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Recognizing Women-Owned Small Businesses Everywhere!

October marks Women’s Small Business Month, and we are happy and proud to recognize women in business both locally and around the world. Successful business women of the past and present continue to forge new paths for female entrepreneurs. We celebrate all those who are breaking the glass ceiling and serving as role models and mentors to women everywhere.

To support Women’s Small Business Month, we wanted to share a few statistics to spotlight the powerful impact women have had and continue to have on the American economy. Women solely own 36 percent of small businesses in the United States, employ 9 million people, and generate $1.7 trillion in sales. Additionally, 2.5 million businesses in the United States are owned equally by women and men. These dually owned companies contribute $2.5 trillion to America’s economy, provide $189 billion in payroll, and employ 6.5 million people.

Our firm effusively congratulates each and every woman in business! Please feel free to reach out to our firm at any time for support and advisory services as needed. Our goal is that you continue to succeed.

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Take Advantage of the September Slowdown

For many business owners, September tends to bring a bit of a slowdown. The chaos of getting kids prepared for going back to school has passed, and a focus on saving money tends to kick in as people prepare for the coming holiday spend. Combined, this can often translate into a lull for business owners.

Take advantage of September slow time to tackle these tasks:

Clean it up— Keeping your business clean and presentable to the public is a big part of maintaining a strong brand presence. Divide chores among staff during slow periods to keep everyone busy…and your business spotless.

Organize and restock—Organize storage areas, recycle unwanted goods and donate gently used items. Purging is good for the soul…and helps you stay organized and efficient.

Perform a filing flush and software updates. It’s always when you are the busiest that you can’t find that needed file or you experience a system crash. Periodic system updates and file purging can help avoid these situations. Take time to clean out electronic files and update software to keep operations running smoothly for everyone.

Plan your holiday marketing strategy. Research ideas for amping up your holiday sales. Meet with designers to start developing your holiday social media, digital and print campaigns. If you also host a party for staff and/or the community, start mapping that out as well and book needed vendors.

If you experience a September slowdown, make good use of this down time to enhance business processes, keep your staff busy, and plan for upcoming events. An organized and well-run business is good for the soul…and for the bottom line.

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Reminder: Q3 Tax Estimate is Due Soon!

This is a friendly reminder that the Q3 tax estimate payment deadline is coming up fast. Be sure to make your payment by September 15, 2018 to avoid penalties. Currently, penalties for late or no payment average about 4 percent. And wouldn’t you rather keep that money in your pocket?

Staying current on your estimated payments is good business practice. If you are due to make a Q3 payment and have questions, feel free to contact our firm.

Have a great month. And remember, we are here to help!

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Dinner, Drinks and Deductions

According to new rules from the Tax Cuts & Jobs Act, meals and entertainment tax-deductible expenses for businesses have undergone considerable reform. Because the explanations of new deduction guidelines can be confusing, we’ve created this brief outline for you. A visit with your accounting professional to ensure your Chart of Accounts is correct may also be beneficial.

• The office holiday party has been salvaged and is still 100% deductible.
• Taking a client golfing, out to a concert or giving them tickets to a sporting event all fall under entertainment expense. These perks are no longer deductible.
• Meals taken while on mandatory business travel will remain 50% deductible.
• Meals provided for the convenience of the employer (i.e. feeding an employee working through lunch or dinner) are now only 50% deductible.
• Meals provided to the public to generate business remain 100% deductible.
• Travel for business reasons and costs associated continue to be 100% deductible.

Keep expense details specific with coinciding receipts. Your bookkeeper will be grateful!

Remember, we are here to help, so contact our office any time for further explanation on new meals and entertainment rules.

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Back to School on a Budget

August is upon us once again. The collective “UGH!” is heard nationwide as families trudge toward the school supplies aisle in preparation for the upcoming academic year. Sadly, the “days-gone-by” supplies such as a box of crayons, spiral-ring notebooks and a pack of #2 pencils have evolved into a much longer list. But never fear, we’ve put together these useful tips to help you do “back to school” on the cheap.

1. Recycle older children's supplies. In our world of waste conscientiousness, why not teach children it’s perfectly acceptable to repurpose school supplies? Throw those backpacks in the washing machine. They’ll look just like new!
   
   
2. Check with friends who have children. Before you buy that higher math calculator or the latest technological gadget required for a modern education, ask a friend with a graduating student if you can purchase their used items before you pay full price.
   
   
3. Inquire about your community’s back-to-school relief projects. Do some research online or stop by your local Chamber of Commerce to gather information on organizations that offer school supplies aid such as Lions Club, Rotary Club, Masons, churches and other non-profits.
   
   
4. Open a savings account. Setting aside a small amount each month will be considerably less painful than paying for everything at once. To make saving easier, restrict yourself from eating out more than a few times a month or scale back your latte purchases. You’ll be surprised at how much you can save.
   
   
5. Research and prepare ahead of time. Set a good example for your little learners and do your homework. Compare sale ads, clip coupons or find out if your area offers a tax-free shopping weekend. Proper preparation can save you some serious green.

Best wishes to all the families facing the back-to-school frenzy. Take a deep breath. 
You got this. Or, as my English teacher would say, “You have this!”

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Healthy Summer Eating Made Easy – Part II

So popular was the topic of our last post, that we created Part II to create our eating-healthy-this-summer-themed blog series. Enjoy these added nutritional and time-saving tips for summer meal planning.

Summer truly is one of the hardest seasons to stick to a sound nutrition plan—especially when you consider vacations, hosting summer guests and lack of quiet time because kids are out of school. With the added activity that comes with summer, sometimes the energy to plan and cook simply disappears. So, let us help you with a few tips to get your healthy summer eating back on track.

• When and what to ‘snack’ on. Snacks should happen when there is a long period between meals—about 4-5 hours. Snacking can often turn into prime time for processed, sugar-filled foods…because they are packaged and convenient. If you can, shop for a week’s worth of fruit and veggies and keep them out for snacking. Whole grain crackers, cheese cubes and chicken or turkey slices are other great options for quick charcuterie-style snack breaks that take only a few minutes to prepare.
  
  
• Opt for better fast-food salads. Salads are a great go-to for a summer meal, but they take prep time. It’s totally fine to pick up pre-made salads, just be sure that they are mostly fresh greens and vegetables. Avoid salads with a lot of mayo, oils and croutons. And consider salsa instead of higher-calorie salad dressing.
  
  
• Throw veggies on the grill, too! The grill isn’t just for meat anymore. Grilling can be a quick and easy cooking fix, especially when you throw the entire meal on the fire. Wrap corn on the cob, potatoes, zucchini and other vegetables in foil and grill to perfection. Add a little teriyaki sauce, marinades and seasoning to give veggies some flair.
  
  
• Don’t forget the drinks. While water is always the best choice, you can make sugar-free drinks with relative ease. Put out a self-serve crock of sun tea or sugar-free lemonade (with fresh lemon and lime slices). A big enough crock can last all weekend, and all you have to do is offer up ice and cups.

Have fun this summer, no matter your plans…and stay healthy while you are at it. Keep these tips in mind to eat healthy with ease.

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5 Tips to Eat Healthy While on Vacation this Summer

If you are like most, summer is prime time for family and friend vacations. It’s a time to unwind and recharge…to see new places and try new things. For many, “new things” often means food. And if you are trying to maintain or lose weight, that can be a problem. So, for all you travelers trying to stay healthy this summer, here are 5 great tips to help you stay on a healthy eating plan and still enjoy your vacation!

1. Resist the urge to splurge—Most people tend to splurge when eating out, which means pumping far more calories into the body than it needs. It’s best to reprogram your thinking about eating out. Don’t view it as a special treat (which often leads to carte blanche to overindulge). Instead, view eating out as a way to fuel your body (like every other meal), and then consider sharing an entrée, ordering half-sized portions, or making a healthy plan for what you will eat before you sit down.
   
   
2. Have it your way—A lot of restaurants will allow you to customize your order. Order your meal YOUR way by asking for smaller portions, substituting fries for veggies, or eliminating the butter for cooked food.
   
   
3. The secret weapon of walking—When sightseeing, be sure to cover a lot of ground by walking. This will burn calories, which gives you some wiggle room if you choose to indulge now and again. Plan to take an extra stroll after dinner, a swim in the hotel pool, or an early morning hike to burn a few extra calories. 
   
   
4. Lose the mini-bar key—It seems overly simple, but you’d be surprised how quickly you forget about the snacks in your room when they are locked away with no key in sight. That little key tends to lead to no good…physically and financially.
    
5. Get in your “five a day”—Make an effort to get in your five servings of fruits and vegetables each day. This will fill you up faster and make meals feel more satisfying. It also helps you meet your daily fiber count…which will keep your digestive system on track while vacationing as well.

Apply these five easy tips while you are enjoying your summer away with family and friends. You’ll feel better while vacationing and when you get home.

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5 Tips to Get Kids Out of Technology and Into Nature this Summer

If you are like most families, summer means vacation. And if your kids are like most kids, they tend to be tethered to their technology. Whether planning to travel abroad or a long weekend at a local campground, summer is a time for exploration and simply paying attention to the beauty around us.

We want to help you “disconnect” your kids from their favorite devices and get them back to nature this summer with these helpful tips:

• Plan activities from your own childhood. Remember the days when you played outside for hours? Those same activities are still fun…especially when the entire family engages. Play a game of kickball, go for a bike ride (with a fun destination at the end of the ride; perhaps an ice cream stand or park), explore the woods, or play a game around the campfire. You’d be surprised at how quickly kids forget about technology when they are having fun outdoors.
  
  
• Identify vacation destinations that are family friendly. It’s tough to disengage kids from technology when there is “nothing” to do. While nature is fantastic, kids can only look for so long. They need to be active. If you are a camper, make sure your campground has activities for kids onsite or nearby. For example, a go-kart park, rock climbing wall, zip line or a swimming pool. If you are a hotel dweller, the same ideas apply.
  
  
• Bring fun nature projects for kids to work on. Engage your child’s mind in something hands-on that isn’t a smartphone. Build a birdfeeder from a kit, create a bug box or plan a fun outdoor scavenger hunt. Build in some creative time with your kids and experience the fun together.
  
  
• Find apps with built-in timers. You can certainly offer kids some time with their devices. Just keep it to a minimum while on vacation. There are game apps that offer internal timers so the app stops on its own. It's up to parents to make sure kiddos don’t just jump into another app.
  
  
• Lead by example. When children see their parents constantly connected to a mobile device, it validates their own use. Put down your own smartphone or tablet and engage in your vacation with your kids.
  
