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!

2 min read

S Corporations: Reasonable Compensation Explained

By John Kirkland on Feb 03, 2021

An S corporation is a pass-through entity that is treated very much like a partnership for federal income tax purposes. As a result, all income is passed through to the shareholders and taxed at their individual tax rates.

3 min read

3 Common Personal Income Tax Problems & How to Respond

By John Kirkland on Feb 02, 2021

Tax problems aren't just a worry that hang over people's heads from January through April every year. Many of them go far beyond the numbers that you report, and they can require additional evidence that your bank statements and paychecks can't provide. Additionally, the IRS isn't the only source of those problems: state tax authorities are hungry for revenue, and if you divide your time among different states, you may find it difficult to establish nexus and may even have to file taxes in multiple states.

4 min read

Important Tax Due Dates

By Sean DiMercurio CPA CGMA on Jan 07, 2021

Running a business is downright difficult.  Keeping track of important tax due dates shouldn't be.  Review these deadlines on a monthly or quarterly basis to keep track of what is due and when!

5 min read

When should I issue Form 1099?

By John Kirkland on Dec 14, 2020


The Form 1099 rules can get complicated - staying compliant doesn’t have to be.  For the 2020 tax year, the Internal Revenue Service (IRS) has made some changes that could impact the way you have to issue Form 1099s.  Read below to learn about the new rules and how your business may be affected.

2 min read

The Heroes Group is now DiMercurio Advisors

By Sean DiMercurio CPA CGMA on Dec 03, 2020

The Heroes Group is now DiMercurio Advisors!

While our name might be changing, who we are and what we stand for will remain the same. We will continue to provide quality advisory, accounting, business registration and tax services to empower business owners to succeed.

4 min read

Your Guide to Using 529 College Savings Plans

By John Kirkland on Jul 15, 2020

When it comes to saving for your child’s future college expenses, 529 college savings plans are one of the most popular options — and for good reason. These plans allow you to tuck away money for future tuition expenses without taking a hit from taxes. 

4 min read

Congress Liberalizes PPP Loan Forgiveness

By Sean DiMercurio CPA CGMA on Jun 12, 2020

If you are the owner of a small business that was able to obtain a Paycheck Projection Program (PPP) Loan, you have probably already started worrying about how you are supposed to spend the loan proceeds to maximize loan forgiveness.

2 min read

Establishing an advisory structure for your small business

By Sean DiMercurio CPA CGMA on May 19, 2020

When you’re planning for success, it’s important to keep your eye on the big picture. This means developing your business in ways that will help growth and could mean appointing advisors to help you.

2 min read

Measuring the health of your business

By Sean DiMercurio CPA CGMA on May 12, 2020

When you’re running a business, it’s easy to get caught up in the day-to-day activity and lose sight of the big picture. Taking stock of the health of your business is important. Knowing where you’re allows for more effective planning, early warning about any issues, and the chance to better chart a course for success.

2 min read

Keeping your tax and expenses in check when you are self-employed

By Sheila Malavet on May 05, 2020

Contracting or freelancing requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits.

1 min read

The value of real-time management reporting

By Sheila Malavet on Apr 28, 2020

Improving your financial efficiency requires a clear overview of your key numbers, so you can track your performance and drive improvements.

2 min read

Forecasting cash flow

By Sean DiMercurio CPA CGMA on Apr 21, 2020

Cash flow is the lifeblood of your business. And when it comes to cash flow management, preventing cash issues is far easier than trying to solve these issues after the event.

1 min read

Cost management and cutting your expenses

By Sean DiMercurio CPA CGMA on Apr 14, 2020

Operational costs will be one of the biggest areas of expenditure in your business. And the more it costs you to produce your products and/or services, the smaller your end profit will be.

3 min read

Working from home during the COVID-19 outbreak? It probably won’t save you much on your taxes.

By Sean DiMercurio CPA CGMA on Apr 09, 2020

Even if you always hire a tax preparer to do your taxes for you, you probably know that the most effective way of reducing your tax liability is through deductions and tax credits. Since one of the biggest deductions available is the one taken for home office space, in this strange and disorienting period of isolation due to the COVID-19 pandemic, many workers who’ve been told to work from home are wondering whether they’ll be eligible for that additional tax benefit. Unfortunately, the short answer to that question is probably “no.”

