Farmer CPA

Did you know that you have to pay tax bills on time even if you've filed an extension? The extension due date isn't until October, but getting your taxes done as soon as possible will help you out exponentially. Timely filing gives you the opportunity to plan for payment options and avoid additional unnecessary interest and penalties.

If those reasons aren't enough, just remember procrastinating is likely what forced you to file an extension in the first place!

April is Financial Literacy Month, an entire month dedicated to raising awareness about the importance of making smart decisions with your money. This is something we feel strongly about, and while we all loved Interpretive Dance, Financial Literacy would've made a much more beneficial high school elective.

At Farmer, we always strive to make sure our clients are making the smartest long-term decisions with their money, so if you have any questions about how well your financials are working for you, reach out to us!

Farmer CPA will be closed for the rest of the month... APRIL FOOLS! (But seriously, we're really busy now, so if you don't see us on social media for a while, you'll know why!)

Tired of snail mail and endless paper trails when sending and receiving financial documents? Our online portal is here to help. No more lost documents, no more waiting for important information, and best of all, no more paper cuts!

Our client portal is a secure place to quickly share personal data and financial information, saving time and money.

Why not join the 21st century and try the portal today? Your fingers, and your finances, will thank you.

Did you know that 35% of the 28 million immigrants in the labor force work in management, professional, and related occupations? From top to bottom, immigrants are interwoven into the American fabric; the fabric of our economy. At Farmer CPA, we are proud to offer our holistic accounting services to all Americans: natural citizens and those foreign-born.

Let's face it: your financial outlook IS the health of your business, and just like people, you can look healthy on the outside while sick on the inside. That's why a holistic approach to accounting is so vital; it allows a specialist to have the oversight they need to make sure your business stays happy and healthy. (Well, we can't actually promise the happy part, but we'll try!)

Our tax system has been poked fun at for as long as anyone can remember, but one thing still stands true: those who know how to make them work for themselves benefit the most. Farmer CPA knows how to make your taxes work for you now and into the future. If you are looking for a holistic approach to NEXT year's taxes, drop us a line! We'd love to get the ball rolling.

January can be a rough month for payroll specialists. Between W-2s, 1099s, and 941s, the load is heavy, and that's before we even mention the complete weekly and bi-weekly payrolls for our clients! Suffice to say, our team managed it all with aplomb, and it didn't go unnoticed. A big thank you to Melissa and Nicole for rising to the challenge!

Meet Nicole Shuster, Farmer CPA's newest payroll professional. Nicole hails from Southern California, so she knows a thing or two about keeping "cool" when the surf gets heavy, so to speak. A natural resolver of conflicts, she enjoys spending time in the outdoors with her family. But what really makes her a natural fit at Farmer is her total embrace of our holistic business model and support of small businesses. Welcome aboard, Nicole!

What are the benefits of a holistic approach to accounting? (Hint: it's not just for convenience.) By wrapping your financials, taxes, retirement, and payroll together, you'll have a professional that can maximize your financial outlook. Understanding every facet of your business and your cash flow can make sure that you are set up for the greatest financial success, something SMBs always find at Farmer!

Meet Tara Olexa Madoni, Farmer CPA’s newest Client Relations Manager! Tara's a relationship builder who excels at understanding varying perspectives in order to identify strengths, needs, and opportunities. Her passion and intentional thinking are a natural fit at Farmer, and she’s here to help small businesses maximize what we have to offer in order to grow. Fun fact: she lived in Mali for 2 years as a member of the Peace Corps, strengthening communities there, too. Welcome aboard, Tara!

Are you ready for tax season? No? Didn't think so. That's ok, but it might be time to start pulling receipts, documents, and statements for the season; including holiday/EOY bonuses, that have their own tax implications. Remember, it's never too early to start tax planning, but it can can easily be too late if you aren't smart. And you're smart, right?

The holidays are typically a time of generosity, and business owners are no different. But before you donate to your favorite charity, consider which avenue you are doing so. By donating directly from your retirement account using RMD, the money goes straight to the charity--and circumvents any taxes. It's just one way of getting creative with your assets to make the biggest impact.

‘Tis the season for giving thanks, and we can't say thank you enough to our client relations manager, Carolyn Bauman. If you've worked with Farmer CPA in the past, you've worked with Carolyn, who's one of the reasons we have such great relations with our clients. Alas, Carolyn has decided to retire and we are already missing her. Luckily, her last day isn't until May; if you are near our Monroe office, stop by and give your thanks to a key cog of the Farmer team!

At Farmer CPA, we take a holistic approach to your financial well-being. Retirement planning affects your taxable income, your taxes influence your financial statements, which in turn are based on payroll... it goes on and on. Bottom line: all of your accounting needs are intertwined, so if you want to get where you want to go, it makes sense to get all your financial services from one place. Farmer.