  

Here’s to getting your entire family back to nature! Have a fun and safe summer.

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Ideas for Multigenerational Family Vacations this Summer

Multigenerational family vacations have experienced an uptick in popularity, especially with older generations being more active and families living farther apart. Family getaways certainly bring people together physically, but also emotionally. Dedicated family time is simply good for the soul…even more so when multiple generations take part. With this in mind, we bring you a few ideas and tips to consider when planning your next multigenerational vacation.

Identify the purpose of the vacation
Family vacations, at the core, are about families sharing time and experiences. But what other reasons might you have for the trip? Getting to know your grandkids better? Re-experiencing traveling with your parents like when you were a kid? By being clear on expectations of multigenerational family trips, you can address the type of experience you’d like and make sure it meshes with what the rest of your family expects.

Consider mobility issues
If there are family members for whom traveling is difficult, take the vacation to them. This doesn’t mean staying in their home, but rather booking rooms for everyone in a local hotel (preferably one with a pool for the kids). This allows your less-mobile family members to join in on the fun without having to travel far from home base.

Take a tour
Experiencing the world with your family adds to any adventure. Many tour companies cater to a wide range of active age groups—offering tours of Alaska’s interior to a safari in Tanzania. As active seniors increasingly want to introduce their pre-teen/teenaged grandchildren to travel, many tour itineraries are being designed to accommodate all family members.

You can go home again
For the kids, getting a personal tour of where parents or grandparents grew up can make for an enriching trip. For parents and grandparents, it offers a trip down memory lane. It also creates a lasting connection with grandkids as you visit spots that are linked to your family’s history.

Do a little heritage travel
Consider taking a trip to trace your family’s roots. Make an ancestor’s hometown part of a larger trip or your official destination. Whether it’s the next state over or another country, communities warmly welcome families looking into their history and are often eager to share information.

Get everyone's input
Before you plan your next (or first) multigenerational family vacation, make sure to get everyone’s input up front. Having all family members agree on the plan will make for a much more enjoyable getaway and help create some wonderful new memories.

For all those who plan to travel with family this summer, these ideas and tips can help as you make plans for your extended family. Safe and happy travels!

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Your Smartphone Preparedness Travel Guide

For many of us, our smartphone is a vital travel tool. We rely on it for navigating unfamiliar places, taking photos, and identifying recreational activities. Michael Zhao, an editor for TheWirecutter.com, offers the following tips on what to pack in addition to your smartphone—so you won’t be stranded when traveling this summer...or any other time of the year.

• A backup battery. When traveling, you will likely use your smartphone for many tasks, causing you to burn through your battery quickly. A small, lightweight external battery pack is a must.
  
  
• At least three power cables. Pack two power cables for your phone—one that stays in the hotel room and another to carry with your battery pack. Your third power cable should charge your battery pack.
  
  
• A multi-port wall charger. For the sake of traveling light, don't pack multiple power bricks to charge your phone and battery. Buy a multi-port wall charger that can power all your gadgets at the same time.
  
  
• A plug adapter (if applicable). Some countries will have power outlets that are incompatible with your plugs. Research the type of power outlets that your destination has to determine if you need a plug adapter.
  
  
• A SIM card ejector (if applicable). If you plan to use a foreign wireless carrier's service, you will need to pack a card ejector. This looks like a small metal pin and is used to swap out your SIM card for the foreign carrier's.

A few other tips for smartphone-dependent travelers:

• Download important apps and maps ahead of time. You never know whether cell service will be sluggish or spotty, so download must-have media ahead of time at home.
  
  
• Have a backup plan for logging into important apps, such as those with two-factor authenticathat require a special code be texted to your phone.

In addition to all of these tips, you may also want to pack noise-canceling headphones to eliminate background noise while en route to your destination…as well as help you relax during your stay. So, if you are traveling this summer, here’s to a relaxing, stress-free and quiet time away from home!

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Facing the Facts: How to Interpret Facial Expressions at Work

You may be completely proficient at decoding emojis on social media and in text messages, but for many of us, figuring out what other people’s facial expressions mean can be quite a challenge. Here’s a quick rundown of how to interpret different facial stances based on research from people-communicating.com:

1. A smile—The lips can lie, so to truly know if a smile is genuine check to see if the eyes of your subject are also smiling. If they aren’t chances are that the smile is fake.
   
   
2. Pursed lips—Usually, this is a sign that your comrade or client is holding back their dislike for something. It might be worth asking them if they agree with what is being proposed.
   
   
3. Pouting lips—Going beyond the pursed lips into pouting, as you may guess, generally means that the person you are with is unhappy, hurt or dissatisfied in some way. Asking gentle questions can help to uncover the issue.
   
   
4. Biting lips—This expression is often a sign of worry, or a dry mouth. Suggesting a break and a glass of water can be a way to ease both of these possibilities.
   
   
5. Tight jaws—If the person you are with is stressed about something they may clench their jaws. If you are discussing a particularly hot topic consider taking a breather or asking them if a compromise could help alleviate their tension.
   
   
6. Frowning—Unhappiness is a common reason for frowning, but some people may just have a natural lip position that looks like a frown. If you are not sure, ask if something is upsetting them, if not, just move on with the meeting or talk you are having.

Whether you are face to face with your co-workers or clients in real time or via a video call, knowing what their faces are telling you can help avoid miscommunication and create better working relationships…no emojis needed!

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Summer is Just Around the Corner— And So Are Potential Childcare Tax Credits

Summer will be here before you know it! If you are a working parent with school-aged children, you know that it can also mean pretty steep bills for childcare and summer camp. However, you may be able to soften the hit to your family’s budget if these services qualify for the Child and Dependent Care Tax Credit.

This credit reduces your tax liability dollar for dollar when you deduct the cost of day care provided by a day camp, day care, preschool, babysitter or nanny. Keep in mind, expenses for sleep away camps and tutoring are not eligible for this tax credit.

Here are the other qualifications for deducting the cost of these services on your next tax return:

• If you are married and filing a joint return, both spouses must be employed, or one spouse may be a full-time student.
   
• If you are looking for employment, you can claim the cost of childcare provided during your job search—with the caveats that a) you have also earned some income during the year and b) your child is under 13 years of age.
  
  
•  You can claim up to $3,000 in eligible childcare expenses if you have one child and up to $6,000 if you have two or more children.
  
  
•  The amount of these expenses you can claim with the credit ranges from 20 to 35 percent, depending on your income.
  
  
•  The maximum of 35 percent of eligible expenses is available for those earning $15,000 or less.
  
  
•  The credit decreases to 20 percent of eligible expenses if you earn $43,000 or more, with no maximum income limit.
  
  
•  It doesn’t matter whether you file your taxes as married jointly, single, or head of household in regard to the income stipulations for the credit. However, you cannot file as married filing separately and also claim the credit.

Another note: You cannot double dip between a dependent care flexible spending account (DCFSA) and the childcare tax credit for the same expenses. However, if you have maxed out funds from your DCFSA, you can use the tax credit up to the limit for any additional childcare expenses.

For more information on the Child and Dependent Care Tax Credit contact our firm.

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Employee Recognition – A Great Way to Motivate Your Staff!

Quite often we can get so wrapped up in checking projects off the company’s to-do list that we forget to recognize the labor that went into each accomplishment. Acknowledging milestones provides opportunity to show appreciation to the employees who helped you achieve them. This will go a long way in retaining top-tier staff. Use a few of our fresh ideas to recognize your team members:

• Surprise them. A totally unsuspecting employee will be blown away when they receive unexpected acknowledgment for their work. Take it up a notch by having friends and family show up for your employee’s spontaneous celebration.
  
  
• Capture celebratory moments. If you have regular award ceremonies or even during spontaneous surprise moments, capture the celebration on video or in a photo so you can share it with your team and even your clients.
  
  
• Do something thoughtful for the employee's family. Offer tickets to an amusement park or a sporting event. When your employee is working, they are spending time away from their –so you are acknowledging the family’s contribution to your company as well.
  
  
• Share personal anecdotes. When it comes to motivating employees, the recognition of their peers is very effective. Ask staff to nominate an employee for recognition and to write down outstanding qualities of the nominated staff member. Then share these comments during the recognition event.
  
  
• Create a scrapbook. This might take a little work, but it will be one of most memorable acknowledgements you can offer an employee. Have pees and even clients write comments about the difference this employee has made. Along with some photos have it all printed within a scrapbook (print or digital).

Getting into the habit of recognizing your dedicated employees is well worth the effort in terms of employee productivity, motivation and loyalty. Use the ideas above as a springboard for creating your own employee appreciation traditions.

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Receiving a Tax Refund? Spend It Wisely With These Tips!

Are you expecting a tax refund? If so, don’t treat your tax refund as ‘bonus’ cash. Rather look at it as simply a return of taxes paid beyond your actual obligation. This will help you think about using this money purposefully. Here are some ideas to try:

• Start or increase your emergency fund: By stashing away your refund into rainy day fund, you’ll build both a financial safety net and peace of mind.
  
  
• Eliminate or pay down high-interest debt: Once you have established an emergency fund, paying off any high-interest debt such as credit card balances, payday loans and debt consolidation loans is one of the best things you can do to improve your financial situation.
  
  
• Consider refinancing your mortgage: With relatively low mortgage rates available, you may want to consider refinancing your mortgage to lower your monthly payment and save money. Your refund can provide the funds to pay closing costs and other refinance fees.
  
  
• Contribute to tax-sheltered accounts: Using your tax refund to top-up (or start) a Roth IRA or 529 college savings plan offers you a double bonus. Not only will you be compounding dollars and interest for your future retirement or college tuition needs, but you’ll be creating a tax deduction as well.
  
  
• Improve the lives of others: If you have your own financial bases covered, then making a charitable donation is another good use of your return. The less fortunate will benefit from your generosity while offering you a tax deduction.
  
  
• Reinvest in yourself or your business: Is there something you would like to improve in your business? Or would you like to take a class? If you have funds leftover after taking care of savings and debts, these are a few more smart choices to invest in.

While it is tempting to use your tax return as a windfall, it is important to remember that you earned it. Also, if you are receiving a sizable refund, consider adjusting your tax withholding amount, so you have more of your income to use to cover expenses throughout the year.

Questions? Please contact our firm.

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Spring Cleaning Time is Here! An Easy 3-Step Checklist for Cleaning Your Office

The spring season is here! In addition to taxes, many of us want to take care of some overlooked cleaning tasks. Procrastination often creeps in when it comes to cleaning—especially our offices. It can feel overwhelming and somewhat unproductive to spend time decluttering and cleaning your workspace, but once complete, most people feel a sense of relief and calm. Use this handy checklist to expedite your office cleaning:

1. Your computer

• Clean your keyboard and computer vents with compressed air.
• Disinfect monitor keyboard, mouse and any devices on your desk.
• Untangle and label computer cords and cables.
• Backup files to the cloud, delete trash files and perform necessary updates.
• Defragment your hard drive and/or perform a disk utility cleanup.

2. Your Desk

• Dust and disinfect the surface.
• Trash any broken office supplies and nonfunctional pens and pencils.
• Enter contact information from business cards to your digital contacts.
• Clear all unnecessary documents and file, shred or recycle them.

3. General Housekeeping

• Dust the room, all window treatments and lights.
• Clean area rugs and carpets.
• Clean air vents, ducts and baseboards.
• Wash the windows and clean the floor.

By breaking down tasks into the manageable groupings, you’ll be more efficient as you clean your office. Keep this checklist handy—knowing that a cleaner office offers a sense of relief and calm.

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Disappearing Tax Deductions! Don’t Miss Them on Your 2017 Tax Return

Have you filed your 2017 taxes yet? If not, you still have the opportunity to make sure that you lower your tax obligation as much as possible. With new tax laws in effect for 2018 and beyond, the following deductions will disappear after this tax season—check them out to see which ones may help you lower your taxable income:

1. Personal and dependent exemptions. The $4,050 in potential personal and dependency exemptions are being replaced in 2018 with a higher standard deduction. This tax season is the last chance to use them.

2. Uncapped state and local tax deductions. Starting this year, you can only claim $10,000 in deductions for state and local taxes. There is no cap on these deductions on your 2017 tax return. Check to see how much you are eligible to claim before filing this year’s taxes.

3. A larger mortgage interest deduction. After the 2017 tax year, the ability to deduct interest on up to $1 million in mortgage debt will be phased out. The new tax laws cap this deduction at $750,000.

4. General deductions for home equity loan interest. Your 2017 tax return is the last one on which you can deduct all of the interest paid on a home equity loan. Next year, unless the money you borrow is used for home improvements, you cannot deduct interest on a home equity loan.

5. Deductions for unreimbursed employee expenses. Another deduction ending this tax season: unreimbursed purchases related to your employment (the total must exceed 2 percent of your 2017 adjusted gross income).

6. Itemized deductions. With the introduction of a higher standard deduction, there are several itemized deductions that are being eliminated after the 2017 tax year, including unreimbursed qualified employee education expenses, some professional services fees, and professional dues. You may want to ask a tax professional to see if there are others that you should claim this year.

7. Moving expenses. Did you move for work in 2017? Then you may be able to deduct your moving expenses if they meet the IRS guidelines. Unless you are in the armed forces, going forward, moving expenses will not be deductible.

These are just some of the deductions and exemptions that are impacted by tax reform. Now is the time to see which ones you should take advantage of as you prepare to file your taxes. If you need help preparing your 2017 tax return, contact our firm for assistance.

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Tips to Boost Client Appreciation Efforts… Even When Time is Tight

When you are super busy running a business, it can be easy to let customer appreciation slide to the bottom of your long to-do list. The problem is, if you don’t show your customers love on a regular basis, they’re going to feel neglected, which can put their continued loyalty at risk.

Good news! You don’t have to spend a lot of time to make your customers feel appreciated. The following ideas coupled with your genuine gratitude makes it easy to show how much you care.

Send an unexpected treat. Imagine receiving an unexpected gift card or a sampler of delicious local fare. Offering a simple treat “just because” will show your appreciation and go a long way toward keeping your customers loyal. Time involved: Maybe five minutes to buy something online or to call a local bakery or food delivery service.

Give a shout out on social media. When your clients achieve an important milestone, take a minute to recognize it by posting your congratulations on Facebook, LinkedIn or Twitter. You can also share your customers’ content to add an extra level of engagement. Time involved: One minute or less.

Pick up the phone or schedule a video conference. While sending emails and texts is great, picking up the phone or having some virtual face time once in a while is important. Schedule a short “check in” call every quarter to show your clients that you appreciate their feedback. 
Time involved: 10 to 15 minutes.

Profile them. Here’s a win-win strategy for appreciating your clients and growing your business. Ask them if you can write a success story for your website or other marketing channel about how they are benefiting from working with you. They’ll get exposure and you’ll get social proof to help win more clients. Time involved: 90 minutes to interview, write the profile and post it on your website.

Offer referrals. The best business relationships are mutually beneficial. One of the best ways to appreciate the business your customers do with you is to return the favor, either by using their services yourself or by referring them to others.  Time involved: 10 minutes to either reach out yourself or to make an introduction.

Author Kevin Starts wrote, “Every contact we have with a customer influences whether or not they’ll come back.” Even if you are short on time, these tips can help you and your staff create meaningful contacts with your customers that show how important they are to you!

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Considering Hiring a Cybersecurity Professional? Here’s What to Look For.

With the occurrence of cybercrimes affecting businesses increasing daily, many companies are looking for outside expertise to help them mitigate their risks. If your company has never engaged a cybersecurity professional before, you may be unsure of what to look for. The IRS suggests businesses use the following four steps when evaluating and selecting a cybersecurity professional:

1. Ask other business owners or professionals for recommendations and references.

2. Keep trust at the forefront of your selection process. Since any cybersecurity professional you hire will have access to sensitive data and systems within your organization, it is essential that you feel comfortable granting such access to them.

3. When interviewing candidates, make sure you learn how much experience they have in data protection. The IRS suggests asking questions such as:

• How does ransomware work and what can we do to protect our systems?
• What are the best options to securely back-up data and why are those options the best?
• Do you have suggestions regarding the following: data encryption, malware, firewalls, disaster recovery and remote access tools?
• Have you ever created a security plan for a similar business?
• Can you do an assessment of my systems and processes to find vulnerabilities or weaknesses? If so, will you then provide recommendations to strengthen my security?
• Will you conduct security simulation tests with our staff? 
• What resources do you have to provide continuous staff education regarding security?
• Will you provide ongoing monitoring of my systems as security threats evolve? If so, how often do you recommend changes?

4. Once you have identified the cybersecurity professional or firm that you wish to engage, make sure that you execute a written agreement or engagement letter to ensure both parties understand how you will be working together.

For businesses that do not have an internal resource to help them safeguard their sensitive data and computer systems, hiring an independent cybersecurity professional or firm can be a wise decision. If your business decides to engage this type of resource, use the steps above to help you find the right fit for your company’s unique needs.

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Need Help Trying to Make New Habits Stick? Try These Simple Tips…

Even if you are not a New Year’s resolution maker, it’s likely that at some point in your life you’ll want to adopt healthier or more productive habits. When you do want to make a change for the better, consider trying the following tips from lifehack.org to increase your chances of making your new good habits stick:

1. Identify the root of the resistance you may be feeling when adjusting to your new habit. If you are having trouble making a change to your routine last, take some time to journal how you feel about the new activity. This can lead you to uncover unconscious barriers that may be keeping you stuck and allow you to find ways around them. For example, if you find it hard to get out of bed and get to the gym, you may resent that you are losing extra rest time. If that is the case, consider going to bed a little earlier so you don’t shortchange yourself on sleep.

2. Try to change complementary habits at the same time. Many of our habits are intertwined, which means if you try to change one, you may be more effective if you also change a related behavior. For example, if you want to read more this year, you may want to reduce your TV-watching time to make room in your day for your new book-loving habit.

3. Monitor your progress. Tracking how successful you are at consistently practicing your new habits keeps you accountable and can also provide a visual reminder of your commitment. You can track the times that you reinforce your habit on a simple piece of paper, calendar or whiteboard. Or, you can use one of the many apps available for smartphones if you prefer to monitor your progress digitally.

4.  Recruit cheerleaders. It can be very difficult to change deeply ingrained habits without a supportive environment, so don’t be shy about sharing your goals with friends, family and co-workers to keep you on track and encouraged. Plus, for habits that may impact other people (like you getting up early to go to the gym while your partner is tasked with getting kids off to school), having supportive cheerleaders is even more critical.

It can be very challenging to make new habits stick, but whether you attack your goals now or sometime in the future, keeping these simple tips in mind should make it a little easier. Also, be sure to share these tips if you know someone who could use a little encouragement while trying to achieve their own goals.

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Quick Tips to Help You Tackle Your Taxes with Ease

Tax season is approaching quickly. It’s just a few weeks until the IRS officially starts accepting returns, which means now is the perfect time to use the tips below to help you net some last-minute tax-savings and tackle tax season with ease.

1. Top up your retirement accounts. You still have until April 17, 2018 to make a contribution to a traditional IRA or a Roth IRA and reduce your taxable income. If you have a Keogh or SEP IRA, you have until October 15, 2018 to top them up. Note that the maximum IRA contribution you can make for the 2017 tax year is $5,500 ($6,500 if you are age 50 or older by the end of the year). For self-employed individuals, the maximum annual addition to SEPs and Keoghs for 2017 is $54,000.
   
   
2. Ready your tax records. You will likely start seeing tax documents such as your W-2, investment account summaries and other receipts or information return copies come in your mailbox. Or you will receive notifications that they are ready to access via email over the next few weeks. Put these items in a safe place with your tax receipts and other tax documentation so you can avoid the stress of searching for documents. This will also allow you to expedite the filing of your tax return by beating the April rush.
   
   
3. Be aware of the tax deadlines. Our firm will work to keep you on track for meeting the filing deadlines. However, if you don’t think you’ll be able to make the filing deadline, just let us know in advance and we can file an extension on your behalf, giving you until October 15, 2018 to file your personal taxes. Be aware that you will still need to make a reasonable estimate of your tax liability for 2017 and pay any balance due with your extension request.
   
   
4. Let us know if you need help. Our tax experts are here to help. If you have questions about the information you need to submit in order for us to handle your taxes, please let us know. We are happy to answer any questions you may have about this year’s taxes and the impact of tax reform. We may also be able to identify areas of additional tax savings as well.

The key to easy tax filing is to get organized early and to reach out to our firm as soon as you can. This will help expedite any potential refund you may be entitled to—which is a great incentive to tackle your taxes now!

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5 tips to mitigate paying taxes on Social Security benefits

Like the old paraphrased saying goes: In this world, two things are certain—death and taxes. The recent federal tax overhaul changed a lot of rules, so it’s as important as ever to understand your tax obligations, including those on Social Security benefits.