2 min read

Self-Employed and Independent Contractors Now Qualify for Unemployment Benefits

By John Kirkland on Apr 07, 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27th by President Trump, includes an unemployment assistance program for individuals who under normal circumstances would not qualify for unemployment benefits, which traditionally have only applied to employees. Under the CARES Act, unemployment benefits are now available for self-employed individuals, independent contractors and others – even some with limited work history – who are unable to work because of the coronavirus emergency.

2 min read

Keeping debt low through proactive credit control

By Sheila Malavet on Apr 07, 2020

Having a large amount of debt in your business is bad for cashflow, weakens your overall financial health and brings down your credit score as a business.

3 min read

Stimulus Legislation Includes SBA Loan Forgiveness

By John Kirkland on Apr 03, 2020

Among the hardest hit during the coronavirus epidemic are the small businesses that have lost their revenue sources and do not have the financial resources to weather the storm. In this case, the federal government’s SBA (Small Business Administration) Economic Injury Disaster Loan (EIDL) can help a business make it through these trying times.

3 min read

Running Low on Money? Congress Has Made it Easier for You to Tap Your Retirement Savings

By Sean DiMercurio CPA CGMA on Apr 03, 2020

If you are struggling financially due to the COVID-19 epidemic, you will be happy to know Congress, as part of the CARES Act enacted on March 27, has made it easier for you to access your retirement funds during this emergency.

34 min read

How can I file for unemployment in the United States?

By Sean DiMercurio CPA CGMA on Apr 02, 2020

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

Tax Credit Pays for Keeping Employees on Payroll

By John Kirkland on Apr 01, 2020

To help businesses retain employees and keep them employed during the COVID-19 crisis, Congress has provided a refundable employer retention credit available to all qualifying employers regardless of size, including tax-exempt organizations.

2 min read

Taking the pain out of pricing - how much should you charge?

By Sheila Malavet on Mar 31, 2020

Figuring out how much to charge is a big learning curve for any business owner. The answer to how to approach it will fluctuate as circumstances and markets change. It is important to revisit the question throughout the lifecycle of your business.

There is no magic formula

All businesses are unique, with an individual offering of products and services. Before you set your pricing, It’s important to look at the whole picture. This will help to ensure you are being strategic and not just following trends.

Gather the data

To get started, you need to gather as much information as possible. Block out some time to sit down with your business data and strategies. Pricing is essentially figuring out where your products and services are positioned in the market. So keep your business strategies top of mind. It doesn’t have to be a confusing exercise. Just grab a coffee get started.

Here are the first steps to consider:

  1. Record all the costs involved in production. Make sure you include indirect costs, such as assets, insurances, licenses and legal costs.
  2. Now that you have your outlay, consider your current profit margin or what margin you require. Remember there is a difference between net and gross profit margins. Net margins take all operating costs into account.
  3. Do your competitor research. Be thorough in understanding the market and what others are charging for the same service or product or variations of this. What unique selling points (USPs) does your business have that allow you to vary your prices?
  4. Think about your offerings. What extra benefits or offerings do you have that can affect your pricing? Think about cheap and no-frills on one end of the spectrum, versus high-end premium products. Can you create different products at different prices to cater to different segments of the market?

Don’t forget to check in on your pricing regularly to make sure you’re keeping up with your customers and staying ahead of the game.

Have a question?

We'd love to hear from you!  Feel free to contact us or reach out to your THG team member today!

4 min read

What Does the $2 Trillion Stimulus Package Mean for You?

By Sean DiMercurio CPA CGMA on Mar 27, 2020

The “Coronavirus Aid, Relief, and Economic Security Act” (Cares Act) includes many tax and financial breaks for both individuals and businesses. We broke down many of the essential elements and how they can assist you and your business during this troubling time.

Topics: Coronavirus
7 min read

Q&A: Understanding SBA Disaster Loans and What They Mean for You

By Sean DiMercurio CPA CGMA on Mar 27, 2020

If you’re a small business owner struggling financially due to the COVID-19 outbreak, there is help available. The SBA is offering Economic Injury Disaster Loans of up to $2 million – here are answers to the FAQs.

