Check out our April newsletter!
(502) 426-0000 ∙ www.Roberts.cpa 201 Townepark Circle, Ste B-1 Louisville, KY 40243 163 Dennis Drive Lexington, KY 40503 The Craft of Client Success Smart Money Monthly A TRIBUTE TO MY THRIVING TEAM As you might expect, April is a hectic month for us. April 2025
Being a successful accounting firm means wearing many hats and juggling multiple responsibilities at once. We’re numbers people, and our clients depend on us to get theirs right every time they come to us. Dealing with money can often be a stressful endeavor for many, especially at a time when the IRS is using technologies like never before to track small businesses. With so many other responsibilities resting on our clients’ shoulders, an improperly filed return is the last thing we want them to deal with. To fulfill our commitment to them, we work with sensitive information that must be treated with the utmost respect and care. At the end of the day, I’m the one who needs to make my clients feel safe and trust they’re in good hands — but I simply couldn’t do it alone. That said, I can’t just have anyone work here as part of the team — I need the most gifted and dependable people I can find. Fortunately, I can say with complete confidence that I have one of the finest teams in the industry. In addition to the big day on the 15th, April is also when our country celebrates Administrative Professionals Day, which falls annually on the Wednesday of the last full week of this month. In advance of that day on April 23, I want to express my gratitude to everyone who helps keep the ball rolling and our business thriving. We’re currently a team of nine with the skills to mix and match tasks as needed. Although we have three full-time administrators, it’s common for our accountants to pitch in and help things run smoothly. As no two clients are the same, we understand the need to be versatile and flexible — especially in recent days. I’m so fortunate to have people working alongside me who go above and beyond to guarantee every client we serve walks away with protection and peace of mind. Naturally, it takes extraordinary talent to make clients comfortable with a firm like ours. In addition to possessing exceptional computer skills and attention to detail, tax industry professionals need to genuinely enjoy working with people and know how to communicate effectively. I would never want Roberts CPA Group to make someone feel like they’re just another number on a spreadsheet — I want them to know they’re working with a team that cares about helping them figure out the best directions to take with their financial recordkeeping and documentation. We can't accomplish that goal by being cold and stony, so I’ve built a business that aims to help people and
not just fill out forms. My team members are the ones who offer this front- end communication, and their commitment to serving clients with integrity and empathy has been invaluable to our success. Here’s the truth about being in business for yourself: No one is perfect at everything . Many small-business owners make the mistake of taking on too many tasks — or all of them — independently without delegating to others. As my firm has grown, I’ve sought people to join me in bringing our work to the next level instead of burying myself in more than I can handle. Put simply, Roberts CPA wouldn't exist without them. I’m glad they’ll be reading this article, but I also want them to know that words do not adequately express how much I genuinely appreciate them. Thank you all so very much!
My thanks also go to our clients, who chose us to help them through another busy tax season. We’re honored to be at your side. You’re why I get to work alongside such great people every day. —Kevin Roberts
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AFTER A LOVED ONE’S PASSING ESSENTIAL FINANCIAL AND ESTATE TASKS
Losing a loved one is an emotional experience, but addressing key financial and legal matters to manage their estate effectively is essential. Staying organized and focused during this challenging time will help you handle your loved one’s affairs smoothly and according to their wishes. Secure property and assets.
titles. These are crucial for initiating the probate process, if applicable, and managing the estate. Contact an attorney and executor. In addition to helping gather documents, an estate attorney will guide you through probate if needed and ensure legal obligations are filled, debts are settled, and assets are distributed according to the will. The executor will work closely with the estate attorney to complete these tasks and fulfill your loved one’s wishes. Notify financial institutions. Quickly contacting banks, credit card companies, and insurance providers to notify them of the passing will freeze accounts and prevent unauthorized transactions. It will also ensure benefits such as life insurance payouts are correctly processed. Additionally, inform the Social Security Administration and pension offices to stop payments and, if applicable, begin survivor benefits. Settle debts and file taxes. Identify any outstanding debts, such as loans, credit card balances, or utility bills, and arrange to pay them from the estate’s funds. You need to file the deceased’s final federal and state income tax return, and estate taxes may apply depending on state law. Consult a tax professional or an attorney for help if needed to ensure accuracy and peace of mind during this complex process.
