Mark Makara CPA LLC

I specialize in small business accounting, controllership, Quickbooks, tax preparation & tax planning and total wealth planning. MY EBOOKS - ABOUT ME

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The Divorce Process - From a Financial Perspective

Thinking about getting a divorce?

Interested in making the proper preparations to protect yourself financially?

Do you want what is in the best interest financially for your family too?

Divorce is a life-changing event, and you have heard It affects over 50% of couples in the U.S. But understanding all the aspects of a divorce is more overwhelming than you thought.

Without the proper planning, it can be devastating emotionally, mentally, and especially financially.

With proper planning, it is possible to move forward and get through it.

If you are working towards a non-contested, respectful and collaborative divorce and need guidance to make that happen, consider these tips from experiences I have had. However, if you are working with a contested divorce, brace yourself, there is no way to “plan” for that.

Although, having everything in order is the first step either way.

Consider reviewing the following checklist as a helpful guideline.

1 – Hire a Good Attorney –

Find a knowledgeable and dependable legal counsel that will assist you in legal advice and the necessary filings for a divorce. If collaboration isn’t going to work make sure you hire an attorney that knows the value of settling quickly and is willing to fight for you if they need to.

2 – Gather Your Financial Documents

Make sure you have your financial documents in order before your first appointment with your attorney. You’ll need to complete a financial affidavit.

3 – Initiate the Divorce – File the Petition

The Petition for Dissolution of Marriage is the first document to file with the court clerk to start the divorce case.

4 – Know the Divorce Process

Discovery, custody evaluation, pretrial conference or mediation, trial, the decree of dissolution.

5 – Separate Marital Assets and Personal Property

Make equitable distribution of marital assets and debts, with the goal of fair distribution.

6 – Evaluate the Assets for the Divorce

Determine pre-marital assets. Move forward to current assets. Obtain appraisals by qualified third party if needed.

7 – Divvy Up the Debts

Know the two forms of debt: living expenses and community property, and how your state distributes the debts.

8 – Know the Impact the Divorce Has on Taxes

Initially, check the difference of tax rates, lost deduction and tax credits of filing separately verses jointly. Take advantage of any tax savings.

9 – Understand Tax Preparation Timing During and After the Divorce

Be aware of two important tax dates: the date the divorce petition was filed and December 31 of each year.

10 – Learn Your Rights in Florida Regarding Real Estate and Divorce

In Florida, “the marital home” is the piece of real estate property where your and your spouse spent most of your life together.

11 – Define the Terms: Child Support and Alimony

In terms of cash flow and taxes these two terms couldn’t be more different.

12 – Allocate Tax Carry-Forwards

Consider completing this negotiation prior to signing the martial settlement.

We believe that knowledge is power. We understand the importance of educating you so you’ll understand the entire financial process involved with a divorce.

Download for FREE our eBook: Divorce. What You Need to Think About From a Financial Perspective from our online eBook library.

You will come away with a few tips to help you through the divorce process.

If you need additional help from a CPA to assist you in sorting through your documents and divvying up your debt, let our professionals assist you with the financial issues that arise.

Contact us online, or call us today at our Naples office [phone] or Fort Myers office [phone].

– Mark

This information is based on facts, assumptions and representations as stated and authorities that are subject to change. We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.

LEGAL NOTICE AND DISCLAIMER: The information within this blog is for informational and educational purposes only and is not tax advice and should not be used as such. The facts of each individual situation can have significantly different outcomes when applying tax law. The hiring of a CPA is an important decision not to be based solely on advertisements.

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7 Guidelines Every Small Business Owner Needs To Know

Are you a small business owner?

Have you been considering starting a small business? 

Are you looking for guidelines that can help you build a solid foundation for your business?

Every business owner is faced with the same business questions at one time or another. Not dealing with the questions can cause problems, they can even create hurdles that can eventually put you out of business.

Being proactive allows you to grow your business on a solid foundation. Understanding these questions can make the difference of whether they become a problem.