Topics: Coronavirus
3 min read

Congress Provides Sick Leave and Child Care Leave Benefits for Employees

By Sean DiMercurio CPA CGMA on Mar 26, 2020

The COVID-19 epidemic has created situations where employees are not able to work because they tested positive for the virus or have been quarantined after coming in contact with someone who has tested positive. It has also caused parents to miss work because their children’s school has closed due to the outbreak and there is no one to watch the kids.

As a result, the federal government is providing sick leave benefits and child care leave benefits to affected taxpayers whose employers have fewer than 500 employees. The way this is being handled is the employer will pay the benefits to the employee and then will be reimbursed by the government (more on this later in this article).

Topics: Coronavirus
2 min read

The SBA Is Providing Small Business Disaster Loans for Relief During the Coronavirus Outbreak

By Sean DiMercurio CPA CGMA on Mar 25, 2020

The U.S. Small Business Administration (SBA) has never faced a challenge like the COVID-19 outbreak, but they’re stepping up to help small business owners who are suffering financially.

Topics: Coronavirus
3 min read

Can’t Pay Your Taxes? Payment Due Date Extended Because of COVID-19

By Sean DiMercurio CPA CGMA on Mar 25, 2020

Although most American taxpayers receive a refund each year when they file their income tax returns, there are those who for one reason or another end up owing. However, lots end up owing on April 15th and many don’t have the means to pay what they owe.

Topics: Tax Coronavirus
2 min read

Coronavirus and Taxes: Frequently Asked Questions (FAQ)

By Sean DiMercurio CPA CGMA on Mar 24, 2020

The COVID-19 outbreak is affecting every facet of our lives – including our taxes. Check here for all your FAQ to see how you may be impacted.

Topics: Tax Coronavirus
9 min read

Families First Coronavirus Response Act: What Employers Need to Know

By Sean DiMercurio CPA CGMA on Mar 24, 2020

The rapid spread of the COVID-19 virus has begun to initiate an economic downturn and spurred a series of rapid responses on the part of the government. There have been so many proposals and versions floated regarding employee policies during the public health emergency that employers are understandably confused. Though there was an initial belief that the crisis would require businesses to make permanent reductions in their work force in order to survive, the final version of the Act may make these types of drastic actions unnecessary.

Topics: Coronavirus
1 min read

Getting ready to exit your business?

By Sean DiMercurio CPA CGMA on Mar 24, 2020

When you sell up, you want your business to have as much inherent value as possible – so you get a good price, a great return on your investment and the best possible payout.

2 min read

Fundamental three to successfully scale up your business (part 3 of 3)

By Sean DiMercurio CPA CGMA on Mar 17, 2020

There are three fundamentals to successfully scale up your business: having a clear organization structure, having comprehensive systems, and developing great leadership.

2 min read

Fundamental two to successfully scale up your business (part 2 of 3)

By Sean DiMercurio CPA CGMA on Mar 10, 2020

There are three fundamentals to successfully scale up your business: having a clear (and documented) organization structure, having comprehensive systems and processes, and developing great leadership.

2 min read

Fundamental one to successfully scale up your business (Part 1 of 3)

By Sean DiMercurio CPA CGMA on Mar 03, 2020

Growth brings increased opportunity, but at the same time, increases risk. Poorly managed risk can cause failure, even if the business is growing.

2 min read

Price Elasticity of Demand

By Sheila Malavet on Feb 25, 2020

Price elasticity is an economic concept that you should get to know. It is instrumental in understanding demand for your product and the price you can set for it.

2 min read

Employee benefits and the link to staff engagement

By Carol Diaz on Feb 18, 2020

Only 15% of the world's workers are engaged and reaching their full potential at work, according to research by Gallup. Increasing that engagement is a key aim for many business owners.

2 min read

Make your business more profitable

By Sean DiMercurio CPA CGMA on Feb 11, 2020

Making a profit isn’t something that happens overnight – to create a good return from your business you need a clear focus and a well thought-out strategy for increasing profitability.

