Mike Sibley, CPA

𝗥𝗘𝗔𝗟 𝗘𝗦𝗧𝗔𝗧𝗘 𝗮𝗴𝗲𝗻𝘁𝘀 𝗶𝗻 𝗧𝗘𝗫𝗔𝗦!!! You can now operate as an LLC! This not only means more legal protection, but potentially tax savings! https://lnkd.in/dGXU6RG2 DM me for more info #realestateagent #LLC #SCorp #CPA #BusinessCoaching

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𝗥𝗘𝗔𝗟 𝗘𝗦𝗧𝗔𝗧𝗘 𝗮𝗴𝗲𝗻𝘁𝘀 𝗶𝗻 𝗧𝗘𝗫𝗔𝗦!!! You can now operate as an LLC! This not only means more legal protection, but potentially tax savings! https://lnkd.in/dGXU6RG2 DM me for more info #realestateagent #LLC #SCorp #CPA #BusinessCoaching

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𝗥𝗘𝗔𝗟 𝗘𝗦𝗧𝗔𝗧𝗘 𝗮𝗴𝗲𝗻𝘁𝘀 𝗶𝗻 𝗧𝗘𝗫𝗔𝗦!!! You can now operate as an LLC! This not only means more legal protection, but potentially tax savings! https://lnkd.in/dGXU6RG2 DM me for more info #realestateagent #LLC #SCorp #CPA #BusinessCoaching

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𝗧𝗵𝗲 𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝗰𝗲 𝗼𝗳 𝗣𝗿𝗼𝗽𝗲𝗿 𝗧𝗮𝘅 𝗖𝗹𝗮𝘀𝘀𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝗬𝗼𝘂𝗿 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 Whether you’re operating as a sole proprietor, LLC, or corporation, the way your business is classified for tax purposes can affect everything from your tax rate to your liabilities. Choosing the right structure based on your business model is essential for optimizing your tax position. Review your classification regularly with a tax advisor to ensure it's still the best fit for your evolving needs. Let's make this tax season smoother together. Reach out for a tax consultation today. #TaxClassification #BusinessStructure #TaxEfficiency #SmallBusiness #FinancialManagement

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Maximize your business by recognizing that your accounting is more than an afterthought. For seasoned entrepreneurs, it's the bedrock of company evaluation and strategy. Is your accounting a profit center or an administrative cost? #AccountingExcellence #BusinessGrowth

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If I had a crystal ball for the next four years, these would be my predictions: -Restoration of Section 174 expensing for R&D expenditures -Extension of higher threshold for estate tax exemptions -Extension of many TCJA provisions such as QBI deduction and higher standard deduction. Promises not likely to be kept, or not likely to make it through congress, because, how the heck are you going to pay for this? -Tax exemptions on tips and overtime -No taxes on Social Security benefits -Tax exemptions on military, firefighters and police officers The impact of tariffs on the economy is that it will increase consumer prices and likely will not create enough tax revenue to offset the proposed exemptions. China won't be paying the tariffs. The consumer will. It will be interesting to see how the next 4 years unfold.

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🗝️ A successful IRS audit starts with solid strategy to make sure you're prepared for challenges ahead. 📄 Proper documentation is your first key to success. 🔓 Want to unlock the other two? https://ow.ly/cwAf50SsW27

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Reconciled Solutions Tuesday Tip: A company must have ""basis,"" which means it earns more profit than is taken out year over year. Distributions from a partnership are tax free to partners until they have exhausted their basis in the partnership. At the end of the year, if you took out more in distributions than the company earned in net income, the difference is taxable. AND you also may have to pay a penalty for going over basis. EXAMPLE ➡ Your biz made $100K net income for the year The shareholders took $130K in shareholder distributions The company will likely have to pay taxes and possibly penalties on the $30K that was in excess of the net income. ❗️ Reminder: when you see Retained Earnings on the equity of the Balance Sheet, this is the cumulative total of the Net Income from the Profit and Loss, plus or minus the owners distributions taken, year over year. If the same company had $100K in net income and the partners took $80K in Distributions throughout the year, then net income moves off the Profit and Loss and into retained earnings, less the $80K in Distributions. The Retained Earnings moving forward into the new year would be $20K. This topic can be tricky. Any questions? Drop a comment, I'd love to help! #smallbusiness #tuesdaytip #smallbusinesstip #basis