Reviewing the seven things to know from our free eBook, 7 Things Every Business Owner Needs to Know, can help create a positive working environment which allows you to grow your business while tackling these potential problems.

1) Cash Flow Management

The number one key to a successful business is cash flow management. Reducing your overhead by trimming expenses of any unnecessary expenses is a practice of most established businesses.

2) Tax Planning is a Year Round Activity

To effectively plan for taxes, remember tax planning should be a year round activity. When managing losses, it is critical to work with a CPA who understands how to offset them against other income. Staying on top of your taxes means working with your taxes all through the year.

3)  Human Resources and Payroll Issues

If mistakes are made with payroll processing, it can be can be time consuming and expensive. The rules are complexed. Poor documentation can cost you money, so having clean, updated payroll files are a must. Hiring a payroll service can be a great solution.

4)  Small Business Accounting and Information Technology (IT)

One of your most important decisions you will have to make is choosing the correct accounting software package for your company. No matter which accounting software package you select, it’s mandatory to back up all your files. Always work with an IT professional to make sure your system is working correctly, and backing up the files.

5) Advertising vs. Web Marketing

Times are changing, and so is marketing. Newspapers, Yellow Pages, radio, and TV are not bringing in the same results web marketing does for the money spent. Google, along with the many other search engines make sure that all your activity is measurable.

6) Meal and Entertainment Deductions

Documentation is the key for tracking meal and entertainment expenses. Remember to document each receipt with the individuals that were present, the business that was discussed and the date of the meeting. Know your guidelines for documentation and stick to them.

7) Travel and Uniform Reimbursement Policies

Reimbursement of employees for expenses incurred while away from the office on business are how most employees handle travel.  However, reimbursements are treated differently whether an accountable or non-accountable are in place, so know the difference.

Check Out Our Library

For more information regarding these seven guidelines, download our free eBook,  7 Things Every Business Owner Needs to Know, from our online library.

Work With Professionals

Contact us online or call our Naples Office at [phone] or our Fort Myers Office at [phone].

-Mark

This information is based on facts, assumptions and representations as stated and authorities that are subject to change. We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.

LEGAL NOTICE AND DISCLAIMER: The information within this blog is for informational and educational purposes only and is not tax advice and should not be used as such. The facts of each individual situation can have significantly different outcomes when applying tax law. The hiring of a CPA is an important decision not to be based solely on advertisements.

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Independent Contractors Need A Separate Business Bank Account

Are you concerned that you may be setting yourself up for a future problem when it comes to banking?

It is a valid concern.

This is the second installment of Independent Contractor Taxes…Know Your Options. It can be downloaded from our eBook library.

Independent contractors need to set up separate bank accounts.  It is a must, be aware it will help you avoid depositing income earned and paying expenses out of your personal checking account.

Two of the problems you may encounter are:

1) If you’re ever in a legal claim that bank account could be included in the case along with all those transactions that you may or may not what to be public knowledge.

2) As a tax professional, the last thing we want to see is you showing up at our office with ten out-of-the 12 months bank statements and a bag of receipts.

Setting up accounting software is pretty simple these days. Complete a monthly bank reconciliation categorizing/grouping expenses the best you can.

Again, as a tax professional, you want me to save you tax dollars not recreate your accounting records, in some cases it may have happened 15 – 18 months ago.

Will you remember what happened 15 months ago?

I will not have any idea.

Having organized records will not only save you tax preparation fees it will also help if you are selected for an IRS audit, tied out well-organized records go a long way with an auditor. Demonstrates that you are running a corporate like business not a hap hazard organization they need to check on for comingled personal and business transactions. I also suggest using one credit card for your business; same issues can come up as with a comingled bank account.

Interested in learning more about the potential pitfalls, and the tax strategies that are available to independent contractors. Download my FREE eBook: Independent Contractor Taxes…Know Your Options today.

-Mark

This information is based on facts, assumptions and representations as stated and authorities that are subject to change. We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.

LEGAL NOTICE AND DISCLAIMER: The information within this blog is for informational and educational purposes only and is not tax advice and should not be used as such. The facts of each individual situation can have significantly different outcomes when applying tax law. The hiring of a CPA is an important decision not to be based solely on advertisements.