1 min read

Is my accountant a cost or investment?

By Sean DiMercurio CPA CGMA on Feb 06, 2020

Accountants tell their clients to reduce their overhead costs as one of the seven ways to grow your business. One of your overhead costs is your accounting fees. So, is what you spend with your accountant an expense which needs to be reduced, or is it an investment?

2 min read

Keeping on top of overdue accounts

By Sheila Malavet on Feb 04, 2020

How long do your customers take to pay you?

A Xero Small Business Insights report showed that late payments to small businesses are improving. But overall, payments often still arrive after due date.

1 min read

Scaling Up Your Business

By Sean DiMercurio CPA CGMA on Jan 30, 2020

Scaling up your business isn't about steady growth over time – it's a predetermined strategy to proactively expand your business at pace and achieve hypergrowth.

2 min read

Funding your business – equity or debt?

By Sheila Malavet on Jan 28, 2020

When you're looking to expand and grow your business, you'll almost certainly need extra finance to achieve this. But what’s the best funding route for your company?

2 min read

Choosing a new business bank account?

By Sheila Malavet on Jan 23, 2020

A business bank account is an essential requirement for any business. But with so many banking providers out there, how do you know which business account to choose?

2 min read

Understanding Your Profit and Loss Statement

By Sheila Malavet on Jan 21, 2020

Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. It’s sometimes called an Income statement and its main purpose is to list income and expenditure.

Whereas a balance sheet is a snapshot in time, the P&L shows transactions over a specific period of time. This can be a month, quarter, financial year or any other period, and it can be a stand-alone report or a comparative period report.

Together with the balance sheet, these two reports provide a comprehensive understanding of the financial position and performance of a business.

The profit and loss statement has two main sections: income and expenses.

These may be further subdivided depending on the complexity of the business and reporting requirements.

Income or Revenue

Income primarily includes main business activities such as sale of goods or services. Other income such as interest received, capital gains or income from secondary business activities is also reported.


Expenses

Expenses are usually divided into two sections: direct costs, or cost of goods sold, and expenses. Cost of goods are those that are directly linked to the provision of services or sale of goods. For example, if you buy widgets from a wholesaler and sell them at a marked-up value, the cost of the widgets is a direct cost, not an overhead expense.

Other types of direct costs might be importing and freight costs, contractor costs or certain equipment. Some direct costs are fixed, that is, they are the same from month to month, or they could be a fixed percentage of sales; others vary in value but are still related to the income producing activities.

Overhead expenses are all the other expenses required to run the business, regardless of the level of income: for example, rent, utilities, bank fees, bookkeeping fees, professional development costs, vehicle costs and staff costs. Many of these costs form the basis of working out your break-even point, or how much it costs just to open the doors for business.

There are some expenses which may be reported as a direct cost in one business but an indirect cost in another type of business, for example, merchant fees or contractor costs.


The Bottom Line

Total income minus total expenses results in the net profit (or loss), is often called ‘the bottom line’. Often business owners are just interested in looking at the bottom line, but a true financial picture requires an understanding of several reports and an ability to see the big picture that the reports are illustrating.

The P&L is a vital tool to analyze for trends over time.

  • What does your P&L tell you about relationships and ratios between sales and expenses, seasonal changes and annual trends?
  • Have all your direct costs been allocated correctly?
  • Have you recouped all billable expenses from customers?
 
Financial statements help you understand the big picture for your business. With deeper understanding of your business operations and performance you can make informed decisions about your business finances.
 

Have a question?

We'd love to hear from you!  Feel free to contact us or reach out to your THG team member today!

1 min read

First-Year Start-Up Tax and Accounting Issues

By Sean DiMercurio CPA CGMA on Jan 19, 2020

Some of the most common stressors encountered by entrepreneurs involve tax liabilities, whether the business is booming or they’re struggling to keep their head above water. The best way to avoid these pitfalls is to learn about them ahead of time.  Here’s what every entrepreneur needs to know.

1 min read

How To Minimize Your Tax On Social Security Benefits

By Sean DiMercurio CPA CGMA on Jan 19, 2020

Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues.  The following will help you understand the taxability of your Social Security benefits. Watch now.

