Byron Wolfe, CPA

Nearly 100% of agency owners I meet are missing out on thousands of dollars in tax deductions. Obviously, not capitilizing on deductions means you're paying more than you should. But every missed deduction is also a missed opportunity to reinvest in your team, your growth, and your future. Every dollar left on the table is a dollar that could go toward upgrading your tools, hiring top talent, or building better systems. For me, optimizing your agency’s numbers is about more than cutting costs. It’s about turning those savings into opportunities to help your agency thrive. I want to make your agency better. Think you might be missing out? Let’s talk about how we can uncover what’s hiding in your numbers. #agencygrowth #businessfinances #taxstrategy #cpa #marketingagency

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How Could Bench Do This to Clients—Especially This Close to Tax Season? Bench’s sudden closure has caught countless small business owners off guard at one of the worst possible times—right before tax season. It’s more than an inconvenience; it’s a serious disruption that leaves entrepreneurs scrambling to find a reliable bookkeeping solution on short notice. But don’t settle for another AI-driven platform that might leave you hanging again. At McFadden Accounting, we believe in real conversations, tailored advice, and strong professional relationships that technology alone can’t replicate. Our team provides: Personalized Guidance: Get expert advice specific to your business and industry. Stable, Year-Round Support: We’re here to answer questions and address concerns any time, not just when it’s convenient for software updates. Peace of Mind: Trust that your financials are in good hands, even during the busiest tax season. If you’ve been left stranded by Bench, send me a direct message or visit our website to learn how McFadden Accounting can help you prepare for tax season with confidence—no AI replacements necessary. #TaxSeason #SmallBusiness #AccountingServices #BenchClosure #Entrepreneurship #McFaddenAccounting

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As the owner of an S Corp, one of the key decisions you'll face is how much to receive as a CEO salary. When you become an S Corp, the IRS requires that you pay yourself a "Reasonable Marketbase Salary" if you plan to take money out of the company. But how do you determine what your CEO salary should be? First, it's crucial to strike a balance between fair compensation and tax efficiency. Second, here are some key factors to consider: 1️⃣ Market Rates: Research industry standards to ensure your salary aligns with what similar roles earn. 2️⃣ Business Performance: Your company's profitability and cash flow should inform your salary decision. 3️⃣ Tax Implications: Paying yourself a reasonable salary helps avoid IRS scrutiny while maximizing tax advantages. 4️⃣ Consult Professionals: Work with financial advisors and tax experts to create a strategy that suits your business goals. Remember, finding the right pay structure is a continuous process that evolves with your business's growth. Download my FREE Cash Flow Mastery Toolkit to receive a template to help you outline a business budget and CEO Salary. https://lnkd.in/g3rSpap8

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Unlock your business's true potential with Henriquez Accounting! 📈 With over 20 years of experience, our team specializes in providing top-notch bookkeeping, accounting, and tax preparation services tailored to your unique needs. In today's fast-paced world, staying compliant, managing cash flow, and achieving financial fitness is crucial. That's where we come in! From proactive bookkeeping to comprehensive payroll processing and strategic tax planning, we've got you covered. Let us handle the complexities of your finances so you can focus on what truly matters - growing your business. Explore how our expertise can drive your business forward. 💼 #BusinessConsulting #HenriquezAccounting #FinancialExcellence

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Some of my most profitable business owners, are LLC owners. 💰 But How? Mange Your Business: - Proper Accounting Records - KPI’S - Tax Planning All Year Long Need a Profit & Loss template? Comment “Profit” below and I’ll DM you your free download💃🏾 #LLC #businessprofit #smallbusinessowner #taxtips #karladennis

