Accounting News and Notes

Gwinnett CPA Advises on Investments and Christian Money Management

I recently received an inquiry from a client regarding their capital losses and their investment decisions and it is listed below:

John, I need to know how much I have in carryover losses to apply to this year’s capital gains.  I’m trying to decide if I need to sell off some of the gains I have this year to offset some of the loss from previous years. Thank you. 

There is a carryover from last year to future years of $9,000. My general advice is not to sell an investment unless you are planning on getting out of it anyway.  When generating short term gains of investments held one year or less, you tax at ordinary income rates, though you can use long-term or short-term losses to offset taxes on capital gains. (The most tax-efficient use of capital losses is to offset short-term capital gains.) You can also use up to $3,000 in net capital losses to reduce the amount of ordinary income that is subject to tax. If you would like to discuss further please do not hesitate to call. All too frequently I see situations where taxpayers seek to make management or investment decisions based upon tax considerations thereby letting the “tail of the dog wag the dog.” Though tax environments and impacts should never be discounted, they should never be the primary consideration. The below articles will do much to help you gain financial insight and wisdom. Working alongside a Christian Money Manager, Financial Planner is your best first step to ensure that you constantly make short term decisions in light of and in consideration of the longer term impact. As a Christian CPA I frequently see taxpayers fail to keep Matthew 6:34 (which exhorts us to not worry about tomorrow for tomorrow will worry about itself) at the forefront of their mind when making decisions for their Metro Atlanta Based Business and Beyond. 

Investing and Retirement Planning

Investing 101 by Gwinnett CPA: Christian  Money Management…Who’s Managing Your Money?
Understanding the nuances of investing, long-term strategies, and how to select a financial adviser are all critical components managing your money. Visit http://www.hiscpa.com/investing-101.html

Selecting the Proper Type of Qualified/Tax Deductible Retirement Plan for Your Business
Whether you are just getting started or have been in business for years, selecting amongst the varied retirement plans requires the skill of a surgeon and the grace of an artist. See http://www.hiscpa.com/retirement-planning.html

Contact HIS CPA PC (A Christian CPA Firm) today.

To learn more about tax entities and the taxation thereof visit http://www.hiscpa.com/article2.html There you will also discover a wide host of resources for American Entrepreneurs.

John Dillard is an Christian Speaker/Author and Certified Public Accountant in Duluth, GA. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and a Voice of One: Nehemiah’s Prayer visit http://www.john-dillard.com/ or call John Dillard CPA today at 770.814.9304 (All Rights Reserved) Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!  

We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Bookkeeping.

Serving Atlanta, Duluth, Gwinnett, Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, and Douglas.

Virtual/Part-Time Chief Financial Officer for Your Rapidly Growing Metro Atlanta Business 

A CPA who is well versed in Business Issues can be much more than just a tax return preparer. If you are a business owner, run and do not walk to the nearest and best CPA you can find. Utilizing the services of a CPA with a divergent track able and proven history of success is essential to long-term success as an entrepreneur in Atlanta and throughout America. Below are just a few of the items a CPA can do to help you with more than just your tax returns. 

-Procuring Unanticipated Tax Refunds/Relief from both the IRS and Georgia for previously assessed taxes. We have even received checks back from the IRS for previously paid monies. Have saved individual clients from tens of thousands of dollars to well over “six figures.” A history of success in setting up Installment Plans, the acceptance of IRS Offer in Compromise, Penalty Abatement, Stopping of Garnishments & Levies. Contributing to cost, operational, and tax efficiencies saving clients millions of dollars. 

-Understanding of shareholder issues and the design and implementation of shareholder agreements to both be fair to the individual shareholder as well as beneficial to the majority owner. Care taken to ensure that both the operational as well as financial considerations of a Shareholder Agreement are carefully contemplated to ensure smooth business operations despite changes in key personnel 

-Getting  financing for owner occupied properties, lines of credit and leasing of equipment. Assisting with Determining needs for capital and lending sources before needs become acute. 

-Amending and correcting prior corporate and personal income tax returns claiming previously missed deductions for refunds not previously aware of, that were legally available. 