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6 Things You Should Be Aware Of As An Independent Contractor

Are you an Independent Contractor?

Do you receive a 1099 for income paid to you?

At Vidussi Makara Group, LLC, we understand how this can happen. Our team will take the time to educate you on what your options are and work with you on developing a solid tax strategy, so you don’t find yourself in an unpleasant situation at the end of the year.

Here are the six things you need to be aware of!

Have you –

1.) Determined Your Independent Contractor Status 2.) Contacted a Tax and/or Legal Professional 3.) Set Up a Separate Business Account 4.) Defined Your Business Expenses 5.) Defined Your Business Deductions 6.) Filed Tax Returns as Independent Contractor

Interested in learning more about the details?

Download our eBook, Independent Contractor Taxes…Know Your Options, from our FREE online library.

If you need further help, please contact us!

When you are ready, our team is ready to assist you with all your accounting needs and future planning.

Our Philosophy

“Provide quality service to each client based on our knowledge & specialization in each service rendered.”

-Mark

This information is based on facts, assumptions and representations as stated and authorities that are subject to change. We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.

LEGAL NOTICE AND DISCLAIMER: The information within this blog is for informational and educational purposes only and is not tax advice and should not be used as such. The facts of each individual situation can have significantly different outcomes when applying tax law. The hiring of a CPA is an important decision not to be based solely on advertisements

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How Successful Are Your Business Operations?

How do you measure your business success? When was the last time you reviewed your business operations and accounting systems? Are you prepared for the changes in our complex business world today?

Running your own business can present many challenges. Addressing those business needs may be overwhelming unless you are committed to continuing education and implementation of the latest technologies.

We believe through our training and experience we can offer you a fresh prospective and practical view of your business operations and accounting systems.

We Understand that Knowledge is Power

We offer a full range of eBooks to help you:

Independent Contractor Taxes…Know Your Options

Divorce. What You Need to Think About From a Financial Perspective

Tax Deductions & You – What You Need to Know

7 Things You Should Know About the Tax Consequences of Debt Forgiveness

Committed to Superior Services

Our firm, Vidussi Makara Group, LLC, is committed to offering superior services while building healthy relationships. Our staff has many years of combined accounting experience. We are ready to assist you with all your accounting needs.

My experience of working extensively as a Controller/CFO with clients ranging from construction to high-tech allows me to be an asset to the companies and individuals I serve.

Vidussi Makara Group, LLC Has Your Best Interest in Mind

Contact us if you need help with improving your cash flow, reducing taxes, and ultimately preparing yourself as a small business owner with an exit strategy. Our firm is also ready to assist you when you require Controller or Forensic Accounting services.

Don’t hesitate to contact us when you have questions and need answers.

Contact us online, or call us today at our Naples office [phone] or Fort Myers office [phone].

– Mark

This information is based on facts, assumptions and representations as stated and authorities that are subject to change. We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.

LEGAL NOTICE AND DISCLAIMER: The information within this blog is for informational and educational purposes only and is not tax advice and should not be used as such. The facts of each individual situation can have significantly different outcomes when applying tax law. The hiring of a CPA is an important decision not to be based solely on advertisements.

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Is It Time to Hire a Certified Public Accountant?

Are you considering a new business start-up? Is your business going through some difficult times financially?

Do you need guidance with your tax planning?

These are just a few of the reasons why people look to a CPA for direction with their businesses.

Hiring a Certified Public Accountant (CPA)

Do you feel prepared for the ever changing complex business world we live in today? Or are you feeling overwhelmed – especially when it is time to setup and/or clarify your business operations and accounting systems.

Your success starts with the choice you make when hiring a CPA. When looking for a CPA ask for referrals and check the CPA’s credentials. Then set up an initial appointment.

When meeting with a qualified CPA, determine that they are committed to education and today’s cutting edge technologies. Check that their services address all of your current needs. Also that they are focused on preparing your business for the ever changing business world of today.

