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North Shore Long Island


How to Fund Retirement Through Your Small Business

March 14, 2019 / by Jay E. Hochheiser, CFP®, CEPA posted in Small Business Advice, North Shore Long Island, Tips for Startups, Business Advice

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As a wealth management strategist for more than 30 years, I advise clients on how to build and balance their three pools of money. Retirement planning isn't just a matter of saving money; it's a matter of investing money and allocating resources in a way that delivers the best return. So the goal is to get the longest compounding curve out of the assets that are taxed the least.

Unfortunately, not enough people implement a net after-tax plan early enough to generate the assets they'll need to have the kind of retirement they want — or even to have a solid retirement at all. This is especially true of small-business owners, who are often so consumed with the demands of operating the business that they fail to plan for the future.

Plan for the End Right from the Start
A detailed exit strategy should be a part of every business plan. But it isn't enough to map out an exit strategy for the business — you need one for yourself, too. In fact, if you start your own business, it's even more important to factor in retirement planning than it would be if you simply kept working at a job somewhere. You'll no longer have access to your employer's plan because now you are your employer.

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Would Your Small Business Be Better Off as a C Corporation?

January 3, 2019 / by Cheri Giglia posted in Small Business Advice, North Shore Long Island, Business Advice

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With special thanks to Mariya Luqmani, CPA, MST, President of MLCPAS Inc specializing in business and international taxation, for her contributions to the article.

Lately a lot of my small-business clients have been asking me about C corporations. I understand why. The Tax Cuts and Jobs Act (TCJA) has bestowed a very preferential 21% flat tax rate on corporations, replacing the previous graduated tax rate of 15% to 35%.

Does converting to a C corp make sense for you? Since the graduated rate was based largely on taxable income, the simple answer would appear to be to determine whether your company's taxable income is closer to the 15% mark (in which case converting would be a bad idea) or the 35% mark (in which case converting could be a great idea).

But as with most simple answers, the reality isn't so simple. This is particularly true of businesses that are still in the planning stages, where projecting the bottom-line taxable-income numbers is just that — a projection.

So what's a small-business owner to do?

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A Closer Look at New Pass-Through Rules Under the TCJA

November 8, 2018 / by Rick Punturo posted in Small Business Advice, North Shore Long Island, Bookkeeping Services, Bookkeeping 101, Business Advice

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One of the most important — and complicated — changes established by the new Tax Cuts and Jobs Act (TCJA) is Section 199A, which concerns the type of businesses known as "pass-through entities," also known as flow-through entities.

Basically, these businesses pass their profits on to their individual owners. That's how most small businesses work, including S corporations, partnerships and LLCs. (Sole proprietorships handle business income in a similar way using Form 1040 Schedule C and are also covered by the new rules.)

The good news is that if you own one of these businesses, you may get as much as a 20% reduction in taxes on business net income under the new rules. The calculations can be very complex, however. Several factors — including your level of income, your profession and the amount your business spends on wages and property acquired during the year — determine the actual deduction. Let's take a closer look.

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Giglia Named One of Long Island's Power Women in Business

May 10, 2018 / by Leslie Jorgensen posted in News, North Shore Long Island

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Congratulations to Cheri Giglia, Managing Director of Supporting Strategies | North Shore Long Island, who was an honoree at the Long Island Power Women in Business Awards & Networking Event on May 9.

The event recognized some of Long Island's most successful business, community, cultural, political, civic and religious female leaders. The evening included a business expo and trade show with networking, followed by a dinner and awards ceremony. Proceeds from a raffle benefitted rock CAN roll, a nonprofit hunger relief organization and think tank.

"It was a thrill to be part of this event and inspiring to share the spotlight with so many amazing women," Giglia says. "I'm very grateful for the award."

Prior to becoming a Supporting Strategies franchisee in 2015, Giglia held a series of financial executive positions in large corporations and technology startups. She has enjoyed applying her expertise at Supporting Strategies to serve growing businesses across the North Shore.

We join the Long Island community in recognizing Giglia's excellence and consider ourselves fortunate to have her as part of the Supporting Strategies family.

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Fall Bootcamp Series: Business Fundamentals Bootcamp

September 22, 2017 / by Erica Mitchell posted in Boston, Orlando, Southern New Hampshire, Northeast Florida, Merrimack Valley, North Shore Long Island, Bookkeeping Services, Boise Idaho, Brooklyn - Staten Island

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Hosted by Supporting Strategies, the Business Fundamentals Bootcamp is designed for the CEOs and CXOs of early- and growth-stage companies. The events include speakers and panelists who lend their expertise on tactical issues and opportunities for growing businesses focused on topics in marketing, finance, law and human resources. View the full schedule online and register to join us at one of these events.

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Case Study: High-Tech Bookkeeping Support for a High-Tech Firm

September 19, 2017 / by Cheri Giglia posted in North Shore Long Island, Bookkeeping Services, Case Study Blogs

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To keep pace with its robust growth, Solarus Technologies needed an upgrade from its legacy desktop bookkeeping technology.

The challenge for the IT support provider was to integrate an online interface between ConnectWise, the industry-standard software among IT service professionals, and QuickBooks Online, the leading software provider for in-the-cloud accounting.

Solarus Cofounder and President Matthew Nikravesh turned to Supporting Strategies for a solution. After reaching out through its extensive in-house email support network, Supporting Strategies | North Shore Long Island recommended Wise-Sync, an app created for the specific integration challenge at hand. That enabled the development of a customized platform tailored to Solarus' growing needs.

"With us, it's all about gaining efficiencies through technology," Nikravesh says. "That's exactly what Supporting Strategies helps us do."

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Under New FLSA Rules, Keeping Accurate Time Records Is Vital

November 22, 2016 / by Cheri Giglia posted in North Shore Long Island, Business Advice

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Important Update:

Days before the new FLSA policy was to be implemented, a U.S. District Court Judge issued a temporary injunction blocking implementation. It is not known at this point when the new overtime policy will go into effect.

However, it’s always good business practice to have a consistent and reliable procedure for time tracking. Tsheets is a great program for tracking time accurately so you can better understand your payroll costs and profitability. Read the blog below to learn more.

Urgent memo to business owners: Unless you want to risk a lawsuit, make sure you're keeping precise employee time records when the new Fair Labor Standards Act (FLSA) overtime regulations take effect on Dec. 1, 2016.

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Fathom Software Helps You Be More Proactive with Financials

October 31, 2016 / by Cheri Giglia posted in North Shore Long Island, Business Advice

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There's a lot of look-back involved in accounting. We document the month-end close, or last quarter, or last year. But clients who look at financials only in this way — who see just the end number or the cash balance — never get a real picture of what their business is about.

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