Max Bauer, CPA

01/12/2023

Should I Delay Claiming Social Security until 70 and Draw From Retirement Funds Instead?


https://www.mvbcpa.com/delay-claiming-social-security/

03/10/2022

Unless you work at an accounting firm, you probably won’t meet a lot of people that are thrilled about accounting and taxes. After all, who could love making sense of the numbers day after day. Here are a few fun facts about accounting that you may not have known before. https://www.mvbcpa.com/fun-facts-about-accountants/

Unless you work at an accounting firm, you probably won’t meet a lot of people that are thrilled about accounting and taxes. After all, who could love making sense of the numbers day after day. Here are a few fun facts about accounting that you may not have known before. The word “accounting” ...

02/07/2022

I am sharing a few fraud prevention tips I learned at a recent webinar on how to avoid becoming a victim of fraud. Much of this is pretty straightforward, but I think a quick reminder is OK. These days most scammers are working online.

I’ve done a previous blog in a prior year on the IRS’s top list of scams. This time, I thought I would share a few fraud prevention tips I learned at a recent webinar on how to avoid becoming a...

03/05/2020

Why to keep personal and business expenses separate.

A 2015 survey from Citizens Bank found that 26% of small business owners use a checking account for both business and personal finances. Those sole proprietors, who file on Schedule C, mistakenly think that it is easier to use a personal checking account that’s already in place to manage finances, especially if there aren’t too many business transactions.

Consider the following scenario; a contractor stops at Home Depot to pick up supplies for a job but uses money from his/her personal account to cover it. To do it right, this cost needs to be recorded as an accounting transaction – and that’s when things start to get complicated.

There are several key reasons for using separate accounts for personal and business income and expenses.

https://www.mvbcpa.com/personal-and-business-expenses/

02/24/2020

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02/04/2020

How Much Can You Save for Retirement in 2020?

2020 Retirement Plan Contribution. IRS notice 2019-59 details the technical guidance for 2020 retirement plan contribution limits. Read more...

12/09/2019

2019 Year-End Tax Planning Tips

2019 is our second year following the significant tax law changes enacted under the Tax Cuts and Jobs Act (TCJA) and many taxpayers are still getting used to the new rules and the impact to their tax return.

Here are four potential tax moves you should consider making before year-end...

2019 is our 2 year following the significant tax law changes enacted under the Tax Cuts and Jobs Act (TCJA). Here are 4 potential tax moves you should consider making...

10/31/2019

Saving for retirement can be confusing. How much of my earnings am I supposed to save for retirement? What retirement plan options do I have? What investments are best for my situation? A good rule of thumb is to try to put at least 10 percent of your earnings toward retirement savings. The answers to the other questions, however, are more difficult.

Saving for retirement can be confusing. How much of my earnings am I supposed to save for retirement? What retirement plan options do I have? What investments are best...

10/03/2019

Many people say the first few years of retirement can be quite an adjustment. Here are a few tips to hopefully make the transition a little easier…

Many people say the first few years of retirement can be quite an adjustment. Here are a few tips to hopefully make the transition a little easier...

09/03/2019

For many, owning your own business is the American Dream. However, you need to enter this next stage with your eyes wide open. First some cold water. According to recently published data from the Bureau of Labor Statistics, for businesses started in 2014:

For many, owning your own business is the American Dream. However, you need to enter this next stage with your eyes wide open. First some cold water. According to recently published data from the Bureau of Labor Statistics, for businesses started in...

07/11/2019

You have probably heard about IRAs before. However, there are actually two types of IRAs, and the differences between the two are significant. Traditional IRAs let you save for retirement using pre-tax dollars. Your contribution reduces your taxable income, so you pay a little less in taxes now than you would if you didn’t invest in the IRA. You don’t pay taxes on the money you invest, but you do have to pay taxes on any withdrawals you take at ordinary income tax rates.

You have probably heard about IRAs before. However, there are actually two types of IRAs, and the differences between the two are significant.

06/12/2019

Treating your CPA like a Bookkeeper is Bad for Business

When you have a small business, your accounting efforts should not be something that you only do once a year at tax time. Ideally, you also don’t want your only interactions with your tax professional to be your assistant dropping off a box of receipts and you signing a check for your taxes. While some companies, especially small businesses, operate this way, they shouldn’t.

When you have a small business, your accounting efforts should not be something that you only do once a year at tax time. Your interactions with your tax professional...