Reviewing Services:

Tax Preparation and Tax Planning – Working with you to implement tax and cash flow strategies to minimize the amount of taxes you pay. Freeing up cash flow for investment and growth, and working with tax dollars as a source of working capital.

Accounting Systems – Set-Up, Planning and Software Support – Understanding today’s technology and utilizing accounting software like Quickbooks and Xero.

New Business Start-Up Planning – Creating a solid foundation for your business to stand on using today’s cutting edge technologies.

Controllership – Discussing and determining if you need a controller to help monitor and maintain your business.

Working with Cashflow – Applying operational, investing, and financing activities in order to work with a sound cash flow planning system.

Forensic Accounting – Combining forensic investigating, auditing and accounting by collecting and analyzing financials for the purpose of shedding light on discrepancies, when necessary, in the courtroom or boardroom.

Work with Us

With Vidussi Makara Group, LLC, you can be confident that you are working with a firm that is committed to education and cutting edge technologies to give you superior services. We understand how businesses and individuals can fall into the trap of not filing their income tax or paying their taxes when they fail to plan.

Don’t wait until you have IRS tax problems to contact us.

Do take the time NOW to schedule an appointment so we can plan ahead or review any tax problems you have incurred. 

Contact us online, or call us today at our Naples office [phone] or Fort Myers office [phone].

-Mark

This information is based on facts, assumptions and representations as stated and authorities that are subject to change. We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.

LEGAL NOTICE AND DISCLAIMER: The information within this blog is for informational and educational purposes only and is not tax advice and should not be used as such. The facts of each individual situation can have significantly different outcomes when applying tax law. The hiring of a CPA is an important decision not to be based solely on advertisements.

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Do You Have IRS Tax Problems?

Do you have an outstanding income tax return with the IRS?

Do you owe money to the IRS that is past due?

Would you like to resolve the problem?

IRS Tax Problems

Are your tax problems keeping your awake at night? When you fail to file your returns and to pay your taxes, you incur penalties.

IRS tax problems can multiply quickly when they are not resolved. Delinquent tax returns and outstanding tax balances are charged interest which is compounded daily.

First Step to Resolving IRS Tax Problems

The first step in resolving this problem is the filing of your outstanding tax returns. When you have filed all your tax returns and have your current year estimates paid it’s time to work out a plan with the IRS for paying the penalties.

Naturally, you will want to work with a CPA that specializes in IRS resolution services. Someone who will work with you through the abatement procedures to reduce the penalties that you have acquired.

Whether you decide on installment agreements or an offer in comprise, both are popular options for settling an outstanding IRS balances, it’s crucial to work with a CPA that stays updated and is experienced with IRS tax problems and IRS resolution services.

Work with Us

With Vidussi Makara Group, LLC, you can be confident that you are working with a firm that is committed to education and cutting edge technologies to give you superior services. We understand how businesses and individuals can fall into the trap of not filing their income tax or paying their taxes when they fail to plan.

Don’t wait until you have IRS tax problems to contact us.

Do take the time NOW to schedule an appointment so we can plan ahead or review any tax problems you have incurred. 

Contact us online, or call us today at our Naples office [phone] or Fort Myers office [phone].

– Mark

This information is based on facts, assumptions and representations as stated and authorities that are subject to change. We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.

LEGAL NOTICE AND DISCLAIMER: The information within this blog is for informational and educational purposes only and is not tax advice and should not be used as such. The facts of each individual situation can have significantly different outcomes when applying tax law. The hiring of a CPA is an important decision not to be based solely on advertisements.

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Have You Met With a Tax Advisor Recently?

Do you have a standing appointment with a tax advisor?

Are you prepared for your next meeting?

Need some new ideas on investing and tax planning tips to discuss with your tax advisor?

Tax Planning

Each year brings multiple changes in tax planning.

Today, the new method for financial planning for tax and investment is more focused on “spreading” income and expenses over a number of years.

Understanding how you can accomplish this can become overwhelming.

