Kelsey Patterson

Ever wonder why your CPA/Accountant is helping with tax credits at all? That frustrated me when I owned my own business. At Colorado Payroll and HR solutions we have not only identified five tax credits. We have automated the process. Curious? contact me to discuss tax credit

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📈 Charting Your Financial Future with California's Premier Advisors: Chart your financial future with the premier advisors in California. We're here to help you achieve your financial goals. Continue reading to learn more👇 https://buff.ly/3LKLMRd #SwatAdvisors #taxprofessionals #IRStaxdebt #taxlevy #taxlevies #taxlien #stoptheIRS

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If you are in business in California, even a small business, California’s business climate just got worse. The state passed legislation that includes important California tax provisions, including for NOLs. #NOL #business #taxes #taxprovision #finance

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Many Californians are moving to states with lower taxes, but this migration can trigger tax audits. California's Franchise Tax Board is vigilant about ensuring that former residents who claim to have left the state are truly no longer subject to its taxes. Those who maintain significant ties to California or fail to establish residency in a new state may still face California tax obligations and potential audits, particularly for high-income individuals and those with complex financial situations Read full article Forbes: https://lnkd.in/es33bQec Check out the latest edition of our weekly newsletter AlphaInsights: Tomorrow's Fed meeting could lead (or not) to a rate cut 🚀✂️ https://lnkd.in/g5pSPC5b #VentureCapital #AlphaImpact8Ventures #AlphaImpact8 #Diversity #Impact #TaxBoomerang #CaliforniaExodus #TaxAuditSurprise #AuditAlert #TaxMigration #CaliforniaTaxes #AuditRisk #Taxes #Policies #CaliforniaFranchiseTaxBoard #FTB    Are you a startup? Apply for funding here: https://lnkd.in/g9VP3GJ6   Interested in changing the world? Check out our website: https://lnkd.in/eHcuMS3Z    Venture Capital is an illiquid and risky asset class with significant technical and market risks, past performance is no indicator of future performance. Investment is available to accredited investors only

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Accredited Investors - Have you explored the tax advantages of QSBS investments? 🔒 Zero Federal Tax on QSBS Gains: Hold qualified small business stock for 5+ years and pay no federal capital gains tax (up to $10M). Additionally, Oklahoma offers state tax deductions for qualifying QSBS investments. 🔁 Flexible Rollover for QSBS: Sold QSBS before 5 years? IRC Section 1045 allows you to reinvest the proceeds into new QSBS, maintaining tax deferral status. 🔗 Learn more: https://lnkd.in/giDJKufY *Not to be construed as tax advice, consult your tax professional

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Are you properly valuing the members of your accounting team? If you’re looking to bring top accounting talent into the fold and retain it indefinitely, you need to equip yourself with the right salary information. That’s why we developed the 2024 FORTIS Salary Guide, which breaks down California-based salaries in accounting, one of our three primary verticals. From staff accountants to controllers, we show you what you should be paying (or earning). Don’t risk losing out on the best possible team to crunch your numbers. Download the guide today: https://lnkd.in/eG4jc7-W #accountingsalaries #californiastaffing #salaryguide2024 #fortisresourcepartners

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Stay ahead of the game! Take note of California's latest tax changes affecting net operating losses. Don't let the ups and downs of annual profits weigh you down. Find out how the new tax law can impact your small business ➡️ https://bit.ly/4byqC33 #TaxLaw #California #SmallBusiness

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CFOs know that compensation benchmarking data for your role is tough to find. That’s especially true for our FundCFO peer network. It’s a niche world with a limited number of positions. And the data to confidently negotiate a compensation package just isn’t widely available. To fill this gap, The F Suite recently conducted an in-depth comp survey of 40+ FundCFO members. We gathered detailed data about compensation trends along with demographics such as location, gender, title, years of experience, firm attributes, investment sector, and more. The results of that data – sanitized, anonymized and aggregated – form the basis of our first FundCFO Compensation Report for CFOs and Heads of Finance at venture funds. This valuable resource enables participants to better understand current compensation trends for their roles and to approach their next comp review armed with more and better data. Like all of our survey data, the FundCFO Comp Report is give-to-get, which encourages more members to participate and enhances the quality of the data. This year’s edition is closed, but stay tuned for opportunities to participate in future surveys designed to bring targeted, actionable insights to members of The F Suite. #thefsuite #fundcfo #cfocomptrends

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Today, we are discussing why it is essential to differentiate between the Davis-Bacon Act and the Inflation Reduction Act (IRA)'s Prevailing Wage requirements to maximize your tax benefits. These regulations, although similar in concept, carry their own distinct requirements. The Davis-Bacon Act mandates prevailing wages on federally funded or assisted construction projects exceeding $2,000, encompassing all contracts and workers. However, while not a Davis-Bacon "Related Act," the IRA follows similar prevailing wage requirements specified by the IRS. The IRA also has very specific apprenticeship requirements. Failure to adhere to these regulations can result in a substantial reduction in federal investment tax credits and financial penalties for contractors. Only if a facility receives funding or assistance through a "Davis-Bacon Related Act" does it also need to comply with the additional requirements of the Davis-Bacon and Related Acts. Don't let the complexity of prevailing wage and apprenticeship requirements keep you from participating in IRA projects. Contact our experts at Empact today: https://buff.ly/44toiqr #EmpactTechnologies #RenewableEnergy #IRACompliance #PWA #PrevailingWage #InflationReductionAct

