wannabite
Halloween is almost here! As you’re carving your pumpkins, set the seeds aside and try this recipe for Roasted Pumpkin Seeds from wannabite. This is a tasty way to use up those seeds – sweet and salty with a little kick! A yummy snack you can enjoy well beyond Halloween!
Gimme Some Oven
And while we’re on the subject of sweet and salty snacks, let’s not forget my FAVORITE – Candied Pecans. These are easy to make and delicious to snack on throughout the holiday season, or to use as a salad topper! This recipe from Gimme Some Oven gets it right with the perfect balance of sweet and spice. Keep these nuts in mind as an easy holiday or hostess gift. Buy pecans in bulk and make a large batch to be divided among Mason jars. It’s a great way to have a gift on hand when a need arises during the busy holidays!
Do you have a favorite pumpkin seed or spiced nut recipe? Share them in the comments – I’d love to give them a try!
When you own a small business, you wear lots of hats. Not only are you focused on your particular product or service, but you need to have a good understanding of accounting, finance, law and more. One area we see confusion among our clients is the difference between cash flow and net income.
The definition of cash flow as provided by businessdictionary.com is:
The definition of net income on the same site is: the total revenue in an accounting period minus all expenses during the same period. If incomed taxes and interest are not deducted, it is called operating profit (or loss, as the case may be).
A good way to think about this is cash flow is how much money is in and out of the bank account, where net income is how much you will pay taxes on (because some items do not affect cash flow). This distinction is important because when you don’t understand the difference between cash in the bank and taxable income it can be difficult to make good business decisions. For example, if you don’t have enough money, you may need a loan for your business; or, if you need to lower your taxable income, you may need to determine the best way to accomplish this without draining the business bank account.
Use our knowledge and experience to benefit your business! We can provide education and a little coaching to help you understand your business finances and identify the best ways to learn to manage your small business. We are available to assist with accounting work, or to do your business accounting. We can make suggestions to improve cash flow or lower taxable income. And, we can provide guidance to help you make financial decisions that will benefit you and your employees.
Call us at (913) 888-9100 to set up a meeting right away. We will help you tie up loose ends before the end of the year to make your 2015 tax preparation much easier. This will also put you in a position to start 2016 off on the right foot! We look forward to working with you!
Are you a small business owner? Do you spend more than $400 per year on un-reimbursed medical expenses? If you answer “Yes” to both of these, we need to discuss how Section 105 of the IRS Code (Health Reimbursement Account) can save you $2,000 or more in taxes for 2015!
There are two companies that specialize in Section 105 compliance for small family businesses. We recommend TASC to our clients because it offers an audit guarantee and provides excellent customer service. We partner with TASC on a regular basis and are experienced with the requirements for this tax code. It’s our job to serve as your liaison with TASC and to ensure you file all necessary documentation on time.
Most people aren’t aware of Section 105, and that includes a lot of accountants and tax preparers! While Section 105 can provide a significant benefit to those who qualify, if a tax preparer uses the Section 105 deduction without proper documentation and qualifications, the fines and penalties can be tremendous.
Medical deductions can get complicated – both for individual tax preparation as well as for small businesses. Let’s review your expenses and your tax profile together to determine what would be most beneficial to you. Call us to schedule a meeting for October so we can ensure you meet all required deadlines for 2015 filing. You can reach us at (913) 888-9100. We strongly encourage our clients to enroll for this program in January or February; however, we can get you enrolled up to November 1 for the 2015 tax year.
Fall is here! With it comes football, cooler temps and chili-cooking! If you’re ready to get a jump on the season, try out one of the recipes below. For chili lovers, we’re sharing a recipe for a “Game Day Chili” from MyRecipes.com, as well as a recipe for a Venison Chili from Emeril Lagasse via the Food Network.
Of course, you need a tasty side to sop the good stuff up – check out this recipe for Jalapeno Cornbread! This skillet version offers a bit of spice and cheesiness perfect to compliment your favorite chili.
