News and insights From Reynolds + Rowella
Emergency Savings
Do you have enough emergency savings? A December 2015 survey by a consumer financial services company showed that 36% of the people who participated said they dealt with their most recent unexpected expense by using savings. Would you be part of that group? Here are tips for starting your “rainy day” fund. Define how much […]
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Don’t miss out on tax savings! No need to itemize to claim these deductions.
Are you part of the approximately 68% of taxpayers who IRS statistics say claim the standard deduction instead of itemizing? If so, you can still deduct some expenses on your 2015 federal income tax return. Individual retirement account (IRA) contributions – For 2015, you may qualify to deduct up to $5,500 in contributions to a […]
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Did you know? Depreciation breaks boost tax deductions
Did you buy equipment or other business assets during 2015? Here are the current rules for maximizing your tax deduction. Section 179. Under code Section 179, you can expense many types of otherwise depreciable property used in your business. Both new and used assets qualify for Section 179. For 2015, the maximum amount you can […]
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IRA CONTRIBUTIONS
How and Why you should make an IRA contribution before April 18th. Roth and Traditional IRAs are some of the most used types of IRAs. If you thought about opening one of these in 2015 you probably already know the basics, but here they are again: The annual contribution limit for 2015 was $5,500 You […]
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Corporate minutes support tax deductions
Corporate minutes support tax deductions Well-documented corporate minutes can provide valuable supporting evidence if the IRS questions choices you make on your tax returns. Minutes are especially important when related-party transactions are involved, such as payments, loans, or distributions between the company and you or other owners. For example, the IRS may challenge the amount […]
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Three positive steps to financial well-being
While you’re gathering information to prepare your 2015 tax return, set aside time for a financial review. Here are steps to get started. Compile a year-end list of your assets and debts and compare the list to last year. Are you gaining or losing ground? What actions can you take to improve your financial situation […]
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Shall I sleep on it?
Ah, the procrastinator’s dilemma. We all have tasks that we dread doing. That could be as simple as making your bed to filing your tax return. Shall I sleep on it or I will get to it tomorrow is said everyday throughout millions of business every single day. Mostly by the employees, but many […]
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Lottery Dreaming?
As the POWERBALL JACKPOT soars into the billions, many have started making plans for what they would do with the money if they were to win. While it might seem tempting to quit your job upon drawing the winning ticket, let’s look into what a potential lottery winner should consider initially doing: 1. Check the numbers two […]
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Does your CPA know your other advisors?
Does your CPA have a working relationship with the other advisors and professionals in your world? Does your CPA know your attorney, banker, insurance agent, wealth manager, investment advisor, mortgage broker? If the answer is NO, my question is WHY? Your CPA is the person in your life who basically knows everything financial about you. […]
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No “IT” Plan in Place? You Are Wasting Your Money.
The concept of planning for technology is hard to argue. A good IT strategy aligns the mission and vision of your organization with the technology and operations that make it happen. This allows IT projects and spending to propel the growth of business rather than existing as a reactive cost center. Surprisingly, the majority of […]
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Contemplating a business sale?
There is a major mistake that could be costing you hundreds of thousands of dollars or more, yet most people seem not to care until it is too late. That mistake is not preparing your company for sale. When you prepare to sell your home, you go through great lengths to get it show quality. […]
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