Frank Gutta & Co. CPA's PA

Frank Gutta & Co. CPAs PA secures a woman and children’s financial future. Share your dreams with us!

Long-term care planning is crucial for your peace of mind. Here’s why... Learn more about our long-term care services. Contact us today!

Why Long-Term Care Insurance Matters for Retirement Discover why long-term care insurance is essential for retirement planning. Learn about benefits, costs, and the best age to start considering LTCi for finan...

What is a Wealth Transfer? Start your estate plan with us today!

What Is a Wealth Transfer? - SafeMoney.com Wealth transfer simply refers to the process of passing wealth from someone who has died over to their beneficiaries. Effective wealth transfer can be done through a variety of strategies, including annuity contracts or life insurance policies, wills, trusts, and gifts of cash or tangible assets pri...

What’s the first thing you want to do after retiring? Share your dreams with us! Comment below!

Your family’s future is in good hands with our estate planning services. Contact us for personalized estate planning.

Estate planning made simple in 3 steps:

1. Inventory Your Assets

Description: Make a comprehensive list of all your assets, including real estate, investments, bank accounts, retirement funds, and valuable personal items.

Tips: Include approximate values and keep the list updated. This helps you understand the full scope of your estate and aids in deciding how to distribute it.

2. Designate Beneficiaries and Draft Documents

Description: Decide who will inherit your assets and create essential documents such as a will, power of attorney, and any necessary trusts.

Tips: Clearly specify your beneficiaries to avoid disputes. Work with an estate planning attorney to ensure your documents are legally sound and reflect your wishes accurately.

3. Review and Update Periodically

Description: Regularly review and update your estate plan to accommodate any life changes such as marriage, divorce, births, or significant financial shifts.

Tips: Set a yearly reminder to review your plan or update it after major life events. This ensures that your estate plan remains relevant and effective.

These steps provide a foundational approach to estate planning, helping ensure that your assets are distributed according to your wishes and that your loved ones are taken care of. Schedule a consultation to secure your future.

Start planning today for a peaceful retirement tomorrow. Where do you dream of retiring? Contact us to start your retirement plan.

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Some things to know about filing a tax extension:
• Extensions do not automatically flag you for audit.
• They do not affect any refund you have coming.
• They generally do not give you more time to contribute to your individual retirement account.
• They do not give you extra time to pay taxes that you legitimately owe.

(We say this because the tax deadline is tomorrow (April 18). If you haven't filed yet, you'll want to apply for an extension.)

Looking for a job?

The IRS is hiring.

U.S. IRS to Hire Nearly 20,000 Staff Over Two Years With $80 Billion in New Funds US News is a recognized leader in college, grad school, hospital, mutual fund, and car rankings. Track elected officials, research health conditions, and find news you can use in politics, business, health, and education.

Knowing when and how to add the right people to the team is a delicate line to walk.

A few things to ponder as you grow your team:
1. There really is strength in numbers. People have different gifts, and no one person has all the talent needed to cover all the bases. Take an honest look at what strengths you DON'T have and look for someone who can fill those.
2. Screen people to make sure they are team players. You're not looking for a one-man show to add to your production.
3. Growth can be painful, but remember the end result is good. If you find the right people, the growing pains of trusting someone else with your work very well may skyrocket your success.

Did you know you can make 2022 IRA contributions all the way up until the tax deadline?

If you can, you should. It means better deductions on your tax return.

Note:
- Most taxpayers can generally contribute up to $6,000 to their IRAs for 2022.
- 50 years of age or older at the end of 2022? The limit increases to $7,000.

Don't make this mistake with your employees.

Why employees crave more training and how employers aren’t delivering it | SurveyMonkey SurveyMonkey delivers People Powered Data to organizations around the world. From simple surveys to advanced feedback solutions and enterprise offerings, SurveyMonkey products work for any use case or budget

Big life events (getting married, having a child, losing a loved one) can all affect your tax standing. And you'd be surprised at how many people forget to add those changes on their tax filing.

Then there's delayed paperwork (K-1s, corrected 1099s) and getting investment paperwork in order (especially if it's crypto-related).

In any of those boats?

An extension could be your best friend if you think there’s no way you’ll have your tax ducks in a row by the upcoming deadline.

The meteoric rise of ChatGPT and other AI platforms means big shifts in the job market ahead.

AI could automate 25% of all jobs. Here's which are most (and least) at risk AI can automate the most annoying parts of your job. But what if it can do your whole job?

An 87-year-old book that could still be useful to you now?

