Kelly Sommers

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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Big 4 firms don't hold the same pull they used to and the public accounting profession has become more commoditized. Increased regulations have forced firms to be more conservative to avoid lawsuits. Competition has become more fierce with "Tier 1" firms receiving Private Equity investments and other management consulting shops are adding/offering service lines that the Big 4 offers while paying their employees more due to having less overhead. Our team has also had conversations with Big 4 Partners saying staff/seniors aren't learning at the same clips prior to COVID due to lack of onsite collaboration and working from home. That is why KPMG delayed promotions to make senior at 3 years instead of 2. Firms are needing to get creative and it'll be interesting to see what the public accounting profession will look like in the next decade!

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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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Corporate Dogs and Mental Health Having spent nearly two years in the USA, I have gained valuable insights from the environment, culture, people, and even the dogs. Yes, you read that correctly—dogs! Americans’ love for dogs is evident. In my Virginia neighborhood, a kind middle-aged lady, always smiling, keeps two large and somewhat aggressive dogs. Their favorite pastime seems to be waiting for me to pass by, then rushing to the terrace to stare, growl, and often bark at me. The terrace is low enough that if they wanted to attack, it wouldn’t be difficult. While I could defend myself if necessary, I chose to remain calm, understanding the potential consequences of any confrontation. I believe the dogs were also very manipulated as they never Jump out from the terrace. Interestingly, whenever I encountered these dogs during my morning or evening walks in the nearby park, the lady would greet me warmly, asking, “How are you today?” The dogs, however, would avoid eye contact and ignore me completely as if I was unknown to them. From this experience, I learned that the corporate world has its own “corporate dogs”—individuals who, for no apparent reason, stare at you, try to shout while talking to you, or confront you just because they possess the same dog instinct. The best approach is to stay calm and avoid confrontation, as these individuals are very smart and adept at turning situations against you and making you the victim. It is important to maintain composure and focus on your own well-being. So, stay calm and enjoy your life!

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Missed last week’s Moore on Manufacturing? Catch up as Mike Sibley, CPA and Kevin Golden, CPA welcome FloridaMakes CEO Kevin Carr in a discussion on growing your business and building value. Watch on demand now! #manufacturing

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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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Exciting times ahead as my youngest has flown the nest to college, leaving me with newfound time to tackle my bucket list! One major goal? Pursuing my CPA Certification. Studying is in full swing, and I'm eager to make the most of this opportunity. Any tips or advice from seasoned professionals in the field are more than welcome! Let's connect and share insights to ensure a smooth journey towards this milestone. #CPA #NeverStopLearning

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🎯The Secret To Tax Strategy 🎯 Everyone in the world wants these 2 things: 1. To Keep More Money 2. To Pay Less Taxes It doesn't matter what your cultural background is, where you grew up or how you accumulate your money, these 2 topics are in everyone's story. 🧠Sometimes I think there's so much written on the subject but, do people really know how to achieve these 2 goals? 📌The truth is there's no secret, it simply boils down to this. 👀There's "Really" only 2 incomes in the whole USA, which are: 1. Ordinary Income 2. Investment Income One is taxed at a very high rate and the other is taxed at a very low rate. If you have more of the lower taxed income you pay lower taxes. If you have more of the higher taxed income you pay the higher rate. Once you understand this you can make your adjustments and act accordingly. Don't be confused by all of the language people use to try and sound financially smart, it's really only 2 incomes. Any Questions or Comments...let's talk about it in the comments.... I truly enjoy working with you, Omelia

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It took me over 7 years to learn what I will teach you in the next minute… 👀 Follow for more tips on closing higher-paying fractional CFOs your accounting firm!

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That time of year is quickly approaching! Yes, tax season!!! Every year it comes and a lot of companies are scrambling to get their books complete and get the information over to the CPA firms. If you are not doing your books at minimum on a monthly basis, and you find yourself scrambling to get your books in order, you could potentially be missing out on hundreds maybe even thousands of dollars each year. Keeping up with the back end accounting work on a weekly/monthly basis ensure that you are capturing all costs within that period. There are many items that can be forgotten about or a receipt that has been misplaced that will never make it into your accounting system (or shoebox, whichever method you are still using). All those forgotten about expenses can really add up throughout the year. Be sure you are maximizing your tax deductions by ensuring all costs are appropriately accounted for! For help to decide whether or not something can be used as a write off, you can refer to a professional like myself! Or another bookkeeper/CPA that you know or work with.

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On this 4th of July, let us not forget the reasons why we work so hard and why we do what we do. I always tell my teams to share, if they are willing to, what matters most to them. I ask that because it helps me make sure their job never gets in the way of their top priorities. These two are my #whatmattersmost. I strive to be successful, honest, and impactful with my clients and my firm to teach these two little ones that it can still be done. #reasonswhy #nextgeneration

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Happy International Friendship Day! Spend time or talk to the friends that are part of your accrue. Thanks for supporting our content!! Share more Accounting Couture content with your friends. #friendship #friends #accountingandaccountants #financeandaccounting

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𝗧𝗮𝘅 𝗧𝗶𝗽 𝗧𝘂𝗲𝘀𝗱𝗮𝘆 Check withholding. Since federal taxes operate on a pay-as-you-go basis, taxpayers need to pay most of their tax as they earn income. Taxpayers should check that they're withholding enough from their pay to cover their taxes owed, especially if their personal or financial situations change during the year. To check withholding, taxpayers can use the IRS Withholding Estimator. If they want to change their tax withholding, taxpayers should provide their employer with an updated Form W-4.

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Final Reminder: Tax Extension Deadline is Today! If you filed for an extension, today is your last chance to submit your 2023 return and pay in a timely manner. Missing today’s deadline can lead to costly penalties: Failure to File: 5% of unpaid taxes each month, up to 25% of your tax bill. Failure to Pay: 0.5% of unpaid monthly taxes, up to 25% in total. Avoid these extra costs by filing and paying what you owe by today.

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Accountants Among the Happiest Workers in the U.S. A recent study reveals that accountants rank as the second-happiest workers in the U.S., scoring high in career opportunities, work-life balance, and compensation. This satisfaction contributes to higher productivity and retention. The study, analyzing Glassdoor reviews across 200 companies, highlights the importance of workplace culture, diversity, and senior management satisfaction. Read more here: https://bit.ly/3SzxRRu #JobSatisfaction #Accounting #WorkLifeBalance #CareerOpportunities

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