According to the Social Security Administration, some will be obligated to pay federal income taxes on Social Security benefits. This usually happens only if you have other substantial income in addition to your benefits (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return).

No one can avoid the long arm of the tax man altogether, but there are ways to reduce your income and lower (or even avoid paying) taxes on your Social Security benefits. Consider the following tips:

1. Consider withdrawing money from a Roth account:
   If you need additional cash during the year, consider withdrawing it from your Roth IRA or Roth 401(k), Taxes are not due on Roth distributions and will not impact your adjusted gross income. Be aware of the minimum required distribution (RMD), however. Taxes are not due on Roth distributions as long as you have contribution basis.
    
2. Distribute your RMD to charity: Giving money to charity is a great way to help make the world a better place. While doing good for others, you can also lower the odds that your Social Security benefit will be taxed. You can transfer up to 100k per year to qualified charities.
   
   
3. Reevaluate working a part-time job: Money earned working a part-time job pushes you a little closer to owing taxes on Social Security benefits. If your part-time wages make little difference in your quality of life and/or you don’t like the work, consider ditching the part-time gig.
   
   
4. Reconsider municipal bonds: People are often attracted to municipal bonds as a way to lower their tax bill because they are not subject to federal and state income taxes. However, municipal bond income is included in the formula that determines whether or not you will pay taxes on your Social Security benefits.
   
   
5. Delay benefit collection: Delaying benefits until full retirement age (or beyond) is the best way to avoid paying taxes on Social Security benefits, at least for a while. Waiting to file for benefits also means a bigger check each month once you finally do start collecting.

Of course, be sure to consult with our firm if you have questions and to ensure the best tax strategy. Here’s to a happy and financially healthy New Year!

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Tips to Help You Truly Enjoy the Most Wonderful—and Overwhelming—Time of the Year

It’s amazing how much festive fun can be packed into a few weeks. While the holidays truly can be wonderful, they can also feel overwhelming with too much to do and too many temptations that derail us from enjoying what is truly important. To help you make your holidays feel more fulfilling and less frantic, try these suggestions:

1. Be intentional. Staying focused in the midst of the hectic holiday season can seem like a daunting task, but it's key to staying relaxed. Be mindful of what your priorities are and act with intent to make sure you keep focused on what you really need and want to do.

2. Give yourself a break. Funny how we call this time of year the “holidays” and it can feel anything but relaxing. Make a vow to carve out time to give yourself the break that you deserve.

3. Take vacation time. Rather than trying to cram personal errands into your workday, schedule a personal day to focus solely on those domestic and personal holiday preparations. This will allow you to focus 100% of your energy on work when you are at the office and help you feel more in control.

4. Just say no. It’s simple to do, but not always easy to say “No”…especially around the holidays. However, accepting an invitation because you don’t want to hurt someone’s feelings can have you burning the candle at both ends. So, practice politely and graciously declining invitations, and then put this skill into action.

5. Manage your own expectations. While you can do everything—you can’t do it all at once. This is an important mantra to keep in mind during the holiday rush. You and those around you can only do so much, so set realistic expectations about what you are willing to do and then be at peace with your decisions.

We hope you take these tips to heart in order to truly enjoy this special time of the year and avoid that overwhelmed feeling. Happy Holidays!

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Tax Reform Update: A Snapshot of Key Proposals in the GOP Bill

On November 16, the House passed a new tax reform bill that moves the GOP closer to bringing the legislation to fruition. Now the Senate is preparing its own tax reform package. If passed, it must be reconciled with the House before any final legislation goes to the White House. Here is a snapshot of some of the key changes proposed in the tax reform bill:

• Individual tax rates would be reduced and there would be four revised brackets of 12, 25, 35 and 39.6 percent. There is also a new maximum rate on business income for individuals of 25 percent.
• The standard deduction would be almost doubled, but personal exemption deductions would be repealed.
• The mortgage interest deduction would be capped at $500,000 of debt for newly purchased homes, but the $1 million cap will remain for current home owners.
• State and local sales and income tax itemized deductions would be eliminated and the property tax deduction would be limited to $10,000.
• Several personal deductions would be eliminated including those for medical expenses, alimony and student loan interest.
• Many education incentives would be consolidated.
• The child tax credit would be increased; and a temporary family tax credit would be introduced. The child and dependent care credit and the adoption credit would remain.
• Also, families of four or more would have fewer standard deductions and exemptions combined under the new plan which may or may not be offset by the increase in child tax credits or new tax brackets, depending on income levels.
• The estate tax exemption amount would be doubled and the rate would be lowered with the estate tax repeal not taking effect until 2024.
• The top corporate tax rate would drop to a flat 20 percent which will eliminate the graduated rates up to 35%.
• A new pass-through entity tax structure would be created, and the rules for deducting business interest would be modified.
• The individual and corporate AMT would be repealed.
• The Work Opportunity Tax Credit and many other business tax preferences would be eliminated.

These are just some of the latest changes outlined in the draft tax reform bill. We will continue to provide updates on this legislation as it progresses. If you have questions, please contact our firm.

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Tips to Simplify Your Thanksgiving Spread

With just days to go before Thanksgiving, the clock is ticking down to some of the most memorable meals of the year. However, for many of us, the pressure of preparing a perfect Thanksgiving feast can be overwhelming. If this is true for you, consider these tips to simplify your seasonal spread.

Take a potluck approach. If you’re charged with feeding a houseful of guests, there’s no reason why you can’t make a meal out of shared dishes. Just be sure to ask guests in advance to bring a dish to pass so everyone has time to prepare their favorites.

Breakdown the bird. A roasted turkey, the traditional centerpiece of a Thanksgiving feast, can be an absolute beast to prepare, cook and carve. So instead of tussling with a whole turkey, try cooking just a turkey breast or a breast and some legs if you like having both white and dark meat.

Put your slow cooker to work. There’s no reason that everything you make has to involve you slaving over a hot stove. Line up a slow cooker (and ask friends and family if they can bring theirs, too) and use it to cook meat, vegetables or even mull cider.

Buy pre-prepped foods. Yes, vegetables that are peeled and cut and ready-made mashed potatoes are more expensive than doing the prep yourself. However, if you’re short on time and want to have time to visit with family, the extra cost may well be worth it.

Create a “must-have” list. The holidays are often tied to memories of specific recipes, which can make it hard to prepare everything on your traditional menu. To avoid culinary overwhelm, have family members make a wish list of favorite foods and then enlist their help to make the dishes.

The tips above can help simplify preparation of this year’s Thanksgiving meal. Remember, while the perfect turkey and trimmings are delicious, they’re much less satisfying than the time you can spend with family and friends.

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Plan Now and Take Advantage of 2017 Tax Savings

The end of the year is often hectic, which is why it’s important to take some time now to reduce your tax bill. Our firm can offer additional strategies to further mitigate your tax burden; however, the following 5 tips are an excellent starting point:

1. Defer income. Because income is taxed in the year it is received, it may be beneficial to postpone income to lower your tax obligation. For example, ask your employer to postpone your annual bonus to pay in 2018, or if self-employed, bill your clients after the end of the year.
   
   
2. Look at last-minute tax deductions. Accelerating deductions can help lower your income. Charitable contributions is one way to do this…just be sure that you have a receipt. You may also be able to take advantage of additional deductions if you plan to itemize instead of claiming the standard deduction.
   
   
3. Use loss harvesting to offset investment gains. This is an important year-end strategy for taxpayers who have low-performing investments, such as stocks and mutual funds that they can sell at a loss. Losses can be used to offset taxable gains dollar-for-dollar. If your losses are more than your gains, you can use up to $3,000 of excess loss to reduce your total taxable income, and any other losses can be carried over year-after-year for your lifetime.
   
   
4. Maximize your retirement contributions. Using tax-deferred retirement accounts such as 401(k)s and IRAs to reduce your taxable income is win-win. You can both reduce your taxable income and increase your retirement nest egg. If you are employed and have a company-sponsored 401(k) plan with matching contributions, it’s advised to contribute the maximum ($18,000 for 2017 for those up to age 49 or $24,000 for those age 50 and over). If you can’t afford the maximum, be sure to contribute enough to qualify for your employer’s matching contributions.
   
   
5. Focus on your Flexible Spending Account (FSA). An FSA allows you to use tax-sheltered funds to pay for child care and medical bills and can help save tax dollars—but only if you use the funds by the end of the year. So, be sure to review your FSA balance so you can make a plan for last-minute qualifying expenses. You may also want to see if your employer is offering the IRS- approved grace period, which allows you to spend 2017 FSA funds through March 15, 2018.

The tips above offer a few ways to save significant money by putting a tax plan in place before the end of the year. You can also schedule an appointment with our firm to develop a customized tax strategy and perhaps reap additional savings.

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Simplify Seasonal Staffing with these Smart Strategies

Whether your business needs temporary workers to get through the holiday season or you hire short-term help on a regular basis, the process of finding the right candidates can be challenging. Try applying these strategies to make seasonal staffing easier:

1. Create an ideal employee profile. Even though temporary help may not be with you long, it’s still important you find the right fit for your business. Spend a few minutes to jot down the kind of characteristics a successful candidate should possess.
   
   
2. Detail the job description. If you regularly hire seasonal or temporary staff, be sure to consistently update job descriptions based on changes in your business or to add the ideal employee profile information mentioned above. If this is your first time hiring short-term help, ensure your job descriptions are clear about specific duties and expectations.
   
   
3. Create a recruitment network. Relying on only one source to find good seasonal help can limit your potential for finding great employees. Consider creating a recruitment network including current employees, trusted referral sources, social media, local higher education institutions, recruitment agencies and online job sites.
   
   
4. Standardize your screening process. Comparing potential candidates is much easier when you have a set of standard interview questions for each position. In addition, make sure you perform appropriate background and reference checks—this will help you protect your business and avoid potential issues.
   
   
5. Invest in onboarding. You may think it’s not worth taking seasonal employees through a formalized onboarding process. However, by doing so, you’ll save time and money in the long run by not having to answer simple questions, redo work or explain how your company operates. This will also make your candidate feel valued, which is an important part of increasing productivity.

Once you’ve identified your ideal seasonal employees, you can also apply these strategies to complement your existing recruitment process for full-time employees.

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5 Tips to Reset Your Stress Response

Because stress related to work, family issues and other events is something that affects many of us, it’s important to reset your own stress response to protect your health and productivity. Sharon Melnick, Ph.D., a business psychologist, offers these tips:

Act don’t react. According to Melnick, “Stress occurs when we feel that situations are out of our control.” This feeling activates stress hormones affecting our confidence, concentration and well-being. Since you can only control your own actions and responses, Melnick advises doing the best you can to make your own actions positive and letting go of what you cannot change. 

