Padgett Business Services

Important Tax Reminder! If you have a tax-saving Flexible Spending Account (FSA), the year-end is approaching, and there are key rules to keep in mind. From maximizing your Health FSA contributions to understanding the 'use-it-or-lose-it' rule, our latest article breaks down the essentials. Contact your local Padgett advisor with any tax implication questions. We'll be happy to help!

Don’t forget to empty out your flexible spending account | Padgett Advisors Have a tax-saving flexible spending account (FSA) with your employer? There’s an important date coming up you may need to pay attention to.

Wishing you a joyous and light-filled Hanukkah! May each night bring warmth, love, and beautiful moments of celebration with family and friends. Happy Hanukkah!

During a survey at this year's Padgett FOCUS Tax Seminar, "53% of firm owners said they are more optimistic about the upcoming tax season than they were last year."
We feel the Tax Seminar is essential for getting prepared for the season ahead. And, we're always grateful for the time we get to spend with our firm owners before the hustle of tax season!

Leading Accounting Franchise Prepping for Tax Season with Annual Conference This month, North American tax and accounting franchise, Padgett, gathered its network to address the challenges facing small businesses and individuals in the upcoming tax season. Nearly 200 tax professionals and technology partners gathered in-person and virtually for Padgett's annual FOCUS Tax Se...

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As we bid farewell to 2023, our final newsletter of the year is packed with valuable insights for small business owners. You’ll uncover how a cost segregation study could potentially reduce taxes and enhance your cash flow, how the 2024 inflation-adjusted tax parameters might influence your business, how new per diem travel rates could make documenting travel expenses easier, and more!

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Exciting News! We're thrilled to welcome Navdeep Sharma to the Padgett team as our newest franchisee owner in Edgewood, CO! Join us in extending a warm welcome to Navdeep as he embarks on this exciting journey with Padgett. Born and raised in London, and with over 20 years of experience in various finance roles, Navdeep opened his own practice in the UK and later expanded it to the US. He decided to join Padgett because of the opportunities and the people; accountants with a sense of humor are always a win!

Fun fact about Navdeep, his first ever job at 17 was at McDonald's, and yes, he still know how to make a Big Mac. Outside of work you can find him enjoying a bit of traveling and diving into a good book, preferably about business or accounting!

From corporate America to a multi-million dollar success story! Read about Greg LeVon's journey where strategic decisions and a pivotal partnership with Padgett Business Services turned his business, The LeVon Group: Allstate Insurance, into a thriving Allstate insurance agency.

"I’m so glad I decided to partner with Steve,” Greg adds. “He freed up so much of my time; it was incredible. And there’s no way I would’ve been able to handle all the accounting stuff on my own.”

Check out more of Greg's story on our blog:

Greg LeVon's Financial Journey with Pivotal Padgett Partnership | Padgett Advisors With Padgett Lakeville by his side, Greg LeVon successfully expanded his insurance agency into a multi-million-dollar revenue business.

It's important to get cost savings when you can, especially as a small business owner. Our latest blog post explores the potential benefits of cost segregation studies, a strategy that can yield tax benefits. Here’s how it can help accelerate depreciation deductions on the building that houses your enterprise. Contact Padgett to discover if this is the right move for you!

A cost segregation study may cut taxes and boost cash flow | Padgett Advisors Is your business overlooking opportunities to accelerate depreciation and reduce taxes? Learn more about cost segregation studies.

If you're a small business owner with an e-commerce venture, chances are you're running Cyber Monday sales. This is the perfect time to increase revenue and clear some inventory! However, it's crucial to remember that you still have e-commerce tax obligations. Check out our Cyber Monday tax tips below to help you stay on top of your tax obligations and keep your finances in check. For more personalized guidance, contact your local Padgett advisor!

Tomorrow is Small Business Saturday! Take the opportunity this weekend to and show some love to your local businesses while finding perfect holiday gifts! Share your favorite local spot in the comments below!

We extend our warmest wishes for a Happy Thanksgiving! We're grateful for the incredible year we've shared with all our dedicated staff, franchisees, and anyone who is a part of the Padgett family. We look forward to more wonderful moments together.

Jeff Phillips (CEO), Roger Harris (President)

That's a wrap for this year's FOCUS Tax Seminar! The Padgett community has come together to connect, learn, and share valuable insights. We owe a special thanks to our sponsors, whose support has been integral in making this event a success. Those who helped make everything possible are our title sponsor ADP, along with Xero , Avalara , GoProposal , Hubdoc , Thomson Reuters , Tallyfor , SAM, Cost Segregation, and Becker!

As 2024 approaches, it's essential for small business owners to stay informed about the upcoming changes. The IRS has recently released inflation-adjusted amounts for the next year, and our latest blog post delves into how these updates may impact businesses like yours. Explore the details and implications in our blog, and don't hesitate to reach out to Padgett for additional information or if you have any questions!

Key 2024 inflation-adjusted tax parameters for small businesses and their owners | Padgett Advisors We're breaking down the IRS's announcement of inflation-adjusted amounts for 2024. Explore key details such as updated tax brackets and more.

It was great seeing Maria Dever from Padgett Cumberland at our FOCUS Tax seminar!

At Padgett's annual FOCUS tax seminar, we're able to connect with other tax professionals and earn continuing education credits that we can use to guide our clients when we return. It's been great connecting with everyone!

Tom Friedel from Padgett Business Services of NW Ohio and Christopher DeLong from Padgett San Mateo are ready to apply their newfound knowledge in guiding their clients!

We're at Padgett's annual FOCUS Tax Seminar, where we connect with other tax professionals and dive into the latest updates in accounting practices. Today, we got to connect with Christopher DeLong from Padgett San Mateo!

Our Padgett offices spent the week at our FOCUS Tax Seminar earning continuing education credits and staying up-to-date on the latest accounting practices. We had a fantastic time connecting with the Padgett Business Services - Fargo team this year!

Another tax update week of classes in the books! Had to stop at Margaritaville on our last night in San Antonio, to toast the late, great Jimmy Buffet. With margaritas of course.

If you're a small business owner, you've likely been preparing for the year-end. Here are some quick fourth-quarter do's and don'ts to help you successfully close out your year. Connect with your local Padgett advisor for more insights and support!

Does your employer offer a 401(k) plan, but you haven’t started participating? Here are the basic features of these plans to illustrate why you should strongly consider it. At Padgett, we can help with any tax questions you may have so don't hesitate to reach out!

Contributing to your employer’s 401(k) plan: How it works | Padgett Advisors Considering contributing to your employer's 401(k) plan? Learn about the tax advantages and retirement benefits it offers.

Considering a new business venture or changing your entity type? As a small business owner, it's important to understand the tax implications between C Corporations and pass-through entities like sole-proprietorships, partnerships, LLCs, or S Corporations. Our latest blog post dives deep into the details. For personalized advice, connect with your Padgett advisor today!

Choosing a business entity: Which way to go? | Padgett Advisors Explore the tax implications of operating as different business entities. We highlight key factors to consider, from rates to deductions.

The IRS has just announced new 'per diem' rates that became effective since Oct. 1, 2023. If you're a small business owner dealing with employee travel expenses, these rates can provide a simplified approach to managing and reimbursing travel expenses. Learn the basics in our latest blog post! And if you have any questions, don't hesitate to reach out to your local Padgett advisor for further guidance.

New per diem business travel rates kicked in on October 1 | Padgett Advisors Discover simplified reimbursement for business travel expenses with the IRS's new per diem rates effective from October 1, 2023.

Tax pros, did you know that Padgett puts out a monthly newsletter with the latest tax updates and info you should know for supporting your clients? Check out this month's tax memo and sign up to get the newsletter in your inbox every month!

Tax Newsletter | Padgett Advisors Stay informed on important tax issues with our Monthly Tax Memo. Sign up today for the latest insights from our experienced tax team. Padgett Advisors - your small business tax experts.

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We're excited to offer a diverse range of topics this month, including working with family members and choosing the right payroll partner. Stay informed about the upcoming Social Security Wage Base increase for 2024 and new tax provisions for potential financial benefits. We'll explain who will be affected and what to expect next year. Also, learn about Roxanne White's journey to success in her cosmetics procedures business with Padgett Barrington's support.

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Happy Halloween! Do you know what a ghost's favorite type of fruit is? Boo-berries! Share some of your favorite Halloween jokes below; we'd love to hear them!

Padgett's CEO network of tax and accounting firms provides the support and best practices firm owners need to find success. Find out how our marketing, technology, practice management, and tax & accounting expertise could support you. Learn more: https://www.padgettadvisors.com/join/

Certain business owners and some of their employees don’t have to pay Social Security tax on all their wages. Amounts above a threshold aren’t subject to Social Security tax. The “wage base” for 2024 was recently announced by the Social Security Administration. Check out our blog for more, and if you still have questions, reach out to your local Padgett advisor!

