At Acumen MB LLC, we believe that education is one of the most valuable investments a person can make. That’s why we’re proud to recognize National Higher Education Day —a day dedicated to promoting the importance of higher learning and expanding access to educational opportunities. But beyond the personal and professional growth that comes from a college education, there’s another angle we think is worth highlighting: the financial and tax benefits tied to higher education . Whether you're a student, a parent, or a graduate repaying loans, the tax code offers several incentives that can ease the cost of investing in your future. 1. Education Tax Credits Two of the most common tax breaks for students and families are the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) . AOTC allows up to $2,500 per year for qualified education expenses during the first four years of higher education. LLC offers up to $2,000 per year for post-secondary education, with no limit on the number of years you can claim it. Each credit has specific eligibility requirements, so it’s important to consult with your tax professional to determine which one is right for you. 2. Student Loan Interest Deduction If you’ve started repaying your student loans, you may be able to deduct up to $2,500 in interest paid on qualifying student loans— even if you don’t itemize deductions . This deduction can be a welcome relief, especially for recent graduates managing new financial responsibilities. 3. 529 College Savings Plans For families saving for a child’s education, 529 plans offer a tax-advantaged way to build an education fund. Earnings grow tax-free, and withdrawals are also tax-free when used for qualified education expenses. In many states, contributions to a 529 plan are deductible on your state income tax return. 4. Tax Planning for Scholarships and Grants While most scholarships and grants are tax-free when used for tuition and required expenses, portions used for room and board or other non-qualified expenses may be taxable. Understanding how these funds are reported can help avoid surprises at tax time. We’re Here to Help You Make the Most of Every Educational Opportunity At Acumen MB LLC, we’re not just your accounting team—we’re your financial partners. Whether you're applying for college, repaying loans, or planning for your child’s future, our team is here to help you navigate the tax implications and maximize every available benefit. Have questions about how higher education impacts your taxes? Contact us today to schedule a consultation. Because smart education choices deserve smart tax strategies.

May 12 is National Fibromyalgia Awareness Day—a time to raise awareness, show support, and recognize the daily challenges faced by millions living with fibromyalgia. At Acumen MB LLC, we understand that chronic illnesses like fibromyalgia don't just take a toll on the body and mind—they can also place a heavy burden on your finances. That's why it's important to understand how the tax code may offer some relief through medical expense deductions . What Is Fibromyalgia? Fibromyalgia is a chronic condition that causes widespread pain, fatigue, cognitive difficulties, and sleep disturbances. Because it’s often an “invisible illness,” those who live with it may struggle not only with physical symptoms but also with the emotional and financial weight of managing long-term care. Tax Relief for Medical Expenses If you or someone in your household is being treated for fibromyalgia, certain medical costs may be deductible on your federal tax return , provided they exceed 7.5% of your adjusted gross income (AGI). This deduction applies whether you have been formally diagnosed or are undergoing evaluation and treatment for symptoms consistent with fibromyalgia. Common Deductible Expenses for Fibromyalgia Patients Eligible expenses may include: Doctor and specialist visits (including rheumatologists, neurologists, and pain management clinics) Prescription medications Physical therapy and occupational therapy Mental health services such as therapy or counseling Travel expenses related to medical treatment (e.g., mileage, bus fare, parking fees) Alternative treatments recommended by a medical provider (such as acupuncture or chiropractic care) Medical equipment and supplies (e.g., TENS units, braces, ergonomic furniture) Don’t Forget About FSAs and HSAs If you’re enrolled in a Flexible Spending Account (FSA) or Health Savings Account (HSA) , you may be able to pay for many of these expenses with pre-tax dollars—providing another layer of financial relief. How We Can Help Navigating chronic illness is difficult enough without the added stress of figuring out what you can and cannot claim on your taxes. At Acumen MB LLC, we’re here to guide you through the process. If you or someone you care about is managing fibromyalgia and you'd like to better understand the tax implications, reach out to our team. We can help you track eligible expenses, maximize deductions, and keep your financial health strong. Let’s work together to ease some of the burden—because no one should have to face chronic illness alone, especially at tax time.

At Acumen MB LLC, we proudly celebrate the drive, creativity, and resilience of self-employed individuals—especially today, on National Self-Employed Day ! Whether you're a freelancer, gig worker, independent contractor, or small business owner, your role in our economy is invaluable. But with the freedom of self-employment also comes the responsibility of managing your own taxes and finances. That’s where we come in. Understanding Self-Employment Taxes Unlike traditional employees, self-employed individuals are responsible for both the employer and employee portions of Social Security and Medicare taxes—collectively known as self-employment tax. This often comes as a surprise to new entrepreneurs, and it can significantly impact your annual tax liability. Being prepared—and proactive—can make all the difference. Tax Tips for the Self-Employed 1. Know Your Quarterly Estimated Tax Deadlines If you expect to owe at least $1,000 in taxes for the year, you're likely required to make estimated payments quarterly. Missing these deadlines can result in penalties, so mark your calendar and plan ahead. 2. Track All Income and Expenses Diligently Whether you use accounting software or work with a professional, having organized records makes tax time less stressful and helps ensure you're claiming all the deductions you’re entitled to. 3. Take Advantage of Deductions From your home office and internet bill to business mileage and equipment, there are numerous tax deductions available to self-employed individuals. Every dollar you can deduct reduces your taxable income. 4. Consider an SEP IRA or Solo 401(k) Self-employment doesn’t mean you have to miss out on retirement savings. These plans not only help secure your future, but they also offer current-year tax advantages. 5. Don't Overlook the QBI Deduction The Qualified Business Income (QBI) deduction may allow you to deduct up to 20% of your business income. This can be complex depending on your industry and income level, so it’s wise to consult with a tax professional. Why Accounting Support Matters Running your own business is a full-time job (and then some!). Managing your finances and taxes shouldn’t be something you do alone. At Acumen MB LLC , we specialize in helping self-employed individuals build smart financial systems, stay compliant with tax laws, and make informed decisions year-round—not just during tax season. We understand the unique challenges and opportunities that come with being your own boss. Our team is here to help you simplify your finances so you can focus on what you do best—running and growing your business. Are you self-employed and ready to take control of your finances? Reach out to Acumen MB LLC today and let’s make sure your business is on solid financial ground—this National Self-Employed Day and beyond.

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.