Full Out Bookkeeping Services, LLC

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Full Out Bookkeeping Services, LLC

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Our mission is to provide comprehensive, reliable, and personalized bookkeeping services that empower you to focus on your gym or studio’s core activities while maintaining financial clarity and compliance.

03/31/2025

Under federal tax law, you can give a certain amount of money or assets annually without incurring gift tax. The 2025 annual gift tax exclusion is $19,000 (up from $18,000 in 2024). This means you can give up to that amount to as many people as you like tax-free. You must report gifts beyond the exclusion to the IRS on Form 706, but these gifts might still be tax-free under your lifetime gift and estate tax exemption - which is $13.99 million for 2025. Have questions? Contact us.

03/27/2025

What motivates salespeople? First and foremost, equitable and enticing compensation. And therein lies a challenge: Choosing the right sales compensation model isn’t easy and may call for reevaluation. The most common options include: 1) Straight salary (or hourly wages); this is the simplest option but doesn’t address motivation. 2) Commission only; it’s all about motivation but doesn’t offer employees financial stability. 3) Salary plus commission; this model offers stability but may be complex to administer. 4) Hybrid; here, you offer a salary plus performance-based incentives, an increasingly popular approach. Contact us at (918) 346-0743 for help evaluating your current model and making adjustments, if necessary, that fit your company’s needs and budget.

03/26/2025

As a business owner, it's important that you classify workers correctly as either employees or independent contractors because misclassifying them could trigger an IRS audit. If you treat workers as independent contractors but the IRS considers them to be employees, the tax agency may impose back taxes, interest and penalties. If you're looking for personalized, in-depth tax assistance when classifying workers, you've come to the right place. Contact us today to set up your first consultation.

03/25/2025

The best defense against business risks is a strong offense. A well-structured enterprise risk management (ERM) framework can help your organization anticipate risks, seize opportunities and build resilience. The Committee of Sponsoring Organizations of the Treadway Commission offers a comprehensive ERM framework, which is continuously updated for emerging risks and trends. Recent updates address such issues as sustainability and governance, cyberattacks, legal and regulatory compliance, fraud, and alternative data sources. Contact us at (918) 346-0743 to discuss cost-effective ERM strategies tailored to your business needs.

03/24/2025

Each year, the IRS and the Social Security Administration make adjustments that affect taxes, benefits and retirement contributions. If you have any questions, feel free to contact us.

03/20/2025

Pay transparency is the practice, or lack thereof, of a company sharing its compensation philosophy, policies and procedures with job candidates, employees and even the public. If your business has yet to formalize or articulate its pay transparency strategy, here are five general steps to creating one: 1) Conduct a payroll audit to get a complete picture of your compensation structure. 2) Define or refine your criteria for making pay decisions. 3) Develop a communications “substrategy” that includes written guidelines and Q&A sessions. 4) Train your supervisors to champion and accurately explain your strategy. 5) Get input from professional advisors such as your attorney. Contact us at (918) 346-0743 for help conducting a payroll audit, identifying all compensation-related expenses and aligning your pay transparency strategy with your business objectives.

03/19/2025

If in 2025 you give money or property worth more than the $19,000 annual gift tax exclusion to someone other than your spouse, you may have to pay gift tax. Your gift can still be tax-free if you haven’t used up your lifetime gift and estate tax exemption, which is $13.99 million for 2025. If gift tax is due, usually the giver is responsible for paying it rather than the recipient. Even though recipients aren’t subject to any immediate tax implications, they may have to pay capital gains tax if they sell their gifted property in the future. Need help? You came to the right place - (918) 346-0743.

03/18/2025

Business owners and managers often have questions about reporting subsequent events in financial statements. Accountants use that term to refer to major events or transactions that happen after the reporting period ends but before financial statements are finalized. Examples are natural disasters and regulatory changes. A current project to update the auditing standards for subsequent events, if finalized, could indirectly affect financial reporting through increased auditor scrutiny. If you’re unsure when and how to report subsequent events, contact us at (918) 346-0743 to eliminate the guesswork and ensure compliance with the accounting rules.

03/17/2025

Extra! Extra! Read all about it! The standard deduction amounts for 2025 have increased due to inflation. Don’t navigate the complicated tax world alone – let us be your guide!🔦Contact us.

03/13/2025

The term “retirement plan leakage” refers to the withdrawal of account funds before retirement age for reasons other than retirement. If your company sponsors a qualified plan, such as a 401(k), beware of this problem. Having participants with leakage may mean they’re struggling financially, which could lead to lower productivity, poorer work quality and even the motivation to commit fraud. Educate and remind employees about how pre-retirement withdrawals diminish their accounts and can delay retirement. Consider sponsoring recently introduced “pension-linked” emergency savings accounts to serve as firewalls against withdrawals of retirement plan funds. Contact us at (918) 346-0743 for help identifying and evaluating all the costs associated with your qualified retirement plan, as well as other fringe benefits you sponsor.

03/12/2025

If you're making an IRA contribution - no matter the amount and timing - you're on the right track to boost your retirement savings. If you forgot to make a 2024 contribution by December 31, it may not be too late! You can make a 2024 contribution to a traditional or Roth IRA up until the tax filing deadline of April 15, 2025. For more guidance on IRAs, give us a call.

03/11/2025

In 2025, global M&A volume is expected to surge. If you’re contemplating buying or merging with another company, financial due diligence is crucial to minimize risks and prevent you from overpaying. Common pitfalls include overlooking financial red flags, hidden liabilities and weak internal controls. Buyers also might overestimate projections, misjudge tax implications and rush the due diligence process. Don’t go it alone. Contact us at (918) 346-0743 to help you avoid financial surprises, negotiate favorable terms, address post-deal accounting and tax issues, and build long-term value.

Address

Broken Arrow, OK

Website

http://fulloutbooks.com/

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