blog | Bowman & Company, LLP | For-Profit Entities

Improving Your Credit is a Smart Financial Goal

Posted by Bowman & Co on Aug 22, 2019 11:00:00 AM
Improving Your Credit is a Smart Financial Goal
All decisions have consequences. And one way that we feel the consequences of our financial decisions is through our credit score and credit report. While many people are likely familiar with the terms, how they are calculated and what can be done to improve them is not widely understood. However, small improvements in a credit score and a clean, accurate report can have a big impact on your ability to borrow money at a low interest rate. Here is a breakdown of what you should know about your credit score and credit report.
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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services

Common Questions about Kids and Taxes

Posted by Bowman & Co on Aug 16, 2019 11:00:00 AM
Common Questions about Kids and Taxes

Does your son or daughter work during the summer or school year? A part-time job can be a great way for your child to learn about financial responsibility. It can also teach a valuable lesson about owing taxes. In addition to explaining why the government takes money from kids' paychecks, parents may need to help their children file their taxes by April 15.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services

Changing Jobs? What Will Become of Your 401(k) Balance?

Posted by Bowman & Co on Aug 9, 2019 11:00:00 AM
Changing Jobs? What Will Become of Your 401(k) Balance?

Most private sector employers, for better or worse, put you in the driver's seat when it comes to saving for retirement. If you're a genuinely savvy and diligent investor, you might prefer the flexibility of rolling over your accumulated retirement savings into an IRA. This choice assumes, however, that your next employer's 401(k) plan allows you to move money into it from another 401(k) plan. Most, but not all, do.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services

Update on the New Business Interest Expense Limitation

Posted by Bowman & Co on Aug 2, 2019 11:45:00 AM
Update on the New Business Interest Expense Limitation

The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. The IRS recently issued guidance in the form of proposed regulations. The business interest expense limitation is a permanent change for tax years that began in 2018. Thankfully, many businesses are unaffected. Here's what you need to know.

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Topics: For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare

Decoding "Qualified Business Income" for Flow-Through Entities

Posted by Thomas J. Kleinhans, CPA on Jul 31, 2019 10:00:00 AM
Decoding

For the first time since the Reagan Administration, the U.S. Government has implemented a tremendous shift to the tax code creating major adjustments that have affected millions of taxpayers. To name a few changes, the child tax credit and threshold have increased, the standard deduction has doubled, and the state and local tax deduction has been limited for many taxpayers. Among the significant adjustments to the tax code includes a qualified business income (QBI) deduction for business owners of a flow-through entity. Flow-through entities include LLCs, sole-proprietorships, partnerships, s-corporations, and more. This article will describe the composition of the deduction and who was able to benefit the most from the deduction in 2018 and for years to come.

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Topics: For-Profit Entities, Funeral Homes, Construction, Healthcare

Retired Bowman Partner Honored by AICPA

Posted by Bowman & Co on Jul 29, 2019 4:15:26 PM
Retired Bowman Partner Honored by AICPA

We are proud to announce that retired Bowman & Company LLP Partner John "Jack" F. Dailey Jr., CPA, was presented with the American Institute of Certified Public Accountants' (AICPA's) Special Recognition Award for his influence, commitment, and length of service to the CPA profession.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Events, #BowmanGivesBack, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services

Financial Tips for Newly Married Couples

Posted by Bowman & Co on Jul 16, 2019 10:35:00 AM
Financial Tips for Newly Married Couples

In the United States, June marks the start of a peak wedding season that runs through the early fall. All across the country happy couples are discussing their seating charts, selecting a song for their first dance and planning their honeymoons. But there is one conversation that they cannot afford to forget – how they will manage their finances once they become legally married. As the big day approaches, here are some tips to make sure money issues don’t get in the way of happily ever after.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services

Bowman Speaks at Tax Workshop for Delaware Valley Chapter of the Real Estate Staging Association

Posted by Bowman & Co on Jul 15, 2019 4:25:06 PM
Bowman Speaks at Tax Workshop for Delaware Valley Chapter of the Real Estate Staging Association

On Tuesday, June 4, 2019, The Delaware Valley Chapter of the Real Estate Staging Association held their upcoming RESA Chapter Meeting at the Blackwood Library in Gloucester Township.  The Real Estate Staging Association's vision is an industry where high standards are well-established and practiced universally, and the use of professional staging is standard practice when selling real estate.

Thomas J. Kleinhans, CPA, an Associate at Bowman & Company LLP, discussed the 2018/2019 New Jersey and Federal tax law changes and their impact on small business owners.

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Topics: Speaking Engagements, For-Profit Entities, #BowmanGivesBack, Professional Services

Three Tips to Save Money on Your Summer Vacation

Posted by Bowman & Co on Jul 12, 2019 11:00:00 AM
Three Tips to Save Money on Your Summer Vacation

For many Americans, taking a family vacation is an relatives across the state, friends across the country or even flying to some far-off region, more than two-thirds of Americans report that they plan to take a vacation this summer. And they’re budgeting $2,373 on average for their vacation travel. That’s a lot of money! Here are some tips to help you and your family save money on your vacation this summer.annual tradition. Whether it’s visiting

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services

Prepare to Receive a Social Security Administration No-Match Letter

Posted by Bowman & Co on Jun 14, 2019 10:20:00 AM
Prepare to Receive a Social Security Administration No-Match Letter

The SSA explains that it's seeking to reconcile discrepancies between the names and Social Security Numbers (SSNs) it has on file with the names and SSNs that employers report. The purpose isn't to support enforcement of immigration law, but rather to "properly post employees' earnings to the correct record." That's an important distinction because if you confused such a letter with, for example, a "tentative non-confirmation" red flag coming from the Department of Homeland Security's E-Verify system, you might unintentionally take an action that would get you into trouble.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare