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About Sarah Marble

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So far Sarah Marble has created 5 blog entries.
28 06, 2024

Local Spotlight: The 10th Annual BMOF Golf Tournament

2024-06-24T16:55:54-05:00June 28, 2024|0 Comments

Swing into action for a good cause to benefit Charlotte families! The Rotary Club of Mecklenburg County-South is hosting the 10th Annual BMOF Golf Tournament in September, and you won’t want to miss your chance to participate in this exciting event.

About the 10th Annual BMOF Golf Tournament

We know. September is months away, but the time to secure your spot on the course on September 30 is now! Even though this is the 10th Annual BMOF Golf Tournament, you may not know that “the world’s most ridiculously awesome” has limited spots. 

The lively charity golf tournament has 56 regular player spots and 88 sponsor player spots. This year, the 56 individual player spots were reserved before the official registration opened earlier this month! 

The only way to get a tee time is to become a sponsor! With various sponsorship packages, sponsors can invite up to three foursomes to one group of four, plus additional marketing and promotional benefits for the sponsoring business or organization.

How to be a sponsor

Are you ready for a fun team-building experience? Do you have some VIP clients you’d like to invite to the course for a round of golf? Then becoming a sponsor for the BMOF—Bloody Mary’s on the Fifth—is for you! 

While golf will be par for the course, event sponsors will also enjoy uninterrupted golf, players’ gifts, breakfast and drinks at the driving range, lunch on the course, drinks at each hole, three Bloody Mary bars along the course, a hole-in-one contest on every par 3, skills contest around the course, a Tito’s Bottle Treasure Hunt, more than $3,000 in raffle prizes, silent auction deals and a full buffet dinner!

Explore the sponsorship opportunities here.

Location

Save the date and make plans now to be a sponsor and enjoy fun, fellowship and giving back to a local nonprofit, Beds for Kids. Beds for Kids serves local families by providing children’s beds and other essential furniture for families to help them get established in their homes. 

This year’s charity tournament will be at The Club at Longview at 8801 Longview Club Drive in Waxhaw. 

Summary

Todd Greene has been a proud member of the Rotary Club for 10 years now, which is why this cause and event is near and dear to us. We are pleased to sponsor the 10th Annual BMOF Golf Tournament and are excited to share this opportunity. Get to know your neighbors, have fun and make a difference locally. Feel free to reach out to us if you have questions about the event—and go ahead and ask about our accounting and tax services as well! Continue reading our blogs for accounting tips, tax information and more. 

29 04, 2024

Tax Benefits that Small Business Owners Need to Know

2024-04-26T15:49:14-05:00April 29, 2024|0 Comments

Are you a small business owner looking to maximize your benefits and save on costs? There are two tax benefits that small business owners need to know about with recent law changes that could help them reach both goals.

Two must-know tax benefits for small businesses

Let’s look at two credits that can help business owners save money and provide valuable employee benefits: the retirement plan start-up cost credit and the small employer health insurance credit.

Retirement Plan Start-up Cost Credit

As we start to review tax benefits that small business owners need to know, we should mention the law change in 2022 that enhanced the tax credit known as Secure 2.0. One of the most notable changes the Secure 2.0 Act brought about is the significant increase in the retirement plan start-up cost credit.

More specifically, it increases the credit to 100% of qualified start-up costs for employers with up to 50 employees. Employers with 51-100 employees are still eligible for a credit of 50% of qualified start-up costs.

According to the IRS, eligible employers could claim a tax credit of up to $5,000 for three years. Credits can apply to the costs of starting a SEP, a simple IRA or a qualified plan such as a 401(K).

Small Business Health Care Tax Credit

Another one of the tax benefits that small business owners need to know about is the small business health care tax credit. This credit helps small businesses afford the cost of providing health insurance to their employees.

This tax credit can benefit small businesses with less than 25 full-time employees who, on average, pay less than $61,400 per employee in 2023. 

In general, the maximum credit is 50% of premiums paid for small business employers and 35% of premiums paid for small tax-exempt employers. What’s more, the credit is available to eligible employers for two consecutive taxable years.