Breathe deeply. While this advice may seem simple, it can be very effective. Simply inhale for five seconds, hold and exhale in equal counts through your nose. This practice will help you restore calmness and clarity.

Avoid interruptions. Emails, phone calls, spontaneous meetings and texts leave us distracted—but they don’t have to. Melnick offers a three-point strategy: 1) Accept the interruption, 2) Ignore it if it’s not important or relevant and 3) If it is important, make a plan to address it after you’ve completed your priority tasks.

Work when energy and focus are at their peak. Working longer than a regular eight-hour day doesn’t necessarily make you more productive. When you are constantly pushing yourself, productivity tends to decrease and stress levels increase—depleting your overall energy. If possible, do your most important work when you are fresh and energized, take breaks every 90 minutes throughout the day, and wind down your work at a reasonable hour.

Take care of yourself. It goes without saying that a poor diet, poor sleep and little exercise are going to add to your body’s stress level. So, make sure that you put some energy into ensuring that your lifestyle helps you combat the external stressors that are out of your control.

While it’s virtually impossible to eliminate stress completely, you can control your reaction to it and take steps to reduce its negative impact. Follow these tips and be well!

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Proposed Tax Reform Plan: What Could It Mean for You?

Tax reform, one of President Trump’s key legislative agenda items, is moving closer to fruition. Based on the outline of his proposed tax reform package, which he unveiled on September 27, 2017, we’ve compiled this brief overview of the President’s major tax proposals:

Individual tax changes:

• There would be only three tax brackets including one at 12%, one at 25% and one at 35%. Legislators would have the option of adding a fourth bracket as a safeguard should wealthy taxpayers be in the position to pay less than they do in the current system.
  
  
• The standard deduction would be doubled to $24,000 for married couples and $12,000 for single filers.
  
  
• Personal exemptions would be eliminated. In addition, many itemized deductions would be eliminated or modified with the exception of mortgage interest and charitable contribution deductions.
  
  
• The proposal encourages lawmakers to keep tax incentives for home ownership, retirement savings, charitable giving and higher education.
  
  
• The child tax credit would be significantly increased from the current $1,000 per child under 17 years of age.
  
  
• The estate tax and the alternative minimum tax (AMT) would be eliminated.

Business tax changes:

• The C-corporation tax rate would be lowered from 35% to 20%. The deduction for net interest expense incurred by C-corporations will be partially limited.
  
  
• Sole proprietors, partnerships and S-corporations would have a maximum tax rate of 25%. Measures will also be implemented to prevent wealthy taxpayers from avoiding the top personal tax rate by re-characterizing their personal income as business income.
  
  
• A one-time low tax rate on existing overseas profits will be offered to companies in an attempt to have them move corporate money back to the United States.
  
  
• Future international earnings will not be taxed by the United States when paid as dividends from a foreign subsidiary if the U.S. parent company owns at least a 10% stake in the foreign subsidiary.
  
  
• A lower tax rate will be implemented on the foreign profits U.S. multinational companies to discourage them from sheltering profits in overseas tax havens.
  
  
• The proposal allows for the immediate expensing of the cost of new investments in depreciable assets, other than structures, that are made after September 27, 2017.
  
  
• The Section 199 production deduction will be eliminated based on the premise that it is no longer necessary in light of the lower corporate and individual income tax rates.
  
  
• The research and development credit and low income housing credits will be retained.

If you have any questions about these potential changes to the tax code and how they may impact your tax situation or your business, please contact us.

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Impacted by the Equifax Hack? Take These Steps Now!

If you were a victim of the recently announced Equifax hack, you need to take action to mitigate any negative impact it may have on your finances and credit. If you’re not sure if you were affected, you can use Equifax’s Potential Impact tool to find out. You will need to input your last name and the last six digits of your social security number to use this tool.

Unfortunately, hacks like this one are likely to happen again, so it’s vital to prepare by protecting your digital information as much as possible. Here are some steps you can take to begin the process:

1. Set up fraud alerts with the three major credit reporting agencies (Equifax, Experian and TransUnion) to alert you if someone tries to apply for credit in your name.
   
   
2. Use the fraud alerts that are available for your credit and debit cards, if you don’t already.
   
   
3. Consider credit freezes to lock your credit files to stop any new credit information releases. This will prevent any new accounts being opened in your name by an identity thief.
   
   
4. Check your credit report. You can get one free credit report every year from all three major reporting agencies at annualcreditreport.com. It is advisable to check in every four months, using one of your “freebie” reports rather than using them all at once. When you get your credit report, look for any suspicious activity. This should be a regular part of your financial self-monitoring.
   
   
5. Consider a credit monitoring service. Equifax is offering one free year of credit monitoring. However, before signing up you should review the terms of the agreement—and those of any other credit monitoring services that you may consider.

The Equifax hack is one more reminder of how critical it is to regularly monitor your financial and personal information for potential theft and misuse. If you do suspect that your information has been compromised, contact one of the credit reporting agencies mentioned above and the FTC Identity Theft Hotline at (877) IDTHEFT (438-4338).

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Tips for Maximizing the Value of Your Next Staff Retreat

Staff retreats can offer companies a lot of value. They can also be expensive and, unless managed effectively, not particularly productive. Before you plan your next (or first) staff retreat, review the following key factors to help you make the most of it.

1. Atmosphere. From physical conditions and dress code to receptivity to new ideas, think through all aspects of atmosphere to ensure everyone is comfortable and understands that the retreat offers a safe space to share and exchange concepts and viewpoints. The right atmosphere will encourage openness and spark creativity. Also consider timing. After a long day, you may want to cap things off with social events that run into late evening. However, be sure to build in breaks and offer staff time to recharge.
   
   
2. Participation. Make sure that everyone has the chance to participate. If there are a few employees who tend to monopolize conversations or exclude others in decision making, plan for this in advance by coordinating exercises where everyone has a part to play. You may also want to assign pre-retreat homework to further encourage participation. Finally, be sure to weave in a few fun activities that further motivate people to join in.
   
   
3. Relevance. For those facilitating the retreat, make sure you’ve planned thoroughly. Activities and content must be timely and relevant to your team. Spend time on identifying clear goals and objectives for your retreat, and then build your agenda accordingly.

Report on results post-retreat

In addition to the tips above, be sure to analyze results and plan next steps to maximize the value of your staff retreat. Follow-up on action items and direction that came out of your retreat by regularly checking in with your staff on progress. This will keep your team accountable for changes required. Combined, all of these tips will help you generate the greatest value from a company retreat.

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Free Money-Saving Apps for Every College Student

There likely aren’t many college students who don’t have a smart phone loaded with helpful apps. However, it is unlikely that any of these apps are dedicated to helping them build their financial fortitude. This is why we created our list below—chock-full of apps designed to make it easier for college students of any age to save money.

Mint—This personal finance app from Intuit is a great tool to easily track spending and learn how to budget…and can also help cut down on calls to the “Bank of Mom and Dad.”

Square Cash—Small debts are often accrued in college, but now it’s easier than ever to make good on paying them back—or collect on them. A few bucks borrowed or lent for a beer or a latte is easily repaid or collected using Square Cash. This app allows a user to send from or receive money to their bank account with no fee.

ATM Hunter—ATM fees can add up. MasterCard’s ATM Hunter helps students locate the nearest ATM and enables them to filter locations based on hours of operation, fees and more.

mySupermarket—Using this app allows students to avoid impulse buys and find the best deals on supermarket items. The app is great for food shopping online or in a store.

Big Oven—Getting great deals on grocery items is a good way to save money, but not if food is wasted by tossing leftovers. The Big Oven app helps students figure out ways to thriftily use food they’ve purchased. The app also offers more than 350,000 recipes and the ability to manage grocery lists.

Share our list with a college student you know. It’s a great start toward managing money wisely while in school.

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Expert Advice to Keep Your Internet-Enabled Devices Safe from Cyber Criminals

Did you know that your webcam and even your home or office internet router can be the gateway through which cyber criminals gain access to your most sensitive data? If not, don’t panic—we have helpful tips below from the experts at the National Cyber Security Alliance to ensure that you head off this type of malicious action.

1. Educate yourself about maintaining the security of all your devices. We’ve all read about the need to reset passwords on our smartphones, tablets and home computers—and not to connect to unsecured networks. The same precautions should be taken with all the devices you use to connect to the web, such as web cams and routers.

2. Keep up with your apps. We’ve all done it…downloaded an app that we no longer use and allow to sit on our device. Hackers are always looking for easy ways to access data and a “stale” app is one way to do it. To prevent this, check your devices periodically and delete apps you no longer use.

3. Know what you are buying. Before you purchase any device, conduct your own research to see if it has a reputation for security issues. Look for an alternative product if the one you are considering has been compromised in the past.

4. Revisit your home and office router regularly. Cyber security experts advise that every business and home owner who uses an internet router should schedule routine maintenance for it. This is as simple as using a strong password and changing it regularly, but it’s a step that too many people fail to take—leaving them vulnerable to a cyber attack.

Take a few minutes out of your schedule on a monthly basis to keep your home and office protected by following these tips. It just might save you and your business from a costly and disruptive cyber crime.

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Be Alert and Aware: Tax Scammers Don’t Take a Summer Vacation

The IRS has identified several new variations of standard tax scams involving fake tax bills and demands for payments. Many of these scams involve purchasing and transferring information using a gift card or iTunes card. Other scams to be aware of include:

Electronic Federal Tax Payment System (EFTPS) Scam
This scam involves con artists claiming to be from the IRS. Scammers call and demand immediate tax payment and threaten arrest if a payment is not made immediately by a specific prepaid debit card. Victims are also warned that they should NOT talk to their tax preparer, attorney or local IRS office until after the payment is made.

“Robo-call” Messages Demanding Payment
It is important to remember that the IRS does not call and leave prerecorded messages requesting a call back, but scammers do! According to the IRS, scammers tell victims that if they do not call back, a warrant will be issued for their arrest. Those who do respond are told they must make immediate payment either by a specific prepaid debit card or by wire transfer.

Private Debt Collection Scams
The IRS recently sent letters to taxpayers whose overdue federal tax accounts are being assigned to one of four specific collection agencies. Scammers are aware of this and are now calling taxpayers posing as private collection firms. If you receive a call like this and you have not been notified by the IRS about a tax debt, it is safe to consider the call a scam.

