Business Startup Solutions

Hire Your Children to Save on Taxes?

  Children can be very expensive! We want to talk about a few ways your children can save you some money. If you own a small business, it’s time to put those kids to work to cut down on some taxes. In 2018, you could potentially save up to $4,600 per child simply by using this strategy. First, a few ground rules: 1. The job arrangement has to be REAL. Your kids have to ACTUALLY work and you have to ACTUALLY pay them. Your kid needs to be setup like any other employee. You need to have a W-4 and I-9 on file. Your child should also fill out timesheets to document their efforts and hours. 2. They need to perform an ordinary and necessary business function for you. For instanc

Florence Interrupted? Make Your Business Interruption Insurance Claims

Our community is bouncing back from Hurricane Florence.  In some cases, it will be a long, hard road back.  The economic impact of the storm could linger for months.  Business owners need to take advantage of every resource available to weather the post Florence economic storm. Some businesses have experienced physical damage from Florence, others have not.  Almost every business in the area was down for a minimum of a few days.  You need to explore your insurance policies to see if you have coverage for the down time, regardless of whether you had physical damage. Addressing business interruption losses can be challenging.  Insurance companies employ their own forensic accountan

Surviving the Financial Storm Post Florence

The last week has been a whirlwind of physical and emotional challenges. Our Wilmington community is strong and we will come through this together. One of the less discussed aspects of the Florence so far is the post-storm financial impact on individuals and business owners. The storm’s impact to the local economy could prevent businesses and individuals from receiving regular income for a while. I have taken some time to compile a list of resources and suggestions that may be relevant to helping people weather the economic storm. Business Loans There are several disaster loan options available through the Small Business Administration (SBA) and other programs.  Some options are:

Tax Reform Update

Forensics post...

Cyprotocurrency and Bitcoin Tax Problems

At Adam Shay CPA, PLLC we are a strategic partner, priding ourselves on being more than a boring once-a-year accountant or tax preparation firm. We have joined our crypto accounting services with tax preparation, ensuring you get the most well-rounded service available. Cryptocurrency is a digital currency transferred between peers and confirmed in a public ledger through a process called mining. These digital currencies only exist electronically and to date don’t have a central issuing authority or regulatory body. Cryptocurrencies are exchanged internationally on a global ledger called the blockchain. This ledger holds the history of every crypto transaction ever made. Cryptocurren

Individual Tax Extensions

If you are filing an extension for your individual income tax return, please read the following to help you decide the amount to pay and how to pay. If you anticipate that you will owe with your 2017 income tax returns, either because you have in the past or because of changes this year, we encourage you to pay in with the extension.  The extensions are due April 17, 2018.  We can assist you with estimating your tax liability by doing an extension workup. This would involve collecting all of your income and deductions (either actual or estimated).  The actual amount due when we file your tax return could be different, especially if we are using estimated figures.  However, it is benef

NC S and C Corporation Extensions

If you are filing an extension for your corporate income tax return, please read the following to help you decide the amount to pay and how to pay. As a corporation, you owe a minimum tax of $200 to NC (if you operate in other states, please contact us). However, it could be higher than the $200 for NC based on varying factors that we would not know until we prepare your tax return. If you owed more than $200 for your 2016 NC, we advise paying that same amount for the extension payment this year. The extensions are due April 17, 2018. Once again, the actual amount due when we file your tax return could be different, at which point you would pay the difference. However, it is beneficial to

A Whole New Ballgame: Tax Reform Effects on Individuals and Businesses

A Whole New Ballgame: Tax Reform Effects on Individuals and Businesses Click Here to download a pdf version of this 2018 Tax Reform Guide! For most taxpayers, the sweeping changes to federal tax laws enacted by Congress at the end of 2017 will be most apparent when it comes time to report 2018 income. But smart taxpayers will make an effort to understand these changes in advance, since many of the decisions we make are based upon past tax consequences that no longer apply. Now that we can no longer rely on a lot of those assumptions, it’s a good time to dive in for a closer look at the new tax laws and think about the wisest course to plan for your financial journeys in 2018 and beyond

Tax Reform Webinars

A copy of our 1/25 presentation at tekMountain with Pronto Tax School can be viewed on Facebook. Check back later for details on how to sign up for one of our upcoming tax reform webinars. If you'd like to be notified when they are available email [email protected]

How to reach us?

Adam Shay CPA, PLLC

1721 Allens Ln #210

Wilmington, NC 28403

(910) 256-3456

[email protected]