What does Edgewater staff do when we finish a big deadline (business extensions were due 9/15).... We bring pizza in, tell stories, and relax a bit....until the next big deadline (personal extensions due 10/15) We have a fantastic staff that deeply cares about our clients success. We are excited to get to take a little break together. #taxdeadline #relax #pizzaparty #taxes #indianabusiness

The grind of business is real. Being a business owner is hard. Marketing. Human Resource. Accounting. Operations. Facilities. The list...the hats! In the midst of it all, we sometimes lose our why. Why are we running this business? What do we define as success? I recently got caught in this busy cycle and had to intentionally take time with advisors and friends to refocus. To outline my goals both monetarily and purposely. It is a very powerful exercise to walk though (if you need help with this I can connect you!!!). The best part of the exercise was to remind myself of my personal why which is two fold. First, I want more time to be with my family. Space for my little one to stop by and pretend he is working with me or for me to take off and just be with family. Second, that I want to see others be successful. I want to evaluate every component of my business on how it is helping other businesses succeed. This is more than just accounting. This is seeing our clients and hearing their needs. It is connecting them to resources that will help them find success. My goal is that every business that works with Edgewater CPA finds it a key part of their business success (not just a firm that does their tax return).

The past year has been full of so many changes. Yes for the world but also for our firm. In November of 2019, I (Brook Gratia) took over as the owner of Edgewater CPA. It was exciting to meet all the new clients and hear all of their dreams for their personal and business lives. We enjoy helping you platform for success. Then the world got turned on it’s head with the impact of COVID. We went into major planning and assistance mode to help all our businesses figure out how to navigate the economic impact of COVID. It was exhausting and powerful to help redesign and rethink through business with so many. This summer, I then decided to consolidate the company I started organically in 2008, Brookside Accounting, into Edgewater CPA. It was bittersweet to give up the brand I personally developed but there was no need to run two companies that do the exact same thing. What I have found through this is that growth is hard and life is unexpected but there is joy. Seeing how we continue to redesign, rethink, dream, adjust and change is inspiring. The best part of our job is supporting our clients success. I truly believe that knowing how to navigate growth ourselves helps us support our clients in their success. So I raise a virtual glass with you to many more years of watching you grow and succeed with all your business and personal goals.

The freelancing life offers many benefits: flexible hours and no boss lurking over your shoulder, just to name a couple. But being self-employed also comes with some added pressures. Things that were once taken care of by your employer now fall on your plate. Paying your income taxes, for example. Fortunately, Edgewater CPA Group is ready to help you take the guesswork out of this important part of freelancing. Here’s how you can make sure you’re set up to pay income tax as a freelancer. Know the NumbersIf you earn $400 or more in freelance income in a year, you must pay taxes on those earnings. As a self-employed freelancer, you’re considered both a proprietor and employee, and the IRS requires a 15.3% self-employment tax in addition to regular income tax. That’s why it’s recommended to set aside approximately 25-30% of earnings for the purposes of paying both taxes.Know the DatesFreelancers … Continued The post Freelancer? Here’s How You Can Pay Income Tax. appeared first on Edgewater CPA Group . EDGEWATERCPA.COM Freelancer? Here's How You Can Pay Income Tax | Edgewater CPA Group

Whether you’re a small business or freelancer, it’s important to start preparing for tax season early. At Edgewater CPA Group, we know that springtime can get pretty busy, so take some time now to make sure that you’re prepared and organized for what’s ahead as you file your 2019 taxes. Talk to your accountantIn this initial touchpoint discussion, you can discuss any changes that were made to small business tax laws or procedures in 2019, find out any additional documents you may need to provide, and review your books for the year. By taking this action now, you’ll have time to resolve any issues that come up before tax prep time arrives. Collect documentationAfter your meeting with your accountant, you’ll have a list of all the documents you’ll need to have on hand for tax season. Depending on your business, these documents may include:Income statementBalance sheetBank and credit card statementsPayroll documentLast year’s … Continued The post Year-End Tax Prep Steps You Can Take Now appeared first on Edgewater CPA Group . EDGEWATERCPA.COM Year-End Tax Prep Steps You Can Take Now | Edgewater CPA Group

Does accomplishing a major goal bring you joy and excitement or does it stress you out? A friend of mine has been analyzing statistics and developing hypothesis for weeks. It has cumulated in presenting the findings to the executives today. He nailed the presentation. When I said that is exciting and we should celebrate he responded with “I can’t I am too anxious” I couldn’t understand why. All this work paid off. People agree with your findings and are ready to change. Isn’t that exciting? You can breathe a little. His response “yeah but now I have to figure out how to implement it” It is so interesting how I know my response would be so different. It would be relief that one hurdle was finished. The next step is for tomorrow but today we made progress. But life and business is not always like that. Sometimes after the exciting idea solidifies the laundry list of accomplishing the idea is overwhelming just like my friend was feeling. I have learned that my greatest growth and execution is to bring in others who do better than I do. Whether that is employing fantastic employees or outsourcing items not in my core wheel house...the greatest business success comes from developing a core team. I truly believe a good team helps remove the stress and anxiety. Allowing you to have fun with the process. Who is your team? #accountingteam #gotyourback #businesssuccess

Are you still waiting for your second stimulus payment? You can check status of your stimulus payment here (click on the blue “Get My Payment” button): https://www.irs.gov/coronavirus/get-my-payment IRS.GOV Get My Payment | Internal Revenue Service