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You're at an exciting point in your business journey—growth is on the horizon, and it’s time to consider bringing in extra hands. But here comes the tricky part: do you hire a contractor or a W2 employee? Here’s a straightforward guide to help you make an informed decision and avoid any financial missteps. Understanding Your Hiring Needs: Flexibility: Assess the role you need to fill. A contractor is the perfect fit if you need someone who can bring their own tools, make some decisions independently, and work remotely. Duration of the Job: Determine if this is a temporary project or a long-term commitment. Contractors are ideal for projects with a clear end date, while W2 employees are better suited for ongoing roles. Equipment and Tools: Decide who will provide the necessary equipment. If you need to supply all the tech and tools, you’re probably looking at hiring an employee. A contractor could be the way to go if the individual comes prepared with all they need. Level of Control: Consider how much control you want over how the work gets done. If you prefer to oversee each detail, an employee might be necessary. But a contractor could work well if you’re okay with specifying only the outcome and letting them handle the how. Core Contributions: Evaluate if the work they’ll be doing is critical to the essence of your business. If so, having an employee might be essential. If the work is more supplementary, a contractor can often effectively fill this role. Training Requirements: Think about the level of training required. If extensive training is needed, you’re likely looking at an employee. A contractor is probably sufficient if the person is already equipped with the necessary skills and needs little guidance. Why It Matters: Mixing up contractors and employees can lead to serious consequences with the IRS. Both roles have distinct rights and tax implications. Misclassification can result in penalties and back taxes if the IRS determines that your contractor should be classified as an employee. Take a moment to consider what you need from this role. Firestorm Finance is here to help you navigate these decisions—whether you need assistance with payroll, handling 1099s, or exploring your options. Are you looking to dive deeper or ensure you stay compliant? Check out this handy guide: https://lnkd.in/gRkqjZXf Here’s to your business growing successfully and efficiently. Cheers to successful hiring and the exciting times ahead for your creative venture! #CreativeEntrepreneur #HiringTips #BusinessGrowth #ContractorVsEmployee #SmallBusinessAdvice #LinkedInBusiness #Bookkeeping #PayrollServices #BusinessStrategy #Compliance

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Breaking news: Business for sale. One careful owner. Proven track record. Great employees, great clients and technology driven. How to value a business? Even if you are not in a position to sell just yet and plan for that early retirement in a tropical climate, it is important to consider how much is your business worth now and what is the potential future value of your business now or in the future. Speak with the fresh accounting team today and see how fresh can help your business. Email [email protected] https://lnkd.in/g9vzfb6 fresh accounting, fresh advisory, fresh digital

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Is your company planning a spinoff, selling certain assets/locations, winding down a line of business? I've seen a lot of it happening recently. The market downturn and higher interest rates over the past ~2 years have many companies streamlining their operations. An unfortunate move we all see a lot of is layoffs 👎. But another tactic is selling the underperforming parts of your business to someone else that may be a better fit. It's a smart move if you can find the right buyer. Though -- you guessed it -- comes with its own US GAAP accounting and financial reporting complexities: - 🤝 Sale/Divestiture Accounting - 📉 Discontinued Operations (Disc Ops for short) - 📦 "Held for Sale" Asset Accounting If this sounds familiar for you and your company, don't wait until the year-end audit, learn more about the accounting and reporting requirements now. We're in the middle of a 3-part blog series on this at our Zeroed-In Consulting website. Have you seen more transactions like this recently? And how have you seen it done?

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✅ Wyoming LLC tax obligations with a Foreign Owner" If you're a foreign individual or entity looking to set up or operate a Wyoming LLC, here's what you need to know about your responsibilities. 1️⃣ Registering Your LLC Setting up a Wyoming LLC with foreign ownership follows the same process as for U.S.-based owners. You must: File Articles of Organization with the Wyoming Secretary of State. Designate a registered agent in Wyoming to handle legal and compliance documents. Foreign owners are not required to reside in Wyoming or the U.S. 2️⃣ EIN and Tax Identification Numbers Foreign owners of Wyoming LLCs must obtain an Employer Identification Number (EIN) from the IRS, even if the LLC doesn’t have employees. This number is essential for opening bank accounts, filing taxes, and conducting business activities. Additionally, non-resident owners may need an Individual Taxpayer Identification Number (ITIN) if they are required to file U.S. tax returns. 3️⃣ Federal Tax Obligations Foreign owners face specific tax obligations under U.S. tax law: 🔵Income Tax Foreign owners must report their share of the LLC’s income on Form 1040-NR (U.S. Nonresident Alien Income Tax Return). Withholding Requirements: If the LLC earns U.S.-sourced income, it may be required to withhold 30% of the foreign owner’s share of income, unless a tax treaty reduces this rate. Form 5472 and 1120: Wyoming LLCs with foreign owners must file Form 5472 with the IRS to disclose certain transactions between the LLC and its foreign owner. Failure to file can result in steep penalties. 4️⃣ State Tax Obligations Wyoming does not have a state income tax, which makes it appealing for business owners. However, if the LLC conducts business in other states, it may have state-level tax obligations in those jurisdictions. 5️⃣ Annual Reports Wyoming requires all LLCs to file an annual report and pay a nominal fee to remain in good standing. Foreign owners must ensure this requirement is met to avoid administrative dissolution. 6️⃣ Banking and Financial Compliance To operate effectively, your Wyoming LLC will need a U.S. bank account. Most banks require: The LLC’s EIN. A copy of the Articles of Organization. Personal identification documents from the foreign owner(s). Compliance with the U.S. PATRIOT Act and anti-money laundering laws means banks may scrutinize foreign owners more closely. 7️⃣ Understanding Tax Treaties The U.S. has tax treaties with several countries, which can reduce withholding tax rates or provide other benefits. Foreign owners should consult a tax professional to determine if a treaty applies and how it affects their obligations. 8️⃣ Legal and Immigration Considerations While foreign ownership of a Wyoming LLC is permitted, this does not grant the owner any immigration benefits or the right to work in the U.S. Separate visas or permits may be required for physical presence in the country.