-Converting many and numerous clients from Proprietorships, C Corporations, and LLC’s saving clients thousands of dollars annually and many tens of thousands (the highest being $80,000) of dollars in one year alone. Tax Elections to convert LLC’s and C Corporations to S Corporations thereby legally avoiding double taxation and earned income assessments for FICA/Medicaid taxes, as long as IRS reasonable compensation statues are followed. 

-Working as a consultant/adviser with your Tax Attorney regarding estate planning, gifting and strategic business issues. Working as a strategic team to save one client over $400,000 and another $1,500000 plus. Often it is not what you don’t know that can cost you greatly when settling up with Uncle Sam. 

-Obtaining refunds from both the IRS and state for monies clients did not know they were legally entitled to, ranging from missed tax deductions, entity selection issues, and timely filing of returns reflecting appropriate exemptions, status, elections and deductions.

 -Working with financial advisers to help clients set up qualified/”deductible” retirement plans, education funds, rainy day money, second homes and planning for that “nest egg” readying your personal home finances for retirement. 

WWJD…What Would Jesus do if He Was a CPA. I think he would love to serve those who are his clients making his customers his friends and seeking to better the whole of a business rather than just keeping their filings current. 

John Dillard is an Christian Speaker/Author and Certified Public Accountant. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey visit http://www.john-dillard.com/ or call John Dillard CPA today at 770.814.9304

 Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!  

We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Bookkeeping. 

Serving Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Gwinnett County, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, Douglas, Fayette,

Repenting and Turning…Taking Christianity Into the World 

Recently I received the attached letter from a taxpayer looking to address their unfiled and unpaid back taxes. The fear and the sin is not in the repenting but from not doing so. Our faith is centered and based upon forgiveness to all who honestly seek it and turn from their past and look to live in the light of Jesus Christ. The below highlighted paragraph is the letter received and the next several paragraphs my response. Believers who are seeking to better themselves and to walk closer with Christ need our support and our prayer and not our judgments and condemnations. Look at those around you in your family, work, school, neighborhood and church whom you can lovingly guide back to our Lord and Savior. 

I am an embarrassed Christian realizing I have been living a lie by not filing or paying taxes on my business for the past several years. I need help so that I can look myself in the mirror in the morning and remove that barrier I have placed between me and my savior Jesus Christ. I don’t know where to begin, what it will cost or who to turn to. I hope you can help. 

Thanks for visiting www.HisCPA.com Yes, I can help. There is no embarrassment if getting help, but only in continuing to hide. 

To get started we will need to do the oldest return first. Might I suggest we meet to pull your information together ASAP. I suggest you use the checklist on the contact page of my web-site to pull your data so that I might prepare your business and personal returns. 

FYI, we can also look to convert your LLC to an S Corporation for tax purposes. Fees will depend largely upon the complexity and organization of your business records. When we meet I will be happy to go over based upon yours. Fee-wise we strive to be in the middle, while quality-wise we strive to be second to no one. 

John Dillard is an Christian Speaker/Author and Certified Public Accountant. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey visit http://www.john-dillard.com/ or call John Dillard CPA today at 770.814.9304

 Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!  

We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Bookkeeping.

Coping with Market Volatility: Stay on Course by

Continuing to Contribute to your Retirement Plan

Continuing to invest in your retirement plan is sometimes difficult to do during market declines but, regularly adding to an account that’s designed for a long-term goal may cushion the emotional impact of market swings. If losses are offset even in part by new savings, the bottom-line number on your statement might not be quite so discouraging. 

When you regularly contribute to your retirement plan even during down times you are using a dollar-cost averaging strategy–investing a specific amount regularly regardless of fluctuating price levels–you may be getting a bargain by continuing to buy when prices are down. However, you’ll also need to consider your financial and psychological ability to continue purchases through periods of low price levels or economic distress; dollar-cost averaging loses much of its benefit if you stop just when prices are reduced. And it can’t guarantee a profit or protect against a loss. 

If you just can’t bring yourself to invest during a period of uncertainty, at least try not to let it derail your savings program completely. If necessary for your peace of mind, you could continue to save, but direct new savings into a cash equivalent investment until your comfort level rises. Though you might not be buying at a discount at that point, you’d at least be creating a pool of money that you could invest when you’re ready. The key is not to let short-term anxiety make you forget your long-term plan.

