The Eric Sheldon CPA, PC Blog

When it comes to retirement planning, high-income individuals often face unique challenges, particularly when it comes to Individual Retirement Accounts (IRAs). If you participate in

When it comes to planning for your financial future, a Roth IRA is one of the most powerful tools at your disposal. Unlike traditional retirement

The Corporate Transparency Act (CTA) requires many companies to report information about their owners to the Financial Crimes Enforcement Network (FinCEN), known as the Beneficial

Trusts and estates are vehicles often utilized for wealth transfer and estate planning. While the primary focus is usually on asset allocation, tax advantages, and

Think of your financial journey like a road trip. Sure, you could hop in the car with no map, no gas money, and no plan—but

Trusts and estates are complex financial entities designed to manage and distribute assets according to specific guidelines or wishes. Whether you’re a trustee, executor, or

A financial plan is not just a list of your income and expenses; it’s a roadmap that guides you towards financial stability and wealth creation.

Trusts and Estates accounting often involve meticulous tracking of assets, income, expenses, and distributions, requiring strong organizational skills and attention to detail. With various fiduciary

In the labyrinth of life’s responsibilities, financial planning is a critical pillar that holds up the structure of our well-being and future security. Yet, many

Trusts and Estates accounting is a specialized field that deals with financial management, tax planning, and allocation of assets within trusts and estates. The complexities

When it comes to financial well-being, a one-size-fits-all approach simply doesn’t work. “Personalized financial planning is the key to long-term stability and wealth accumulation,” informs

If you’re planning for retirement, you’ve probably heard about Individual Retirement Accounts (IRAs). But did you know there’s a technique that could help you manage

Financial planning is essential for anyone who wishes to meet specific financial goals, secure their financial future, and enjoy peace of mind. A solid financial

Lessons Learned and Expert Advice Trusts and estates accounting is a complex area that requires precision, detailed record-keeping, and an understanding of both legal and

As our parents age, it becomes increasingly important to address important topics like finances. Discussing money matters can be challenging and uncomfortable for both parties

Learn to safeguard your wealth from early inheritance claims.  It’s an unfortunate reality that, in our latter years, we may find ourselves facing unwelcome pressure

Receiving a dementia diagnosis is undoubtedly a life-altering event, not just for the individual affected but also for their loved ones. Alongside the emotional and

Navigating conversations about asset protection with aging parents can be a delicate endeavor. Nevertheless, such dialogues are essential to ensuring their financial security and peace

Navigating through the complex world of taxes can be a daunting task, particularly when it comes to understanding potential penalties associated with underpayment of taxes.

In the dynamic world of business, it’s vital to comprehend the tax implications associated with your chosen business structure. This is especially true for pass-through

In response to complaints about the Tax Cuts and Jobs Act of 2017 SALT cap, many states have authorized workarounds that allow a pass-through entity

As a business owner, it’s essential to understand how your legal structure affects your taxes and liability. Let’s break it down into simple terms. Business

Section 179 and bonus depreciation are both tax incentives available to U.S. businesses that allow them to write off the cost of qualifying property in

When it comes to tax time, maximizing your business deductions is paramount. Here are some tips for depreciation, amortization, and Section 179 rules. What is

This depreciation asset class typically includes assets that have a useful life of between 5 and 7 years, and are typically considered to be intermediate-term

Business entities with pass-through taxation, such as an S Corp, LLC, sole proprietorship, or partnership, do not retain losses within the business entity. They are

A private foundation may be an appropriate option if you want to make a lasting impact on a specific cause, involve your family or a

If you have a passion for a particular cause and want to make a difference by addressing a specific need in your community or the

The primary goal of a public charity is not to generate revenue, but to serve the public good by addressing social and community issues. Public

Private (family) foundations are established and funded by individuals or families. They are typically focused on a specific cause or area of interest, such as

Foundations are organizations that aim to achieve a specific goal, often related to charitable or philanthropic causes. There are two main types of foundations: Public

Fiduciary accounting is the process of recording and reporting the transactions and activities of a trust, estate, or conservatorship. This is done in the normal

If you are the beneficiary of a trust, you may be able to challenge the Trustee’s accounting. It can be a messy, expensive and time-consuming

Fiduciary accounting (sometimes called “court accounting”) is a comprehensive report of the activity within a trust, estate, guardianship, or conservatorship during a specific period. It

In the financial services industry, fiduciaries have a duty to do what is best for their clients. They have to make decisions based on sound

As we close out the year and get ready for tax season, here’s what you can do to maximize your tax savings by year-end. Personal

For many years, IRS rules stated that taxpayers could not keep retirement funds in their retirement accounts indefinitely. They must start taking withdrawals from their

As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2022.

For employees that work from home, your at-home expense deduction have been reduced. However, for self-employed workers that work out of their home, deductions still

You may have heard that the uber-wealthy pay little in taxes. In some cases, it’s true. But how? The better question might be, how can

Taxes can be a huge expense—for everyone. The following tax tips are geared toward millionaires, but that doesn’t mean you cannot use them too. After

Year-end is just around the corner. Now’s the time to consider your taxes and what you can do to minimize them and keep as much

In September, Business Insider published a story about Patagonia’s founder, Yvon Chouinard, who saved more than a billion dollars in taxes by giving away his

Avoid the IRS from breathing down your neck.   Did you know if you miss employment tax deposits the IRS deploys a Failure to Deposit

The Inflation Reduction Act (IRA) contains funding for energy programs, including a $7,500 tax credit for electric vehicles (EVs). The law will also provide tax

How much time do you spend on payroll each month? In some cases, it may feel like too much. Handling payroll can be challenging, and

When your just getting started, doing payroll manually might make sense. But, when you start adding subcontractors or employees, things get a pick trickier.  

