As National Coding Week arrives, it’s the perfect time to reflect on how technology, particularly coding, is revolutionizing the world of accounting and taxes. At Acumen MB LLC, we recognize the importance of staying ahead of technological trends to provide our clients with the most efficient and accurate services. The Role of Coding in Modern Accounting Gone are the days when accounting was solely about ledgers and manual calculations. Today, coding plays a pivotal role in streamlining processes, improving accuracy, and enhancing the overall client experience. Whether it’s through the automation of routine tasks or the development of sophisticated financial analysis tools, coding has become an indispensable skill in the accounting profession. Automation and Efficiency One of the most significant impacts of coding on accounting is the automation of repetitive tasks. For example, data entry, invoice processing, and tax calculations can now be handled by software programs that reduce the risk of human error and free up valuable time for accountants to focus on more complex issues. At Acumen MB LLC, we utilize these technologies to ensure that our clients receive timely and accurate financial services. Data Security and Compliance In the world of accounting, data security is paramount. Coding helps in creating secure systems that protect sensitive financial information. By using encryption and other security protocols, accountants can ensure that their clients’ data is safe from cyber threats. Additionally, coding enables compliance with ever-changing tax laws and regulations by allowing accountants to update software programs quickly to reflect new rules. Customized Solutions for Clients Every business has unique financial needs, and coding allows accountants to develop customized solutions tailored to those needs. Whether it’s creating a specific tax strategy or designing a financial reporting system, coding skills empower accountants to deliver personalized services that align with a client’s goals. The Future of Accounting As we celebrate National Coding Week, it’s clear that the future of accounting is intertwined with technology. At Acumen MB LLC, we are committed to embracing these advancements to better serve our clients. By staying current with coding trends and integrating them into our practices, we ensure that we are not just keeping up with the industry but leading the way. National Coding Week is a reminder of the ever-evolving landscape of accounting and taxes. As coding continues to influence our field, Acumen MB LLC is dedicated to leveraging these technological advancements to provide our clients with top-notch services. Whether you’re a business owner looking for efficient accounting solutions or an individual seeking accurate tax advice, we are here to help you navigate the complexities of the digital age. Celebrate National Coding Week with us by exploring how technology can transform your financial management. Contact Acumen MB LLC to learn more about our tech-driven approach to accounting and taxes.

As we celebrate National Wellness Month, it’s important to recognize that wellness isn’t just about physical health. It’s a multidimensional concept that includes mental and financial well-being, all of which are interconnected and essential to a balanced, fulfilling life. At Acumen MB LLC, we believe in promoting overall wellness, not just for our clients, but for our entire community. Mental Wellness: The Foundation of Success Mental health is the cornerstone of overall well-being. In the fast-paced world of business, it’s easy to overlook the importance of mental wellness. However, stress, anxiety, and burnout can significantly impact your ability to make sound decisions, both personally and professionally. Here are a few ways to support your mental health: 1. Practice Mindfulness : Taking just a few minutes each day to focus on your breathing or engage in mediation can reduce stress and improve focus. 2. Take Breaks : Regular breaks during work hours can refresh your mind and increase productivity. Step outside, go for a walk, or simply change your environment for a few minutes. 3. Seek Support : Don’t hesitate to talk to a professional if you’re feeling overwhelmed. Mental health is just as important as physical health, and seeking help is a sign of strength. Physical Wellness: The Engine of Productivity Physical health is closely tied to how we perform in our daily tasks. Whether you’re crunching numbers, managing a team, or meeting with clients, your body needs to be in top condition to keep up with demands. Here are some tips to maintain physical wellness: 1. Stay Active : Incorporate physical activity into your daily routine. Whether it’s a morning jog, a yoga session, or even just taking the stairs instead of the elevator, staying active keeps your body strong and your mind sharp. 2. Eat Well : A balanced diet fuels your body and mind. Focus on whole foods, plenty of fruits and vegetables, and staying hydrated throughout the day. 3. Get Enough Sleep : Quality sleep is essential for mental and physical recovery. Aim for 7-9 hours of sleep each night to ensure you’re ready to tackle the day ahead. Financial Wellness: The Unsung Hero of Well-Being While physical and mental health are often at the forefront of wellness conversations, financial wellness is equally important. Financial stress can negatively impact both mental and physical health, making it crucial to manage your finances effectively. Here are some strategies to enhance your financial well-being: 1. Budgeting : Create a budget that aligns with your financial goals. Knowing where your money goes can reduce stress and give you more control over your finances. 2. Emergency Fund : Establish an emergency fund to cover unexpected expenses. This financial cushion can provide peace of mind and prevent debt accumulation. 3. Plan for the Future : Whether it’s saving for retirement, investing in your business, or planning for your children’s education, having a clear financial plan can help secure your future. Bringing It All Together At Acumen MB LLC, we understand the importance of balancing mental, physical, and financial wellness. Just as we help our clients maintain financial health through sound accounting practices, we encourage everyone to take a holistic approach to their overall well-being. By prioritizing mental, physical, and financial health, you can create a more balanced, fulfilling life. This National Wellness Month, take the time to assess your wellness in all areas of your life. Whether it’s reaching out for professional support, incorporating more physical activity into your day, or creating a solid financial plan, every step you take toward wellness is a step toward a healthier, happier you. Remember, wellness is a journey, not a destination. And at Acumen MB LLC, we’re here to support you every step of the way.

