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(502) 426-0000 ∙ www.Roberts.cpa February 2024 Succeeding in Accounting Is a Numbers Game
We’re Here to Help You Win If you’re familiar with the Roberts CPA Group name and what we do because you’ve worked with us in the past, I want to personally thank you for allowing us to work with you. And if you are just becoming acquainted with us, I’m grateful you’re taking the time to give us a closer look. You are the reason we’re here. We know we’re successful when we help you reach your goals more profitably and in a way that puts you in the best possible tax position. But our purpose runs deeper than that. We build strong bonds with people and are proud to have earned their trust. I love what we do. It’s a passion that started at a young age. I’ve known for a long time that this was the work I wanted to do. That realization began in high school when I was 16 years old. I was taking an accounting class, and everything came easily. That was before computers, and I still remember having a giant accounting workbook with perforated pages and doing work by hand. A big catalyst that sparked my interest in accounting was wanting to run my own business. My dad was in business for himself, and as I grew, I absorbed what he did and how he did it. I noticed how much he enjoyed having the ability to be in business for himself and make his own way. In addition, I believed there would also be a need for accounting through time. I thought if I could master accounting, there would be other opportunities for me. “You are the reason we’re here. We know we’re successful when we help you reach your goals more profitably and in a way that puts you in the best possible tax position.” Today, the Roberts CPA Group focuses on being the trusted go-to resource for small and medium businesses. We work to boost their bottom line, maximize their cash flow, and apply sound strategies to put them in a favorable tax position. Since most are sole proprietors, we often work with them on accounting for their business and professional lives. It’s meaningful to me when our clients are successful, and we know we have impacted and contributed to their progress.
We’re here to make life easier for our clients. So, that’s how we handle the process of working with them. We typically conduct a business assessment and look at a few years of records as we start. We can ensure we are a good match for them by taking the time to do that assessment. From there, we demonstrate how we can help them monthly and quarterly. Everything I do professionally is powered and supported by my family. I’m very thankful for my solid and happy marriage with my wife, Jennifer. We take great pride and joy in our two adult children — our 26-year-old daughter, Alexis, who works in a college athletic department in Birmingham, and our 24-year-old son, Harrison, who is going through dental school. We also like to stay active in our lives together. One of our big passions is sports, with the University of Kentucky being our favorite team.
Looking ahead, I’m excited to continue to grow with you. My goal is that when you think about us, you know we care about you and delivering the highest possible value to you. —Kevin Roberts
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BEYOND BUSINESS Teaching Teens Wealth Mastery
In today's challenging financial world, equipping high school students with personal finance tools is essential. Arming young adults with the skills necessary to navigate the monetary challenges they'll face is much like any traditional academic discipline. Here are a few of the tools they’ll need in their repertoire. Building a Robust Financial Foundation Helping students learn fundamental financial skills like budgeting, saving, and investing instills a deep respect for the value of money. Parents and school classes can help them understand credit, loans, and debt management to steer them away from potential financial pitfalls when they later make decisions about loans and credit cards. Practical lessons on tax filing and understanding employee benefits are invaluable, preparing them for adulthood and independence. Sharpening Decision-Making Abilities In personal finance, high schools can play a pivotal role. Students can be encouraged to read the financial news to understand market trends and make more informed financial
decisions. Teaching them how to set realistic financial goals for significant life events, such as attending college or purchasing a vehicle, teaches planning and discipline, key aspects of successful financial management. Fostering a Culture of Financial Accountability Educating students about saving money and sound investment strategies promotes fiscal responsibility. They learn about the long-term benefits of compound interest and regular investing. Teens can build on their financial knowledge as they see the benefits of sound financial decisions. Addressing the Wealth Gap and Adapting to Change Financial literacy is a powerful tool in bridging the wealth gap. Providing all students, no matter their background, with financial knowledge is a step toward leveling the economic playing field. As the global economy evolves, young people with personal finance skills are better prepared to adapt to changing job markets, investment trends, and saving strategies.
Parents and guardians can make a considerable impact in lobbying local school districts to value and include personal finance education in high school and teaching it in their homes. Young people will be able to face life's financial challenges confidently. As we nurture our youth for their future roles, their financial literacy is vital to fostering a society of economically stable and responsible individuals.
Maximizing Your Social Security
A Guide to Timing Your Benefits Every person over age 60 should have a basic understanding of their Social Security benefits before they retire. It constitutes a substantial portion of a retiree’s income but demands minimal time investment. Retirees can enroll as early as age 62 but won’t receive the full benefit amount until years later. Full benefits start at age 67 (for those born in 1960 or later), with additional financial incentives to delay your retirement until 70. If you aren’t sure when to start, you should consider several factors. Have you worked long enough? You only need to work for 10 years to be eligible for Social Security, but you’ll need much more to maximize your benefits. Social Security income depends on the average of your 35 highest earning years — the more you earn, the more you’ll get. If you have worked for less time, those zeros are added to the average, leading to a substantial decrease in your income. Depending on your work history, you may want to delay taking Social Security until you’ve worked a few more years. How long can you wait? Social Security can substantially benefit some people now, whereas others may barely notice it. If an extra check can save you from disaster at 62, take the check. A bird in the hand is worth two in the bush. If you can afford to wait, doing so will be in your best interest.