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It's time to rewrite tax planning rules and unleash the full potential of backdoor Roth contributions! With our RTS 8606 Guide by your side, you'll embark on a journey of discovery, empowerment, and massive success. 📚 Comprehensive Coverage: This guide provides a detailed and step-by-step checklist to navigate backdoor Roth contributions flawlessly. 💼 Boost Confidence: This resource will empower you and your team to make informed decisions when recommending backdoor Roth Contributions. 💰 Avoid costly mistakes: This strategy is great IF you know how to help your clients navigate the pitfalls that catch the unsuspecting 🚀 Streamlined Delegation: The guide's user-friendly nature allows anyone on your team to confidently help with backdoor Roth contributions. 🎓 Educational Tool: Use the guide to educate your team on the key details of this valuable strategy. Transform your practice into a powerhouse of tax-saving brilliance and become the advisor clients can't live without! Get your guide now: https://zurl.co/ZDUp #BackdoorRoth #Taxes #IRS #IRA #RothConversions #TaxPlanning #FinancialAdvisors #CPA

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📜 Understanding Standard vs. Itemized Deductions 📜 The standard and itemized deduction reduces the amount of income on which an individual is taxed. With the progressive tax structure, the standard deduction does two things: It ensures that low-income earners below the threshold do not pay or file taxes and every American has a fixed amount of their gross income tax-free. Today, roughly 90% of Americans choose the standard deduction. This resulted from the 2017 Tax Cuts and Jobs Act which nearly doubled the standardized deduction amounts. The standard deduction offers a fixed, straightforward reduction of taxable income. However, itemizing can help to reduce your tax liability significantly. Being aware of the main categories used to calculate the itemized deduction can help ensure you make the best decision. Itemized Deductions reported on Schedule A include: Medical & Dental Expenses - Qualified out-of-pocket expenses not covered by insurance can be deducted for expenses that exceed 7.5% of your adjusted gross income. Taxes You Paid: Personal property taxes, which include real estate taxes, are deductible along with state and local taxes assessed for the previous year. Until 2025, taxpayers can deduct only $10,000 a year. Interest You Paid: This includes Home Mortgage Interest which is deductible on the first $750,000 in loans which is reported on Form 1098. Investment interest is limited to your net investment income. Gifts to Charity: Donations made to a qualified charity are deductible within certain limitations. Until 2025, the amount that can be deducted is 60% of the taxpayer’s AGI. Casualty and Theft Losses: Any loss incurred from a federally declared disaster can be reported on Schedule A. Unfortunately, only losses over 10% of the taxpayer’s AGI are deductible after subtracting $100 from the loss amount. Gambling Losses: Gambling losses can only be included up to the extent of gambling winnings. After calculating the potential itemized deductions if it exceeds the standard deduction then the taxpayer should itemize. You should consult with a professional at Watershed Tax & Strategic Advisory to ensure that you are considering and understanding the nuisances associated with each potential deduction.

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It's Tricky to rock a rhyme, to rock a rhyme that's right on time It's Tricky... it's Tricky, Tricky, Tricky, TRICKY! 😅 Yo! Don't Let Financial Lingo Trip You Up! (Word to the wise - it's Tricky!) As a business owner, you wear many hats. Sometimes, the financial jargon can feel like another language! But here's the secret: you don't have to go it alone. WE GET IT. Running a business is hard enough without deciphering GAAP, GAAS, and the tax code. But here's the good news: Financials don't have to be tricky! The William Stanley CFO Group is all about decoding the financial lingo in plain English. No judgment, just clear communication! Clearly, I love breaking it down! 😎 Not just on the mic, but also complex concepts to help you feel confident about your business' finances. Ready to ditch the financial confusion? Check out our latest blog post for some knowledge bombs. https://lnkd.in/dEVFWPcw #FractionalCFO #StrategicPartner #TalkNerdyToMe

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California residents face unique challenges managing Canadian tax-deferred accounts like RRSPs, LIRAs, and RRIFs. Unlike most states, California requires the annual reporting of investment earnings from these accounts, recognizing interest, dividends, and capital gains as taxable income. This can significantly impact your financial planning, as California does not honor the tax-deferred status of these accounts and does not allow credits for Canadian withholding taxes. At Cardinal Point, we specialize in providing tailored financial strategies that align with California's specific tax requirements. Our services include: - Tax-loss harvesting to reduce taxable income. - Managing U.S. dollar-denominated RRSPs to eliminate exchange rate issues. - Synchronizing U.S. and Canadian accounts. - Ensuring accurate cross-border tax reporting. We also guide on optimal RRSP disbursement. Don't let geography complicate your financial health. Partner with a knowledgeable cross-border financial advisor. Learn more by downloading our eBook, "California Residents: Does Your Financial Advisor Tax-Manage Your RRSPs?" #CrossBorderFinance #TaxManagement #CaliforniaTaxPlanning #CrossBorderFinancialPlanning #TaxManagement #CanadaUSTaxPlanning #ExpatFinancialAdvisor

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Tax planning isn't just about the IRS—it's also about having flexibility with your investments! A smart strategy is tax diversification, where your money is spread across different "tax buckets." Here's a breakdown: 1️⃣ Tax-Deferred Accounts: Think traditional 401(k)s or IRAs. You defer taxes now, but withdrawals in retirement are taxed as income. 2️⃣ Roth IRA: No tax deduction when you contribute, but withdrawals are tax-free in retirement. Perfect for planning ahead. 3️⃣ Taxable Brokerage Accounts: While there's no income tax on withdrawals, you might face capital gains and losses from the investments in the account. By diversifying across these different types of accounts, you gain more options—especially in retirement. It allows you to choose which bucket to draw from, giving you greater control over your financial future. ⁠ ——⁠ ⁠ #FinancialPlanning #TaxPlanning #TaxSeason #CPA #PersonalFinance #FinancialGoals #FinancialAdvisor #InvestmentAdvisor #CFP #NYCFinancialPlanner #Retirement

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