Happy Commerce Day! At Acumen MB LLC, we celebrate this day by acknowledging the vital role commerce plays in our daily lives and the economy. Commerce isn’t just about buying and selling; it’s the lifeblood of our communities, driving innovation, creating jobs, and fostering growth. As we honor this day, we want to highlight the critical intersection of commerce, accounting, and taxes, which forms the backbone of any successful business. The Importance of Accurate Accounting in Commerce Accurate accounting is fundamental to the success of any commercial endeavor. It provides a clear picture of a business’s financial health, enabling informed decision-making. Here’s why good accounting practices are indispensable: 1. Financial Clarity : Detailed and accurate accounting records help businesses understand their financial position, ensuring they can plan for the future and make strategic investments. 2. Compliance : Proper accounting ensures that businesses comply with financial regulations and tax laws, avoiding penalties and legal issues. 3. Cash Flow Management : Effective accounting practices help businesses manage their cash flow, ensuring they have the liquidity needed to meet obligations and seize opportunities. 4. Investor Confidence : Transparent and accurate financial statements build investor confidence, which is crucial for securing funding and investment. Navigating Taxes in Commerce Taxes are an inevitable part of commerce, and managing them efficiently can make a significant difference in a business’s profitability. Here are some key tax considerations for businesses: 1. Tax Planning : Proactive tax planning can help businesses minimize their tax liabilities. By understanding available deductions, credits, and incentives, businesses can reduce their tax burden. 2. Sales Tax Compliance : For businesses involved in the sale of goods and services, staying compliant with sales tax regulations is crucial. This involves collecting, reporting, and remitting the correct amount of sales tax to the appropriate authorities. 3. Payroll Taxes : Ensuring accurate calculation and timely payment of payroll taxes is essential for businesses with employees. This includes withholding federal, state, and local taxes, as well as Social Security and Medicare contributions. 4. Business Structure : The structure of a business (e.g., sole proprietorship, partnership, corporation) can significantly impact its tax obligations. Choosing the right structure can provide tax advantages and affect the overall tax strategy. Acumen MB LLC: Your Partner in Commerce At Acumen MB LLC, we understand the complexities of accounting and taxes in the world of commerce. Our team of experienced professionals is dedicated to helping businesses thrive by providing: ·Comprehensive Accounting Services : From bookkeeping to financial statement preparation, we ensure your financial records are accurate and up-to-date. ·Tax Planning and Preparation : We offer tailored tax planning and preparation services to help you navigate the ever-changing tax landscape and minimize your liabilities. As we celebrate Commerce Day, let’s remember the importance of robust accounting and tax practices in driving business success. Whether you’re a small startup or a large corporation, Acumen MB LLC is here to support your journey and ensure your business thrives in the dynamic world of commerce. Celebrate Commerce Day with us by ensuring your business is financially sound and tax-compliant. Contact Acumen MB LLC today to learn how we can help your business succeed!