The major difficulty is not the getting out, it is the timing of getting back in. This can be very harmful to your investments.  If an investor were to miss the best 10 days in the market over the last 10 years, their average annualized return would have

fallen from 6.57% to 1.58%. If they missed the 30 best days over the last 10 years, their average annualized return would have declined to -5.41%.While no one can predict the bottom of the market, history shows us that the U.S. economy

is resilient, and that rebounds take place quickly.  Missing just a few of the leading rebound days can make a significant difference in the performance of a portfolio. The only way to be assured of capturing all of the market upside is to remain fully invested, using a long-term investment plan with a portfolio diversified over several asset classes and investment styles.  If you have questions about your portfolio or about the market actions, please feel free to contact me.

Sincerely,

Robin

This material is not intended to replace the advice of a qualified attorney, tax adviser, investment professional, or insurance agent. Before making any financial commitment regarding the issues discussed here consult with the appropriate professional adviser.            

Securities offered through Harbor Financial Services, LLC Member FINRA/SIPC, Clearing Raymond James & Associates,Inc.

Robin Grier Financial Services, Inc is not an affiliate or Subsidiary of  Harbor Financial Services, LLC

Determining if You Truly Need an Audit for Your Company’s Internal Financials 

Yes you can get a CPA Audit done on your company. However an audit is approximately four to five times more expense than a compilation. Frequently a banker or outside investor can be satisfied without having to go through the full expense of an audit. Knowing when to use which and the nuances thereof will do much to help ensure that you do not incur unnecessary business expenditures.

There are three levels of attestation services a CPA may provide when evaluating your business’s internal financial statements.  An informed understanding of each of the three substantially varying levels of service an outside CPA may provide will assist you in knowing which is best suited to your particular needs.  Several examples of the varying degrees of need will be noted in each of the levels described. 

Seeking out the reporting standard that meets the needs of management, investors, bankers, owner, the SEC, and other regulatory governing agencies.  Although there is some discretion in the specific application of rules, guidelines, FASB’s (Financial Accounting Standards Board) pronouncement and other governing rulings, much of what a CPA is required to do for the varying levels of service are indeed mandated by the AICPA (American Institute of CPA’s). 

Standardization of procedures and reporting is largely intended to give the public at large standards by which CPA’s are to govern their personal as well as professional ethics and standards in both the completion of attestation services and their reporting.

Audits

Audit reports are the highest level of independent CPA services available.  As such, there are more FASB’s and SAS’s (Statements on Auditing Standards) written about audits than any of the other levels of service available.  Some of the procedures required by an outside CPA in an audit environment include confirmation of bank balances, review and verification of bank reconciliation, a search for deposits in transit, a search for any unrecorded outstanding checks, confirmation with the bank of any offsetting balance requirements, lines of credit, security, debt covenants and their compliance, verification of recording of checks, receipts and an assessment of internal control.  The successful completion will require verifying all substantive balance sheet and profit and loss items, obtaining a letter of representation from the client’s attorney, being present and performing substantive verification procedures of inventory, notes payable, Board of Directors minutes and much, much more.

The purpose of an audit is to independently verify by sight, confirmation, discussion with management, assessment of internal controls and analytical procedures, that a company’s financial reports are substantively correct.  Audited financial statements will also include a statement of changes in financial and detailed and referenced footnotes detailing the companies accounting methods, policies, and certain financial data.  Again, both the statement of cash flows and the attached footnotes and the procedures and reporting thereon are governed by the AICPA, SAS’s, and other governing and regulatory agencies.

Audits, by nature of the work performed, as well as the reporting standards required, are substantially more expensive than any of the other levels of service available.  Publicly traded/SEC companies are examples of companies required to have an annual audit.  It would be prudent also to consider having an annual audit performed when someone other than the owner performs key areas of control and exposure.

Reviews

A review consist predominantly of an assessment of the company’s books and records by the performance of analytical tests, certain analytical procedures (such as the comparison to prior books and records), and calculation of certain financial tests and ratios.  There procedures, by their very nature are intended to give reasonable assurance to an outside reviewer, rather than the detailed verification and reporting requirements required by an audit.  Reviews are frequently requested by banks or insurance companies issuing performance bonds who want a higher degree of service/verification than a compilation, which is discussed next, but not the full extent and cost of an audit. Reviews typically also include a statement of changes in financial position as well as detailed footnotes.

