2020-01-02T15:22:19-05:00

January 2020

This month: January 15 - 4th Quarter Estimated Payments Due Start tax planning for the new year - Adjust withholdings - Organize filing records - Schedule tax consultation - Rebalance investment portfolio Welcome 2020. A new year calls for a fresh look at your financial strategies. Consider how to make the most of your savings accounts — and don't forget you still have time to fund your IRA! You can also try the following fail-proof tricks to keep your New Year's resolutions on track. Call if you would like to discuss how this information relates to you. If you know someone who can benefit from this newsletter, feel free to send it to them. Make Your Cash Worth More Banking tips to help you cash in Your cash is parked. Do you know if it's making or losing you money? For instance, letting it sit in a non-interest-bearing account is a waste of [...]

2019-12-02T15:34:23-05:00

December 2019

Reminders: January 15 - 4th Quarter Estimated Payments Due It's almost New Year! Have you done your yearly credit report checkup yet? While you're at it, protect yourself from charity scams this season by reviewing some big red flags, and learn how to prioritize cash flow in your business. Call if you would like to discuss how this information relates to you. If you know someone who can benefit from this newsletter, feel free to send it to them. Time for a Yearly Credit Report One way to head off fraud during tax season is to get your free annual credit report now. Credit reports often have errors in them; this quick checkup can be the first indication that some form of identity theft has taken place on your account. The good news is that each of the major consumer credit reporting agencies is required by law to provide you with a free [...]

2019-11-01T12:33:41-04:00

November 2019

2020 is coming quick — are you prepared? Take stock now and learn about the year-end moves that'll help you save. Plus, consider how the 2020 Social Security changes will affect your plans. And make sure you're hitting the employment tax deadlines. Call if you would like to discuss how this information relates to you. Save Money With These Year-End Ideas There's still time to reduce your potential tax obligation and save money this year (and next). Here are some ideas to consider: Estimate your 2019 and 2020 taxable income. With these estimates you can determine which year receives the greatest benefit from a reduction in income. By understanding what the tax rate will be for your next dollar earned, you can understand the tax benefit of reducing income this year AND next year. Fund tax-deferred retirement accounts. An easy way to reduce your taxable income is to fully fund retirement accounts that have [...]

2019-10-03T12:29:15-04:00

October 2019

This month: October 1 SIMPLE IRA plan establishment due October 15 Extended individual and C-corp tax return filing deadline Amazon and eBay Sales Tax ALERT! If you or your business sells product on Amazon using the Fulfillment by Amazon (FBA) service, you are well into the multi-state sales tax mess ... even if you are not aware of it. You may be asking yourself: Do I now need to register my business with every state and collect tax on their behalf? Do I really have physical nexus? What about economic nexus? What is nexus? Background The old sales tax standard required you to collect and remit sales tax only in states that you have a physical presence (also known as physical nexus). The recent South Dakota vs. Wayfair, Inc. decision by the Supreme Court then legitimized the concept of economic nexus. This means your business could be required to collect and remit sales [...]

2019-09-03T16:02:15-04:00

September 2019

This month: September 2 Labor Day September 16 3rd quarter estimated tax due Filing deadline for 2018 S corp and partnership returns that received extension October 1 SIMPLE IRA plan establishment due Welcome, fall! Keep your tax plan in mind as you get closer to the end of the year. In this issue you’ll find articles to help you do so, including tips on what to do if you get an IRS letter in the mail and advice for business owners about selecting the right employee health insurance. The IRS Is Not Always Right A letter in the mailbox with the IRS as the return address is sure to raise your blood pressure. Here are some tips for handling the situation if this happens to you: Stay calm. Try not to overreact to the correspondence. They are often in error. This is easier said than done, but remember the IRS sends out millions [...]

2019-08-01T13:28:11-04:00

August 2019

This month: September 2: Labor Day Summer is starting to wind down and the kids will soon be headed back to school. Now is a great time to review if you've had, or will have, any special taxable events this year. I Owe Tax on That? 5 Surprising Taxable Items Wages and self-employment earnings are taxable, but what about the random cash or financial benefits you receive through other means? If something of value changes hands, you can bet the IRS considers a way to tax it. Here are five taxable items that might surprise you: Scholarships and financial aid. Applying for scholarships and financial aid are top priorities for parents of college-bound children. But be careful - if any part of the award your child receives goes toward anything except tuition, it might be taxable. This could include room, board, books, travel expenses or aid received in exchange for work (e.g., tutoring [...]

2019-07-02T10:49:10-04:00

July 2019

This month: July 4: Independence Day Tax day might seem far away, but waiting until year-end to make your tax moves may prove costly to you. Maximizing your tax savings starts with an effective mid-year strategy! This issue includes infographic with key IRS audit information, and five steps to help your business set the right salaries for your employees. Call if you would like to discuss how this information relates to you. If you know someone who can benefit from this newsletter, feel free to send it to them. What You Need To Know About IRS Audits The IRS recently released its 2018 Data Book, including information on its audit activities for the last fiscal year. This details what you need to know regarding your audit risk, how to prepare for and what to expect in an IRS audit. Know the facts An IRS audit is a review to ensure your tax filings [...]

2019-06-03T14:05:55-04:00

June 2019

Reminders:  June 17: 2nd quarter estimated taxes due June 17: 2018 tax deadline for U.S. citizens living abroad Payroll Fraud Schemes Every Business Should Know According to the Association of Certified Fraud Examiners, nearly 30 percent of businesses are victims of payroll malfeasance, with small businesses twice as likely to be affected than large businesses. Here are four scary payroll fraud schemes you need to know: Ghost employees. A ghost employee does not exist anywhere except in your payroll system. Typically, someone with access to your payroll creates a fake employee and assigns direct deposit information to a dummy account so they can secretly transfer the money into their own bank account. Time thieves. Time stealing happens when employees add more time to their timecard than they actually worked. Sometimes multiple employees will team up to clock each other in earlier than when they arrive or later than when they depart for the [...]

2019-05-06T14:13:18-04:00

May 2019

Reminders: May 15: Exempt organization tax returns due Al Capone, Aunt Becky, Tax Fraud and You! How you can learn from high-profile tax scandals The recent college admission scandal involving Lori Loughlin (who played Aunt Becky in the Full House TV series) and others is shedding light on just one way people allegedly cheat on their taxes. Here are examples of some famous people in tax trouble with the IRS and helpful hints to make sure it doesn't happen to you: Lori Loughlin and questionable charitable donations. In this case, the IRS would investigate whether payments deducted as charitable contributions on her tax return were really charitable contributions. Regardless of how the legal charges shake out, Loughlin is looking at a large tax bill if the charity she contributed to is stripped of their non-profit status. Helpful hint: Charitable giving must be to legitimate charitable organizations, for legitimate purposes, and must be reduced [...]

2019-05-06T14:09:21-04:00

April 2019

This month:  April 15: Individual tax returns due C corporation tax returns due First-quarter 2019 estimated tax due Other April 15 Deadlines: Six-month filing extension 2018 gift taxes 2018 IRA contributions 2018 HSA contributions 4 Key Metrics to Fortify Your Business Even the best, well-prepared business plans can unravel quickly without a process in place to evaluate performance. Creating a scorecard with quality metrics can give you the daily insight you need to successfully run a business without drowning in the details. Create a scorecard that works An effective scorecard gives you a holistic view of the state of your business in one report. The report consists of key financial and non-financial metrics to provide a daily look at the health of your business. To be useful, your measures should be concise, available on-demand, and include properly targeted data to help you quickly spot trends and react appropriately. Effective business metrics to consider [...]