Aurelia E Weems, CPA
No annoying tax professional lingo. Just authoritative and friendly advice. Visit us: www.woodlands-cpa.com
Or call: (936) 273-1188
Besides excelling at de-mystifying accounting jargon and IRS terminology, Aurelia’s clients would say she was refreshingly warm, friendly, and even funny. She looks out for her client’s best interests through exceptional attention to customer service and staying current with ever increasing regulatory environment in tax and accounting matters to provide clients with the best legal income tax resul
How often do you review your financial statements?
A. Weekly
B. Monthly
C. Yearly
D. I have to review financial statements?
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Here are four real-world financial targets to shoot for by age 50:
1) Your estate plan should be fully in place.
2) If college is paid for, consider dropping term insurance.
3) Catch up on your savings, if you haven't saved 8-10 times your annual lifestyle spending yet.
4) Begin considering what you really want out of retirement.
Here's to hoping you're making better use of AI in your world than these people. We can think of a few issues more worthy of our time and attention than creating fake humans. Namely, helping real humans is real need of support and attention.
https://www.dailymail.co.uk/sciencetech/article-13611631/worlds-AI-beauty-pageant-winner.html
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Have any questions about how to classify your seasonal workers this summer?
Please don't hesitate to reach out and ask. It will save you and them a great amount of headache to give them the proper designation. Even if you don't have to withhold income tax on their paychecks, it's very likely you are still required to withhold Social Security and Medicare taxes.
Some good news: It looks like inflation *might* be subsiding. Since May 2020, the average cost of goods and services in the US has continually risen. But, June saw the consumer price index actually fall (about 0.1%). That's a good sign, but we'll keep watching to see if the trend continues.
If it does, the Federal Reserve could indeed drop Federal interest rates in September. Let's hope that's what happens.
https://www.reuters.com/markets/us/us-consumer-prices-unexpectedly-fall-june-2024-07-11/
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The QuickBooks price increase will go into effect on August 1, 2024, for business-paid subscriptions, and September 1 for accountant-billed subscriptions. Increases will be in the range of 17-25 percent per month, depending on your plan.
If you're feeling frustrated about paying more for what some feel like is an already glitchy software, that's understandable. We are all weary of the rising cost of doing business these days. While price increases are unavoidable in business (even more so in an inflationary economy), there are alternatives on the market that you could research. Just don't forget there is a cost in making the switch to another books software, too.
As if buying a car hasn't been tough enough the past few years... now we have to add "watch out for hackers" to our growing list of obstacles. The IRS even issued a warning about phishing scams related to this ransomware attack. Our caution, be mindful of any link sent to you. Mostly, you won't receive a text to fill out any official forms for something as big as buying a car. Same goes for anything tax-related.
https://www.foxnews.com/tech/ransomware-attack-paralyzes-thousands-car-dealerships-nationwide-july
![Quickbooks Alternatives for The Woodlands Businesses Post QB Price Raise](https://img3.findglocal.com/097/376/1011602060973761.jpg)
Quickbooks Alternatives for The Woodlands Businesses Post QB Price Raise https://woodlands-cpa.com/2024/07/15/quickbooks-alternatives-for-the-woodlands-businesses-post-qb-price-raise/?utm_source=rss&utm_medium=rss&utm_campaign=quickbooks-alternatives-for-the-woodlands-businesses-post-qb-price-raise&utm_source=rss&utm_medium=Sendible&utm_campaign=RSS
Quickbooks Alternatives for The Woodlands Businesses Post QB Price Raise The latest QB price raise means another increasing expense for your business. How to respond and some QuickBooks alternatives out there.
Every dollar counts these days, so why not be strategic about your home improvements and save yourself on taxes too?
🚪🪟 Install new exterior doors and windows to better insulate your home and regulate your energy usage
☀️😎 Add solar panels to your house to soak up those summer rays and be a little greener in your energy usage
The IRS rewards you for those kinds of improvements in the form of the Energy Efficient Home Improvement Credit and the Residential Clean Energy Credit (exception: landlords making improvements to a rental).
https://www.irs.gov/credits-deductions/home-energy-tax-credits
Praying for the folks in Mosswood and Forest Estates to get power back now!! Forest Estates is a small neighborhood off of hwy 105 just east of Longmire and Mosswood is south of River Plantation!
