Planning for college is an exciting yet overwhelming journey for students and their families. As tuition costs continue to rise, financial preparation is critical to making higher education more affordable and less stressful. At Acumen MB LLC, we understand the importance of financial planning and its intersection with accounting and taxes. In honor of National College Financial Prep Week, we’re sharing key insights to help you navigate this pivotal stage with confidence. 1. Leverage Tax-Advantaged Savings Accounts One of the best ways to prepare financially for college is by utilizing tax-advantaged accounts like 529 plans. Contributions to these accounts grow tax-free, and withdrawals used for qualified education expenses are also tax-free. Some states even offer tax deductions or credits for contributions. Work with your accountant to determine the best savings strategy and ensure you’re maximizing these benefits. 2. Understand Education Tax Credits The U.S. tax code provides valuable credits for families paying for college: American Opportunity Tax Credit (AOTC): Offers up to $2,500 per eligible student for the first four years of higher education. Lifetime Learning Credit (LLC): Provides up to $2,000 per tax return for post-secondary education expenses. Eligibility depends on factors such as income and enrollment status. Our team can help you determine which credits you qualify for and how to claim them. 3. Track Education Expenses for Tax Purposes Keeping detailed records of tuition payments, textbooks, and other qualifying expenses is crucial. Accurate tracking ensures you can claim all applicable tax benefits. Consider creating a dedicated folder or digital system to organize receipts and statements. 4. Explore FAFSA and Other Financial Aid Options The Free Application for Federal Student Aid (FAFSA) is essential for accessing federal grants, loans, and work-study opportunities. Many colleges also use FAFSA data to determine institutional aid. Filing early can increase your chances of receiving aid. Remember, certain tax information, such as income and assets, will be required for the application. 5. Deduct Student Loan Interest If you or your child take out student loans, you may be eligible to deduct up to $2,500 in student loan interest annually. This deduction applies even if you don’t itemize deductions. However, there are income limits, so consult with your accountant to understand how this impacts your tax situation. 6. Involve Your Student in Financial Planning Encourage your student to take an active role in financial planning. Discuss topics such as budgeting, managing part-time job income, and understanding the impact of student loans. These lessons will empower them to make informed decisions during college and beyond. 7. Work with a Trusted Accounting Partner Navigating the complexities of college financial prep can be daunting, but you don’t have to do it alone. At Acumen MB LLC, we specialize in providing personalized accounting and tax solutions to help families achieve their financial goals. From optimizing savings strategies to maximizing tax benefits, our team is here to guide you every step of the way. Ready to Start Planning? National College Financial Prep Week is the perfect time to take proactive steps toward securing your family’s educational future. Contact Acumen MB LLC today to schedule a consultation and ensure your financial plan is as robust as your student’s aspirations.

