Business Startup Solutions

5 Apps for Entrepreneurs

Entrepreneurs often have a hundred things on their mind at a time. Mental capacity is at a premium. Smart entrepreneurs learn to only focus on what matters. They also learn to delegate tasks and optimize for efficiency. This is where your smart phone comes in. There are so many apps available to help you stay organized and free up mental real estate for more important items. Here is a selection of five apps for entrepreneurs that can help you stay focused on what matters most.   Audible No matter what problem your business is dealing with, chances are that there is an expert who has faced that issue and written a book about it. Ignoring the wealth of knowledge available by bu

Tips to Prepare for 2018 Tax Filings

The year is quickly coming to a close, and with holidays right around the corner, year-end will be here before you know it.  There are tasks you can start doing now to ensure you are ready for tax filing time and prevent panic at the start of the year. Income Tax Planning or Income Tax Projection Income Tax Planning and Income Tax Projections are a vital service for taxpayers, especially during this first year of tax reform.  There are various ways that you can optimize tax reform for your situation, many of which would need to be addressed before year-end.  Engaging your CPA for these services will prevent any surprises when you are filing your income tax return and allow you time

Tax Deadline Calendar

We have created a tax deadline calendar to help our clients.  You can use this calendar in a couple of different ways. You can integrate it with your existing calendar.  You can view it in parallel with existing calendars or add specific events from this calendar to your personal calendar. Google calendar users can use this link. Other iCal format calendar users can use this link. You can visit this web page to access the calendar.

2019 Nourish NC Tax Season Food Drive

Did you know that 1 in 4 children struggle with hunger in New Hanover County?  And, did you know that over 16,000 people in New Hanover County live in food deserts?  Nourish NC’s research has found that food insecure children are more likely to: Experience chronic illness & weakened immune systems. They are sick more often, are slower to recover from illness, and are hospitalized more often. Have impaired concentration, poor academic performance and increased grade repetition. Have higher school absences and late arrivals. Have lower math and reading scores. Have higher levels of behavioral & emotional issues. Adam Shay CPA, PLLC wants to help combat hunger by

Things a New Grad Should Know When Entering the Workplace

You’ve passed the classes, worked hard to enhance your resume, made it through the interview, and accepted the job offer…Now, it’s your first day on the job. You know all of that was the easy part, right? Though we undergo countless transitions in life, some small and others monumental, all pose new hardships and shape us in one way or another.  The transition into the workplace post-graduation is one that is both intimidating and exciting, and definitely monumental. There are a few things you should know before starting your new job, and you should remind yourself of these often. It is okay to not know it all – in fact, you’re not supposed to know it all! But, instead sho

529 Plans: What's all the Buzz?

Student loan debt is unarguably one of the fastest growing deficits today. With amounts exceeding one trillion dollars (and growing every second), student loan debt nearly doubles our nation’s credit card and auto loans debt. It’s no surprise that people are faced with anxiety when determining how, when and what to put away for their kids’ educations. Many vehicles are available for college savings including Coverdell ESAs, ROTH contributions and savings bonds. However, the most recognized plan on the market today are 529 plans. A 529 plan is a tax-advantaged savings plan designed to encourage saving for future college costs. 529 plans, legally known as “qualified tuition plans,

Will you itemize in 2018?

There were many notable changes with 2018 income tax reform.  In this post, we will cover the personal changes that will affect Schedule A Itemized Deductions. The concept will be similar for all taxpayers, but we will focus on Married Filing Jointly Taxpayers. These provisions will be in effect from 2018 – 2025. As a refresher, taxpayers can either take the standard deduction or itemize. Some items that have shown up on Schedule A deductions are: medical and dental expenses (there is a calculation to arrive at the deductible portion), taxes you paid, interest you paid, charitable contributions, casualty and theft losses, and miscellaneous expenses. When choosing whether to take itemiz

Why Your Business Shouldn't Be a C Corporation

With 2018 tax reform, we have received more and more questions- why shouldn’t I switch to a Corporation?  In most cases the answer is simple – it’s not many situations where double taxation is advantageous. C Corp basics C Corps have many unique properties. First, they are the most complex form of business. They require the most effort to set up and maintain each year. Because C Corps have been around so long, the laws regarding their operations and liability protection are well established. C Corps are owned by shareholders who, in most cases, cannot be held liable for the actions of the corporation. C Corp taxation When it comes to taxes, the C Corp pays income tax on it

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

How to reach us?

Adam Shay CPA, PLLC

1721 Allens Ln #210

Wilmington, NC 28403

(910) 256-3456

[email protected]