Immediately following your loved one's death, secure their residence and other property to prevent unauthorized access. If you are concerned about who has keys, such as cleaning companies and home care providers, consider changing the locks. This is also a good time to inventory valuable assets, including jewelry, heirlooms, and important paperwork. Creating an inventory helps identify items before you remove them — and prevents disputes among heirs. Gather financial and legal documents. Ideally, you should know where your loved one’s important documents are, but this isn’t always true. They’ll often be in a home safe, in a bank safe deposit box, or with an attorney. Essential documents to gather include their will, life insurance policies, financial records, and property
THE SURPRISING SAGA OF SWEET SUCCESS Chocolate Chronicles
If you’re looking for insight into the histories of some of our nation’s most iconic brands, look no further than the HISTORY Channel’s website or its exceptional “That Built” series of TV documentaries. To taste what you’ll find there, check out these fascinating tales of two of America’s most beloved candy bars. Hershey Bringing Hope to Heroes If you love milk chocolate bars, you have Milton Hershey to thank. In the late 1800s, he decided it was time to offer America a smoother taste than the often bitter bite of dark European chocolates. He knew his audience well, as Hershey’s creation soon became known as the “Great American Chocolate Bar” and the first product of its kind to be mass-produced in the U.S. It may have even played a significant role in saving the planet from tyranny, as the U.S. military partnered with the company to provide millions of bars to soldiers during World War II. A Baseball Great’s Chocolate Bar Blunder
In 1920, Otto Schnering, an unsuccessful candymaker in Chicago, rebranded his faltering Kandy Kake product as the Baby Ruth candy bar. As sports fans know, Babe Ruth was a superstar in those days. Naturally, it could be argued that the connection between him and the candy bar in most consumers’ minds helped Baby Ruth achieve $12 million in annual sales by its sixth year on the market. Looking to enter the lucrative confectionary trade himself, Ruth filed a registration for “Ruth’s Home Run Candy” — but Schnering’s company promptly sued for copyright infringement. The company argued that
Baby Ruth was actually named in honor of former President Grover Cleveland’s daughter, Ruth. Despite this claim being an absolute head-scratcher — Ruth Cleveland had been dead for nearly 20 years by that point and was by no means as popular at the time as, say, Babe Ruth — it
If seeing Baby Ruth bars in the candy aisle makes you think of late baseball legend Babe Ruth, you wouldn't be alone — which is precisely why the treat was at the heart of one the oddest trademark disputes in history.
was enough to convince the court to squash the baseball giant’s dreams of becoming the diamond’s answer to Willy Wonka.
