The world of finance can be intimidating, filled with complex jargon and ever-changing regulations. At Performance Group, we believe that understanding your own financial situation is the first step toward success. Our core mission is not just to provide services, but to educate our clients, empowering them to make confident and informed decisions.

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Managing your finances can feel like a full-time job. Between bookkeeping, tax planning, and ensuring compliance, it’s easy to feel overwhelmed. At Performance Group, we believe expert financial guidance is the key to unlocking peace of mind and business growth. Here are four significant benefits of partnering with a professional accountant for your needs.

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At Performance Group, we view insurance as the foundation of a solid financial plan. It’s the safety net that protects everything you’ve worked so hard to build. However, one of the most common mistakes we see people make is adopting a "set it and forget it" mentality. They purchase a policy and file it away, assuming their coverage will remain adequate year after year. The truth is, your life is dynamic, and your insurance must be, too. A regular review is one of the most important acts of financial hygiene you can perform to safeguard your future.

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Here at Performance Group, we’ve spent years helping families, farmers, and business owners across Central Indiana navigate their path to financial independence. We understand that planning for retirement can feel overwhelming, with countless questions and a sea of information to sift through. From our experience, the single most powerful step you can take is to partner with a professional advisor. An expert doesn't just offer advice; they provide a structured framework for success, turning ambiguity into a clear, actionable plan for the future you deserve.

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Financial independence is a dream for many, but the path to achieving it often feels complex. While investments and savings are crucial, the foundational bedrock of true financial freedom lies in diligent and strategic accounting. At Performance Group, we know that understanding your financial health, managing your cash flow effectively, and optimizing your tax situation are not just tasks—they are essential steps towards unlocking a secure and prosperous future.

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In today's ever-changing economic landscape, achieving financial independence can feel like a moving target. At Performance Group, we understand that proactive management is key to long-term success. Just as you schedule regular health check-ups, consistently reviewing your financial strategy with a trusted advisor is essential. These periodic check-ins offer invaluable insights, helping you navigate complexities and stay on course towards your goals.

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Many people believe that once an estate plan is created, the work is done for good. However, at Performance Group, we see estate planning as a dynamic, ongoing process, not a one-time task. A plan that was perfect five years ago might not reflect your current wishes or financial situation today. Regularly reviewing and updating this crucial document ensures that your legacy is protected and handled exactly as you intend.

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Navigating your financial future can feel like assembling a complex puzzle with countless moving pieces. At Performance Group, we simplify this process by offering a suite of integrated financial services designed to provide clarity and confidence. Our goal is to serve as your dedicated financial advisor, providing the professional guidance you need to build a secure and prosperous future from every angle.

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The idea of financial independence feels like a distant dream for many. It’s a destination everyone wants to reach, but the map to get there often seems overwhelmingly complex. At Performance Group, we believe achieving your financial goals shouldn’t be a source of stress. We're dedicated to transforming that complex map into a clear, straightforward path, making financial independence an attainable reality for you and your family.

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Goal Planning

Once a year, every year, our Performance Group team will take a whole day to sit down and goal plan for the upcoming year. This annual retreat has turned into a ritual for our team members. It allows everyone to dream and everyone the opportunity to be heard.

This annual goal setting meeting allows our team to find clarity in our mission to help families find financial independence through our offered financial services. Plus this meeting also gives our team members a chance to express their own personal and professional goals for the upcoming year.

Dreams broken down into steps become plans, plans met with action and effort become reality.

-Mike Kirby

December can be expensive.

The Performance Group is one of the top small business and agribusiness tax accountants in Central Indiana. We know that December is a very important month for our clients’ bottom line.

This is the time of year when we work with our clients to assess and reassess how their business’ year went through our unique Performance Tax Projection Program.

The focus of this projection is to take a step back and objectively look at the year-to-date profit and loss statements and any ancillary income. We use this projection to understand what kind of tax implications our clients should expect in the coming spring. This allows our clients to pivot and adjust if needed before the year end.

We get it, no one likes paying taxes. Especially when you can control your own tax liability like many business owners.

But that being said, it is not necessarily a bad thing to pay taxes. It’s actually a good sign that your business is making money! If you rely on business lending or personal loans based on your business’ income, the bank will expect you to show a profit and subsequently pay taxes on that income.

Indiana workers’ compensation law

Indiana law requires every business operating in the state to provide workers’ compensation insurance to their employees, with certain exceptions.

“Save X% in minutes”

We’ve all heard the quote , but what could those quick savings cost you? Speed and convenience are at the forefront of every business type in this everchanging internet age. You can go online and order a physical product in seconds and have it at your doorstep within days. Is it always the quality you prefer? Not necessarily. But if it doesn’t workout then you can throw it away and order again.

However, there are no do-overs in insurance. You don’t get to throw it away and reorder. You get what you paid for when it comes to turning in a claim.

Earning side income: Is it a hobby or a business?

Whether it’s something they’ve been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year’s tax return.

What the difference between a hobby and a business? A business operates to make a profit. People engage in a hobby for sport or recreation, not to make a profit.

Here are nine things taxpayers must consider when determining if an activity is a hobby or a business:

• Whether the activity is carried out in a businesslike manner and the taxpayer maintains complete and accurate books and records.
• Whether the time and effort the taxpayer puts into the activity show they intend to make it profitable.
• Whether they depend on income from the activity for their livelihood.
• Whether any losses are due to circumstances beyond the taxpayer’s control or are normal for the startup phase of their type of business.
• Whether they change methods of operation to improve profitability.
• Whether the taxpayer and their advisors have the knowledge needed to carry out the activity as a successful business.
• Whether the taxpayer was successful in making a profit in similar activities in the past.
• Whether the activity makes a profit in some years and how much profit it makes.
• Whether the taxpayers can expect to make a future profit from the appreciation of the assets used in the activity.