As the calendar year winds down, businesses and corporations have an invaluable opportunity to optimize their financial position through strategic year-end tax planning. At Acumen MB LLC, we understand the importance of taking proactive steps to minimize tax liabilities, maximize deductions, and set the stage for a successful year ahead. Here are key strategies and considerations to help your business close the year on a strong financial note. 1. Review Financial Statements Your financial statements provide the foundation for effective tax planning. By analyzing your profit-and-loss statement, balance sheet, and cash flow, you can identify areas for improvement and ensure all transactions are recorded accurately. · Tip : Ensure expenses are categorized correctly and revenue recognition complies with IRS standards. Accurate records reduce the risk of audits and penalties. 2. Maximize Deductions and Credits Take advantage of every tax-saving opportunity available to your business. Common deductions include: · Section 179 Expensing : Deduct the full cost of qualifying equipment or software purchased this year. · Depreciation Deductions : Review assets eligible for bonus depreciation. · Employee-Related Tax Credits : Look into the various options available such as the Work Opportunity Tax Credit (WOTC). · R&D Tax Credit : If your business invests in research and development, this credit can significantly reduce your tax burden. 3. Consider Timing Income and Expenses Deferring income or accelerating expenses can lower your taxable income for the current year: · Defer Income : Delay invoicing until January if your cash flow permits. · Accelerate Expenses : Prepay certain expenses like rent or utilities to claim the deduction this year. · Year-End Bonuses : Pay employee bonuses before December 31 to include them as deductions. 4. Optimize Retirement Contributions Contributing to employee retirement plans can lower taxable income while providing long-term benefits for your workforce. · Tip : Maximize contributions to plans like a 401(k) or SEP IRA. If you don’t already have a plan in place, consider establishing one before the year ends. 5. Perform a Tax Loss Harvest Offset gains by selling underperforming assets before year-end. This strategy, known as tax loss harvesting, can reduce taxable income. · Tip : Coordinate with your financial advisor to ensure this aligns with your long-term investment goals. 6. Evaluate Your Business Structure Your tax obligations can vary significantly based on your entity type (e.g., LLC, S Corporation, C Corporation). Year-end is an excellent time to assess whether your current structure is still the best fit for your business. · Tip : Consult with a tax advisor to determine if restructuring could provide tax savings for the upcoming year. 7. Review Your Estimated Tax Payments Underpaying estimated taxes can result in penalties. Verify that your quarterly payments align with your projected tax liability for 2024. · Tip : If you’re unsure, a tax professional can help you calculate and adjust your payments. 8. Stay Compliant with State and Local Taxes Don’t overlook state and local tax obligations, such as sales tax, use tax, or franchise tax. Ensure you’ve met all filing requirements to avoid costly penalties. 9. Schedule a Consultation with Acumen MB LLC Year-end tax planning is not one-size-fits-all. Every business has unique needs, and having a trusted advisor by your side can make all the difference. At Acumen MB LLC, our team of experienced accountants is here to help you navigate the complexities of year-end planning. From identifying tax-saving opportunities to ensuring compliance with new regulations, we’re committed to helping your business thrive. Contact us today to schedule your year-end consultation and start the new year with confidence.

As we approach the close of another year, it’s time to take a strategic look at your finances. Year-end tax planning can help individuals maximize deductions, minimize tax liabilities, and set themselves up for a successful financial year ahead. At Acumen MB LLC, we’re here to guide you through some essential steps to streamline your tax planning before the clock strikes midnight on December 31 st . 1. Maximize Retirement Contributions Contributing to retirement accounts is a win-win: you’re securing your financial future while potentially lowering your taxable income. · Traditional IRA and 401(k) : Contributions to these accounts may be deductible, reducing your taxable income for 2024. · Catch-Up Contributions : If you’re 50 or older, take advantage of higher contribution limits for added savings. 2. Review Charitable Giving The season of giving is also an excellent time to reduce your tax bill. · Donations : Cash donations to qualified charities are deductible if you itemize your deductions. · Non-Cash Donations : Donating appreciated assets like stocks can provide additional tax benefits. 3. Harvest Capital Gains and Losses Take a look at your investment portfolio to determine if selling some assets could benefit your tax situation. · Offset Gains with Losses : Selling losing investments can offset capital gains and up to $3,000 of other income. · Long-Term Gains : If possible, take advantage of lower tax rates on long-term capital gains. 4. Plan for Education Expenses Education-related tax benefits can make a significant difference. · 529 Plans : Contribute to a 529 plan for tax-advantaged savings on future education expenses. · Education Credits : Consider whether you’re eligible for the American Opportunity or Lifetime Learning Credit. 5. Review Your Withholding and Estimated Payments Ensure you’re on track with tax payments to avoid surprises. · Withholding Adjustments : If your income changed significantly in 2024, update your withholding through your employer. · Estimated Taxes : Self-employed or investors should check their quarterly estimated payments. 6. Take Advantage of Tax Credits Don’t overlook valuable tax credits that can reduce your tax bill dollar for dollar. · Energy-Efficient Home Improvements : If you’ve made energy-efficient upgrades, you may qualify for a credit. · Child and Dependent Care Credit : Offset childcare expenses if you qualify. 7. Bunch Deductions If you’re close to the standard deduction threshold, consider bunching deductible expenses into one year. This strategy allows you to itemize deductions one year and take the standard deduction the next. 8. Consult a Tax Professional Tax laws change frequently, and what worked last year may not be the best strategy for 2024. Consulting with a professional can ensure you’re taking full advantage of available tax-saving opportunities. Let Acumen MB LLC Help You Prepare At Acumen MB LLC, we’re dedicated to helping our clients navigate the complexities of year-end tax planning. Whether you need guidance on optimizing deductions, managing investments, or preparing for future tax changes, we’re here to help. Contact us today to schedule your year-end tax planning consultation. Let’s work together to ensure a smooth and successful tax season ahead.