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Step Transaction Doctrine Remains a Key Concern for Successful Planning Free Webinar – 12/5/24, 4:00 pm ET The Step-Transaction Doctrine is often employed by the IRS to challenge clients’ planning. There is limited time in 2024, and soon the compressed planning period of 2025. There are steps that practitioners might recommend to their clients to take now in preparation for future planning, which could potentially mitigate the possibility of the IRS successfully raising the step-transaction doctrine on audit. There is no universally accepted test to determine if the step-transaction doctrine should be applied to a particular transaction. However, Courts have relied on three concepts when evaluating whether the step-transaction doctrine should be applied: the mutual interdependence test, the end result test, and the binding commitment test. This program will explore the case law and theory of the step-transaction doctrine and recommend practical steps that practitioners might consider. Speakers: Jonathan Blattmachr, Robert Keebler, Alan Gassman, Thomas Tietz Registration URL: https://lnkd.in/erbzFu2e After registering, you will receive a confirmation email containing information about joining the webinar

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Are you a CPA nearing retirement age (around 75) in Broward or Miami-Dade County? 🏖️ Or do you know someone who fits this description? I'm exploring potential opportunities for CPA solo practitioners with a solid book of business who are looking to sell within the next 3 years or less. 💼 The ideal scenario: 👥 Bring in an experienced CPA (15+ years) to manage the transition 🤝 Familiarize with clients 💻 Implement new technology and processes 🎓 Hire and train quality staff 🌎 Potentially offshore some work ⚙️ Improve inefficiencies 🚀 Attract new clients ✅ Optimize client base Fellow CPAs, I'd appreciate your thoughts on the viability of this opportunity for a younger CPA with a book size of 150k and wants to grow to a 1 million plus size firm. Concerns: 🎭 Some CPAs claim they want to sell/retire but may just be seeking skilled help ⚖️ Risk of buying a job rather than a business Ideal firm attributes I'm seeking: 1️⃣ Cloud-based and paperless operations ☁️ 2️⃣ Average fee for personal returns (Form 1040) above $800 💵 3️⃣ Business return revenue exceeding personal return revenue 📈 4️⃣ Existing staff member who communicates with clients 📞 5️⃣ Gross revenue of $500k or more 💰 If you know someone who fits this profile or have insights to share, please comment, tag, or DM me to start a conversation. 📩 This post is for engagement and exploration purposes. 🔍 #CPAfirmbuying #SOLOCPA #RetirenowmrCPA

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Did you file a tax extension? If you did, read above for important things to know. We want to provide you with the information needed to know how your extension works as your trusted accounting partners. If you have any questions please reach out to us at smaartcompany.com or comment your question below. #taxtips #taxes #taxextension #accounting #accountant #smallbusinessowner

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NOW is the Best Time to Hire a New Bookkeeper! While January may seem like a good time to start over with a new #bookkeeper or #CPA, the best time to change #bookkeepers is actually after tax season. January through April is the busiest time for #accounting professionals. By waiting until after this period, you can ensure a smoother transition for you and your business, relieving you of unnecessary stress. Tips for a Smooth Transition with a New Bookkeeper: 🔹Maintain Continuity: Keep your old bookkeeper until taxes are filed. 🔹Ask for References: Confirm your new bookkeeper is familiar with your industry. 🔹Evaluate the Services: Understand the price and services offered. 🔹Build Trust: Make sure you have mutual trust. 🔹Introduce your Team: Introduce your CPA and other #finance team members to your new bookkeeper. 🔹Transfer Data: Provide access to #financial data, including #tax #records, bank statements, and #QuickBooks data files. No Bull Financial Consulting (NBFC) is committed to delivering timely and accurate #bookkeeping services because we understand their importance. Our goal is to empower you with the data you need to navigate your business confidently and successfully.

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