Protect Yourself: Know the Signs of a Scam
Given the level of sophistication and perseverance of scammers, it is sometimes difficult to determine legitimate contact by the IRS (and its authorized private collection agencies) versus ploys to get your money and personal information. Protect yourself by understanding that the IRS will:

• Never contact you initially by phone or demand immediate payment by prepaid debit cards, gift cards or wire transfers.
  
  
• Never threaten to immediately bring in local police or other law-enforcement groups to have the taxpayer arrested for non payment.
  
  
• Never demand that taxes be paid without giving the taxpayer the opportunity to question or appeal the amount owed.
  
  
• Never ask for credit or debit card numbers or other sensitive information over the phone.

Remember, the IRS will mail a bill to taxpayers who owe. And all tax payments should only be made payable to the U.S. Treasury and never to third parties.

If you are contacted via phone by a scammer this summer, do not give out any information. Hang up immediately and report the scam to the Treasury Inspector General for Tax Administration at this site or call the hotline at 800.366.4484. If you are unsure about any potential outstanding tax obligations, it is also a good idea to check with your tax preparer.

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Tips for Implementing a Successful Flex-time Schedule this Summer

Now that summer/vacation season is here, your business may be enjoying a more relaxed vibe with employees taking time off or leaving early. If you’ve ever thought about implementing a flexible work program, now may be the time to pilot one, especially if your business is a bit slower this time of year. To help, we offer the following tips:

Start with a strategy—Think through which departments and job functions can successfully work on a flex schedule. Then create a strategy that identifies which positions are suitable for flex time, the levels of flex time to be offered, and who will manage flex-time arrangements.

Make metrics matter—Studies have shown that flex-work arrangements are great for employee retention and engagement. However, these arrangements also have to support your business productivity. Be sure to identify which metrics you will track to ensure your flex schedule is beneficial for everyone.

Take a trial run—Before adopting a full-scale flex program, perform a trial run in one department or with a few select employees. This will help you work out issues related to technology, connectivity and communication—as well as help you gauge overall impact on your business before launching the program business wide.

Train your managers—Managing a flexible workforce is very different than managing employees on-site. Make sure managers know how to motivate remote and flex-time workers and understand how to best communicate with remote employees. In addition, encourage managers to hold regular meetings to keep your business on track.

Flexible work programs are a highly valued benefit for most employees. This kind of program also has many benefits for businesses, including cost savings, lower employee turnover and higher productivity. Consider using the tips above to trial your own flex work program this summer.

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Four Money-Saving Mid-Year Financial Planning Tips

It’s almost exactly the mid-point of the year, which makes it prime time for a mid-year financial review. If you need some monetary motivation for evaluating your financial progress so far this year, you may want to think of mid-year planning as a series of potential money-saving opportunities, for example:

1. Save tax dollars by evaluating your 401(k). Take a look at your current 401(k) contributions to see if you are on track to maximize your annual contributions. Making the maximum contributions this year is not only good for your retirement fund, but will also save you money by lowering your tax bill.
   
   
2. Trim your budget. Make one or two small changes to your weekly or monthly expenditures. Skipping a meal out or your daily coffee run can save you a lot of money over the next six months.
   
   
3. Fight financial fatigue from fees. Banks and credit card companies (not to mention all those online subscriptions you have) are always changing their fee structures—which may mean you aren’t even aware of some of the things you are paying for. Now is the time to take stock and cancel or downgrade the services you no longer need. Doing so will help you reduce fees and may save you considerable money.
   
   
4. Ask about your tax estimate. You may be thinking that April wasn’t that long ago—and you are right—but the end of the year is already half-way here, and after that, you can’t impact your 2017 taxes. Now is the time to talk to our firm about your current tax situation and make any changes to increase your tax savings.

These are just four financial planning tips that can save you money before the end of the year. There are many other mid-year planning strategies that can increase your savings, too. Not sure where to start with your plan? Let us help you. Contact our firm today.

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How to Protect Your Business from the Next “Wanna Cry” Attack

The recent “Wanna Cry” ransomware attack that paralyzed several large organizations in the U.S. and Europe is a solemn reminder that the risk of cyber security breaches is real. Every business owner should take steps to assess the type of cyber security threats their business could be subject to and how to avoid them. The tips below are a good place to start:

• Don’t underestimate the risks. Many small business owners are too busy taking care of day-to-day responsibilities to keep cyber security top of mind. This is a mistake—the greatest weapon against attacks is awareness and having a plan in place to prevent them. Reinforce prevention by incorporating a plan into employee onboarding and offering ongoing training.
  
  
• Make updating software a priority process. As the “Wanna Cry” attack taught us, updating your computer software is an essential prevention strategy. Many of the infected computers at large organizations were not updated—leaving entire networks vulnerable when just a single computer was compromised. A regular schedule and protocols for updating software can help mitigate cyber security risks.
  
  
• Learn the signs of an attack and what to do about them. The most effective way to avoid falling victim to another Wanna Cry-like attack is to be aware of the type of emails that may contain ransomware or other viruses. These emails typically include an attachment (often a .zip file) that you didn’t ask for, and may come disguised as an email from someone you know. If in doubt, the best course of action is to delete the email immediately.

With the risk of cyber attacks growing by the day, it’s time to take action to protect your business. Educating your employees is key, as is updating your software on a regular basis. You may also want to ask an IT professional to help you evaluate and mitigate risk in this area.

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Tips to Help You Stem the Flow of Potential Risks This Flood Season

Whether from heavy rains or hurricanes, this time of year can bring with it the risk of floods across many parts of the United States. While you may not be able to predict the likelihood of a flood in your area, with these tips you can help to mitigate physical and financial damage if a flood occurs where you live.

1. Treat structural damage seriously. In any flood situation, the Federal Emergency Management Agency (FEMA) advises to look for any visible structural damage at the site of your home or office including warping, loosened or cracked foundations, cracks, and holes. If you aren’t sure if your home or office is safe, do not return to it until you have it evaluated by a flood remediation professional.
   
   
2. Turn off your electricity. If you experience severe flooding from a storm and power is lost, it is critical to immediately turn off the main electrical source and all individual fuse connections at your home or office to avoid electrocution. In addition, check your water, gas, electric, and sewer lines and notify the appropriate utilities if you suspect they are damaged.
   
   
3. Document any damage. Before cleaning up from a flood, be sure to fully document any damage if you plan to make an insurance claim using notes, digital photographs and video. Keep in mind, homeowners and business property insurance often do not cover flood damage, unless you have a special waiver.
   
   
4. Avoid flood-related health hazards. Flood water is often contaminated, so it’s important to protect yourself and others before coming into contact with it by using protective clothing, waterproof gloves and boots. FEMA also recommends boiling water for drinking and other uses until authorities declare the water supply to be safe.

Hopefully you or your business won’t be affected by a flood now, or in the future. However, by making note of the tips above, you’ll know just what to do if flooding occurs and how to mitigate the associated physical and financial risks.

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How to Really “Clean Up” at Your Next Yard Sale

This time of year is when you often see yard sale signs popping up. For some, holding a yard sale is a means of clearing out unwanted items. For others, it’s an opportunity to get some great “finds.” Whichever side of the yard sale fence you’re on, these tips can help you “clean up”:

Choose your timing carefully. Research continues to show early morning on Saturday is the best time for high volume traffic. If you are looking to shop yard sales, be prepared to set your alarm early on the weekend.

Tune to your local community. If you want to get the word out about your sale (or find one to go to), social media and online community yard sale listings are very effective. You can also post signs if your neighborhood permits this. Also, tell your family, friends and co-workers.

Pay attention to prices. After all the time and effort you put into your yard sale, you don’t want to be stuck with a lot of leftover items—so price your merchandise competitively. Do a little comparison shopping by looking on eBay or other auction sites to get a feel for what prices make sense. For yard sale buyers, you may want to see if the seller is willing to barter a little to get items off their hands—but be realistic, and respectful if you do this.

With these tips and a little bit of luck, whether you’re buying or selling, you should be able to really clean up at your next yard sale!

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Take Your Spring Cleaning to the Office with These Tips

Window washing, carpet cleaning, garden grooming—these are all popular spring cleaning chores for homeowners. However, with year-end and tax season behind you, this time of year is also perfect for spring cleaning at the office. These tips will help you and your staff get—and keep—that “just cleaned my office” feeling:

Start with a clean sweep of your desk. Take an hour or two and ruthlessly cut the clutter by emptying all of your desk drawers, sorting out only what you need, and shredding or recycling the rest of your papers.

Knock-out the knick-knacks. If your desk “mementos” are covered with dust and rarely given a glance, you know what to do: take them home or, if appropriate, donate them to a charity.

Digitize your documents. If you haven’t already, move your files to cloud storage. Make a list of the documents you need to store or access on a regular basis, then evaluate your cloud-based file storage options to see which platform will best suit your needs.

Corral your online credentials. LastPass and other online password-saving applications can save you time, while also eliminating the need to keep sticky notes and paper lists of passwords on your desk.

Declutter your desk daily. Once you have invested the time to spring clean your desk and office, spend a minute or two at the end of each day to do a quick tidy up in order to preserve your pristine work area.

Spring cleaning your office is not just a feel-good activity. Studies have shown that a neat and orderly office space leads to improved productivity and efficiency, which means you may be able to leave the office a few minutes early to enjoy warmer weather or to continue your cleaning spree at home.

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These Tax Day Treats Shine Light at the End of the “Tax Season Tunnel”

With just a few weeks to go until Tax Day on April 18, it’s time to make sure that you’re on track to get your individual return filed. If you haven’t already engaged our firm to help you with your taxes and you need assistance, don’t delay…it’s time to let us know!

While tax season can be stressful, Tax Day itself can be quite rewarding if you consider some of the Tax Day freebies that are available across the country. For example, according to the website DealsPlus.com—Kona Ice, Great American Cookie, Boston Market, Target and many other businesses are offering discounts or free items to help ease the pain associated with paying taxes.

If you need a little light at the end of the proverbial “tax season tunnel” as April 18 approaches, keep these Tax Day treats in mind. You may want to check your local area for other free or discounted goodies available that day, too.

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Do You Sit All Day? Take a Stand Against a Sedentary Lifestyle

The average American sits a lot. Many of us sit while we work, while we relax and while we learn. Over the long term, this sedentary way of life can have a negative impact on our health, increasing the risk of diabetes, heart disease and cancer—in addition to shortening life spans. To counteract these negative effects, it’s important to get up, get active and get moving!

Even if you engage in a formal exercise program, it’s usually not enough to reverse the negative health effects of sitting most of the day, but it is a big step in the right direction. If your physician clears you to exercise, try doing a daily workout or at least exercise as often as you can throughout the week. Then use these tips to incorporate more movement throughout your day:

• Set a timer to get up every 30 minutes and stand, walk or stretch.
  