1 min read

The Difference Between A Tax Credit and Tax Deduction

By Sean DiMercurio CPA CGMA on Jan 19, 2020

Learn about the important difference between tax deductions and tax credits. In general, a deduction reduces taxable income, whereas a credit reduces the tax itself. Watch to learn more.

2 min read

4 key things to get right when starting a business

By Sheila Malavet on Jan 16, 2020

Starting your own business is a BIG leap of faith. Will you find any customers? Will you make enough income? These are questions that any founder will ask themselves.

2 min read

Understanding Your Balance Sheet

By Sheila Malavet on Jan 14, 2020

To understand the financial position of a business at a specific point of time, look at the balance sheet. The balance sheet may also be called the statement of financial position. Together with the Profit and Loss Statement, and possibly other reports such as the Statement of Cash-flow, these reports provide a complete understanding of the financial position and business performance.

So what’s involved? - The balance sheet has three sections: assets, liabilities and equity.

What are Assets?

Assets are things and resources that a company owns. They have current and/or future value and can be measured in currency.

Assets may be subdivided on the balance sheet into bank accounts, current assets, (receivable within one year), fixed assets, inventory, non-current (or long term) assets, intangible assets and prepayments.

These include banks and other financial accounts held, accounts receivable (trade debtors), supplier deposits or bonds, stock on hand, property, equipment, vehicles, investments and intellectual property. All of these can be translated into monetary value.

What are Liabilities?

Liabilities are amounts owed to suppliers and other creditors for goods or services already received. Liabilities may also include amounts received in advance for future services yet to be provided by the business.

Liabilities are generally subdivided into current, (payable within one year), and non-current liabilities.

These include accounts payable (trade creditors), payroll obligations (salaries, taxes, superannuation), interest, customer deposits received, warranties and loans.

What is Equity?

Equity includes owner funds contributed, drawings, retained earnings and stocks. The value of the equity equals assets minus liabilities.

Transactions that affect profit and loss accounts also affect balance sheet accounts. For example, providing a service increases the accounts receivable balance, which therefore increases the equity.

The Balance Sheet Equation

The balance sheet must always balance! Asset value = liabilities + equity.

For example, if you buy a new vehicle for the business at say $50,000, having paid a $10,000 deposit and taking out a $40,000 loan, the value of fixed assets increases by $50k, but the bank asset value decreases by the $10k deposit paid. The value of liabilities increases by $40k loan, thus leaving the balance sheet balanced on both sides of the equation.

The balance sheet equation shows you how much money you would have left over if you paid all your bills and debts and sold all your assets at a given date. This amount is the Owner’s Equity.

Note that the balance sheet equity total is not necessarily how much the business is worth at market value. Assets are listed on the balance sheet at their transaction value, which may be very different from the market value. Some assets may be worth more, and others may depreciate in value. Business value is calculated not just on the balance sheet figures but many other factors.

Need more information?

Reach out to your THG team member or contact us. Get the complete picture of your business performance and financial position, regardless of what stage of business you are at.

1 min read

7 Ways Small Business Owners Can Save On Taxes

By Sean DiMercurio CPA CGMA on Jan 12, 2020

Everybody wants to lower the amount they pay in taxes, but it is an especially important goal for small business owners.  Every penny in taxes avoided are a double victory: you avoid overpaying and add to your bottom line.  Here are seven tips to use to spot potential savings.

1 min read

Get A Handle On Your Cash Flow

By Sean DiMercurio CPA CGMA on Jan 12, 2020

Watch these expert tips you need to properly manage cash flow for your new business!

1 min read

The IRS is Cracking Down on Non-Reported Cryptocurrency Transactions

By Sean DiMercurio CPA CGMA on Jan 12, 2020

The IRS announced in late July 2019 that it is ramping up its campaign to ensure that taxpayers with cryptocurrency transactions report these transactions on their income tax returns. Watch the video to learn more.

1 min read

Meals & Entertainment Expenses, Post Tax Reform

By Sean DiMercurio CPA CGMA on Jan 12, 2020

Tax reform imposed limitations on food, beverage and entertainment expenses. Expenses considered entertainment are not deductible at all during the years 2018 through 2025. The tax reform act also imposed a number of restrictions on food and beverage expenses as explained below.