As we gear up for another exciting Back to School Month, Acumen MB LLC is here to help you navigate the financial aspects of this busy season. Whether you’re a parent preparing your kids for the upcoming school year or a student getting ready for college, managing expenses effectively can make a significant difference. Here are some practical tax tips and money-saving strategies to ensure you start the school year on the right financial foot. 1. Take Advantage of Tax-Free Weekends Many states offer tax-free weekends during Back to School Month, allowing you to purchase school supplies, clothing, and even electronics without paying sales tax. Be sure to check if your state participates and mark your calendar for these dates. This can result in substantial savings, especially on big-ticket items like laptops and calculators. (Ohio’s is going on right now!) 2. Save Your Receipts for Tax Deductions Certain educational expenses may be tax-deductible. While the IRS doesn’t allow deductions for general school supplies, you can deduct expenses related to higher education, such as tuition, fees, and required course materials. Keep detailed records and receipts of these purchases to maximize your tax deductions. 3. Utilize Education Tax Credits The American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) are valuable tools for reducing your tax bill. The AOTC can offer up to $2,500 per eligible student for qualified education expenses during the first four years of higher education. The LLC, on the other hand, provides a credit of up to $2,000 per tax return for tuition and fees required for enrollment in an eligible institution. Make sure to explore these credits to ease your financial burden. 4. Shop Smart with Sales and Discounts Retailers often run Back to School sales, offering significant discounts on school supplies, clothing, and electronics. Compare prices online and in-store to find the best deals. Many stores also provide student discounts; don’t forget to bring your student ID or verify your student status to take advantage of these offers. 5. Consider Second-Hand Options Thrift stores, consignment shops, and online marketplaces can be treasure troves for gently used school supplies and clothing. Buying second-hand not only saves money but also supports sustainable shopping practices. Look for quality items that can withstand the school year and beyond. 6. Plan and Budget Creating a detailed shopping list and setting a budget before you start shopping can help you avoid impulse purchases. Focus on essential items first, and prioritize your spending based on necessity. This disciplined approach ensures you stay within your financial limits and reduces the risk of overspending. 7. Use Rewards and Cashback Programs Take advantage of credit card rewards and cashback programs when shopping for school supplies. Many credit cards offer points or cash back on purchases at office supply stores, clothing retailers, and electronics shops. Accumulate these rewards to offset future expenses or redeem them for additional savings. 8. Explore State-Sponsored Savings Plans Consider contributing to a 529 college savings plan. These state-sponsored plans offer tax advantages and can be used to pay for qualified education expenses, including K-12 tuition in some states. Contributions grow tax-free and withdrawals for qualified expenses are also tax-free, providing a valuable way to save for your child’s educational future.  At Acumen MB LLC, we understand the importance of financial planning, especially during Back to School Month. Our team of experts is here to assist you with all your tax-related needs, ensuring you make the most of every opportunity to save. Contact us today for personalized advice and support to help you navigate the school year with confidence and financial peace of mind. Happy Back to School Month from Acumen MB LLC!

As National Support Public Education Day approaches, we at Acumen MB LLC are thrilled to shine a spotlight on the dedication and passion of our educators. In honor of this day, we had the pleasure of interviewing Lauren Beder, a remarkable 4 th grade math and science teacher at North Olmsted schools. Lauren, who is also the daughter-in-law of our managing partner Jeffrey Beder, has been shaping young minds for over a decade. Her insights and experiences underscore the vital role of public education in our society. What Inspired Lauren to Become a Teacher? Lauren’s journey to teaching was not straightforward. She originally aspired to be an astronaut and even took steps towards this dream by arranging a meeting with her senator to get into the Air Force Academy. However, budget cuts to NASA’s manned space program shifted her path. “If I couldn’t be an astronaut myself, perhaps I could inspire the next generation to ‘Reach for the stars’… literally,” she shared. Now, having just completed her tenth year of teaching, Lauren firmly believes that life led her to her true calling. A Memorable Experience in Public Education One of Lauren’s most touching stories highlights the deep impact of public education beyond academics. Early in her career, she started “Tribe Time,” a morning meeting to build a classroom community. One day, following the unexpected death of a student’s brother, the grieving student chose to come to school to share with his “family” during Tribe Time. “Public education isn’t just about learning science, math, reading, and writing or social studies. It is about helping students find a place to feel comfortable and