![Overtime Pay Changes Seriously Affecting Your Montgomery County Business](https://img3.findglocal.com/109/599/1010379731095994.jpg)
Overtime Pay Changes Seriously Affecting Your Montgomery County Business https://woodlands-cpa.com/2024/07/14/overtime-pay-changes-seriously-affecting-your-montgomery-county-business/?utm_source=rss&utm_medium=rss&utm_campaign=overtime-pay-changes-seriously-affecting-your-montgomery-county-business&utm_source=rss&utm_medium=Sendible&utm_campaign=RSS
Overtime Pay Changes Seriously Affecting Your Montgomery County Business The overtime pay rules for your business just got an overhaul. It’s a big one too, meaning more employees now qualify for overtime.
When it comes to work, do you...
A) Dream of independence and setting your own hours?
B) Dream of dependability, a steady paycheck, and health insurance somebody else helps pay for?
The ban on noncompete agreements that was originally expected to take effect on Sept 4 has been temporarily paused (until Aug 30). Noncompetes have been essential to helping businesses protect their interests. If they are banned, it means:
1. Your employees could be head-hunted by other competing companies.
2. You could potentially have to increase salaries dramatically to hold onto good employees.
3. Your trade secrets could be put at risk because an employee will not legally be required to stay quiet on what they know about your business (with some exceptions).
https://www.npr.org/2024/07/03/nx-s1-5020525/noncompete-ban-block-ftc-competition-ryan-texas
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A lot of people ask us for evergreen tips on putting and keeping their books in order year-round. Here are a few golden nuggets:
- Go Cloud-based. Nix the paper method.
- Create and STICK to a budget, especially with major expenses.
- Get organized... and STAY organized.
- Make a regularly scheduled, weekly time to go over your books.
- Find a good advisor... someone you have full confidence in and trust to give you honest, but helpful insights into your business finances.
I'm pretty sure we know someone who can help with that...
If you're raising a family and things cost too much where you live, maybe you should consider living somewhere else. Here's a breakdown of the median salary requirements for a small family in each state. Surprisingly, Hawaii, New York, and California aren't #1 on the list of the most expensive places to live...
https://www.cnbc.com/2024/06/20/the-salary-a-family-of-4-needs-to-get-by-in-every-us-state.html
Just remember that with the devestation that we are seeing after Beryl has left in its path, comes the predators. Those folks who are after your hard earned money. With that in mind, here are a few things to consider.
1. Don’t pay for work to your home in advance. If they don’t have the money to buy the materials in advance use a different contractor!
2. Make sure you verify they are licensed and insured in Texas.
3. Be wary of people asking for help due to their circumstances. Confirm they are who they say they are. Donate to organizations that can help people in need.
4. Be careful of people selling things online needed in this emergency such as generators. If they ask for money in advance to hold the item before you can physically look at it, dont pay them.
Stay safe!
Finding love while living in another country is the stuff of romance. But when you agree to enter into a marriage vow with a native of said country, you’ll have more than new in-laws and cultural norms to face.
Like any taxpayer, marriage changes your tax situation (sometimes with more benefits, sometimes not).
Married Filing Separately: Typically, the IRS automatically classifies you as filing separately when marrying a non U.S. resident. If your spouse isn’t a U.S. citizen or resident and isn’t making a U.S. based income, you don’t have to account for them in your taxes.
Married Filing Jointly: You could also elect to treat your nonresident spouse as a U.S. resident for tax purposes. This election lets you and your spouse file a Married Filing Jointly (MFJ) tax return, allowing you both to benefit from lower tax rates and deductions not available to MFS filers. The main reason you'd choose this option is if your spouse has no income and no investment accounts that could trigger adverse U.S. tax implications.
![Aurelia E Weems, CPA’s Self-Employment Health Insurance Guide](https://img3.findglocal.com/168/938/1004445791689388.jpg)
Aurelia E Weems, CPA's Self-Employment Health Insurance Guide
Aurelia E Weems, CPA’s Self-Employment Health Insurance Guide For self-employed individuals – a shortcut for that time-consuming health insurance research project.
A cash forecast isn't just for corporations and companies in trouble.
Cash forecasting is a critical financial management tool that every business, regardless of size or industry, should utilize. Here's why:
🔹 A cash forecast helps you predict future cash flow, so you can avoid unexpected shortfalls and plan ahead effectively.
🔹 Whether you're considering expansion or new investments, a cash forecast provides the insight you need to make smart financial decisions.
🔹 Regularly monitoring your cash flow ensures you maintain adequate liquidity to meet your obligations, keeping your business stable and secure.