Compilations

A Compilation is the lowest level of attestation services a CPA may provide. Essentially, a compilation is when a CPA simply compiles the books and records of a client without the performance of any substantive procedures, independent verification or confirmation of any of a clients balance.  Thus, a compilation is solely the representation of a company’s management as no verification or procedures of account balances on the balance sheet or the profit and loss statement are required.  Also, management has the option to also exclude from compiled statements the statement of changes in financial positions and all related footnotes.

At HIS CPA, P.C. we strive to be an integral part of your management team.  By keeping you better informed of your options and tax laws that affect you and your business, we remain poised to assist you as you work to successfully manage your business. Having served as a CPA in Atlanta for decades I have learned that collecting all of the information available is essential to prudent decision making. 

John Dillard is an Christian Speaker/Author and Certified Public Accountant. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey visit http://www.john-dillard.com/ or all John Dillard CPA today at 770.814.9304 Serving Metro Atlanta for over thirty years.

 Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!  

Serving Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Gwinnett County, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Newton, Paulding, Pickens, Pike, Rockdale, Spalding, Walton, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder and Woodstock 

Getting “Fire Insurance” for Your Money 

Award Winning CPA Serving Grayson, Lawrenceville, Snellville & Beyond 

I am constantly encouraging homeowners to get “Fire Insurance” for their money. It’s free and all it takes is a little initiative, a little time, a home and a bank. Banks and savings and loans have long helped homeowners finance life’s little surprises by offering a home equity line on their home. This amount is a function of both the equity in your home as well as your credit score. Even though the market for loans is tight and home values are depressed setting up a line with the bank is usually free and will help ensure you have money “when you need it.”

Homeowners routinely spend hundreds of dollars, as well they should, and yet most of us, fortunately, will never have a fire at our home. However, all of us in our lifetime will have several financial challenges in our lifetime for which having a “lifeline” or an equity line will do much to help ensure we can overcome financial setbacks will mitigated damages. Always living within your means and being debt adverse are your best defense to financial challenges but having a drop back position in an equity line will help ensure financial difficulties are not as devastating. 

John Dillard is an Christian Speaker/Author and Certified Public Accountant. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey visit http://www.john-dillard.com/ or all John Dillard CPA today at 770.814.9304

 Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!  

Serving Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Gwinnett County, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Newton, Paulding, Pickens, Pike, Rockdale, Spalding, Walton, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder and Woodstock

WWJD…What Would Jesus Do if He Was a CPA 

Award Winning CPA Serving Grayson, Lawrenceville, Snellville & Beyond 

We strive to live our lives by a higher standard; not just to live by the world’s but to live by God’s standards. Though I am challenged to be the very best CPA I can be by helping clients keep their tax bills as low as legally possible. However I believe as a CPA and a Believer I am called to a much higher standard in helping clients develop tools and resources to plan for much more than their taxes. A CPA is the best one to begin this process and after a CPA has met with a client and determined much of their financial picture and tax issues, it is time to take the relationship to the next level and to help clients determine a multitude of issues including: 

-Buying Life Insurance. Being sure to have enough life insurance to take care of your family, debts and needed living expenses is essential to ensuring that your entire family and your legacy will not be changed by your passing. 

-Buying Disability Insurance. Though life insurance is for your survivors, disability insurance is for you, in the event of a life threatening illness or injury that leaves you unable to both take care of yourself and to fend for our family. 

-Setting up a Will. If you pass away without a will, then the state will decide what happens to your children and to your assets. A well drafted will enables others to ensure that your last wishes are followed out and adhered to.

 -Setting up a Trust. Frequently taxpayers can use trusts to ensure that their assets and desires are carried out both during and after their lives. Trusts can be set up for a myriad of issues ranging from helping to save estate taxes to leaving your assets to your church or favorite charity. 

-Consideration of Guardianship. I want to know who my children will live with if I pass and even more so if my wife and pass at the same time. My children are gifts from God and I want to ensure that they are loved, protected and encouraged even if I am not around. 

-Estate Planning. For taxpayers who exceed the federal mandated thresh-hold for the payment of estate taxes, proper planning can do much to both limit the tax bill that will otherwise ultimately become due. Also proper planning can be used to ensure that assets such as a business can be passed to heirs without having to sell it to pay the required estate taxes.