Game Day Chili: This recipe serves 8-10 and features many common spices you probably already have in your pantry. The secret here is in the simmer! Let this one go for two hours to get all the flavors blended in well.
Venison Chili: If it’s from Emeril Lagasse, you know it packs a flavor punch. You’ll get a full-flavored bowl of chili from this recipe. Bacon, coriander and red wine are just a few of ingredients that set this chili apart from more traditional varieties.
We hope you’ll enjoy one or more of these recipes this fall. If you have a favorite chili recipe to share, post a link below!
It takes a lot of knowledge and resources to manage a small business well. At Adams Accounting Solutions, we partner with small businesses to help with accounting issues. Whether tax-related or general accounting, we assist with training, resources and the requirements necessary to maximize your resources and minimize costs.
While we are always available to help with your accounting and tax questions, we understand our clients often like to have a good baseline understanding of these concepts as well. Here are five resources by topic we recommend to provide sound guidance:
Self-Employed (Independent Contractors)
Tax Scams and How to Report Them
Let us know if we can be of assistance. You can reach us with questions or to schedule an appointment at (913) 888.9100. We would welcome the opportunity to learn more about your accounting or tax preparation needs and to identify ways we can provide value to you!
Tax laws and codes change frequently. When you’re not aware of these provisions – or understand how they might influence your tax situation – there’s a chance you’re leaving money on the table come tax time. That’s where we come in. You can count on our many years of experience, education and current knowledge of tax laws.
Take Section 179 for example. Enacted to help small business owners, Section 179 is a tax deduction that allows business owners to deduct equipment purchases. In January, the limit was reduced to $25,000 and no accelerated depreciation was available for 2015. However, Congress recently restored Section 179 limits to $500,000 in equipment purchase deductions for a tax year, while also making a $2 million threshold on asset purchases using the 179 deduction permanent.
Here’s another change to consider. Do you have significant medical expenses and own a small business? If so, you may qualify to make your medical expenses a business expense under Section 105. Section 105 “of the Internal Revenue Service regulations allows for reimbursement of medical expenses under an employer-sponsored health plan.” There are a variety of types of Section 105 plans, and we’re available to review them with you to determine which would be most beneficial to your financial situation and business. Schedule a meeting with us to review your medical expenses and business structure to get paperwork in order now and be ahead of the game when tax time rolls around.
Tax laws and health insurance are two complex systems. That’s why it’s important to rely on expert knowledge to help you make sound financial decisions in these arenas. Do you qualify for the Health Insurance Premium Tax Credit? If you’re unsure, we can help. If you do qualify, are you using this tax credit? If not, should you be using this tax credit? We can review scenarios with you to determine what makes sense for your individual situation.
These are a few points that are noteworthy at this time, but tax laws are frequently adjusted. When you partner with our firm to manage your tax preparation, you can benefit from our knowledge and remove the burden of staying informed on tax matters. Let us guide you through changes and work alongside you to make the best decisions for your personal and business taxes. Contact us at (913) 888-9100 for an appointment today!
If you own a small business, you know how important referrals are to your success. As networking and referral expert Bob Burg puts it, “All things being equal, people do business with, and refer business to people they know, like and trust.” This seems common sense, but it’s true and a good reason to spend time networking.
We live in a social society where people seek recommendations from people they trust. Think about how often you see this on Facebook alone! People are busy and want to get in touch with reputable vendors as quickly as possible. Investing time in local networking is one way small business owners can extend their reach in the community.
Whether you participate in a group formally, or informally, it’s a good idea to build a network of vendors you work closely with. The great thing about this is, it benefits everyone involved – you and your contacts can cross promote each other’s businesses, all the while helping to fulfill your clients’ needs that extend beyond the scope of your specialty.
If you’re just starting out, you can approach networking in a variety of ways. When it comes to referrals, it’s a numbers game, so meeting and getting to know as many people in your circle of influence is one way to start. Consider joining a formal networking group or your local chamber of commerce.
