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 [...]
The end of the year can feel a little bit hectic with planning around the holidays and seeing loved ones near and far. Add in your kids being home from school and some very important sports games and you’re already wondering how you are going to do it all. Well, we hate to be the [...]
CFO’s, or Chief Financial Officers, are integral to an organization’s success, helping them navigate financial challenges and plan for the future. Companies on a growth trajectory often recognize the need for the expertise that a financial officer can provide but smaller businesses sometimes see it as an unnecessary expense. Without looking at the big picture, [...]
When most people think of tax-deductible medical expenses, they often think of major surgeries, dental work, and prescription drugs. But for those battling substance abuse, rehabilitation stays and other treatment methods constituent major medical expenses. Are these classified as tax-deductible medical expenses by the IRS? Let’s take a look. First, let's briefly discuss which medical [...]
What’s that eerie silence all around us? It's back-to-school season! As summer comes to a close, many parents are focused on preparing their children for the upcoming school year. Here at ClarkSilva, we’re always tax-minded so this got us thinking: how can parents also integrate planning for their taxes during this time? We’ve compiled a [...]
Tax scams have been around for a long time but they continue to grow more sophisticated day by day. Aided by advancements in AI and the increased usage of electronic communication by businesses, they can creep into any phase of the tax preparation process and target both clients and tax preparers themselves. Knowing what to [...]
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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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