At Acumen MB LLC, we believe in leveraging every tool available to maximize your financial well-being, and Health Savings Accounts (HSAs) are one of the most powerful tools in your financial toolkit. In honor of National HSA Day, let’s dive into the tax benefits and implications of using an HSA, and why it’s a smart move for your health and your wallet. What is an HSA? An HSA is a tax-advantaged savings account designed for individuals with high-deductible health plans (HDHPs). It allows you to save for medical expenses while enjoying significant tax advantages. Triple Tax Advantage of HSAs 1. Tax-Deductible Contributions Contributions to your HSA are either pre-tax (if made through an employer) or tax-deductible (if made personally). This reduces your taxable income, which can lower your overall tax liability for the year. 2. Tax-Free Growth Funds in your HSA grow tax-free. Whether your HSA balance earns interest or is invested, all growth is sheltered from taxes, allowing your savings to compound more effectively over time. 3. Tax-Free Withdrawals for Qualified Expenses Withdrawals used for qualified medical expenses are tax-free. These can include a wide range of expenses, from doctor visits and prescriptions to dental and vision care. Contribution Limits for 2025 For 2025, the contribution limits are: - Individual coverage : $4,350 - Family coverage : $8,750 - Catch-up contributions (age 55+): Additional $1,000 These increased limits provide even more opportunity to save while reducing taxable income. HSAs: More Than Just Medical Savings One unique aspect of HSAs is their flexibility: - Retirement Savings : After age 65, you can withdraw funds for any purpose without penalty (though non-medical withdrawals are taxed as income). - Long-Term Care and Medicare Premiums : HSA funds can be used for these expenses in retirement, making it a versatile tool for long-term financial planning. Potential Tax Implications While HSAs offer numerous benefits, it’s important to consider the following: - Non-Qualified Withdrawals : If you withdraw funds for non-qualified expenses before age 65, you’ll face a 20% penalty and income taxes on the amount. - Record-Keeping : To avoid penalties, keep detailed records of your medical expenses. Maximize Your HSA Benefits with Acumen MB LLC Understanding how to effectively use an HSA can make a significant difference in your financial health. Whether you’re planning for today’s medical expenses or looking ahead to retirement, Acumen MB LLC is here to help you navigate the tax advantages and ensure you’re making the most of this powerful savings vehicle. On National HSA Day, take a moment to review your contributions, maximize your savings, and plan for a healthier, wealthier future. Contact us today to learn more about HSAs and other tax-advantaged strategies tailored to your financial goals.