🔹 Demonstrating control over your finances boosts confidence among investors and lenders, showing them you’re committed to sound financial management.
🔹 A cash forecast is crucial for planning business growth, helping you understand funding needs and align your initiatives with your financial capabilities.
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Happy Fourth of July to all of you!
As part of early American celebrations of this holiday, the Declaration of Independence would be read aloud at public gatherings. If you'd like to reinstate this tradition for your celebration, here's a link for you...https://www.archives.gov/founding-docs/declaration-transcript
If you're earning 400K or more a year, the IRS just set its sights on you. They are refocusing their audit efforts to include a larger swath of high income earners.
The point here is, if you know you've got some skeletons in your tax closet, it's time to shore things up. It's not that you can prevent an audit, but knowing for sure what they'll uncover and making sure you're buttoning up the things you can control will be essential.
https://www.accountingtoday.com/news/irs-lowered-its-sights-on-high-income-taxpayer-audits
![](https://img5.findglocal.com/860/045/1002001828600451.jpg)
What happens when you don't review financial statements regularly?
Well, if you're prone to allowing clients to make late payments, it can compound. When you don't keep track of whose late, you most likely won't realize who hasn't paid you until it's too late for you. And that's going to have a negative impact on your business.
But, if you've got eyes on the receivable report on a regular basis, those unpaid balances will stay front of mind, which will keep you motivated to collect.
True or False: You can navigate your financial matters (budgets, investments, debt, retirement, wealth, etc) without any help.
![Mid-Year Business Goals Check-in For The Woodlands Owners](https://img4.findglocal.com/210/128/1000326822101285.jpg)
Mid-Year Business Goals Check-in For The Woodlands Owners
Mid-Year Business Goals Check-in For The Woodlands Owners Five steps to help you act on your business goals and lead your business forward that The Woodlands owners need to take.
![](https://img3.findglocal.com/888/112/999195128881121.jpg)
Did you know that you can use your life insurance while you’re still alive? This is especially important for anyone living in their golden years.
A permanent life insurance policy could be a source of income for you and your spouse to take care of larger cost needs you’re facing right now (medical, debt, building an emergency reserve). This only applies to permanent life insurance, not term.
Because the policy has cash value, you can access it to get cash you need now to pay off debt or even make mortgage payments. And... the cash value on permanent senior life insurance grows tax-deferred.
Caveats: It will take time to build up so it won’t be immediately accessible. And anything you pull from the policy now detracts from the final payout figure later.
Common business owner mistake: Thinking financial statements are just for your CPA.
The longer you own your business the more clear you are on the power of those financial statements. They give you a glimpse into the financial health of your business, and help you with making critical decisions.
Start by reviewing these reports regularly:
1. Balance sheet
2. Profit/loss statement
3. Cash flow statement
4. Budget and actual
What story are yours telling you?
Have you used any of the four AI apps mentioned in the article to help you in your work?
https://www.zdnet.com/article/how-my-4-favorite-ai-tools-help-me-get-more-done-at-work
Do you know what credits are available to you for 2024?
Do you know what adjustments you can make now to reduce your 2024 tax burden?
Do you know which deductions you can accommodate for now?
If you answered no, we're ready and willing to help you get to yes.
Rather than looking to outside forces to save your financial bacon, what can you do THIS WEEK to find more financial margin? Are there expenses you can cut, additional revenue or income streams to add (a second/third/fourth job, a new product to add to your lineup, etc.), other resources you can tap?
We know ... for some, these are unrealistic options for many possible reasons. These are not easy times.
But regardless, we have a choice: We can either stew in our juice about hard things "out there" ... or we can take positive action today to do something about it for ourselves and our family.
And remember, you've got us in your corner.
As a company that coaches businesses, here's a little "halftime pep talk" so that when the 2024 books are closed, there’s a big fat W instead of an L.
Ask yourself: Are you thinking too small?
As business owners, we often get so caught up in the smaller, daily tasks that we forget to ask ourselves this bigger question: Am I thinking too small?
If Martin Luther King, Jr. had a dream and took steps toward it without seeing the full picture, you can too. It's a challenge you should consider today.
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1510 I45 North, Suite 150
Conroe, TX
77301
Opening Hours
Monday | 8am - 5pm |
Tuesday | 8am - 5pm |
Wednesday | 8am - 5pm |
Thursday | 8am - 5pm |
Friday | 8am - 5pm |
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