It’s no secret: having kids can be expensive. Everything from diapers and food to toys and clothing can come with a hefty price tag. Any parent who has recently bought an inexplicably expensive “squishy” toy or Pokemon card can attest to that. However, all of this pales in comparison to the cost of education. We’ve [...]
If you were to ask accountants what one of the most misconstrued tax strategies they’ve heard floating around the internet are - and there are many - they’d probably point you to the constantly overexaggerated claims about paying your kids as employees of your company. To be fair, it doesn’t always deserve its bad rep. [...]
Can your vacation be tax-deductible? It depends. I know, it seems like a trick question or a scammy Tik Tok opening, but if you have a trip that has both business and personal purposes you might be wondering what part of it is tax-deductible, if any at all. The IRS has plenty of rules around [...]
While setting up a trust for future generations or loved ones can be an easy decision to make, the logistics of figuring out how and when to distribute assets can be complicated. While famous monikers like “trust fund baby” might make it seem deceptively easy, there are tons of options for setting up distributions as [...]
Summer can be a busy time for a lot of business owners. Kids out of school, vacations and traveling can result in additional foot traffic, higher inventory needs, or just an uptick in business overall. With that increased activity, many turn to hiring additional seasonal help to meet their fluctuating needs. How can this factor [...]
The majority of Americans do not have a trust, will or any estate planning in place. According to a 2024 study from Caring.com, only one-third of Americans have prepared estate planning documents. There are a variety of reasons for putting off this crucial task: it feels morbid and overwhelming, many people don’t think they have [...]
Retirement planning should be simple. After all, it’s something everyone should do. However, like everything involving the tax code, it can be a lot more complicated than it seems. With so many retirement saving options and constantly changing rules, who can keep up? Well, here at ClarkSilva, it’s our job to keep track of the [...]
With the rise of legalized sports betting and prediction markets like Draft Kings and Kalshi, gambling has entered the mainstream. No longer confined to smoky casinos and golf clubhouses, its new form also means there are a lot of new winners who might not be informed about the tax liability associated with their earnings. If [...]
The One Big Beautiful Bill has brought a lot of big changes to the tax code for both businesses and individuals. On the personal tax return side, a change that caught people’s attention was a new threshold for the deduction on personal car loan interest. As with everything involving taxes, things are a bit more [...]
Accounting software can feel like a baffling maze of buzzwords and automations that only further confuse you. Throw in the phrase “AI integrations” and the tears are already forming. But once you know how to properly set up and make the most out of your software, it can become your best friend. Taking the time [...]
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ClarkSilva was formed in 2019 by Keith Clark and Benjamin Silva. Keith and Ben met while working for a large regional accounting firm. During that time, they dreamed of a different kind of accounting firm. An accounting firm built with technology not volumes of books and endless stacks of paper…
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