At Acumen MB LLC, we know that giving back to the community is more than just a noble endeavor – it’s a cornerstone of a thriving society. As we celebrate National Volunteers Month and International Volunteer Day, we invite you to explore meaningful ways to make a difference. Whether you want to volunteer locally here in Cleveland, nationally across the U.S., or even internationally, there are countless opportunities to lend a hand and share your talents. Local Opportunities in Cleveland, OH 1. Greater Cleveland Food Bank Help fight hunger by volunteering at the Greater Cleveland Food Bank. You can assist with packing food boxes, distributing meals, or even offering administrative support. 2. Cleveland Animal Protective League For animal lovers, the Cleveland APL offers opportunities to care for shelter animals, assist with adoptions, and provide much-needed companionship. 3. Habitat for Humanity of Greater Cleveland Get hands-on by building homes and improving neighborhoods, providing safe and affordable housing for local families. National Volunteer Opportunities 1. American Red Cross From disaster relief to blood donation drives, the American Red Cross has numerous ways to get involved. Volunteers are essential in helping communities recover and thrive. 2. Big Brothers Big Sisters of America Make a lasting impact in a child’s life by becoming a mentor. This program helps children across the country achieve their potential through guidance and support. 3. Feeding America Join the fight against hunger by supporting food banks and meal programs nationwide. Volunteers can help sort donations, organize food drives, or assist with meal prep and distribution. International Volunteer Opportunities 1. Doctors Without Borders For medical professionals and support staff, this organization provides life-saving medical care in crisis zones around the world. 2. UN Volunteers Program The United Nations offers a wide array of volunteer positions that support peace, development, and humanitarian efforts globally. 3. Habitat for Humanity Global Village Combine travel with giving back by joining a Global Village trip to build homes and support sustainable development in communities worldwide. How Volunteering Benefits You Volunteering isn’t just about giving; it’s also about growing. It can improve your mental health, teach you new skills, and expand your network. Most importantly, it brings a sense of fulfillment as you make a positive impact on others. As accountants, we know the value of time and resources. This Volunteers Month, we encourage our clients and community members to invest in what truly matters – helping others. Share your experiences with us, and let’s celebrate the spirit of volunteerism together!

November is National Scholarship Month, a time to raise awareness about how scholarships hep students reach their educational goals. At Acumen MB LLC, we’re excited to spotlight Scholarship Granting Organizations (SGOs) and how your support can both empower students and provide valuable tax benefits. What Are Scholarship Granting Organizations (SGOs)? SGOs are nonprofit organizations dedicated to awarding scholarships to students, often for private or specialized school education. These scholarships can bridge financial gaps, offering students access to opportunities they may not otherwise have. As a donor, your contributions to SGOs can not only support education but also yield significant tax benefits. Tax Benefits of Donating to SGOs Supporting an SGO is more than a generous act; it’s a tax-savvy move. Here’s how your contribution can be mutually beneficial: 1. Federal Tax Deduction Donations to qualified SGOs often qualify for a federal tax deduction if you itemize your deductions, helping to lower your taxable income. 2. State Tax Credits Some states offer tax credits for SGO donations, which directly reduce the amount of state taxes you owe. The availability and limits of these credits vary by state, and we can assist you in determining what may apply to you based on your location. 3. Carry Forward Credits If your donation exceeds your state’s annual credit limit, many states allow unused credits to carry forward to future tax years, ensuring you receive the full benefit of your donation over time. To maximize these tax advantages, make sure your SGO donation is completed by December 31st of this year. Contributions made before year-end will count toward your tax return for the current year. Additional Resources and Certification In Ohio, you can find a list of certified SGOs and their requirements here . Checking this list ensures that your donation will meet state eligibility requirements for tax benefits.  A Win-Win for Your Taxes and the Community Supporting SGOs is a powerful way to invest in our community’s future and help students receive the education they deserve. Through careful planning, your donation can also offer substantial tax savings, making the decision to donate a true win-win. At Acumen MB LLC, we’re here to help with any questions about SGOs and tax benefits. Let’s work together to make the most of your charitable contributions this National Scholarship Month!

