Professional Services.
Achieve your business goals. Whether its QuickBooks Enterprise consulting or an ERP upgrade for your business, I can help you achieve your business goals.
Special Offer – New Clients!
One Hour Free QB Setup and Consultation
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Wow! David is an absolute master of numbers and helped me get my airbnb business started, quickbooks setup, and even advised me on every aspect of accounting and taxes for my new business. This is the first time i’ve worked with a CPA who I can actually call and get a quick answer from or categorize a charge as “ask my accountant” and he will categorize it properly. David has spent over 3 hours cumulatively on video calls with me to ensure I know how to properly run my new business and how to connect my bank accounts, run payroll, and properly book-keep. 10/10 recommend!!!
Business Services
Quality business consulting. Small business coaching.
Primarily, I assess your current organization’s processes. Secondarily, I examine the accounting system. Thirdly, I can create a road map for transformation. Most businesses need to better documentation processes. In other words, tax minimization strategies requires good accounting. In the final analysis, I help create better organizational value. I’m proud of the results.
Virtual Bookkeeping
In an increasingly digital world, businesses are embracing the convenience and efficiency of virtual bookkeeping. This shift not only streamlines financial management but also offers unparalleled flexibility and real-time access to critical data. Whether you’re a small business owner or a large enterprise, virtual bookkeeping can transform the way you handle your finances, allowing you to focus more on growth and less on paperwork. Discover how virtual bookkeeping can elevate your business, providing you with the insights and control needed to stay ahead in today’s competitive landscape.
Paying Rent from your Biz for your Personal Residence Can Save taxes.
One lesser-known approach that can yield significant tax benefits is for clients to consider paying rent for the use of their residential homes by their businesses. In this blog post, we will discuss how this arrangement can be a valuable tool to reduce tax liability and increase financial efficiency.
- Tax Management Services
- Audits & Compilation
- Financial Projections
- Bookkeeping
- Budgeting Analysis
- Benefits & Pension Plans
- Accounting Services
- Retirement Planning
- IRS Representation
- Entity Selection
- Payroll Services
- Estate Tax Preparation
Professional Services
Does getting an MBA make sense for a small-business owner?
It might, especially if you’ve struggled to get to the second stage. Notably, the second stage is where you’ve made it past the startup phase. However, the business has not yet grown to maturity. Primarily, many small businesses stumble when it comes to the fundamentals of running the business. For instance, sales, accounting and managing people becomes onerous. A lot of very bright people get into a small business because they have a specialty and do something very well. However, they don’t have a balanced repertoire. In addition, these business often turn to their CPA’s who also don’t have the necessary skills. Notably, many CPA’s shoot from the hip without providing financial analysis. For instance, clients tell me their former CPA didn’t take the time to learn about their business. Or their recommendations reflect their CPA practice, not the business they are in.
Lucky for me, I have an MBA from a top school, the Fordham Gabelli School of Business. In other words small business owners can feel rest assured from business services I provide.
Business Strategy
Fail to plan, plan to fail.
It is the small business strategy that defines what approach and tactics you are going to adopt in running your company. In the absence of a well-defined and well-developed strategy, your small business is doomed.
The most important aspect is the marketing plan. How do you bring in the customers?
I’ve customized, designed and built the complete online presence of many small businesses. Primarily, I rely on my operational auditing skills . Secondarily, I’ve created a marketing presence from being a wordsmith and avid blogger. In other words, I’ve walked the walk and talked the talk. Lastly, business services which don’t consider marketing have a large probability of not succeeding.
So even if I’m not helping my clientle with online marketing, I appreciate what it means in the budget as well as the forecast.
Get a 2nd Opinion
Affordable professional services.
Nobody has a monopoly on all the information. If you were going for life saving surgery, you’d get a 2nd opinion. Business services are valuable. Therefore, I recommend you get a 2nd opinion.
Free consultation.
Tax Services
Personal & Corporate Tax Preparation
- Tax Management Services
- Audits & Compilation
- Financial Projections
- Bookkeeping
Financial Planning
It’s Never Too Early or Late to Start Saving for the Future
- Budgeting Analysis
- Benefits & Pension Plans
- Accounting Services
- Retirement Planning
Defense
In a Sticky Situation? I Can Help
- IRS Representation
- Entity Selection
- Payroll Services
- Estate Tax Preparation
Management
Everything Organized For You In One Place
- Budgeting Analysis
- Benefits & Pension Plans
- Accounting Services
- Retirement Planning
Depreciation Calculator Notes: MACRS Tax Depreciation
The Internal Revenue Services uses MACRS
The IRS uses the Modified Accelerated Cost Recovery System, otherwise known as MACRS. Mofified Acclerated Cost Recover System or MACRS starts the caclulation with double declining balance and switches to straight line. Double declining balance is 200% of the declining balance method. The switch occurs when straight line depreciation is greater than the amount for double declining balance. Therefore, the depreciation calculator doesn’t calculate tax depreciation expense. However, you can make modifications to get tax depreciation. Call me at 954-686-6250 if you have any questions.
How to get MACRS or Tax Depreciation
When using the Double Declining Balance method for depreciation, a switch to the Straight-Line method typically occurs when Straight-Line results in a larger expense than Double Declining Balance for the remaining asset value. This usually happens because DDB emphasizes heavier depreciation in the earlier years, while SL provides a consistent expense throughout the asset’s useful life.
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How to Determine the Switch Point
- Calculate Annual Depreciation: Compute annual depreciation using both the Double Declining Balance and Straight-Line methods.
- Monitor Yearly Amounts: During each year, compare the depreciation expense calculated by the DDB method with the expense that would result from switching to the Straight-Line method.
- Switch When SL Is Greater: When the depreciation expense under the Straight-Line method for the remaining useful life becomes greater than the expense using DDB, switch to Straight-Line for the rest of the asset’s life.
In summary, the switch occurs at the point where the remaining book value divided by the remaining life (Straight-Line) exceeds the depreciation expense calculated using the DDB method. This ensures the asset is fully depreciated by the end of its useful life
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David Weinstein MBA CPA CFE
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For inquiries or requests that require a more personal response, I will make every attempt to respond within 48 hours.