self-employed professional or small business owner.  There are many strategies available to maximize tax savings. Since The Heroes Group is a team of Sidekicks supporting Heroes (our clients), we found it appropriate to use on of our favorite Heroes, Batman, to simplify the complexities of income tax deductions. So, can Batman write off….

5 min read

An LLC or S-Corp?

Reviewed by Sean DiMercurio CPA CGMA | Written on Oct 16, 2018 | Last updated on Jul 21, 2021

Quite often we are asked "Should I register as an LLC or S-Corporation?".  While this question makes attorneys and CPAs cringe, lets break it down together and empower you to select the best entity type for your business!

2 min read

3 common payroll mistakes small business owners make

Reviewed by Sheila Malavet | Written on Mar 02, 2018 | Last updated on Aug 20, 2021

Learn how to avoid three costly — yet common — payroll errors.

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