Maria Leal, CPA, MBA

For those tax practitioners who are CPAs there has always been an unfair playing field on CPAs advertising, versus tax professionals in general. Tax professionals are unrestricted, able to make claims, as we can get you the highest refunds, at a minimum. But CPAs cannot make such claims. It appears that the AICPA and NATP have woken up and hopefully will address the disparity. Since I am not a tax practitioner, I hope all the CPAs who practice taxes can hold the AICPA and NATPs feet to the fire to help level the playing field. At C-Suite Support we can help you prepare tax packages and coordinate with your tax preparer to help them. We can also go through a checklist of items, based on your business, to make sure you are taking advantage of all the deductions available. Paul Whitley Taber Wetz Chris Gauvin Jayson Potts, MBA C-Suite Support

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Tax Day is here! If you've already filed, send me a copy of your tax return. We can look at specific strategies that may help your tax bill for 2024. Make sure you thank your tax preparers - they've been working hard! If you need some insights to prepare for next year, check out Chapter 4 of my book, Profit Not Loss. Conquer your taxes like a boss.  https://lnkd.in/gw84U5p6 #taxday #womanpreneur

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If you are getting married this year, there is a long list of things you need to be aware of and plan for before tying the knot that can have a significant impact on your taxes.

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Taxes will find you in many different ways. Sharing an interesting article on living in no income tax states. https://lnkd.in/ertcWy8E

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There are a number of different hobbies that some taxpayers turn into businesses. Here’s how they can protect tax breaks on their tax returns.

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There are a number of different hobbies that some taxpayers turn into businesses. Here’s how they can protect tax breaks on their tax returns.

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There are a number of different hobbies that some taxpayers turn into businesses. Here’s how they can protect tax breaks on their tax returns.

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Every few months someone writes a piece about the dying accounting industry. But it's not dying, the accounting profession has just decided that they want students to take a random 30-credit hours to sit for the CPA. With the addition of SOX, the industry continues to become more complex. Someone how accountants are supposed to be the front line of ESG, which has nothing to do with debits and credits. Most accountants I know are pretty smart, but the industry cannot get out of its own way.

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A new 30-year projection from the federal accountants paints a grim picture regarding the budget deficits and mounting debt. Please look at the following to see how bad the financial situation could get even if Congress tightens its financial belt. The nation’s debt is still poised to soar: Debt held by the public, which excludes big obligations related to Social Security and Medicare equals 99% of US GDP. It’s on track to hit 116% in a decade and 166% of GDP in 2054. Most likely Congress will duck spending cuts or tax hikes, even the ones that are currently scheduled to take effect. For example, an increase in insurance premium subsidies is set to expire in December of 2025. Lawmakers might be reluctant to let it die, the same with tax breaks signed into law by President Trump in 2017, which will expire in December of 2025, will either party want to see all of them go away? extending them may be politically popular, but, for sure, will pile up the debt at a faster rate. In addition, future spending could jump due to a recession, a geopolitical crisis, and any other emergency. Due to global conflicts, defense spending will increase. War is the ultimate national emergency and historically has always ballooned the nation’s debt. What does all this mean in practical terms? Medicare and Social Security face cuts in less than a decade if no solution is found to bring outlays in better balance with revenue: a)    On the present course the government will have to cut Medicare Part A (hospital) reimbursements by 13% in 2031, when the program’s trust fund is exhausted. b)    Social Security will face a 23% cut in benefits starting in 2033.   The reductions reflect what payments will most likely occur since the government relies solely on the taxes it collects. Cuts to Social Security and Medicare sound unthinkable, no president or Congress is going to want to enact them and face the resulting voter backlash. Since cutting either Social Security or Medicare are politically unpopular and an increase on taxes likewise, the most likely scenario would be a cut in reimbursements which might result a reduction of services rendered by providers. I keep hearing that the USA economy is poised to decline in future years unless the debt problem gets fixed. It appears the direction is correct.   

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Tax season is coming to an end, and it's never too late to file your taxes last minute 😅. Good luck to all my CPA connections out there who are wrapping up this busy season. Let's finish strong! #CPA #TaxSeason #LastMinuteFiling

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