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Do you or your client need help exporting historical summary TB data from Great Plains? If so, my most recent article is for you. In this article, I discuss: 1) The specific steps to export the summary TB data from Great Plains 2) Mapping the GP account values to your NetSuite segment structure 3) Preparing and importing the summary TBs as a journal entry Let me know if I can be a resource for you or your client! https://hubs.ly/Q02ZnT4v0

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Not having a solid tax strategy can cost you THOUSANDS‼️‼️ My client was in this very position when they came to me —missing out on significant opportunities to save because they weren’t leveraging all the tax benefits available to them. Through a proactive and strategic approach I helped them uncover $13,000 in tax savings that could have been left on the table. HERE’S HOW⬇️✨ 💰Regular Meetings for Clarity: Consistent check-ins ensured the client stayed informed about their financial health, identified opportunities, and addressed potential pitfalls. 💰Strategic Planning: A tailored tax strategy allowed the client to legally minimize their tax liability while aligning with their broader financial goals. 💰Overlooked Deductions Recovered: By thoroughly analyzing their financial records, I found deductions that were previously missed, boosting the client’s refund significantly. 💰Investing Refunds Wisely: Beyond tax savings, I advised on reinvesting the $13,000 refund into real estate, creating opportunities for long-term wealth building. If you’re tired of feeling uncertain about your taxes or worried you’re leaving money on the table, let’s fix it together✨ Book a free call today to get your taxes filed and your books cleaned if necessary! https://lnkd.in/ef_MhDVj #taxseason #taxsavings #taxsavingstips #taxstrategy #businessgrowth #financialservices

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You want to know a surefire way to not get referrals as a lender? Make your clients fire their accountants and advisors so they can enroll in your “coaching” and accoutnnng program as a stipulation for borrowing from you. You’re in the business to lend money, not offer advice and accounting services. Plus who do you think even did the accounting and reporting for the information you used to lend the client money? This kind of business model is just asking for accountants to not refer business to you. Stay in your lane lenders.

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Here are the 10 essential tax-saving tips for small business owners in 2024:

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Streamline your finances with Henriquez Accounting. Let us handle your bookkeeping so you can focus on what matters most. 📊📁 #HenriquezAccounting #BookkeepingServices

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*IRS took his business revenue then we stepped in. The IRS had already issued a notice of intent to levy the business income and issued it to all his customers. Can you imagine what that would feel like if it happened to you? This implies that rather than getting paid for the service the business renders, the IRS will receive all the funds to offset his tax debt. The IRS is well within its right to do this, but I'm also within my rights to fix this situation as his legal Power of Attorney. When the client signed up to work with us, he was extremely desperate to stop the levy as soon as possible. Otherwise, the business would not be able to pay payroll or any other bills. When this occurs, the IRS would often demand for a resolution to be in place before they could lift the levy. However, my team was able to negotiate with the Revenue Officer and got the levy release letter issued within 3 business days of working with us. Maybe you will have a beautiful story like this, but if you don't sign up for your limited-time free consultation you'll never know and likely suffer longer while money bleeds out of your bank account and into the IRS collections... Both the price of the initial consultation AND the actual service will increase in about 10 days so don’t delay. ACT NOW → Leave Tax Debt Behind >>>https://lnkd.in/eCY8dYz Contact my team today at [email protected] Or call 443.741.4188 during business hours to schedule with the team.

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📈 Streamline your finances with Henriquez Accounting's expert QuickBooks support! Our dedicated team of professionals is ready to help businesses of all sizes navigate the complexities of accounting software. With over 20 years of experience serving clients nationwide, we ensure your bookkeeping is accurate, timely, and stress-free. Want to maximize your financial efficiency and stay compliant? Let us handle the heavy lifting so you can focus on what you do best—growing your business. Contact us today for personalized support and discover how effortless managing your finances can be! 💼 #HenriquezAccounting #QuickBooksSupport #FinancialEfficiency

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