3 min read

Why is my tax return being paper filed?

By Sean DiMercurio CPA CGMA on Jan 09, 2020

Great question!   The IRS and most states require taxpayers to e-file their tax returns.  Sometimes though there’s legitimate reasons why a return will be paper filed instead.  Here's a few of them!

2 min read

Understanding Your Statement of Cash Flows

By Sheila Malavet on Jan 07, 2020

The statement of cash flows, (also known as the cash flow statement), shows how your business has generated and used cash (and cash equivalents) within a specific time period.

3 min read

Do I Have to File a Tax Return?

By Sean DiMercurio CPA CGMA on Jan 06, 2020

This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider that there are times when individuals are REQUIRED to file a tax return, and then there are times when it is to the individuals’ BENEFIT to file a return even if they are not required to file.

1 min read

Did You Just Get A Letter From The IRS In Your Mailbox?

By Sean DiMercurio CPA CGMA on Jan 05, 2020

Now you're totally freaking out about possibly owing more money or being smacked with a penalty, despite filing your taxes on time?  Don't panic.  Watch below for more information.

1 min read

What Are My Odds Of Being Audited?

By Sean DiMercurio CPA CGMA on Jan 05, 2020

Audits are relatively rare, as fewer than 1% of taxpayers grouped by income level will get that dreaded notice on IRS letterhead.  Only 7% of tax returns reporting an eight-figure adjusted gross income were audited.  If you are ever facing an audit, either as an individual taxpayer or a small business owner, you don’t have to go it alone: we can help.

1 min read

S Corp Business Owners: Are You Paying Yourself a Reasonable Salary?

By Sean DiMercurio CPA CGMA on Jan 05, 2020

S Corporations have very specific requirements when it comes to taxation and compensation.  This has led many of those responsible for payroll and bookkeeping at S corporations to make the mistake of failing to provide those shareholders with W-2 wages.

6 min read

Divorced, Separated, Married or Widowed This Year?

By Sean DiMercurio CPA CGMA on Jan 05, 2020

Taxpayers are frequently blindsided when their filing status changes because of a life event such as marriage, divorce, separation or the death of a spouse. These occasions can be stressful or ecstatic times, and the last thing most people will be thinking about are the tax ramifications. But the ramifications are real, and the following are some of the major tax complications for each situation.

10 min read

Understanding Tax Lingo

By John Kirkland on Jan 03, 2020

When discussing taxes, reading tax related articles or interpreting instructions, one needs to understand the lingo and acronyms used by tax professionals and authors to be able to grasp what they are saying. It can be difficult to understand tax strategies if you are not familiar with the basic terminologies used in taxation. The following provides you with the basic details associated with the most frequently encountered tax terms.

3 min read

What is the Florida Annual Report?

By Sean DiMercurio CPA CGMA on Jan 01, 2020

If you are registered to do business in Florida, you are required to complete a Florida Annual Report by May 1st each year with the Florida Secretary of State.  Follow our Tips, Tricks and FAQs below to make the annual report filing process painless.

2 min read

Understanding Your Annual Social Security Letter

By John Kirkland on Dec 31, 2019

If you are receiving Social Security, then you have just recently received your annual letter from the Social Security Administration letting you know that your Social Security benefits for 2020 have increased by 1.6 percent as a result of a rise in the cost of living. The letter also lets you know how much will be withheld from your monthly retirement benefit for Medicare Parts B (medical insurance) and D (Prescription Drug Plan).

7 min read

Congress Passes Last-Minute Tax Changes

By Sean DiMercurio CPA CGMA on Dec 28, 2019

Congress, at almost the last minute, has passed a large number of tax changes, including retirement plan issues that will become effective in 2020, as well as extensions through 2020 of a number of tax provisions that had expired or were about to end. The list of changes is quite large, so we have only included those that are most likely to affect individual tax returns.