Find out more information about qualified health plans offered through the SHOP Marketplace at Healthcare.gov.

Summary

Are you wondering if your small business is missing these tax credits or others? Are you ready to learn more about the requirements for each tax credit? That’s what we are here for! Contact us to schedule your free consultation to learn how we can help your small business with taxes and more. Keep reading our blogs for additional tax tips and other industry news.

28 03, 2024

5 Things to Know about 2023 Taxes

2024-03-25T14:19:16-05:00March 28, 2024|0 Comments

Are you realizing Tax Day is quickly approaching and you still haven’t noted what’s changed for 2023? Deadlines have a way of sneaking up, and luckily, we’re here to remind you of five things to know about 2023 taxes before you file.

Tax brackets changed slightly. 

First on the list of things to know about 2023 taxes is that the tax brackets, or income ranges, for each of the seven tax rates shifted to account for inflation. To clarify, the rates didn’t change, but there was an increase in the income brackets. 

The top rate remains at 37% for single filers, but the income rate increased for single filers with an income of $539,900 or more in 2022 to $578,126 or more in 2023, for example. For a married couple filing jointly, the income range increased to $693,751 or more in 2023 versus $647,850 or more in 2022. 

The lowest rate is still 10%. The income brackets have bumped up to $0 to $11,000 for single filers and $0 to $22,000 for married couples filing jointly. Review all seven tax rates and brackets here. 

The standard deduction increased. 

Another change for taxes in 2023 is the standard deduction will increase too. 

For instance, according to the IRS, the standard deduction for married couples filing jointly for 2023 increases to $27,700, which is a $1,800 jump from 2022. What’s more, the standard deduction for single taxpayers and married couples filing separately increased by $900, rising to $13,850 in 2023. For heads of households, the standard deduction increases to $20,800 in 2023, a $1,400 boost from 2022.

The Child Tax Credit may give you a tax break.

If you have a qualifying child under 17 in 2023, the maximum Child Tax Credit is $2,000 per child if your annual income is less than $200,000 or $400,000 for a joint return. For other qualified dependents, you can claim a $500 credit.

Changes were made to retirement contribution limits. 

For those planning for retirement, it’s important to note that the contribution limits for retirement accounts have increased for 2023. The contribution limit for 401(k) plans has increased from $19,500 to $20,500, while the catch-up contribution limit for individuals over 50 has increased from $6,500 to $7,000.

This increase in contribution limits provides an opportunity for individuals to save more for retirement and potentially reduce their taxable income.

Double-check for any energy tax credits for 2023. 

Be sure to ask your tax professional about the changes and additions to energy tax credits in 2023 under the Inflation Reduction Act. If you’re a homeowner who made qualifying energy-efficient improvements, for instance, you may be able to claim up to 30% of the improvement expenses in 2023 instead of just 10% previously. 

Summary

Now that we’ve shared these things to know about 2023 taxes, it’s time to spring into action. Whether you want to make sure you are maximizing your tax return or you want to ensure the information is accurate, we are here to help. Contact us to learn more about our tax services, and keep reading our blogs for more industry news and tax tips. 

29 01, 2024

6 Tips for Learning How to Use QuickBooks

2024-01-22T16:03:41-06:00January 29, 2024|0 Comments

As the end of January approaches, are you realizing that accounting software like QuickBooks could be useful in reaching your 2024 business goals? Luckily, we are here to help by sharing these six tips for learning how to use QuickBooks with ease! 

Have a basic understanding of accounting principles.

First of all, learning QuickBooks will be easier if you have a basic grasp of accounting. That doesn’t mean you need to become an expert, but understanding the guidelines for reporting financial data is key to having accurate numbers and making informed financial decisions. 

Note your daily objectives.

If you are tackling QuickBooks on your own, try breaking up your daily objectives to help structure your learning plan. For example, day one could include going through initial QuickBooks tutorials to get started and browsing through the program to become familiar with it. 

On day two, objectives might include entering basic information, getting organized and possibly setting up a few accounts. From there, you can start learning more about inputting employee information, customer information, invoicing and so on.