Every year salary.com releases their estimate value of a mother’s work based on tracking real time market prices of all the jobs that moms perform.

If stay-at-home moms earned an annual salary for all the jobs they perform on a daily basis, how much would they earn?

According to salary.com the median annual salary for stay-at-home moms in 2019 is $178,201 – rising $15,620 (a 9.6% increase) from the 2018 mother’s worth calculation.

This year’s study gave consideration to traditional roles – like housekeeper, dietitian, and day care teacher – and newer roles – like network administrator, social media communications, and recreational therapist.

Other examples positions of the Mom hybrid job role include:

• Academic Advisor
• Accountant
• Art Director
• Athletic Director
• CEO
• Coach
• Dietitian
• Event Planner
• Executive Housekeeper
• Groundskeeper
• Laundry Manager
• Photographer
• Public School Teacher
• Psychologist
• Recreational Therapist
• Staff Nurse
• Social Media Specialist
• Tailor
• Work/Life Manager

This is a post directly from the IRS newsletter.

Contrary to popular belief, not all tax returns are due on April 15th.

Until recently, retired owners of 401(k), traditional IRA and similar accounts had to begin taking required minimum distributions (RMDs) when they reached age 70 1/2. But the passage of the SECURE Act means:

• You can wait until age 72 to begin taking RMDs — but only if you reach 70 1/2 after 2019. If you turn 70 1/2 before 2020, take RMDs by this April 1.
• There are no more age restrictions on traditional IRA contributions. So you can contribute money after the age of 70 1/2.
• Stretch IRA strategies may no longer be effective. Non-spouse beneficiaries must exhaust inherited accounts within 10 years instead of taking RMDs over their expected lifetimes.

If you are or maybe effected by this change, or even would like to consult the Performance Group, please contact us today!

If you have received what you think is a false communication from the IRS please contact your tax adviser immediately.

IRS Scams have become more and more common as we have come into the digital age. The IRS doesn’t initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. The IRS initiates most contacts through regular mail delivered by the United States Postal Service.

However, there are special circumstances in which the IRS will call or come to a home or business, such as when a taxpayer has an overdue tax bill, to secure a delinquent tax return or a delinquent employment tax payment, or to tour a business as part of an audit or during criminal investigations.

If you ever feel as if you are falling victim to attempted IRS scam, contact our professionals at Performance Group and we can help legitimize the experience and advise you in the proper actions to take.

Just as each tax return is unique and individual, so is each taxpayer’s refund. There are a few things taxpayers should keep in mind if they are waiting on their refund but hear or see on social media that other taxpayers have already received theirs.

Even though the IRS issues most refunds in less than 21 days, some tax returns require additional review and take longer to process than others. This may be necessary when a return has errors, is incomplete or is affected by identity theft or fraud. The IRS will contact taxpayers by mail when more information is needed to process a return. Please contact your tax adviser if you receive correspondence directly from the IRS.

The IRS reminds taxpayers that, by law, the IRS cannot issue refunds claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) before mid-February. This applies to the entire refund − even the portion not associated with the EITC or ACTC. The IRS expects most EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by the first week of March, if the taxpayer chose direct deposit and there are no other issues with the tax return.

Each taxpayer’s situation is unique, and it is impossible to list all the items one must bring in for a tax appointment for every type of tax situation. When in doubt, bring the item in question to your tax appointment. The following is a good general list of the items to bring in with you for your scheduled tax appointment:

Prior Year Tax Return Copies.

If you are a new client, please bring copies of your last years federal and state income tax returns. Performance Group will review them, and we may be able to amend any mistakes/omissions.

Personal & Dependent Information

• Social Security or ITIN Numbers with date of births for anyone who’ll be on your tax return
• Childcare payment records with licensed provider’s ID number(s)

Income Statements

• Bring any & all W-2, 1098, 1099 & schedule K-1 forms
• Purchase date & total investment for any stocks or property sold
• List of investment related expenses
• Education scholarships or fellowships

Itemized Deductions

If you are planning on itemizing your deductions (Schedule A) please compose a spreadsheet/list summarizing them. Itemized deductions include:

If you type “taxes near me” into google, you get about 3,530,000,000 search results. That means you have roughly 3-ish billion options at your fingertips. But only 1 Performance Group.

Choosing the right tax professional is crucial. In a world built around price, it is important to understand what you are paying for. Are you paying for advice, a service, or peace of mind? Hopefully the answer is all three!

At the Performance Group we specialize in tax preparation for individuals, farms, and small business owners. It is our mission to help families find financial independence and that is no part time job. So our operation is open year round in order to maximize both our client experience and our level of advisement. We are a trusted local business focused on the people of our community. Let us help you!

Schedule a call today with one of our trusted advisers!

So my wife made me sit down and write a blog. Not because she’s mean. Not because she’s bossy. But because I asked her to.

No, I didn’t look at my wife and say “hey, make sure I write a blog today”. But I have on many occasions told my wife that I would do something with no real intention or direction. (I know I can’t be the only one!)

I have a new years resolution to try and write one blog every week for all of 2020. Not for me, not for my wife, not even for our business, but for our clients, our community, and most importantly all the other business owners who are scared to have a real voice.

When I say a voice — No, I do not mean your political affiliation — although most of us could do a better job to keep that to ourselves — I mean an opportunity to say what is really on your mind as a business owner.

Nothing ever goes according to plan when you are running a business. AND THAT IS OKAY!

If everything went right the first time it means you weren’t pushing the envelope enough OR you haven’t waited long enough for it to go wrong yet!

Like my dad has always told me, “Business is messy.” So sometimes you just have to buckle up, find your outlet, and enjoy the ride.