 -Setting up a Business Credit Line. Frequently a business credit line will be the difference between a business that succeeds and fails and one that is marginally vs. very profitable. A line of credit can do much to help you get through tough business cycles as well as to take advantage of opportunities in the marketplace and growth opportunities. 

-Procuring an Personal Equity Line on Your Home. An equity line on your home is essentially financial insurance. As your build equity in your home and your credit score, many/most banks will put in an equity line on your home allowing you instant access to emergency funds if ever needed. 

-Investing. Our natural tendency is to buy high and sell low. A well informed and trained adviser can help educate you in the many skills that are available to help ensure that you make prudent investment decisions as well as to plan for retirement.

 -Planning for College/Education Expenses. Planning for college is perhaps one of the most important financial decision you will ever make in your life and the life of your child. Being prepared for college and their expenses will help ensure your financial future and give your children the best chance for initial career success.

-Setting up a Retirement Account for Your Business/Personally. Getting ready for the  “Golden Years” should be a priority for us all. Americans have a tendency to live to the hilt and to ignore the future and nothing could be worse for yourself or those you love.

Though my short term goal for my clients is to save tax dollars, my larger goal is that they have a better life by wise investing and prudent choices. In order for me to accomplish this I have to always remember WWJD…If He Was A CPA. 

John Dillard is an Christian Speaker/Author and Certified Public Accountant. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey visit http://www.john-dillard.com/ or all John Dillard CPA today at 770.814.9304

 Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!  

Serving Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Gwinnett County, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, Douglas, Fayette

Ways to Save Money on Health Care in Troubled Times

Whether you buy your healthcare coverage through your employer or independently, you need to look at your coverage the same way cost-cutting entrepreneurs do.  Buying coverage in the future won’t stop at finding the best price – what you pay increasingly will involve how well you personally manage your health. According to a report last year by benefits consultant Watson Wyatt, nearly half (47 percent) of the 453 large U.S. employers currently offer a consumer-directed health plan (CDHP), a high-deductible plan offered with a personal account that can be used to pay a portion of medical expenses not covered under the plan. It’s the same concept as the pairing of a high deductible health plan (HDHP) with a health savings account (HSA). Also, don’t be surprised if your employer or insurer is going to get tougher about you losing weight or quitting smoking.

Here are some ideas to help you take the first step in monitoring these costs:

Change your negative healthcare behavior: Losing weight will not only have immediate health benefits, it will also make your health insurance options and potential out-of-pocket costs more affordable over time. A Stanford University and Rand Corporation study reported that lifetime medical costs related to diabetes, heart disease, high cholesterol, hypertension and stroke among the obese are $10,000 higher than among the non-obese. It added that lifetime medical costs could be reduced by $2,200 to $5,300 following a 10 percent reduction in body weight.   

Know what you’re buying: Whether you buy health insurance through an agent or your employer, insist that they explain exactly what you’re getting for your premium, and where deductibles apply. That way, you’ll have a baseline when you buy your own coverage. If you’re purchasing your own insurance policy, compare the premium savings from a higher deductible plan with your usage pattern of health services. What you save can often cover your high deductible.

Discuss the potential cost of a diagnosis: If your physician diagnoses a condition that requires tests, prescription drugs, a hospital stay or ongoing therapy, ask detailed questions about what you’ll be charged, from the doctor’s bills to ongoing ancillary costs associated with treatment. Ask the doctor or his office manager if discounts can be negotiated through cash payments or other means. You also need to be careful that you’re not being charged a rate for uninsured patients when you are simply going to paying for all or part of the bill to get to your deductible.

Make sure your exact spending is reducing your deductible: Keep a binder or a filing system to monitor how this year’s out-of-pocket spending is reducing your deductible. Also, make sure you understand which procedures are offered through your plan that will be paid even though you haven’t paid up your deductible.

health officials to see if they have online databases on costs for various medical procedures. Also, if there is a support group for your condition, talk to members about what they paid locally for care.

Be smart about emergency and non-emergency health visits: Emergency-room visits tend to cost $300 to $1,000 compared with $150 at an urgent-care center and $35 to $45 at a convenience-care clinic in a drug store or some other location. Make sure the alternatives to emergency room care are acceptable for your illness. Write yourself a note at some point to check out these options in your area so you know what they offer, what their hours are, and under what conditions you’d choose them. In particular, make sure the facility and the provider are in your health plan’s network so whatever you pay out-of-pocket counts toward your deductible.

