Advantage Accounting & Financial Service Corp.

05/06/2020

Economic Impact Payments
If you are wondering when (or if) you might receive an Economic Impact Payment, please and click “Get My Payment.” The IRS site will have the current status of your stimulus payment.

10/23/2018

IRSTaxTip: Taxpayers who haven’t checked their withholding should use the Withholding Calculator ASAP.

Tax Reform Tax Tip 2018-154, October 3, 2018

06/10/2017

Almost half way through the year. Have you done your mid-year tax planning?

02/05/2017

If you are interested in Targeted Tax Breaks for Your Home-Based Business booklet, please email me at [email protected], and i will send to you.

Please check out our new web site at aafsfl.com

Thank you.
Ed Vitoulis

06/11/2016

Finances - Semi-annual Financial Check

Ok, we are officially halfway through 2016, can you believe it!? Since we are now at the halfway mark, it is a great time to conduct a financial checkup on your savings plan/progress.

Did you set any financial goals at the beginning of the year? If so, how have you measured up? Are you saving as much as you hoped for? Conduct an assessment of your spending for 2016 thus far, and see where you can cut back, if possible. If cutting back isn't possible, what do you need to do to bring in more income?
If you did not set any financial goals at the beginning of the year, why? It is not too late to set some now. Take a look at your finances and decide what you'd like to achieve over the next six months, one year and five years. Now is a good time to map out some financial goals.

Whether or not you set financial goals at the beginning of the year, June is also a good time to conduct a personal financial assessment to see how your finances calculate. You may already do something similar to this when you conduct your monthly budget, however, it can be beneficial to look at your finances again, because things can change.

On a piece of paper or spreadsheet, make note of your monthly income and expenditures. Income is any source of money you receive. Expenditures are any payments that need to be made - this can include living expenses like rent/mortgage, food, monthly installment payments (car loan and student loan) and daycare. Once you calculate all of your income vs expenditures, you'll be able to see your remaining dollar amount. Once you know this number, take some time to decide what you'd like to do with this money that will be beneficial to your goals.

05/13/2016

Why Employers Need to Count Employees

It’s important to know how many full-time employees you have because two provisions of the Affordable Care Act – employer shared responsibility and employer information reporting for offers of minimum essential coverage – apply only to applicable large employers. Employers average the number of their full-time employees, including full-time equivalents, for the months from the previous year to see whether they are considered an applicable large employer.

Whether your organization is an ALE for a particular calendar year depends on the size of your workforce in the preceding calendar year. To be an ALE, you must have had an average of at least 50 full-time employees – including full-time-equivalent employees – during the preceding calendar year. So, for example, you will use information about the size of your workforce during 2016 to determine if your organization is an ALE for 2017.

In general:

A full-time employee is an employee who is employed on average, per month, at least 30 hours of service per week, or at least 130 hours of service in a calendar month.
A full-time equivalent employee is a combination of employees, each of whom individually is not a full-time employee, but who, in combination, are equivalent to a full-time employee.
An aggregated group is commonly owned or otherwise related or affiliated employers, which must combine their employees to determine their workforce size.
There are many additional rules on determining who is a full-time employee, including what counts as hours of service.