The Social Security wage base for employees and self-employed people is increasing in 2024 | Padgett Advisors For 2024, the Social Security Administration has adjusted the wage base for computing Social Security tax. Here's how this could impact you.

Facing a financial emergency? Considered tapping your IRA or 401(k) but worried about penalties? Starting in 2024, the SECURE 2.0 law introduces potential relief. Explore our blog for insights on pension-linked emergency savings accounts and penalty-free withdrawals for unforeseen expenses. For further guidance, reach out to your local Padgett office!

Facing a future emergency? Two new tax provisions may soon provide relief | Padgett Advisors Learn about how the SECURE 2.0 law, effective from 2024, can provide new avenues for handling financial emergencies.

Has your client filed an ERC claim and now needs to withdraw it? Roger Harris and Annie Schwab will be hosting an important webinar covering everything you need to know about withdrawing ERC claims. Register now! https://bit.ly/3QtDvUI

How to Withdraw an Employee Retention Credit (ERC) Claim Has your client filed an Employee Retention Credit (ERC) claim with the IRS and now need to withdraw it? Join Roger Harris, EA and Annie Schwab, CPA, hosts of the Federal Tax Podcast, for this important webinar where they will cover everything you need to know about withdrawing ERC claims. In this w...

Did you know that up until the Women's Business Ownership Act of 1988 was passed, women needed a male relative to co-sign on a business loan application? Today, there are over 13 million women-owned businesses, generating over $1.9 trillion worth of revenue.

Happy National Women's Small Business Month to all the women who are pursuing their dreams and breaking barriers in the business world! If you're eager to dive into the inspiring entrepreneurial journeys of some incredible women, you can check out our blog here: https://bit.ly/3S6bSSR

As a small business owner, you handle some of the most sensitive information, especially during payroll processing. That's why it's crucial to team up with a payroll provider who not only assists with compliance and accurate tax calculations but also puts information safety first.

With October marking Cybersecurity Awareness Month, it's the perfect time to fortify your payroll process with a trusted payroll partner. Learn more about our services here, https://bit.ly/3S2GAME , and let us help you have a payroll experience that is both seamless and secure!

If you're running a small business, we understand that finding the right payroll partner can be an exhausting and daunting task. You're looking for a trusted provider who not only saves you time but can also help ensure tasks are executed promptly and in complete compliance.

So to help make the process a little easier, we've put together a list of key questions to ask potential payroll providers. At Padgett, we're fully prepared to address any payroll inquiries you may have. Don't hesitate to reach out to us today!

How to choose a payroll partner: 5 key questions | Padgett Advisors Many businesses are considering changing their payroll partner in 2023. Do you know what questions you should ask during your search?

Don't forget, taxpayers: the extended filing deadline is TODAY! If you requested an extension for your 2022 tax return, make sure to file your Form 1040 by today, Oct. 16, to avoid any potential late filing penalties.

For those in certain disaster-affected areas of California, Alabama, and Georgia, you also have until today, Oct. 16, to complete various federal individual and business tax returns and settle payments. Visit the IRS website to confirm if your area qualifies: https://bit.ly/46y4Bzq

Need further guidance? Reach out to your local Padgett advisor for expert assistance. We're here to help!

At Padgett, we get it - payroll can be a real puzzle for small business owners. It's all about precision and a deep understanding of tax intricacies, and it's easy to feel overwhelmed. That's why we've put together these helpful payroll tips to make it a bit smoother. But remember, our team of experts is also here to take payroll off your plate, so you can get back to doing what you love – running your business. Connect with your local Padgett advisor to get started!

Turning passion into profession! Roxanne White's journey from childhood art lover to the proud owner of Radiance by Roxanne is truly inspiring. By partnering with Padgett Business Services Barrington, she's able to focus on growing her business and sculpting beauty and confidence in her clients every day.

"I was trying to do all this on my own, but then I talked to my insurance agent, who recommended Dave Gribben with Padgett Barrington. Thank God he did because Dave took a lot off my plate."

Read more of Roxanne's story on our blog: https://bit.ly/3tqxK0W

Pictured: Caitlyn Byrnes (left) and Roxanne White (right)

Roxanne White Finds the Beauty of Balance with Padgett | Padgett Advisors With Padgett helping manage her growing business, Roxanne is able to focus on enhancing her clients beauty so they look and feel their best.

Padgett's CEO network of tax and accounting firms provides the support and best practices firm owners need to find success. Find out how our marketing, technology, practice management, and tax & accounting expertise could support you. Learn more: https://bit.ly/3KQRkt5