Talk to a financial advisor about planning for long-term care: If you or a loved one are diagnosed with a chronic illness, that’s a financial issue that requires a plan. As tough as it may be to focus on money issues at a stressful time, make an appointment with a tax or financial professional to discuss options that will safeguard your assets, including Medical Spending Accounts that can backstop out-of-pocket costs on high-deductible policies.

Take advantage of your company’s flexible spending account: A flexible spending account is a separate, tax-advantaged account where you deposit funds to pay for medical expenses not paid by your insurance. You need to check what your particular company’s FSA allows you to stockpile funds for, and you will need to estimate carefully because you’ll have to spend out these funds by a particular annual date or lose the remainder.  It’s also good to discuss how you’re allocating those expenses with a financial adviser.

This column is produced by the Financial Planning Association, the membership organization for the financial planning community, and is provided by Tim Madison, CFP, ChFC, CASL, who can be reached at 770-777-8979.

Preserving the Family Vacation. Top Tips to Keep Spending in Check

As the economy continues its climb out of recession, many families might be thinking twice about what they spend on the annual summer vacation. But there are ways to preserve the tradition by being smart about spending. Some ideas:

Get on the mailing list: For any possible destination you can think of, go to their Web sites early and get on their mailing list. You might get plenty of endless chatter from the hotels, amusement parks and other destinations you.re interested in, but you might also find coupons to those locations and other linked businesses that could save you money. Also go to travel magazines to see whether signing up might deliver similar money-saving offers. Most important, go to the tourism Web sites of the states you.re planning to visit to take advantage of coupons and specials. You might also find events and activities to attend that aren’t publicized anywhere else.

Weigh the value of driving vs. flying: Even though energy prices might not approach the stratospheric levels of 2008 this summer, you might find that driving vacations aren’t necessarily the cheapest alternative. If you haven’t measured the gas mileage lately on your car, do so after your next fill-up and see what it would really cost you to drive to your desired destination and don’t forget wear and tear on the car (roughly 10 to 20 cents a mile), meals or hotels on the road. If you plan significantly ahead of time, traveling by air might not only get you there faster, but cheaper. At the same time, if you fly and need a rental car, don’t forget to figure in that cost. Go to the Web sites of the airlines you fly the most and sign up to get advance notice of cheap fares.

Make your reservations online: Tourism businesses save money when you reserve online, that’s one less human they have to pay to handle your call. So chances are good you might get a slight discount for using that option. If you.re not a regular user of the Internet, you should know that airlines and hotels particularly have migrated more of their deals for rooms and meals to their websites because visitors can complete the whole reservation process themselves. That saves airlines, hotels and rental car companies considerable labor cost.

Go for the package deal: Online travel sites make it easy to combine hotel, airfare and rental car at a cheaper rate. And remember the days and times that are typically cheaper to fly, Tuesdays, Wednesdays and Saturdays if you.re willing to fly early in the morning or late in the evening.

Know when to use travel agents: A good travel agent can be a great money saver, particularly for lengthy or complex trips. It’s OK to compare prices yourself, but consult a travel agent if you are going to remote destinations, they’ll know the territory, and if you have to make changes, they might be able to help you do so without paying a lot of extra money. Don’t be afraid to consult the company travel agent since their status may make them a destination for deals that non-affiliated travelers wouldn’t get.

If you’re going abroad: Do a review of currency rates before you go to see how much money you’ll really have to spend on the trip. Also, see if there are specific ways you can save money for dining, lodging and shopping in that country. Also, check in with your credit card company before you go, some might charge high currency conversion fees, and you can either negotiate them downward or apply for a card with a lower conversion rate that you’ll use only for this kind of travel.

Make sure phoning home is affordable: Make sure you can use your cell phone affordably wherever you go. Check with your wireless provider to make sure your destination has adequate network strength for your phone, and  particularly check what it will cost to call home or other destinations abroad if you.re overseas. There’s nothing like the shock of a wireless bill with unchecked charges. You might also check with your arriving airport to see if local stores rent or sell disposable cell phones at a significant savings.