In honor of Women Entrepreneurship Day, we’re thrilled to feature the inspiring journey of Erica Ishida, the founder and CEO of Yellow Cedar Group. At Acumen MB LLC, we are proud to spotlight women entrepreneurs like Erica, whose resilience, vision, and leadership exemplify the strength and innovation that women bring to the business world. From Employee to Entrepreneur: Crafting a Vision Erica’s journey to entrepreneurship began with a transformative realization. After stepping down as President of Apple Growth Partners, she knew she wanted more than just another role in someone else’s company. “I did not want to work for an employer,” she shares. Instead, she sought to create a business that aligned with her passion – coaching and advising others to build personal and professional resilience. Yellow Cedar Group was born out of her desire to work with people she loves, on her own terms, and to empower others to thrive. Overcoming Challenges as a Woman Entrepreneur Interestingly, Erica finds that the challenges she faced were more prominent during her career as an employee rather than as an entrepreneur. “I was looked at and treated as ‘less than’ for being a woman, and at times, for being young in a senior role,” Erica recounts. But these experiences only fueled her determination. A mentor once told her, “Cream always rises to the top,” a mantra that encouraged her to bring her best self to every challenge. By working smarter and harder, Erica overcame obstacles, proving that dedication and authenticity are key to long-term success. Empowering Women Through Coaching and Mentorship At Yellow Cedar Group, Erica is passionate about coaching women executives, guiding them through their personal and professional challenges. “I try to create a safe space for women to open up about their challenges and dreams so we can work together toward their desired future,” she explains. Her coaching approach focuses on helping women recognize their potential, embrace self-care, and set clear intentions, demonstrating that with the right support, anything is possible. Pivotal Moments That Shaped Yellow Cedar Group The decision to start her own business was not without its difficulties. Leaving her previous employer under challenging circumstances tested her confidence. Yet, it was in these moments of uncertainty that she found strength from her network of trusted colleagues. “Each of these people reminded me of who I am, how powerful I am, and the value I bring,” says Erica. Their encouragement and initial support not only bolstered her confidence but also helped her secure the first clients that would pave the way for Yellow Cedar Group’s success. Core Values That Define Leadership Erica leads Yellow Cedar Group with four guiding principles: · Seek and Speak the Truth · Protect the Good · Relentlessly Pursue Potential · Minimize Suffering These values are not just words but the foundation of her coaching and advisory work. By aligning her business practices with these principles, Erica is able to create meaningful impact, both for her clients and the community. Supporting Women Entrepreneurs: A Collective Effort Women Entrepreneurship Day is a reminder of the incredible achievements of women business leaders like Erica Ishida. Her journey reflects the power of resilience, the importance of a strong support system, and the impact of leading with integrity. At Acumen MB LLC, we are committed to supporting women entrepreneurs in their quest to achieve their dreams. Whether it’s through sound financial advice or tax strategies, we’re here to help you thrive. Let Erica’s story be a testament to the strength and potential of women in business. This Women Entrepreneurship Day let’s celebrate and support the women leaders who are breaking barriers and driving change.

