Happy Summer! A lot has changed over the past year for our firm, from new apps to new teammates. With new investments in technology and staff, we are poised to further improve and enhance experience for our clients.
To our returning clients, you may have noticed our move to fully utilizing the client portal. And for our first-time clients, welcome to the future of efficient document management! We’ve enjoyed incredible efficiencies, tackled a few learning curves, and maybe sent one too many document update reminders, but hey… we need those documents! Next year, you’ll be happy to hear we’ll be sending out organizers much earlier. So, when the time comes, get those documents ready. Early birds get the best returns!
Client Tax Victories: Saving Thousands
Does it really pay to work with a good CPA? Well, to name just one example, this year we had a new client come onboard and were able to save him over $50,000 in taxes on his return! We are also amending his 2022 return to get him an additional $30,000 back due to some very significant missed deductions. Working with a tax professional who not only understands the tax code but also proactively seeks ways to reduce your tax bill can make a significant difference. Imagine what you could do with an extra $20,000 to $50,000 in savings!
The Accounting Tech Evolution – From Mesopotamia to Mobile Apps
Did you know the earliest evidence of bookkeeping dates back to around 3,300 BC in Mesopotamia, where people used clay tokens for counting and recording economic transactions? Fast forward to 105 AD, when the Chinese revolutionized bookkeeping by using paper, replacing materials like papyrus and parchment. Can you imagine still keeping your records on clay or papyrus?
Thankfully, we’ve come a long way since then with technology for accounting. Our firm recently rolled out an application called TaxDome, a mobile and desktop app for CPA’s and their clients to share documents and communicate securely. In addition to having a built-in encrypted scanner, your TaxDome portal now features status updates to see where your tax return is in the queue with our team. Think of it like the Domino’s Pizza tracker—no more wondering where your return is at! We’ve also become big fans of using the chat feature. If you haven’t downloaded the “TaxDome Client Portal” mobile app yet, we highly recommend it for simple secure account management and direct communication.
Staff Announcements:
Since this time last year, our firm has brought on 3 new members! We are thrilled to introduce our newest additions to the team:
Josh Fowler
Josh joins us as a Bookkeeper and Accounting Clerk Extraordinaire. With four years of experience in the non-profit sector, Josh is currently pursuing his bachelor’s degree with the goal of becoming a CPA. He’s a numbers nerd who loves reading and going on adventures with his wife.
Kristy Buchanan
a familiar face who has been with us since the beginning as a part-timer, has recently obtained her second bachelor’s degree and is now a full-time Senior Accountant with the firm. She is also actively pursuing her CPA! Kristy enjoys reading, golfing, and spending time with her son, daughter, and the family pug, Daphne.
Brian Dunbar
joins us as a Senior Business Consultant and sales representative with over 20 years of successful business ownership. With a background in commercial real estate and banking, Brian has a talent for helping business owners minimize taxes and increase profits. He has a second home in the mountains of North Carolina, and when asked if he prefers the beach or mountains, he says, “Why not both?”
We are excited to welcome Josh, Kristy, and Brian to our team!
REMAINING TAX DEADLINGS FOR 2024 (at a Glance)
- September 16, 2024:
- Third-quarter estimated tax payment due.
- Final day for S-corporations and partnerships to file 2023 tax returns with an extension.
- October 15, 2024:
- Federal tax-filing deadline for individuals and corporations with an extension.
- Withdraw excess IRA contributions for 2023 to avoid penalties if Form 1040 filing was extended.
- Contribute to a solo 401(k) or SEP plan for 2023 if you received a filing extension (for the self-employed).
- December 31, 2024:
- Contribute to employer-sponsored retirement plans for 2024 (401(k), 403(b), 457, or federal thrift savings plans).
- Take the required minimum distribution (RMD) if you are 74 or older by the end of 2024.
Thank you for taking the time to catch up with us in this edition of our newsletter. We hope you found the updates, tips, and a sprinkle of humor helpful and enjoyable. As always, we are here to support you and ensure your financial journey is smooth and prosperous.
If you have any questions or need further assistance, don’t hesitate to reach out. Your success is our top priority, and we’re excited to continue working together.
Wishing you a fantastic rest of the year!