How’s your health? Everyone faces unique health challenges. Depending on your situation, it may be better to enroll early. Social Security is more of a necessity if you are in poor health. Ultimately, your enrollment date depends on your needs and lifestyle. There are many reasons to delay or start taking benefits early. If you aren’t sure, speak to a CPA. We can help you navigate the complexities of Social Security.
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Baked Salmon
SAFEGUARD YOUR IDENTITY: 4 Crucial Security Tips to Thwart Identity Theft Identity theft is one of the most common crimes inflicted on Americans today. Almost one-third of Americans have been victims of the crime, costing people roughly $8.8 billion in 2022. It’s extremely important for everyone to follow basic security measures to protect themselves. Have Strong Passwords Passwords are the first line of defense for protecting your information. They should be difficult to break through. Some computers can “brute force” a password by putting in passwords, starting with the most common and trying many variations from there. Tip: Don’t use simple words from the dictionary. If you still choose to use common words, interspace them with numbers, special characters, and capital letters. Use Multiple Passwords One of the biggest mistakes you can make is using one password for multiple accounts. If a hacker breaks one insecure website, they can break into your bank account if you use the same password. Tip: If you have a lot of accounts, keeping track of every password may sound overwhelming, but password managers make it simple. Google offers an integrated password manager, but others like LastPass work perfectly. Be Aware of Phishing Schemes The easiest way to steal someone’s identity isn’t with complicated hacking software; it’s phishing, a variation of social engineering. Essentially, nefarious entities contact you in an attempt to get you to give them your information. Tip: Never give someone your password information. No company will ever call, email, or text you for your password, Social Security number, or other secure information. If a stranger texts you and tries to be friendly, don’t talk to them. Wisen up to the endless variety of scams, as many are clever and can catch you by surprise. Multifactor Authentication Provides Layers of Protection To truly secure your passwords, multifactor authentication is essential. Sometimes called dual or two-factor authentication, it requires you to input more than one means to verify your identity. For example, when you try to log in, you have to input a code sent to your phone and enter your password. Tip: Most MFAs offer website and text message authentication. Email is often more secure than texting, as hackers can hijack phone numbers and intercept verification texts. You can substantially reduce the chance of identity theft through the proper precautions. While these are only a few ways to protect yourself, using unique complex passwords, multifactor authentication, and being cautious of phishing attempts will work against the bulk of hacking attempts. You are your own first line of defense against identity theft.
With Garlic and Lemon Prepare to tantalize your taste buds with a zesty dish that combines salmon with the vibrant flavors of garlic and lemon!
INGREDIENTS
• 2 lbs salmon fillets • 4 cloves garlic, minced • Juice of 2 lemons • 2 tbsp olive oil
• 1 tsp dried oregano • 1 tsp dried thyme • Salt and pepper, to taste
DIRECTIONS
1. Preheat oven to 375 F. 2. Line a baking dish with parchment paper. Place the salmon fillets on the baking dish. 3. In a small bowl, mix together the garlic, lemon juice, olive oil, oregano, thyme, salt, and pepper. Pour the mixture over the salmon. 4. Bake for 15–20 minutes or until the salmon is cooked through. Serve and enjoy!
SUDOKU
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INSIDE THIS ISSUE 1 Supporting Your Success 2 Helping Young People Learn Fiscal Responsibility When to Start Receiving Social Security Benefits 3 Protect Your Identity in the Digital Age Baked Salmon With Garlic and Lemon 4 Lessons From Hoffman's Estate
Beyond the Stage Philip Seymour Hoffman's Estate Oversight
The unexpected demise of actor Philip Seymour Hoffman at just 46 shocked the world and brought to light the intricacies of estate planning. His passing left behind a substantial estate worth over $35 million,
The situation raised significant questions about how Hoffman's daughters figured into the estate since they were born after the will's creation. Thankfully, New York law, like many other states, offers protection for children in this situation, provided there's no explicit intent to exclude them. Hoffman's choice not to marry O'Donnell further complicated matters, leading to a substantial estate tax burden. Unmarried, Hoffman's estate faced a staggering tax rate of up to 40% federally and 16% in New York State, culminating in a potential $14 million tax bill from his $35 million estate. Marital status plays a crucial role in estate tax liabilities, something entrepreneurs with significant assets should note. Hoffman's case exemplifies why proactive and continuous estate planning matters. Regular updates to one's estate plan can significantly ease the burden on your loved ones during times of grief. It’s a stark reminder to meticulously manage and regularly revise your estate plans, especially for entrepreneurs overseeing considerable assets. It ensures your final wishes are honored, and your loved ones are provided for.
primarily bequeathed to his long- term partner, Marianne O'Donnell. A glaring issue with Hoffman's will was its outdated status, failing to encompass his entire family. Drafted in 2004, it only acknowledged his
Photo: Georges Biard
son, Cooper, with daughters Tallulah and Willa, born after that, absent from the document. This oversight necessitated a complex navigation through New York's probate system, showcasing the need for everyone to update their will regularly.
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