3 min read

Don’t Be Duped by Clever Scammers

By Sean DiMercurio CPA CGMA on Dec 26, 2019

You may think we harp on you a lot about protecting yourself against identity theft and tax scams. You are right… but we do it because having your identity stolen becomes an absolute financial nightmare, sometimes taking years to straighten out. Identity thieves are clever and relentless, and they are always coming up with new schemes to trick you. And all you have to do is slip up just once to compromise your identity, and your nightmare will begin.

3 min read

Quarterly Estimated Taxes

By Sean DiMercurio CPA CGMA on Dec 23, 2019

Taxes are no longer something you can do once a year. If you want to ensure you have mastered your cash flow, then quarterly taxes are something that can help you do this.

Although it might seem like a bit of a chore, there are many upsides. Paying your taxes quarterly allows you to spread the responsibility over the year so you don’t experience any challenges with your cash flow, and you can make sure you don’t have a huge bill to pay in April. Here we’re going to look at how quarterly taxes work and what you should know.

 

Topics: Tax Featured
3 min read

When should a Form 1099 be issued?

By John Kirkland on Dec 20, 2019

UPDATE:

As of tax year 2020, the Form 1099 rules have changed.  Click here to read the updated article. 

Original:

The Form 1099 rules can get complicated - staying compliant doesn’t have to be. Many business owners aren’t sure of the best practices when issuing a Form 1099. Get to know the rules and learn how to avoid common mistakes when issuing a Form 1099.

2 min read

How Often Should Employees Be Paid?

By Sheila Malavet on May 15, 2019

It may be common for employers to pay their employees weekly, though there are several options available to you! It’s worth exploring these options to see what works best for both your team and your business.  The most commonly used payment frequencies are:

  • Weekly (52 times a year)
  • Bi-weekly (26 times a year)
  • Semi-monthly (24 times a year)
  • Monthly (12 times a year)
Topics: Payroll
4 min read

How do Extensions Work?

By Sean DiMercurio CPA CGMA on Mar 24, 2019


An extension gives you additional time to prepare and file your tax return.  You might need additional time because you haven't received everything or don't have enough time to gather everything for your tax preparer.  The most important thing to understand is that an extension DOES NOT give you additional time to pay what you owe.

Topics: Tax

Tax & Planning Guide

By Sean DiMercurio CPA CGMA on Jan 01, 2019

Topics: Tax

How Often Should You Review Important Documents?

By Sean DiMercurio CPA CGMA on Dec 04, 2018

4 min read

Can I Write That Off? Income Tax Deductions for Batman

By Sean DiMercurio CPA CGMA on Nov 29, 2018

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….

Topics: Tax

3 Small Business Apps for Startups

By Sean DiMercurio CPA CGMA on Nov 21, 2018

5 min read

An LLC or S-Corp?

By Sean DiMercurio CPA CGMA on Oct 16, 2018

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!

7 IRA Questions for Your CPA

By Sean DiMercurio CPA CGMA on Sep 24, 2018

Topics: Tax

Managing Cash Flow for Startups & Small Businesses

By Sean DiMercurio CPA CGMA on Aug 23, 2018

Topics: Accounting

5 Accounting Tips for Startups

By Sean DiMercurio CPA CGMA on Jul 11, 2018

Topics: Accounting

3 Great Small Business Apps

By Sean DiMercurio CPA CGMA on Jun 14, 2018

What is a Registered Agent?

By Sean DiMercurio CPA CGMA on Apr 20, 2018

2 min read

3 Payroll Woes to Avoid

By Sean DiMercurio CPA CGMA on Mar 02, 2018

The Heroes Group is on a mission to eliminate small business owners from processing their own payroll. Fun fact: Business owners can be held personally liable for ensuring payroll taxes are handed over to the IRS. It’s called the Trust Fund Recovery Penalty (TFRP), and many small business owners haven’t heard of it.

Topics: Payroll

Mileage Tracking Apps for Small Businesses Owners

By Sean DiMercurio CPA CGMA on Feb 09, 2018

Topics: Tax Accounting

3 Great Small Business Solutions

By Sean DiMercurio CPA CGMA on Jan 05, 2018

10 Questions for Your Accountant

By Sean DiMercurio CPA CGMA on Dec 08, 2017

Topics: Tax Accounting