Another approach is to make a concerted effort to deepen relationships with businesses you work with regularly. If you’re an accountant, think about area attorneys, financial advisors and other professionals that you interact with in doing business. If you’re a mortgage consultant, think about local realtors, lenders and brokers. You get the idea.
To help, we feature a page on our website of resources we trust. Check out our partner list to see if anyone can be of assistance to you!
Summer may be winding down, but grilling season is not! With Labor Day this weekend and tailgating season upon us, it’s a great time to try some new recipes on the grill. If you’re a burger lover, check out these variations to add a little something extra to your next grill out:
allrecipes.com
The Juicy Lucy (via chow.com) – a juicy burger with gooey, melted cheese in the middle. Go with standard cheddar, or spice it up with a pepper jack cheese. You can’t go wrong with this crowd pleaser!
Cream Cheese Jalapeno Hamburgers (via allrecipes.com) – think burger crossed with the flavors of a jalapeno popper. This burger pretty much covers all the bases!
Blue Cheese Burgers (via all recipes.com) – blue cheese is a strong flavor, you either love it or you don’t. If you’re in the first camp, throw some blue cheese crumbles in with your burger meat and enjoy!
Want to try a new burger, but prefer something more traditional? The recipe below comes up in rankings among the best.
The Classic Burger (via myrecipes.com) – egg, onion, breadcrumbs and Worcestershire sauce, garlic, salt and pepper combine for a top traditional taste.
When it comes to withholding, too little is always worse than withholding too much. If you’re going to make an error, most people would rather overpay and get some money back rather than face a large tax bill at tax time. Even if you already set your withholding through your employer, this isn’t set in stone. Federal law says you can change your federal withholding certificate (W-4) as often as necessary. Keep in mind, when you make a change to your federal withholding, your state withholding may need to be adjusted as well. If you receive a large refund or owe a large tax bill, there’s a good chance you need to adjust your withholding.
If you’re unsure about how much you should be withholding, you can schedule an appointment with us any time. We will review your salary information and tax liabilities to help you decide what’s best. For some taxpayers who work in a different state than where they live – Kansas/Missouri – the state where they earn W-2 income may not withhold enough state income tax to cover their residence state tax liability. Also, you can designate exactly how much you want withheld from your pay for federal and state income taxes, regardless of what the W-4 calculation says. If you already work with a tax preparer, it’s a good idea to consult thembefore you make changes to your withholdings.
As you’re reviewing your income and liabilities, you need to balance the big picture. When you withhold too much you will get a tax refund, however, that’s also income you’re loaning to the government interest-free throughout the year. Are there investments you might rather direct that income to? Or, would you or your family benefit more from having that extra money in your take-home pay? On the flip-side, no one likes to pay come tax time. But when you withhold too little, you’re more likely to face a tax bill.
We partner with our clients to estimate what their current year earnings will be, then review prior year taxes and amount due. With this information, we can project whether or not the current withholding rate is appropriate, and make any necessary changes. Ultimately, it’s up to our clients if they want a refund on their taxes or want to pay a balance due. Call us at (913) 888-9100 and we’ll work together to get your withholding set right!
Most area students have started back to school. Do you know what credits are available to you for your dependents in school? We’re always available to help you understand the benefits that might apply. Tax credits and deductions can be overwhelming when you don’t work with them on a regular basis, so let us guide you to avoid making decisions that could potentially cost you money related to your dependents’ education expenses.
Beyond dependent deductions and credits, we can also work with you to manage your tax return information related to savings plans related to higher education. This is especially important for self-employed taxpayers. It’s vital to make sure you and your family qualify for student loans and grants. The Family Financial Statement takes most of the information from the tax return, so filing on time and as soon as possible is recommended.
If higher education savings is among your financial goals, we recommend 529 savings plans and other college savings plans. We can help you choose a financial advisor, if needed. Call us at (913) 888-9100 if we can assist you.
Richard Adams is a graduate of Benedictine College in Atchison, Kansas, with dual majors in Accounting and Business Administration. He is also a graduate of Wentworth Military Academy in Lexington, Missouri.