George Basily CPA MST CGMA

07/22/2026

HSA contributions are tax-deductible and distributions are tax-free (for qualified medical expenses). Traditional IRA distributions, on the other hand, are taxable. So it often makes sense to maximize HSA contributions over Traditional IRA contributions.

07/21/2026

Maintaining your LLC requires ongoing responsibilities, such as filing annual reports, keeping records, and staying compliant with state requirements.

07/20/2026

An LLC does not automatically replace the need for business insurance—many LLC owners still need coverage to protect against specific risks.

07/19/2026

💼 Are you paying yourself the right way?

For business owners, how you get paid can affect more than just your income. It can also impact your taxes, cash flow, and long-term financial goals.

Depending on your business structure, compensation may include:

✅ A reasonable salary through payroll
✅ Distributions from business profits
✅ The right balance between both

The goal is not simply to take money out of the business. It is to create a pay strategy that helps you stay compliant, manage taxes, and protect your company’s cash flow.

A smart compensation plan can make a meaningful difference.

📞 George Basily CPA
732-387-2568 | 551-224-8133
🌐 www.georgebasilycpa.com

07/17/2026

07/16/2026

Don't Overlook Tax Credits: Tax credits can directly reduce the amount of tax you owe. Depending on your situation, you may qualify for education, child, energy-efficiency, or other valuable credits.

07/15/2026

Life Changes Can Affect Your Taxes: Major events like marriage, having a child, buying a home, changing jobs, or retiring may affect your tax situation. It's a good idea to review your tax strategy after significant life changes.

07/14/2026

💰 Your business can be profitable… and still run out of cash.

It may sound surprising, but profit and cash are not the same thing.

Here’s why:

📄 Profit is an accounting measure.
🏦 Cash is the money actually available in your bank account.

A business can report a profit while:

✔ Customers haven’t paid their invoices.
✔ Inventory has tied up cash.
✔ Loan payments reduce available cash.
✔ Equipment purchases use existing funds.

That’s why successful businesses don’t just monitor profit—they manage cash flow.

Because at the end of the day, cash flow—not profit—is what keeps a business alive.

Need help understanding your numbers and improving your cash flow? George Basily CPA is here to help.

📞 732-387-2568 | 551-224-8133

07/14/2026

Summer Wellness 101: As we age, the body’s thirst response can become weaker, making dehydration more likely. Drink water regularly throughout the day, and include hydrating foods like watermelon, berries, soups, and vegetables. Limit too much caffeine or alcohol, which can contribute to dehydration.

07/11/2026

🚀 Is your business growing… but your financial decisions are getting harder?

Many business owners think a CFO is only for large corporations.

The truth? A growing business often needs financial leadership long before it becomes a large company.

Here are 5 signs it may be time to bring in a CFO:

📈 Your revenue keeps growing
💰 Your cash flow is unpredictable
📊 You don’t know your profit margins
📋 You’re making big decisions without financial data
🤝 Investors or lenders need professional financial reports

A CFO doesn’t just manage numbers—they provide the financial insight needed to help your business grow with confidence.

If any of these signs sound familiar, it may be time for a conversation.

📞 George Basily CPA
732-387-2568 | 551-224-8133