learn life skills while being a safe place when they may not have anywhere else to go,” Lauren emphasized. Challenges Facing Public Education Lauren identifies equality and technology access as significant challenges. The disparity in resources based on location and family income, coupled with the rapid pace of technological advancements, exacerbated by the COVID-19 pandemic, have highlighted these issues. “Fixing these problems means making sure all schools get enough money and support, and finding new ways to teach that work for everyone,” she noted. Additionally, the growing expectations placed on teachers contribute to high rates of burnout, making it a pressing issue for the education system. Engaging and Motivating Students Building strong relationships with students is at the heart of Lauren’s teaching philosophy. “No one is going to listen or work for someone that they don’t feel cares about them,” she said. By learning about her students’ interests and learning styles, she creates engaging lessons and fosters a supportive classroom environment. She also instills the power of “YET” in her students, teaching them that perseverance and hard work will eventually lead to understanding and success. The Role of Public Education in Society Lauren believes that public education is crucial for creating opportunities for all individuals to succeed and pursue their dreams. “Without public education, we are creating a society where only some people are provided the opportunity to learn and grow,” she stated. Supporting Public Education To improve public education, Lauren highlights the need for proper funding and access to technology. Community members can make a difference by volunteering their time, donating supplies, attending school events, and mentoring students. Businesses can also contribute similarly by providing resources and expertise. The Evolving Role of Teachers The role of teachers has expanded significantly over the years. Beyond educating, they now serve as data analysts, psychologists, IT professionals, and more. Despite these increasing demands, resources remain scarce. Lauren anticipates this trend to continue, stressing the importance of adequate support for teachers. Advice for Aspiring Educators Teaching is a challenging yet incredibly rewarding career. “You will spend your own money and time away from family and friends to make your classroom a safe place to be and to help your students succeed,” Lauren advised. The joy of seeing students overcome challenges and learn new things make it all worthwhile. Showing Appreciation and Support Guardians can show appreciation by trusting teachers and engaging in collaborative conversations. Simple gestures like gift cards are always appreciated. For the general public, supporting and electing officials who prioritize education and listen to educators is crucial. Policymakers’ Role in Supporting Education Lauren urges policymakers to seek out and value the opinions of teachers and educators. “Legislative decisions when it comes to education are routinely made by people with no practical experience educating students and those who do not seek out the advice of educators. This needs to change,” she asserted. On this National Support Public Education Day, let’s celebrate and support the educators like Lauren Beder who dedicate their lives to nurturing the next generation. Their efforts are essential in building a brighter future for all.

At Acumen MB LLC, we strive to keep you informed about regulatory changes that may impact your business. In line with our commitment to providing comprehensive financial services, we would like to bring to your attention the recent requirement imposed by the Financial Crimes Enforcement Network (FinCEN). Beginning January 1 st , 2024, FinCEN now mandates that certain businesses file a report annually, disclosing information about their beneficial owners – the individuals who ultimately own or control the company. Your company may be required to report beneficial ownership information if it falls into either of the following categories: A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe. A foreign company that was registered to do business in any U.S. state or Indian tribe by such a filing. Reporting companies are required to submit beneficial ownership information electronically through FinCEN’s website at www.fincen.gov/boi . The system will provide a confirmation of receipt upon filing. When to Report: Companies created or registered prior to January 1 st , 2024, have until January 1 st , 2025 to report. Companies created or registered on or after January 1 st , 2024, and before January 1 st , 2025, must report within 90 calendar days after receiving actual or public notice of the creation or registration. Companies created or registered on or after January 1 st , 2025, must file within 30 calendar days after receiving actual or public notice. If you find that your company is required to file but would prefer not to handle the reporting process yourself, Acumen MB LLC is here to help. For a fee of $300, we are pleased to offer our services to file the report on your behalf. Please let us know if you would like us to take care of the filing or if you plan to handle it independently. We understand that regulatory changes can be overwhelming, and we are committed to supporting you through this process. If you have any questions or require further assistance, please feel free to reach out to us. Thank you for entrusting Acumen MB LLC with your financial needs.