Check on car insurance: We.ve all heard how buying rental car insurance is a bad deal, but not so fast. For domestic trips, double check whether your own car insurance policy is likely to pick up the bill if you crash your rental car. For overseas trips, check with your rental agencies, as well as your credit card company to see what insurance options you have. Don’t think only in terms of accidents. Think about blown transmissions in small towns with only one mechanic who doesn’t speak English. Also, if you’re driving to Canada or Latin America in your own car, be very sure you have adequate coverage required in every country. You might have to buy supplemental coverage.

Consider travel insurance: There is insurance coverage available for travelers who face sudden cancellations as well as medical needs. Trip cancellation can reimburse you for non-refundable costs in the event of things like an illness for you or a family member that causes you to cancel your trip. Look into what your current health insurance covers at your destination, so that you can understand your risk exposure and weigh it against the cost of supplemental insurance. It’s important to realize that health insurance issues crop up on domestic trips as well as those overseas. For instance, your health insurer may not cover claims in other parts of the country. Always check. Also, if you’re on a business trip, make sure your company health plan will cover you in an emergency, and if your work takes you to a dangerous country, ask if your employer carries kidnapping and ransom insurance. Don’t laugh. According to the Insurance Information Institute, kidnapping is on the rise internationally.

Prevent theft at home and abroad: Photocopy your driver’s license and passports and keep the originals with your valuables in the hotel safe. Also, don’t forget to hold your mail and pay all your bills before leaving town so identity thieves aren’t attracted. 

This column is produced by the Financial Planning Association, the membership organization for the financial planning community, and is provided by Tim Madison, CFP, ChFC, CASL, who can be reached at 770-777-8979

Gwinnett CPA Firm on Being Ever Diligent…While Collecting Unpaid Invoices

The Apostle Paul Commands us to be ever diligent as Satan is always seeking for those he might devour. It is by our readiness and putting on the very armor of Christ that we are able to do God’s bidding. When we are addressing collection issues, it is easy to fall into righteous indignation as others fail to live up to their end of the bargain, after we have strived to be Christ-like in the services that we have provided. It at these times, when the devil as the opportunity to gain a foothold and to encourage us to judge others, and to sin in our anger.

Staying Aware. God commands that we are to submit to the Authority of others, even if it hurts. This means that whatever a judge or court rules that we are to submit to the laws of our government, elected officials and authority figures. However, it is prudent to remember that Jesus Christ himself humbled himself in the court of Pontius Pilate submitting to the court’s ruling and ultimately His crucifixion. Though Jesus knew the truth and could have over-thrown the court and its decision at any time, He chose to be submissive and suffered as a result, a gruesome death on a cross. However, He realized, as well we should, that the courts of the earth, though they are to be obeyed, are not the courts of the Heavens. “I care very little if I am judged by you or by any human court; indeed, I do not even judge myself.”  1 Corinthians 4:3

Offering Forgiveness. Though there will be many who will fail you, as Believers we are exhorted to go not only the extra mile to assist others, but to sincerely offer forgiveness, when doing so. We are commanded by scripture to forgive as many as seventy times seven (for you non-math people that is 490 times) in a single day. Luckily no one has yet sinned against me 490 times in a day, my responsibility as a Christian is to always offer the path of forgiveness and peace.

Staying Out of Debt. Staying out of debt, substantially limiting both the amount of debt you acquire and its repayment period are Godly tenants of the Christian-life. All of the precepts in this series we have discussed have included the a Believer’s responsibilities to handling collection issues. Whereas staying out of debt and paying it off ASAP is your best bet to a quieter and more joyful life, for it is far easier to serve God when you are debt-free and not heavily laden with undue concerns and worries. “Let no debt remain outstanding, except the continuing debt to love one another, for he who loves his fellowman has fulfilled the law.” Romans 13:8

To read more about John Dillard CPA and his CPA practice, business consulting and IRS representation visit http://www.hiscpa.com/ (All Rights Reserved)

To read about his books A Voice of One, Overcoming Life’s 9/11’s and Charleston Dawn and his speaking ministry visit http://www.john-dillard.com/

Helping Clients with Corporate & Personal Income Taxes, Incorporation Advice, Tax Planning, Virtual CFO, Financing, Business Plans, Back Taxes, Offer in Compromise, Tax Advocacy, Business Acquisitions & Sales, Business Plans, and IRS Representation.

Serving Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Gwinnett County, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, and Beyond