At Farmer, we focus most of our energy on 4 main areas: financials, taxes, future, and payroll. Financials: balance sheets, income statements, analyzing pricing, inventory, and accounts payable. Taxes: annual filings for business and personal, IRS query and audit replies, analysis, and planning. Payroll: weekly, bi-weekly, or monthly check processing; quarterly and annual tax filings, tax deposits, and worker’s comp audits. Future: planning and ex*****on, 401(k), IRAs, debt and cash flow analysis, business maturation and selling, and overall financial planning. If these are aspects of your business that you’ve thought of—or haven’t thought of—reach out to Farmer CPA today to see how we can get the ball rolling for your better and balanced financial being!

While other firms might consider November and December the offseason, at Farmer CPA we’re still working like it’s tax season. Now is the time we take financials we’re prepping and do an in-depth tax projection so our clients know what to expect for before taxes and help them prepare. If there’s a problem, we also help them solve it before the end of the year with needed changes, purchases, retirement contributions, etc. Getting ahead of your taxes NOW can make a world of difference when you file. It’s just one more way we’re fighting the good fight for independent business owners.

The Feds have implemented the largest interest rate hike in the past 40 years, hoping to stem the tide of inflation. But what does that mean for SMBs? If you have a fixed-rate loan, it won’t affect you much, but with a variable rate you should be prepared to pay a little more each month. If you need some guidance navigating these uncertain financial waters, reach out to Farmer CPA!

We’re all watching the Federal Reserve nowadays to see how they plan to tackle inflation, and recently they’ve acted, raising the target range for the federal funds rate 75 basis points from 3% to 3.25%. That level might peak in 2023 at 4.6%, all while gambling this won’t cause a recession. This is the fastest rate hiking cycle since the early 80’s, so we’re definitely keeping an eye on it. If you’re an independent business owner whose got questions about the rate hike, feel free to contact us!

Thinking of starting a small business? Unless you’re a trust fund baby or have been saving religiously since you were 5, you’re going to need a loan, a loan with interest rates. But what kind of rate is best for you: fixed or variable? Sure, there’s stability in the fixed rate, but a variable rate is often cheaper, albeit much more volatile.

One of the reasons we like working with independent businesses is that they are constantly trying to better themselves to the benefit of their customers. At Farmer CPA, we are no different, which is why we would like to congratulate our resident Sr. Accountant Ardeen Salinas on receiving her CPA certification! Way to go, Ardeen!

Hey SMB owners! Worried about a recession? Well, there's no reason to if you are prepared. Here's a few tips to help navigate the murky waters ahead.

Recession isn’t a foregone
conclusion, but our resilience during it is. As
independent business owners, we’ve gotten
though A LOT over the past 20 years; we’ll get
through whatever comes next too.

Did we miss Asian and Pacific
Islander Heritage month? Nah, we celebrate
the AAPI community all year long, not just in
May! The contributions of Asian and Pacific
Islander Americans are stitched into the fabric
of our society, especially at Farmer CPA where
a large percentage of our staff are part of the
AAPI community. Our very own Ardeen Salinas
is here for all your AAPI queries, as well as
organizations that would love your support!

No matter who you are, it doesn't hurt to have a financial plan. Reach out to Farmer CPA and see how we can help your financial future.

Are you ready to sell your
business? If the time is right for you to step
aside, make sure that you are taking
everything into consideration before you sign
on the dotted line. The same is true if you are
acquiring a business. This article should be
beneficial either way. https://www.forbes.com/
sites/allbusiness/2018/08/27/mergers-andacquisitions-
key-considerations-when-sellingyour-
company/?sh=2264ba494102

Did you know that payroll is the
biggest expenditure for any independent
business owner? We’re not just talking about
money, either; payroll sucks up a huge swath of
your time and is the area where business owners
make the most mistakes. The solution? Find a
good accountant to take this cumbersome task
off your hands! Farmer CPA has certified payroll
specialists in-house and specialize in helping
small business owners recapture their time and
passion for what they do!

Did you see an increase in your
salary recently? If so, you should seriously
consider updating your 401K. Remember, we all
have to retire eventually; it’s better to invest now
instead of paying for it later.

Chicago is a special and unique
city, and it isn’t because of the weather. It’s
the independent businesses that make this
such a great metropolis to live in, and here
at Farmer CPA, we want to keep it that way
by giving those businesses the accounting
help they need. Does that sound like
something you want to be a part of? Well,
you’re in luck: WE ARE HIRING!!!

https://farmercpa.com/careers/

Women’s History Month might be
over, but women’s history is everyone’s history;
that’s why we celebrate all year long. A special
kudos to the women of Farmer CPA, who
continue to make history for our clients every
day. You ladies are legends!

Big Brothers Big Sisters of
Metropolitan Chicago is an affiliate of one of
the oldest and most important non-profits in
the country. In our area, they have established
mentorships with over 2,300 children across 4
counties and are proven to keep kids succeeding
in life, not just in childhood. It’s one of our
favorite charities and we hope it becomes one
of yours. If you would like to donate or have
been thinking about volunteering for
, here’s the link to do so: https://bbbschgo.org/