At Acumen MB LLC, we know firsthand how much of a difference one person can make—and no one proves that more clearly than our teachers. From shaping young minds to creating safe and supportive learning environments, teachers wear countless hats: educator, mentor, counselor, cheerleader, and sometimes even superhero. You spend your own time (and often your own money) to make sure your students succeed. And today, on National Teacher Appreciation Day , we want to say thank you. Thank you for showing up, even on the tough days. Thank you for turning classrooms into communities. Thank you for investing in the future—child by child, lesson by lesson. A Little Tax Tip as Our Thanks While we can never repay everything you do, we can make sure you know about a small way the tax system tries to show appreciation: the Educator Expense Deduction . If you're a teacher, instructor, counselor, principal, or aide for students in kindergarten through grade 12—and you work at least 900 hours a school year—you may qualify to deduct up to $300 ($600 if married filing jointly and both spouses are eligible educators) of out-of-pocket classroom expenses. This includes: Books, supplies, and classroom materials COVID-19 protective items (like masks and sanitizers) Educational software and subscriptions Professional development courses related to your field It's an above-the-line deduction, which means you don’t need to itemize to take it. We're Here to Help At Acumen MB LLC, we love helping educators understand their tax benefits and financial options. Whether you're navigating deductions or planning for your future, we're just a call or click away. To all the incredible teachers out there: we see you, we appreciate you, and we’re here to support you—during tax season and all year long. With gratitude, The Team at Acumen MB LLC

Celebrating Random Acts of Kindness Week with Acumen MB LLC

January marks both Financial Wellness Month and Get Organized Month—a perfect combination for setting your business up for success in the new year. At Acumen MB LLC, we understand that juggling finances, taxes, and everyday business operations can be overwhelming. That’s where QuickBooks, one of the most powerful accounting tools available, comes in. Why Financial Wellness Matters Financial wellness isn’t just about paying your bills on time; it’s about creating a sustainable system for managing cash flow, reducing debt, and planning for future growth. For businesses, financial wellness directly impacts your ability to make strategic decisions, secure loans, and stay compliant with tax regulations. Get Organized with QuickBooks QuickBooks is a game-changer for businesses looking to streamline their accounting processes. Here’s how it can help you stay organized and financially healthy: 1. Centralized Financial Data QuickBooks allows you to keep all your financial information in one place. From tracking income and expenses to managing invoices and payments, everything is easily accessible. No more sifting through piles of paper or juggling multiple spreadsheets! 2. Real-Time Insights The platform offers real-time insights into your financial health. With customizable dashboards and reports, you can monitor key metrics like cash flow, profit margins, and overdue invoices. These insights empower you to make informed decisions and identify potential financial risks before they become major issues. 3. Automation for Efficiency Automation features like recurring invoices, automatic payment reminders, and bank reconciliation save you time and reduce errors. This efficiency allows you to focus on growing your business rather than getting bogged down in administrative tasks. QuickBooks and Tax Compliance One of the biggest challenges for businesses is staying compliant with ever-changing tax regulations. QuickBooks can: Automatically categorize expenses to ensure proper deductions. Generate reports that meet IRS requirements. Help track payroll taxes and sales tax liabilities. With QuickBooks, you can reduce the risk of costly mistakes and audits. Partner with Acumen MB LLC While QuickBooks is a robust tool, it’s most effective when tailored to your specific needs. That’s where we come in. At Acumen MB LLC, our team of experts can help you: Set up QuickBooks for your business. Provide training to ensure you’re maximizing its features. Regularly review your financial data to keep you on track. Our goal is to help you achieve financial wellness and organization, setting the foundation for long-term success.  Let’s Start the Year Right Ready to take control of your finances and get organized? Contact Acumen MB LLC today to learn how QuickBooks can transform your business. Together, we can make 2025 your most successful year yet!

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!