What is the Cares Act? The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was created to assist Americans cope with financial hard times due to the COVID-19 outbreak. Under the Cares Act, if you are under retirement age, you…
Accounting Blog
What You Need to Know About the Second PPP Loan
A new coronavirus relief bill passed last month will provide $284 billion in Payroll Protection Program (PPP) loans for small businesses. The experts at Orlando based CPA Accounting & Tax Services shares important details about the new relief bill, outlining…
Who Claims Children Of Divorced Or Separated Parents on their Taxes?
Children of divorced or separated parents, who claims them on their taxes? So first off, the IRS will give the tax deduction to the person that has the child the most time during the year. It’s important to note, it…
What Is FIRPTA?
In this article & video we are going to answer the question, what is FIRPTA. Basically, FIRPTA stands for Foreign Investment Real Property Tax. It is designed for people who invest in real estate in the United States. The reason…
What Is An IP PIN and Why You Will Need One When Filing Taxes
Historically only provided to victims of identity theft! Now an Identity Protection Personal Identification Number (IP PIN) is soon to become the standard in verifying a taxpayer’s identity and will be required for tax filing in the future. What Is…
5 Things Gig Workers Must Be Aware of Regarding Their Earnings
Perpetuated by the COVID-19 pandemic in 2020, the number of “gig-workers” has increased dramatically. With this increase in the workforce taking on what were once considered side jobs, that were intended to simply supplement income by occasionally driving for Uber…
What You Need To Know About the IRS Changing Requirements on Partnerships
The Internal Revenue Service (IRS) has recently made a change in the way partnerships are evaluated for tax purposes. This comes in the wake of millions of partnership returns reportedly filed with a large errors that had previously been met…
How the CARES Affects Taking An Early 401(k) Withdraw
In the wake of the COVID-19 pandemic, amidst the layoffs and furloughs, many individuals have turned to withdrawing funds from their 401(k). Temporary changes to the rules under the CARES Act may give you more flexibility to make an emergency…
Is an Accountant or Bookkeeper Best for your Business?
If you are a business owner, you know that one of the key components to running your business successfully is having your finances in order. Your business’s financial data must be up to date and accurate so that you can…
The Difference Between Tax Planning and Tax Preparation
Come tax time most of us think that by hiring a professional to prepare our tax return that we will save the most amount of taxes. However, there is a way to save even more — through tax planning. A…
Save Thousands with Tax Planning
Many taxpayers feel that ever familiar feeling of dread come tax time knowing that they will be hit with a high tax bill. Instead of resting easy that you or your business has had a good year and your salary…
7 Ways The Paycheck Protection Program Affects Your Taxes
The Paycheck Protection Program PPP is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The PPP is intended to provide American small businesses with eight weeks of cash-flow assistance to cover payroll and other costs through forgivable,…
The Wealth Killer Nobody Talks About…
How Car Payments Keep You Poor, and What To Do Instead Remember about three months ago when you bought that shiny new car? It looked incredible, smelled amazing, and felt like the perfect upgrade. Fast-forward a few months later, and…
5 Money Habits Keeping YOU Poor!
What’s keeping so many Americans broke? Believe it or not, it often comes down to a handful of habits repeated week after week. It’s that simple. It doesn’t matter if you are a CPA or not; we all have to…
5 BIGGEST Mistakes Real Estate Investors Make!
Real estate can be a powerful investment or a financial disaster if you don’t know what you’re doing. What looked like a great deal 20 years ago in a certain neighborhood might now be a total mess. Let’s walk through…
Avoid These 5 Mistakes When Starting A Business
As a business owner, I’ve seen so many people make basic mistakes when starting out. These mistakes could easily be avoided, saving a lot of trouble down the road if they just start the right way from the beginning. So…
5 Big Beautiful Bill Tax Changes That Can Impact YOU!
The Big Beautiful Bill…interesting name for a tax bill, right? I’ve researched the five most talked-about topics concerning this bill. Today I am going to cover these top 5 topics hot topics from my perspective as a CPA. 1. No…
How to Fix Your Personal Tax Return! Step by Step Guide
Amending your personal income tax return may seem overwhelming, but it’s a manageable process when you break it down step by step. In this guide, I’ll walk you through how to correct your return using IRS Form 1040-X. Step 1:…
How to Do Bookkeeping Manually (Without Software!)
Requirements to Get Started with Bookkeeping Manually So, to get started with Bookkeeping Manually (without software), we have just two requirements. They are: #1 – First, you must have a bank account that is used exclusively for business income and…
How To Calculate The Mileage Tax Deduction!
Understanding the Mileage Deduction That Can Make a Big Difference on Your Tax Return Do you know how to calculate the mileage deduction that will make that big break on your tax return? In this blog post, I am going…
How to Calculate the Home Office Deduction!
Today we are going to dive into a very popular topic amongst those who work at home. It’s How to Calculate the Home Office Deduction. Many of my clients had lots of issues with calculating this deduction this past tax…
How to Sell Your Home Tax Free
If you lived in your home two years out of the last five years, Section 121 allow you to exempt $250,00 for single individuals and a whopping $500,00 if you are married on capital gains when you sell your home….
What is the American Opportunity Tax Credit (AOTC)?
Think of the American Opportunity Tax Credit (AOTC) as a little “thank you” from the government for investing in education. It helps students (or their parents) save on taxes by covering some college costs. Here’s how it works: You can…
5 Mistakes to Avoid When Electing S-Corporation Status (and Why It Matters!)
Hey everyone, welcome back to my blog! If you’re thinking about electing S Corp status for your business, this video is a must-watch. Making the wrong moves can cost you big time—from unexpected taxes to legal trouble, or even losing…
Did You Get a 1099-K from Venmo or PayPal? Here’s What You Need to Know!
If you’ve ever received payments through Venmo, PayPal, Cash App, or any other payment processor, you might have received a 1099-K form. And you might be wondering, what is this? Do I need to do something with it? Well, I’ve…
Is it Still Worth it to Buy an Electric Vehicle in 2025?
Thinking About Going Electric in 2025? Here’s What You Need to Know! If you’re considering switching to an electric vehicle (EV) in 2025, you’re probably wondering how the federal EV tax credit works and whether it’s still a smart financial…
6 Investment Strategies Designed to Save Money on Taxes
Are you investing to build a more secure future for yourself and your family? Are you looking to minimize the taxes you pay on those investments? If so, you are in the right place. In this article, I will share…
Understanding Capital Gains Exclusion on the Sale of a Home
Are you planning on selling your home, or have you already sold your home this past year and you’re wondering whether you will owe the IRS taxes? If so, you are in the right place. In this video, I’m going…
How to Make Tax Season Organization Easier
If you’ve ever felt overwhelmed by all the forms, statements, deadlines, bookkeeping, and receipts involved in filing taxes, don’t worry — I’m here to simplify all of it for you step by step. My name’s Sonia Narvaez and today I’m…
Last Minute Tax Savings Tips for Schedule C Filers
2024 is almost over, but it’s not too late to tax plan and decrease your taxes for the 2024 tax season. Hello, my name is Sonia Narvaez, and if you’re a freelancer or small business owner who files a Schedule…
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7 Last Minute Tax Tips For This Year [2024]
I can’t believe 2024 is almost over. Where has the time gone? In this article, I want to give you 7 tips that will for sure make a difference on your bottom line. You still have time to do these…
Understanding Beneficial Ownership Information (BOI) and Why It Matters to Businesses
Today, we’re diving into a critical filing requirement that is new for businesses in the U.S. And if you don’t do it correctly, it can result in steep penalties and even jail time. To start things off, let me explain…