How to make $1,000 This book is 87 years old, but I found it and read it. Here's why.

2 weeks' notice on that filing deadline...

And while you could slap your paperwork together in an all out cram session... you could also file an extension.

(Don't forget that's not an extension on payment... just on paperwork.)

The economy has a lot of us fretting and wanting to lock down.

But actually, it could be an opportunity to launch something new.

Yes, there is a timing factor that can be helpful with regard to the economic cycle, but starting now is better than starting never.

We know a little bit about getting a business off the ground.

Ready to start? Let's talk.

Ever wondered where most people trip up when preparing their taxes? What details are all too easy to miss?

We talk to many people who have tried to do their taxes themselves but found that they missed an important form here or vital detail there. When it comes to the sort of tax code we're all dealing with, it's worth it to work with an expert who has studied the ins and outs and knows how to match your situation with the regulations in the most profitable way.

It’s easy to let panic set in when it comes to the global banking situation… and the vulnerability of the banking world right now. The reality that your business could take a big hit because the bank fails in which your money is invested, means you might be tempted to scramble to pre-emptively right the ship.

Yes, things could get rough ahead, and the recession that’s been threatening for the last year is almost a certainty.

But the key is, don't give into hysteria.

Instead, do a “kick the tires” check on your bank to determine its reliability. Maybe even make a switch if you need to.

Then, stay focused on what you do best.

1) Pay as much as you possibly can right now.
2) You can ask for (and often receive) an extension to pay.
3) "Financial hardship" delay: This is if paying your tax bill would demonstrably affect your ability to pay your other bills. Interest and penalties still accrue.
4) Installment payment plan: If you owe less than $50K in taxes, you should usually be able to get an installment payment plan of up to 72 months, simply by asking for it.
5) Negotiate: This is NOT something to try on your own. We can help, but the number of "Offers in Compromise" that get accepted each year is quite small and a knowledge of how the system works is important.
6) Using existing credit sources (credit card, HELOC, private loans): Some tax advisors would quickly recommend this, but I would NOT recommend you go this route. If you've exhausted the options above, do this instead:
7) Sell something you don't need anymore. Always a pretty good plan anyway.

In the world of small business, referrals are GOLD.

Most people trust referrals from people they know personally. The same is true for one small business recommending another.

So, why not build a referral team in YOUR small business?

When you develop a formal referral system, the leads coming in tend to be worth more in both the short and long term.

Emails: Delete or archive?

What do you think?

Why I Never Delete Any Email. I Just Archive It All. I have every message and every file I’ve written or received for decades. It makes your life so much easier—if you follow a few key principles.

The APRIL 18 filing deadline is fast approaching.

Really, it’ll be here before you know it.

So, if you still haven’t made moves to take care of yours, what are you waiting for?

A tax planning move you might not know about, but should if you're married...

This individual retirement account option 'surprises people the most,' says advisor A spousal individual retirement account allows you to contribute based on your spouse's earnings if you file taxes jointly. Here's what couples need to know.

Don't let what's happening in the banking world push you into a downward spiral.

Here's a helpful outlook on the situation and its effect on small businesses from top U.S. Chamber of Commerce experts.

Small Business Update: Banking Outlook Our latest Small Business Update event covered this week’s bank failure news and what small businesses need to know.

How many tech strategies have you tried to implement to maximize your business’s success? We're guessing more than a few. And while these have value, one of the last things tech can do, if ever, is change the ownership’s mindset about a business process like auditing.

Sure, audits have their place in setting a company back on course.
But why do businesses run audits only sporadically or annually?
Why is that company off course when the capacity exists now to catch a problem early?

There's a natural solve here. It's called continuous auditing, and it has the potential to spot an issue far quicker than a yearly financial statement audit would.

There may come a time when you need a power of attorney to handle your tax matters for you. And the person you choose isn't necessarily the person closest to you.

What you’re looking for is your BEST POTENTIAL ADVOCATE.

Consider:
1. Do they know tax law (or can they learn it)?
2. Can they be assertive and make themselves clear with authorities like the IRS?
3. Will they force their opinions on you, or do what you want after discussing the matter?

And also...
4. DO YOU TRUST THEM?

Whenever you decide to file taxes with a tax practitioner, you want to know they're worthy of your trust and won't do anything fraudulent.

Here's a solid checklist to make sure whomever you choose is legitimate and doing things right.

Advice | Seven red flags that your tax preparer is a fraud A tax preparer who isn't legit may try to “ghost” you, leaving you to handle the IRS on your own.