Today marks National Lottery Day, a celebration of the thrill and excitement that comes with buying a lottery ticket and dreaming of hitting the jackpot. At Acumen MB LLC, we understand that while winning the lottery is exhilarating, it also brings a new set of financial responsibilities, particularly when it comes to taxes and accounting. Here’s what you need to know if you find yourself holding that lucky ticket. The Tax Man Cometh: Federal and State Obligations Federal Taxes: The IRS views lottery winnings as taxable income. This means that your winnings are subject to federal income tax. The IRS requires lottery organizations to withhold 24% of winnings over $5,000 for federal taxes. However, this is just a portion of what you may owe, as lottery winnings are added to your annual income and taxed at your applicable income tax rate. State Taxes: In addition to federal taxes, many states impose their own taxes on lottery winnings. The rate varies significantly by state, with some states like California and Delaware imposing no state tax on lottery winnings, while others like New York and Maryland have higher rates. It’s crucial to understand your state’s specific tax laws to accurately plan for your tax liabilities. Lump Sum or Annuity: Deciding How to Receive Your Winnings Lottery winners are often given a choice between receiving their winnings as a lump sum or as an annuity paid out over several years. Each option has different tax implications: -Lump Sum : Receiving your winnings in a single, large payment means you’ll pay taxes on the entire amount in the year you receive it. This can push you into a higher tax bracket, resulting in a larger tax bill. -Annuity : Opting for an annuity spreads your payments – and thus your tax liabilities – over multiple years. This can keep you in a lower tax bracket each year, potentially reducing your overall tax burden. Planning for the Future: Estate and Gift Taxes Lottery winnings can significantly increase your estate’s value, potentially making you subject to estate taxes. Additionally, if you plan to share your good fortune with family and friends, be aware of gift tax rules. The IRS allows you to gift up to $16,000 per person per year without incurring gift taxes (as of 2024), but anything above that amount could be taxable. Financial Planning and Asset Management Winning the lottery presents a unique opportunity to secure your financial future, but it also requires careful planning and management. Here are a few steps to consider: 1. Hire a Financial Advisor : A financial advisor can help you create a plan to manage your newfound wealth, ensuring you make informed decisions that align with your long-term financial goals. 2. Invest Wisely : Consider diversifying your investments to balance risk and reward. A well-rounded investment portfolio can help grow your wealth while providing financial security. 3. Set Up a Trust : Establishing a trust can protect your assets and provide for your family members according to your wishes. Trusts can also offer tax advantages and help manage your estate. 4. Stay Organized : Keep thorough records of your lottery winnings, expenses, and tax documents. This will make it easier to file accurate tax returns and manage your finances. How Acumen MB LLC Can Help At Acumen MB LLC, we specialize in providing comprehensive tax and accounting services to help lottery winners navigate their financial responsibilities. Our experienced team can assist you with tax planning, estate planning, and more, ensuring you maximize your winnings and secure your financial future. National Lottery Day is a time to celebrate the excitement and possibility that comes with playing the lottery. If you’re lucky enough to win, understanding the tax implications and taking steps to manage your wealth effectively is crucial. At Acumen MB LLC, we’re here to help you every step of the way. Contact us today to learn more about how we can support you in making the most of your lottery winnings.