If you are an individual with a modified adjusted income above $250,000 (joint filer), or $200,000 (single filer), you need to consult with a tax advisor about the current tax saving opportunities.

If your modified adjusted income is below those thresholds, keep proceeding as you have previously with your investment planning.

Ideas to Discuss with Your Tax Advisor

* Bypassing installment sale deferral if that’s an option by speeding up real estate sales with a gain expected.

* Making a Roth conversion by using the 18-month free look to see if the conversion works for you. See my eBook - Roth IRA 8 Quick Helpful Tips to stay within the lower tax bracket while taking advantage of the Roth IRA.

* Working with your stocks by selling winners out of your portfolio. Then purchasing them back - watching out for the wash sale rules.

* Limiting the effect of the 3.8% Medicare surtax by considering changing your investment allocation between qualified and non-qualified accounts.

* Increasing allocation towards Tax-Free (Muni) bonds.

Learn more about when to start taking money out of your IRA and the Alternative Minimum Tax (AMT). Download my free eBook.

Other Topics Covered in My eBook

* What’s Going to Expire? * Estate, Gift and GST Tax * Net Investment Income (NII) & Medicare Surtax * Tax Rate Calculation Illustration

Main Focus - Cashflow

As with all of my eBooks, my main focus is always cashflow. Taxes aren’t the end-all be-all. I suggest that before making any changes to personal tax and investment plans that you weigh all the relevant factors. In my opinion, tax planning is having more dollars in your pocket at the end of the day.

Remember, financial news publications educate you on the basics. However, with all tax law changes you need to dig deep into the law to find the additional tax savings and long-term cash flow opportunities.

Work with Us

Looking for some help with tax planning? A tax advisor?

Contact my team and I today online or by calling [phone].

-Mark

This information is based on facts, assumptions and representations as stated and authorities that are subject to change. We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.

LEGAL NOTICE AND DISCLAIMER: The information within this blog is for informational and educational purposes only and is not tax advice and should not be used as such. The facts of each individual situation can have significantly different outcomes when applying tax law. The hiring of a CPA is an important decision not to be based solely on advertisements.

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Accounting Services - Which Services are Right For You?

Are you a business owner that needs help with cash flow planning? controllership? forensic accounting?

Or perhaps an individual that needs assistance with your tax planning and preparation, or resolution of an IRS tax problem you have incurred?

Stay Current on Available Accounting Services

Each year brings about changes in the world of accounting.

It is easy to fall behind with your tax planning and preparation, which may end up causing you tax problems with the IRS. Without resolution of an IRS tax problem, you can end up having to pay tax penalties in addition to the original amount you owed.

Are you concerned about cash flow planning? Do you know exactly where you stand with your profits? Sound planning of cash flow is essential to keep your business healthy.

Are you considering controllership as an option for your business? Working with a controller is a perfect way for your business to gain a great deal of experience quickly and remain healthy.

Is it time to work with a forensic accountant? Are you facing court cases regarding bankruptcy, reorganization, insolvency or divorce and need a forensic accountant to testify for you. A forensic accounting analysis is accepted in the courtroom.

Look For Personalized Accounting Services

Whatever your accounting needs are, it is essential that you engage the accounting services of a professional CPA (certified public accountant) that offers personalized customer service.

My team and I are dedicated to education and cutting edge technology, and we stay focused on building healthy relationships while giving superior customer service.

Our commitment allows us to stay on top of today’s ever changing complex business world. You will be working with an accounting firm that meets your needs with quality and timely services.

Review Each Type of Service

We believe in educating our clients by offering them a number of ways to learn more about accounting services.

Our website provides a Services page that reviews each type of service available.

Do you have additional questions or need clarification of an accounting service, contact us online. You can also call our office at at [phone].

-Mark

This information is based on facts, assumptions and representations as stated and authorities that are subject to change. We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.

LEGAL NOTICE AND DISCLAIMER: The information within this blog is for informational and educational purposes only and is not tax advice and should not be used as such. The facts of each individual situation can have significantly different outcomes when applying tax law. The hiring of a CPA is an important decision not to be based solely on advertisements.