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TEXTBOOK TALES AND TIMELESS TRUTHS Revolutionary War Facts vs. Fiction This month marks the 250th anniversary of the Battles of Lexington and Concord in Massachusetts — the first conflicts of the American Revolution and the foundation for what would become the United States. For many of us, our first exposure to this critical event was through our elementary school history textbooks, which taught us a lot about this all-important clash between colonists and British authorities. However, specific fascinating details were omitted for brevity’s sake or misrepresented through myth- building. Here is the truth behind these key moments most people know about but often get wrong. Secrets of a Legendary Saying In many ways, charting American history is like playing an extensive game of “Telephone” — meaning not everything happened as we think. Take, for example, the legend of Paul Revere, who played a key role in the events of April 19, 1775, by alerting colonists in Lexington of the British military’s impending arrival. You were likely taught in school that Revere famously shouted, “The British are coming!” In reality, he used a decidedly less dramatic-sounding phrase to modern ears: “The regulars are coming out!” — with the “regulars” being “regular professional” British soldiers. Considering that “the regulars are coming out” could be interpreted in today’s English as frequent guests attending a social event, it makes sense that the more engaging phrase we learned in childhood is more effective in summarizing Revere’s heroic deed. A Poet’s Perspective on History While at school, you may have also heard the first round of ammunition fired during the Battles of Lexington and Concord referred to as “the shot heard 'round the world.” But do you know who was responsible for that famous description? The phrase came more than 50 years after the battles, courtesy of writer Ralph Waldo Emerson in the first part of his 1837 poem, “Concord Hymn”: By the rude bridge that arched the flood, Their flag to April's breeze unfurled;
Ginger Veggie Stir Fry
INGREDIENTS
• 4 tbsp vegetable oil, divided • 2 tsp fresh chopped ginger root, divided • 2 cloves garlic, crushed • 1 tbsp cornstarch • 1 small head broccoli, cut into florets
• 3/4 cup julienned carrots • 1/2 cup snow peas • 1/2 cup halved green beans • 3 tbsp water • 2 tbsp soy sauce • 1/4 cup chopped onions • 1/2 tsp salt
DIRECTIONS
1. In a large bowl, mix 2 tbsp vegetable oil, 1 tsp ginger, garlic, and cornstarch. 2. Add broccoli, carrots, snow peas, and green beans, and toss lightly. 3. Heat the remaining oil in a large skillet or wok over medium heat. Add the vegetables and cook for 2 minutes. 4. Stir in water and soy sauce. Add onion, salt, and the remaining ginger; cook and stir until the vegetables are crisp and tender.
SUDOKU
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Here once the embattled farmers stood; And fired the shot heard ‘round the world.
While some of its true details aren't universally known, the Revolutionary War is the definitive event in our nation’s great history — and a great starting point for anyone interested in exploring 2 1/2 centuries of freedom and courage.
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INSIDE THIS ISSUE 1 Fuel From the Front End 2 Steps to Handle a Loved One’s Estate Tasty Tales of Candy Quests 3 An American History Refresher Ginger Veggie Stir Fry 4 Master Your Budget, Achieve Your Dreams
TRIM FINANCIAL FAT Living the Dream — Without the Debt
Many Americans dream of traveling to exotic destinations, buying a home, or retiring early. Realizing those dreams, however, requires saving some cash — a habit that is becoming a dying art. Only 41% of Americans have emergency savings to cover unexpected medical bills or repairs, and more than 25% have no savings at all, according to a Bankrate survey. Instead, more people are using credit cards to cover expenses and vacations, driving consumer credit card debt to a record $1.17 trillion in 2024, up 8.1% from 2023. Inflation and low pay are partly to blame, but taking charge of your spending can still bring you closer to achieving your dreams. Here are two ways to better your budgeting. Take control of your bills. A smart first step is to stop spending everything you earn. Start by tracking where all your money
is going. List fixed expenses, such as housing, and variable costs, such as utilities and food. Add up subscriptions, transportation, entertainment, and health care spending. You can also track your incidental expenses in popular apps like YNAB, Monarch, Goodbudget, and PocketGuard. Then, look for places to trim. To reduce utility bills, consider lowering the thermostat or installing low-flow fixtures. Cancel subscriptions you aren’t using. (Nearly half of subscribers pay for streaming services they don’t use.) Consider preparing more meals at home as the cost of dining out has soared! And make paying off credit card debt a top priority; those high-interest charges are a cancer on your budget. If you can’t pay off your balances, try switching to a lower-interest card or ask your provider for better terms. Cultivate healthier habits. Strive to set aside 50% of your income for basic needs, 30% for things you want, and 20%
for savings. If you can’t save 20%, start with a smaller percentage. Pay yourself first by setting up automatic transfers into your savings. Online shopping with credit cards can be a significant budget drain. Restricting yourself to debit card or cash-only payments can help you reduce impulse purchases. If you yearn for a little retail therapy, dive into a cleaning project, call a friend, or do volunteer work — distract yourself! Even if these steps seem menial at first, your savings over time will bring you closer to realizing your dreams!
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