Explore QuickBooks tutorials and videos. 

Next on the list of tips for learning how to use QuickBooks is a no-brainer! Take advantage of the plethora of information created by QuickBooks to help beginners like you. 

Their resources include tutorials, webinars and videos to make learning easy and self-paced. 

Learn handy QuickBooks keyboard shortcuts.

The software also uses a variety of convenient QuickBooks keyboard shortcuts to make some common actions even quicker. For instance, Ctrl + A pops up the Chart of Accounts window. Ctrl + C copies your selection to the clipboard, and Ctrl + I takes you to an invoice. 

Watch YouTube videos. 

Try learning QuickBooks through a variety of approaches, including watching YouTube videos made by QuickBooks pros. 

Work with us for one-on-one training.

Finally, when it comes to tips for learning how to use QuickBooks, work with a professional for personalized, one-on-one instruction. Did you know we are your local QuickBooks professionals in Charlotte? 

As a proud member of the QuickBooks ProAdvisor Program, we can ensure you set up QuickBooks for your business correctly from the beginning. Plus, we can help you manage and apply it moving forward.

Summary

In summary, find out more about the benefits of using QuickBooks for your small business. Then connect with us to get started. Are you looking for additional accounting information, from tax tips to deciding what business entity is right for you? Keep reading our blogs and discover all that and more! 

28 11, 2023

5 Tips for Charitable Gifting

2023-11-27T14:11:21-06:00November 28, 2023|0 Comments

‘Tis the season of giving, so why not get the most out of your giving, not just personally but financially as well? We’re sharing these five tips for charitable gifting to help you, the giver, maximize the benefits. 

Before we get into our helpful tips for charitable giving, let’s quickly state the obvious. Giving to others makes us feel good. But the benefits of giving can go well beyond feelings. In some instances, charitable gifts can actually reduce your taxable income. 

Plan your giving.

For starters, impactful giving takes planning. And knowing who to give to takes thought and research, including understanding which charities and donations qualify for tax deductions. First of all, you have to give to an IRS-approved charity—for nothing in return—to claim a tax deduction.

Enjoy a little tax relief.

In fact, there are many tax-planning opportunities with charitable donations that you can take advantage of for the largest deduction possible. In general, charitable contributions allow you to deduct up to 60 percent of your adjusted gross income. But, depending on the organization and the kind of contribution, you may only be allowed to donate 20 percent, 30 percent or 50 percent of your income.

No matter how many organizations you donate to, the limit applies to all of your donations made during the year.

Cash and household items can be tax-deductible. 

Remember to ask for a receipt or proof of your charitable donation. Typically, any cash donation of $250 or more needs written acknowledgement from the organization stating when the gift was given.

However, smaller donations can be verified with a copy of a bank statement or a receipt from the charity, for example. If you decide to make a charitable donation through a payroll deduction, be sure to keep your pay stub, a W-2 form or some other record from your employer showing the date and amount. 

While certain charities and organizations will accept gently used household items, including clothes, toys and furniture, the rules for non-cash donations are a little stricter. Again, be sure to talk to your accountant for more in-depth information about these guidelines. 

Check to see if volunteer expenses are tax-deductible. 

While volunteers can’t deduct the estimated value of their time or services, they can deduct certain costs of volunteering for an approved organization from their taxes. Examples of direct expenses that could be claimed include mileage. 

The miles you travel to volunteer opportunities and charitable events, as well as the mileage you use to transport goods to donation sites, can be deducted from your tax deduction contributions—just save the receipts. 

Pay attention to the deadline.

Your donation must have been made by the end of that specific tax year for it to be recognized as tax-deductible when you file. For instance, donations that you want to claim on your 2023 tax return, which must be filed by April 2024, must be made by December 31, 2023.

Summary

Last but not least, when it comes to tips for charitable gifting, work with a tax professional you can trust. To find out more about charitable gifts and tax breaks, contact us to schedule a free consultation. For more industry news and tax advice, keep reading our blogs. 

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