  
• If you sit at a desk, try a standing desk.
  
  
• Swap out your chair for an exercise ball to engage your muscles.
  
  
• Use part or all of your lunch break to take a walk.
  
  
• Walk places that are within a reasonable distance instead of sitting in a car.
  
  
• Use the stairs; they require extra effort, which helps to improve your health.
  
  
• Instead of fast forwarding through commercials when you watch your shows, use this time to take a break from sitting.

Taking a stand against excessive sitting may take a little bit of effort, but it will add years to your life and make you feel more energized while improving your health.

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Set the Stage to Help Your Home Sell This Spring

Spring is in the air...which means peak home-selling season isn’t far away. In fact, according to recent market data, 60 percent of all home sales in the United States will occur in the spring and summer months. If you’re thinking about putting your home on the market, now is the time to get prepared—which includes considering how you will “stage” your home to make it more attractive to potential buyers. These tips can help:

• Cleaning your home thoroughly is one of the most important things you can do to stage it effectively. If you don’t have the desire or time to clean, it’s worth hiring someone to help you.
  
  
• Pay special attention to sprucing up the interior and exterior of your home’s front entrance to make a great first impression.
  
  
• De-clutter all rooms and consider putting excess furniture and other items into storage.
  
  
• In addition to visual appeal, don’t forget to make your home smell good. Use sweet, but subtle, air fresheners or set out freshly baked goods, like cookies or muffins, to create that comforting smell of home. Your visitors will appreciate the treats as well.
  
  
• Be sure that the exterior of your home offers that all important curb appeal. This is especially true during the spring and summer months when plants—and weeds—are growing. Keep your lawn manicured and clean up outdoor clutter.

The aim of staging your home is to make it memorable to potential buyers—in a good way. Home buying is often an emotional process and, according to real estate experts, buyers often decide within the first minute of a home showing if it is “the one.” Use these tips to bring out your home’s full market potential.

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Avoid March Madness—Why You Should File Your Taxes Now

For sports fans, this time of year is an exciting one. First the Super Bowl, and then the buildup toward the NCAA March Madness tournament. While tax season isn’t quite as exciting as these events, you’ll still want to make the effort to get ahead of the game—and the April 18 deadline—to score the benefits of early filing.

Avoiding identity theft.
Filing your tax return early helps you sidestep criminals who want to steal your sensitive information. With identity theft related to tax returns on the rise, this is an important early filing benefit. Once your return is filed with the IRS, your social security number is locked, preventing it from being used again by someone other than yourself.

Dialing down stress.
One obvious benefit of early completion is crossing it off your to-do list and avoiding the prolonged anxiety that comes with the approaching tax deadline. Beat the “March Madness” and “April Angst” of last-minute tax filing for your business and individual taxes by having us file them for you now.

Expediting any potential refunds.
If a tax refund is in your future, the earlier you file your taxes, the sooner you will see your refund check. Keep in mind, the IRS reports some delays are expected this year for filers claiming the Earned Income Tax Credit or the Additional Child Tax Credit.

Maximizing all deductions.
Filing early allows us to have the time required to prepare your return and research all the tax deductions you may be entitled to. Starting the return process earlier gives you more time to gather your supporting paperwork and get any additional documentation you may need to claim a deduction.

Having time to pay outstanding tax bills.
If you owe taxes, filing early gives you time to save for payment if needed. It also removes the last-minute element of surprise—you’ll know exactly where you stand with the IRS.

Ready to tackle your taxes and take advantage of these early-filing benefits? Start uploading your tax documents to your portal today, or contact our office for assistance.

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Small Businesses Can Restart Health Reimbursement Accounts in 2017

Although the fate of the Affordable Care Act (aka Obamacare) is not yet clear, thanks to the passing of the 21st Century Cures Act at the end of 2016, employers with fewer than 50 employees can now start funding stand-alone health reimbursement accounts (HRAs) again. Employees can use HRAs to pay for medical expenses, including health insurance coverage on the Obamacare health insurance exchange market.

Until this year, employers were not allowed to offer stand-alone HRAs under the Affordable Care Act because they didn’t meet credible coverage rules. Now employers can restart stand-alone HRAs, and if they failed to halt them despite the Obamacare mandates, they will also receive retroactive penalty relief. However, there are some new regulations related to HRAs that business owners should be aware of including:

• A new limit to annual employer contributions of $4,950 for employee-only coverage and $10,000 for family coverage.
  
  
• Employees cannot contribute to these HRA accounts, only employers can.
  
  
• HRA funds can be used by employees to pay for insurance premiums or bills from physicians.
  
  
• The Obamacare premium tax credit will be reduced dollar for dollar by the HRA amount if an employee uses both.
  
  
• Any HRA reimbursements for health insurance purchases which fail to satisfy the “minimum essential coverage” requirements of Obamacare for will be considered income for employees.

For more information about the rules related to the reintroduction of HRAs, please review the Department of Labor fact sheet here.

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Tips to Defend Your Business from Cyber Attacks

You need only tune into the news to see that cybercrimes are a very real threat. From viruses to malware, everyday computer use and online browsing can leave you vulnerable to hackers who want your valuable information. If you have a small business, your risk of a cyberattack is likely even higher, especially if you do not have the resources or know-how to enact effective security policies. In addition to engaging an IT professional to help you identify and mitigate your cyber risks, consider using these tips from Entrepreneur.com to keep your business safe:

1. Analyze your email security to identify potential threats. If you’re not protecting your company emails and other electronic communications with encryption, you should. This will make it harder for hackers to succeed in accessing your data.
   
   
2. Do the obvious: Install malware, spyware and firewall programs. There are many good, cost-effective software programs you can use to protect your business from incoming cyberattacks such as those made by Malware Bytes, McAfee and Norton. Part of the protection plan for your business should be to install these programs on every work-related computer to help catch and eliminate threats.
   
   
3. Power up your password policies. Passwords are your first line of defense against cyber criminals, so make sure that you and your employees know how to use them effectively. While using longer, complex passwords and changing them frequently may be a bit of a hassle, it’s a crucial strategy for avoiding a devastating cyber attack.
   
   
4. Train your employees to recognize suspicious online activity. It’s definitely a good idea to school yourself on how to avoid being a victim of a cyber attack, but unless you’re a solopreneur, you need to make sure that your employees know how to protect themselves and your business, too. Be sure to provide formal computer and online security procedures and information that will help your staff spot and stop potential threats before they do damage to your business.

Protecting your company against cybercrimes is an absolute must in today’s business environment. Use the tips above to help you get started and be sure to reevaluate your cyber protection plan at regular intervals to defend your business against new and emerging threats.

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Break Barriers in 2017 with These Mind-Changing Mini Resolutions

There’s a reason why the regular New Year’s resolutions like losing weight, exercising more and sticking to a budget are popular—so many of us need to do them! There’s also a common reason why so many of us fail to meet our goals in these areas: we haven’t developed the mindset to support the changes that we want to make.

Instead of setting a big, audacious goal right now, consider making some of what Jacob Geers of the ThoughtCatalog.com terms “mini-resolutions.” They’re little changes that can have a big impact on your mindset, and which can ultimately allow you to break the barriers holding you back from reaching bigger goals, such as losing 25 pounds this year. Here are a few examples:

1. Get enough sleep. If you think sleep is a waste of time, consider that most people need between 7 and 8 hours a night to operate at peak performance. Getting less sleep can cause you to overeat, make poor choices when it comes to dealing with stressful situations, and just be plain cranky.
   
   
2. Just say “no.” If you’re always taking on one more thing to help other people out, you may be sabotaging your own health and happiness in the process. Being more mindful about how you spend your time will give you the opportunity to do things that will move you closer to your own goals.
   
   
3. Take a social media holiday. Research has shown that heavy use of social networks can actually cause feelings of negative self-worth, which is counterproductive in making good on self-improvement resolutions. Taking a break from social media will also free up your time to focus on your goals.
   
   
4. Give yourself space. It’s amazing how much calmer, in control, and focused you’ll feel if you simply give yourself a little time and space to connect with nature, or even just allow some extra breathing room between meetings and other obligations. This can have a positive impact in other areas of your life which may need some tweaking, too.

While these mini resolutions may seem too small to make a difference at first, once you try them, it’s likely you’ll find yourself feeling more ready and energized to break down the barriers that lie between you and achieving the bigger goals you have for this year.

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Keep the Holidays Merry with These Simple Stress Relievers

The holiday season can be wonderful, but they can also be one of the most stressful times of the year. Fortunately, the experts at Psychology Today also offer these simple stress relievers to put the joy back in this special time of year:

1. Take a time-out. Time-outs aren’t just for toddlers who have a tantrum. In fact, rather than being a punishment time-outs (a.k.a. quick relaxation breaks) can be a positive addition to calming adults with frenetic schedules. So, when you feel overwhelmed during the day, do one to five minutes of a relaxing activity to restore your sense of calm.
   
   
2. Opt for optimism. If you find yourself getting annoyed with friends or family over the holidays, try to shift your negative thoughts to positive ones. This can help you view the situation at hand with gratitude instead.
   
   
3. Fit in fitness. Even if you are tight on time, squeeze some exercise into your schedule. You will feel better and calmer if you get your body moving. Even just a 20 minute walk once a day will help you keep stress at bay.
   
   
4. Eat smart. Okay, easier said than done this time of year, but if you make a concerted effort to control your portions and balance your diet, you will avoid sugar crashes and the other negative effects of overdoing it on holiday treats. This will not only help to stabilize your mood, but it will keep your energy up, too.
   
   
5. Make a ‘to-do’ list—then cut it.  Writing down all that you have to do during the holidays can be overwhelming, but it can also help you realize how do-able your tasks are. Be realistic as to what you put on your lists. Then lighten your load by cutting items that are not absolutely necessary.
   
   

It’s easy to become overwhelmed by economic and social pressures to live up to unrealistic expectations for what you are supposed to do, give and feel during the holidays. Use the tips above to help you beat seasonal stress and truly enjoy this special time of year.

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Obama’s New Overtime Pay Rule is On Pause—What Does it Mean for Your Business?

Just days before it was scheduled to be implemented on December 1, a federal judge in Texas has blocked the implementation of the new Department of Labor (DOL) federal overtime rule, which would have doubled the Fair Labor Standards Act’s (FLSA’s) salary threshold for exemption from overtime pay. According to an NPR report, this extension of overtime eligibility would have affected 4 million Americans and required employers to pay time-and-a-half to their employees who worked more than 40 hours in a given week and earned less than $47,476 a year.