Fraud Awareness Week is the perfect opportunity to take stock of personal and business security measures. With evolving scams and fraud tactics, staying informed is crucial to safeguarding your finances and data. Here are key practices and tools – from credit freezes and fraud alerts to IRS PINs and cloud backups – that can help protect against fraud and keep your personal information secure. -Freeze Your Credit to Limit Access A credit freeze is one of the most effective tools for preventing identity theft. By restricting access to your credit report, a freeze makes it harder for fraudsters to open new accounts in your name. It’s free and can be easily set up through each of the three major credit bureaus (Equifax, Experian, and TransUnion). Remember to unfreeze your credit temporarily if you’re applying for a loan, mortgage, or new credit card. -Fraud Alerts Add an Extra Layer of Security Fraud alerts notify creditors to take extra steps in verifying your identity before opening any new accounts or making changes to existing ones. Unlike a credit freeze, fraud alerts don’t block access to your credit entirely, but they do act as an additional layer of protection. You can activate a fraud alert with any one of the credit bureaus, and they will notify the others on your behalf. -Secure Your Tax Filings with an IRS Six-Digit PIN The IRS Identity Protection PIN (IP PIN) is a six-digit code that helps protect against tax-related identity theft. If a fraudster tries to file a tax return using your Social Security number, they will be unable to proceed without this unique PIN. You can apply for an IP PIN through the IRS, adding a critical security layer to your tax information and protecting your refund. -Cloud Backup: A Safety Net for Your Data Backing up your data in the cloud is crucial for personal and business resilience against data loss. Cloud storage not only secures your files from hardware failures but also adds a layer of protection against ransomware and other cyberattacks. Choose reputable cloud providers that offer encrypted storage and ensure you’re using two-factor authentication to further protect your files. -Recognize and Avoid Online Scams Scammers are always finding new ways to deceive, and it’s essential to know the warning signs. Here are some tips for spotting common online scams: 1. Phishing Emails : Look out for emails claiming to be from reputable companies but containing odd links, urgent messages, or incorrect grammar. 2. Suspicious Links : Hover over links before clicking to check their legitimacy. Scammers often use links that look similar to authentic URLs but contain small changes. 3. Too-Good-to-Be-True Offers : Be wary of unbelievable deals or prizes, especially when they require you to provide personal or financial information upfront. 4. Fake Customer Service Numbers : Scammers sometimes publish fake support numbers. Always go directly to the official website of a company to verify contact information. Staying vigilant is key to fraud prevention. By implementing these practices, you not only protect your finances and personal data but also contribute to a safer financial environment for everyone. Fraud Awareness Week is a great reminder to review your security habits, update your passwords, and stay alert for any unusual activity.

At Acumen MB LLC, we believe that giving back to our community is vital. National Day of Community Service is a reminder of the importance of volunteering and its powerful impact on Cleveland and surrounding areas. If you’re interested in lending a hand, here are some fantastic service opportunities in our community. 1. Cleveland Food Bank The Cleveland Food Bank provides critical food assistance to those in need throughout Northeast Ohio. Volunteers can assist with sorting donations, packing boxes, or even participating in community distributions. It’s a great way to connect with people and ensure that families receive nourishing meals. 2. Cleveland Metroparks Cleanups Protecting Cleveland’s beautiful green spaces is a rewarding way to contribute to the community. The Cleveland Metroparks host regular cleanup events across different parks. Volunteers pick up litter, clear trails, and help preserve the natural beauty of our area. 3. Greater Cleveland Habitat for Humanity Habitat for Humanity builds homes for families in need, and volunteers are essential to make that happen. Whether you have construction experience or simply a willingness to learn, Habitat has a place for you. You can also volunteer at their ReStore locations, where proceeds help fund the construction projects. 4. Providence House This crisis nursery cares for children at risk of abuse or neglect while parents seek stabilization. Volunteers help with everything from direct childcare to facility maintenance. It’s an incredible opportunity to support families and make a lasting impact in children’s lives. 5. Cleveland Public Library Libraries play a crucial role in education and community enrichment. At the Cleveland Public Library, volunteers support literacy programs, assist with special events, and help manage collections. It’s a wonderful opportunity to promote lifelong learning and support one of Cleveland’s greatest resources. 6. Meals on Wheels Cleveland With Meals on Wheels, you can deliver nutritious meals to homebound seniors and disabled individuals. In addition to meal delivery, the program offers companionship and a check-in for many who might otherwise be isolated. It’s a way to help meet both physical and emotional needs in the community. Making an Impact Together The National Day of Community Service is an opportunity for all of us to get involved. At Acumen MB LLC, we encourage our team and our clients to make a difference, whether for a day, a season, or even as an ongoing commitment. When we contribute to the betterment of Cleveland, we’re all building a stronger, more connected community. Let’s make this National Day of Community Service one to remember. Together, we can turn small acts into big change.