As of July 1 st , significant changes to the Department of Labor (DOL) regulations will impact certain salaried employees regarding overtime rules. At Acumen MB LLC, we aim to help our clients navigate these changes seamlessly and ensure compliance with the latest labor laws. The EAP Exemption Explained To understand the changes, it’s essential first to grasp the basics of the EAP exemption. EAP stands for Executive, Administrative, or Professional, which are the categories under which employees can be exempt from overtime pay requirements. For an employee to qualify for this exemption, they must meet three key criteria: 1. Salary Basis Requirement : The employee must be paid a predetermined and fixed salary. This salary should not be subject to reductions due to variations in the quality or quantity of work performed. This ensures that the employee receives a consistent paycheck regardless of the hours worked or the results achieved in a specific pay period. 2. Salary Level Requirement : The employee must earn at least a specified minimum salary per week. This threshold is set by the DOL and can be subject to periodic adjustments. The goal is to ensure that employees in exempt positions are compensated at a level commensurate with their roles and responsibilities. 3. Duties Test : The employee’s primary duties must fall under executive, administrative, or professional categories as defined by the DOL regulations. This means their job responsibilities should involve significant decision-making, management, or specialized knowledge and skills. What’s Changing on July 1 st ? Starting July 1 st , certain salaried employees who previously fell under the EAP exemption may now be entitled to overtime pay if they work more than the standard number of hours in a pay period. This change is crucial for businesses to understand and implement to avoid non-compliance and potential penalties. Here's what you need to know: 1. Re-evaluation of Salaried Positions : Companies must review their salaried positions to determine if they still qualify for the EAP exemption under the new rules. This involves reassessing job descriptions, salary levels, and actual duties performed by employees. 2. Adjustment of Payroll Practices : For employees who no longer qualify for the exemption, businesses will need to adjust their payroll practices to account for overtime pay. This might involve updating time-tracking systems, revising compensation plans, and ensuring accurate payment for all hours worked beyond the standard workweek. 3. Employee Communication : It is essential to communicate these changes clearly to affected employees. Transparency about how their compensation might be impacted and the rationale behind these adjustments will help in maintaining trust and morale within the organization. By staying informed and proactive, your business can smoothly transition to the new requirements while ensuring fair and compliant compensation practices. Contact Acumen MB LLC today to learn more about how we can assist you in navigating these important changes.

At Acumen MB LLC, we believe that financial freedom is not just a distant dream but a realistic goal that can be achieved with proper planning and guidance. As we celebrate National Financial Freedom Day, we want to highlight the pivotal role that taxes and accounting play in helping you attain and sustain financial independence. Understanding Financial Freedom Financial freedom means having the financial stability to live the life you desire without constantly worrying about money. It involves having enough savings, investments, and cash on hand to afford the lifestyle you want for yourself and your family. Achieving this freedom requires diligent planning, disciplined spending, and strategic financial management. The Crucial Role of Accounting Accounting is often seen as just a necessary task for compliance, but it is so much more than that. Proper accounting provides a clear picture of your financial health, helping you make informed decisions about your money. Here’s how good accounting practices can pave your way to financial freedom: 1. Budgeting and Forecasting : Effective accounting helps you create realistic budgets and financial forecasts. Understanding your income and expenses allow you to identify areas where you can save and invest more wisely. 2. Expense Management : By keeping accurate records, you can track your spending habits and identify unnecessary expenses. This insight is crucial for redirecting funds towards savings and investments. 3. Cash Flow Management : Maintaining a healthy cash flow is essential for financial stability. Accounting helps you manage your cash flow efficiently, ensuring you always have enough liquidity to meet your obligations and capitalize on investment opportunities. 4. Debt Management : Understanding your financial position enables you to manage and reduce debt effectively. Accounting can help you develop a strategy to pay off debts faster, freeing up more money for savings and investments. Navigating Taxes on the Path to Financial Freedom Taxes are an integral part of financial planning, and managing them effectively can significantly impact your journey to financial freedom. Here’s how: 1. Tax Planning and Strategy : At Acumen MB LLC, we help you devise tax strategies that minimize your liabilities and maximize your savings. Proper tax planning can reduce the amount you owe, allowing you to allocate more towards your financial goals. 2. Investment Taxation : Understanding how different investments are taxed can help you make smarter choices. We guide you through the complexities of capital gains, dividends, and interest income to optimize your investment portfolio for tax efficiency. 3. Retirement Planning : Utilizing tax-advantaged retirement accounts, such as IRAs and 401(k)s, can significantly enhance your savings. We help you navigate the rules and contributions limits to maximize your retirement savings while minimizing your tax burden. 4. Tax Credits and Deductions : There are numerous credits and deductions available that can lower your taxable income. Our team ensures you take full advantage of all eligible tax breaks, increasing your disposable income and enhancing your financial freedom. Partnering with Acumen MB LLC for Your Financial Freedom Achieving financial freedom requires a comprehensive approach to managing your finances, and that’s where we come in. At Acumen MB LLC, we are committed to providing you with expert accounting and tax services tailored to your unique needs. Our goal is to help you build a solid financial foundation, navigate the complexities of tax regulations, and create a strategic plan for long-term financial success. As we celebrate National Financial Freedom Day, take the first step towards your financial independence by partnering with us. Together, we can turn your financial dreams into reality.