The Inflation Reduction Act is extending the homeowner efficiency tax credit with its new Energy Efficient Home Improvement Credit, previously called the Nonbusiness Energy Property

As a small business owner, you have to make sure that your books are in order and that you can follow the laws governing your

If you’re planning to acquire a qualified electric commercial clean vehicle, you may want to wait to take delivery after December 31, 2022, but before

One provision in the Inflation Reduction Act aimed at improving IRS customer service that has been met with criticism.   The legislation allocates $79.6 billion

The Inflation Reduction Act of 2022 is a proposed bill in the 117th United States Congress. Its main objectives include curbing inflation, reducing the deficit,

As year-end approaches, you may be wondering how you can offset income to reduce your tax burden. As a business owner, and individual, here are

If you own a rental property and incurred a loss during the year, you may be able to deduct your loss as an expense, known

There are two main types of revenue streams in a business—active and passive. They are related to the product or service being offered and the

Income losses and expense offsets are used to reduce the tax burden on an individual or company. These can be carried forward or backward, depending

Are you unsure about whether you should change your business formation? Maybe your company’s growing. Maybe taxes are piling up and you want a break.

According to these small business statistics, “52.1% of small employer firms in the U.S. are S-corporations.” On the flip side, “81% of the total small

Before deciding on the right business structure, you should first understand the tax implications and the legal protections that are available for new companies. Once

The process of incorporating a company is commonly referred to as company formation. The benefits of company formation are numerous. Tax savings are one of

A trust can be a useful estate-planning tool for lots of people — not just billionaires. Is a trust right for you? There are two

If you’re considering creating a trust, you might want to know more about the pros and cons. A trust can transfer your home title and

A trust serves a number of purposes in family planning. For example, it can Ensure that assets are professionally managed across generations; Protect beneficiaries from

You may have heard the misconception that you need to be wealthy to have a trust. That is not true. You don’t have to be

Recently, the IRS and Treasury released two revenue procedures on accounting method changes for small business taxpayers. Rev. Procs. 2022-9 and 2022-14 enable small business taxpayers, not a

Every transaction in the real estate business is a big deal. That is why real estate brokers need to understand the fundamentals of accounting.  

If you’ve decided to open your own real estate agency, here are five things you need to know.   1. Weigh the Pros and Cons

You own an agency or a brokerage and you’re looking for some tax breaks. Here are several tax breaks to consider as you plan for

You may have heard that diversifying your investment portfolio is good and that mixing in real estate investments can create valuable, recurring cash flow. But

Under the broker information reporting rules, brokers must report transactions in securities to both the IRS and the investor on Form 1099-B. It encompasses cryptocurrency

With the increased attention cryptocurrencies and other digital assets are getting from consumers, companies and governments, you might be wondering how you account for payments

Before jumping right to crypto loan requirements, let’s first take a look at what crypto lending is.   According to Stilt, “Crypto lending refers to

Before exchanging payments using cryptocurrency or NFTs, it’s important to know the difference and how each might be used in your business.   What is

You may wonder when to hire a virtual chief financial officer (CFO). This post covers four things to consider, the benefits, costs, and expectations you

There are several bookkeeping hacks to help you streamline your accounting process. These methods allow you to spend less time on bookkeeping, freeing up your

To get started with QuickBooks, you’ll want to first separate your various areas of the business. For example, you might separate revenue by type –

There are several reasons to create an effective chart of accounts. In business, the goal is to be able to generate good reports to manage

New Schedules K-2 and K-3 (Form 1065) have been created by the IRS to offer standardized reporting of U.S. international tax information. The new formats

I came across this topic, budget vs. forecast – what’s the difference?  In summary, budget focuses more on expenses and spending limits while forecast focuses

Advantages A limited number of employees have access to the control elements within the workflow. For example, in payroll, the person who write the checks

The process of creating and maintaining internal controls is a crucial part of managing a any business. These goals are related to the overall effectiveness

If you’ve been watching any streaming services this winter, they’re filled with scammer stories that seem too outrageous to believe, such as “Inventing Anna,” “The

In the past, Form 8812 automatically calculated what your credits for qualifying children and other dependents should be and applied to your refund or tax

The short answer is Yes. How to accomplish this should be done with a tax advisor and planning it out to maximize the tax strategy.

It is true you could legally avoid depreciation. However, if you depreciate every year it will put yourself at a disadvantage and lose the opportunity

Virtual Currency (Cyrptocurrency) is considered very secure because they use strong cryptography to verify the transfer of assets. When you buy and sell virtual currency,

It is a pointy situation, but you should consider the IP PIN opt-in program Identity Protection PIN are not just for individuals who experienced identity

Core Business Applications my clients use for Accounts Payable: QBO, Hubdoc and Bill.com Cloud accounting and it’s ecosystem is essential for any business. Invoicing customers,

How to use equity in your home and bypass the $750K Mortgage Interest Limitation Here’s what’s happening: Under Tax Cut and Jobs Act, for tax

Date Dear Vendor, Enclosed is Form W-9, Request for Taxpayer Identification Number and Certification. IRS regulations require that we issue 1099 forms to certain companies

January 31st is the deadline for Form 1099-NEC/MISC. During the first month of the new year, you are hopefully rejuvenated from time off during the