Lawsuits objecting to the overtime rule were filed by 21 states, the U.S. Chamber of Commerce, and other business groups concerned about the negative impacts of the legislation on businesses—including higher payroll costs and reduced staffing flexibility. The DOL plans to challenge the decision and argues that the new rule would have helped to offset income erosion due to inflation and that the rule would deliver fairer pay to lower-wage employees who are currently exempt from overtime pay. The DOL also stated that the salary level was set purposefully low to screen out obviously nonexempt employees such as executives and higher-level professionals.

Although the overtime extension rule will not take effect in December, it could still be implemented in the future. Employers should continue to follow the existing overtime regulations until a final decision is reached. For those employers who have already raised exempt employees’ salaries to meet the new threshold or who have reclassified employees who are still earning less to nonexempt status, the Society for Human Resources Management (SHRM) recommends leaving such decisions in place because they would be difficult to reverse. However, employers may want to postpone making any further moves until a final ruling is made.

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Take Note of New Business Tax Deadlines in 2017

As a result of the highway funding extension bill signed into law by President Obama in 2015, there are important changes coming in 2017 to deadlines for business tax filings including:

1. W-2 and 1099 filings are due January 31 in 2017 instead of March 31. These forms are still due employees and contractors by January 31, so it’s important to prepare and file them early if possible.
   
   
2. S-corps, partnerships, LLPs and multi-member LLCs filing Form 1065 must file by March 15 or the 15th day of the third month following the end of the organization’s fiscal year. The previous deadline was April 15. Extensions are available for up to six months, filed no later than September 15, 2017.
   
   
3. C-corps filing Form 1120 must file by April 15 (previously March 15) or the 15th day of the fourth month following the end of the organization’s fiscal year. Extensions can be filed no later than September 15. After 2026, C corporation extensions will be available for up to six months after the initial due date.
   
   
4. Trust and Estate filing Form 1041 the extension due date has changed from September 15 to September 30.
   
   
5. Exempt organizations filing Form 990 now have only one extension until November 15.

If you have any questions about the above changes please do not hesitate to contact our office.

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Five Key Areas Every Business Owner Should Review Before Year End

We’re well in to the fourth quarter of the year, which means year end is fast approaching. Here are five important areas of your business to review before the calendar turns to 2017.

1. Tax planning opportunities. November and December are prime time for tax planning, which can pay big dividends when filing time arrives. Touch base with our firm now to reduce your business tax obligations as much as possible.
   
   
2. Payroll. Make sure you have all information updated, employees are properly classified, and that you are in compliance with all payroll regulations. Plus, you’ll want to ensure that all employee information is securely stored.
   
   
3. Cash flow. As you well know, cash flow is the lifeblood of your business, so if you’re having trouble controlling it, now is the time to analyze why and ask for assistance if needed.
   
   
4. Estimated tax payments. If you've paid estimated taxes throughout the year, review your totals so that you have the information on-hand for tax season and you can make up any shortfall before the end of the year.
   
   
5. Your overall progress. Take a step back and consider if you have met your annual projections for profitability and growth. If you’ve gotten off-track it’s time to make a plan to rectify the situation. If you’re satisfied with where you are, take time to lay out next year’s plan.

By reviewing these five areas now, you’ll be able to lower your taxes, reduce potential payroll-related penalties, and have a good handle on how to move your business forward in the coming year. If you need any help in the process, please contact our firm.

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Start Holiday Gift Giving for the Kids with an IRA Contribution

If you’re like many parents and grandparents, you may already be thinking about what kind of gift to get the children on your list this holiday season. For teens and young adults especially, it can be challenging to come up with truly unique and meaningful gifts. One idea with long-lasting impact is to make a contribution to either a traditional or Roth IRA on your children or grandchildren’s behalf.

IRS rules state that the maximum that can be contributed to an IRA each year is the lesser of the child’s earned income or $5,500 (the 2016 limit for an individual under age 50). So if your child or grandchild already has an IRA, you’ll need to know if they’ve already contributed to it this year.

If your child or grandchild does not have an IRA account already, you’ll need to decide on the type of IRA you would like to use for your gift (i.e. a traditional or Roth IRA). Traditional IRA contributions are tax deductible with taxes paid when the funds are withdrawn at retirement. Conversely, Roth IRA contributions are not tax deductible. However, the distributions, including earnings, are tax-free at retirement.

As long as your contribution to an IRA is below the annual $14,000 gifting exemption, it is not subject to any gift tax unless you give additional reportable gifts throughout the year. Keep in mind that such a contribution will not hold any benefits for you on your own income tax return.

If you have questions about an IRA holiday gift for your children or grandchildren, please contact our office.

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Don’t Let Year-End Cost-Cutting Derail Your Business Goals

Many businesses need to adjust their spending to meet the reality of their cash flow during the last few months of the year. While it can be tempting to just cut expenses across the board, this strategy may actually backfire if you cut in the wrong places. Here are four budget areas you should try to preserve to avoiding derailing your long-term business goals:

1. Marketing—It’s one of the easiest things to cut, but doing so will eliminate your ability to grow. The smarter strategy is to continue doing the marketing initiatives that bring you results so you don’t miss opportunities to gain new customers.

2. Training—Instead of eliminating employee education opportunities, look for cost-effective options such as online training or in-house peer-to-peer training to reinforce skills. Regular training is especially important for frontline employees who can make an immediate difference in maintaining and winning business.

3. Safety—Cutting your budget should not mean increasing the risk for workplace injuries or creating an unsafe work environment, which can expose your business to potential workers’ comp claims. Consider safety an “untouchable” area when it comes to budget cuts.

4. Quality—Another area where shortcuts should be avoided is your product and service quality. Reducing resources to the point that it affects your end product is not going to help drive more business—in fact, it may have a significant negative impact on sales.

If you keep these four key expense areas steady, how can you make up budget deficits? The best way is to look at all of your expenses, line by line, and identify unnecessary or hidden costs that can be eliminated. It’s also important to maintain an in-depth view of your financials throughout the year—not just when your budget is tight—so you can take proactive steps to avoid future cash crunches and keep to financial goals.

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Wondering About Tax Deductions for Political Contributions? Here’s the Lowdown

With election season in full swing, you may be wondering, “Are political contributions tax deductible?” Here’s the lowdown:

Whether it’s your county mayor or the future President of the United States, the rules on taking advantage of tax deductions for political contributions are the same: Donations are deductible if the organization you give to is a 501(c)(3) tax-exempt charity. This means that the organization you give to must have tax-exempt status, which is a special designation obtained from the IRS, in order for you to claim a tax deduction.

Many political organizations are automatically disqualified from this status. For example:

• Any donation to a political party, campaign, or action committee is non-deductible.
  
  
• Other non-deductible contributions are those to individual people, labor unions, business associations, for-profit schools, for-profit hospitals, foreign governments, and fees paid to associations or state or municipal governments.

Despite these rules, you can still reap the benefits of a tax deduction if you support 501(c)(3) tax-exempt political organizations that are non-partisan, in compliance with IRS guidelines on charitable contributions. Such organizations are allowed to communicate with politicians to ask them to make an issue a priority and educate them about why they should do so.

The bottom line: While you can’t make a tax-deductible donation directly to a candidate or campaign, you can make a tax-deductible donation to an organization that lobbies candidates about issues that are important to you. Just remember that in order to reap the benefits of a tax-deductible contribution, you’ll need to itemize the deductions on your tax return.

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Take Note! The Filing Deadline for W-2s and 1099s is January 31 in 2017

Consider this blog post as early notice that the date by which employers must file their W-2s and 1099s with the Social Security Administration (SSA) and IRS will change to January 31 in 2017.

Previously, W-2s and 1099s were not due to governmental agencies until March 31, so this new deadline will significantly reduce the window for making any necessary changes. These forms are still due to the recipient by January 31.

In order to meet the new deadline, it is important to keep your payroll and employee information as up to date as possible. Please keep in mind that if our firm will be filing your W-2 and 1099 forms, we will need your data in a timely manner in January. Additionally, if you are notified of any incorrect information contained on these forms, it will need to be corrected right away.

The new filing deadline for W-2s and 1099s represents a significant change and makes it imperative that payroll and employee information is accurate and up to date. If you have any questions about this information, please contact our office.

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We are looking for a CPA!

STAFF CERTIFIED PUBLIC ACCOUNTANT

Are You Looking For More Income and Better Work-Life Balance, Even During Tax Season?

Immediate opening.  Enterprise Accounting (Ballwin, MO), an established and growing CPA and business advisory firm is now accepting applications for a responsible, cordial, flexible, and exacting individual to join our team. You will be working with a small group of reliable, conscientious people who enjoy learning and value a harmonious workplace.

The Staff CPA is a critical part of our company so it’s important that the person we choose will be a “fit” with our commitments and shared values.  If you or someone you know would like the opportunity to add practical value, loves learning and sharing knowledge with others, and wants to work in a balanced, enjoyable environment please read on or share this.

ABOUT OUR COMPANY

Enterprise Accounting was formed in 2007 bringing more than 30 years of previous experience to serve small and medium size businesses in the St. Louis area.  We enjoy helping our clients’ businesses grow, solving their puzzles and problems, and building long-term results and deeper relationships.  Our clients know they are not just a transaction.  They trust us to help, value our expertise, and allow us to become part of their business family.

KEY RESPONSIBILITIES:

Employee Support / Development: 

·       Train and support staff with technical issues

·       Review accounting and tax work of other accountants

Client Service:

·       Assist existing clients with taxes & accounting

·      Communicate with clients via phone, email, in-person to ask questions, interview, and provide            updates/resolutions

IRS Communication:

·       Communicate with IRS to resolve clients’ issues as needed

PERSONAL ATTRIBUTES AND SKILLS NEEDED FOR SUCCESS:

·       Organization – likes depending on systems and procedures so things run smoothly

·       Analysis of Data – enjoys reviewing and analyzing data prior to making decisions

·       Follow Up & Follow Through – a need to be thorough and ensure tasks are completed

·       Self-Management – demonstrates self-control and strong ability to manage time and priorities

·       Teamwork – feels comfortable working effectively and productively with others

·       Customer Service – likes to anticipate, meet, and exceed customer needs

·       Employee Development/Coaching – feels rewarded when supporting the professional growth           of others

REQUIREMENTS:

·       Licensed CPA

·       3+ years’ experience in small business accounting and income tax preparation

·       Thorough QuickBooks experience

·       Valid driver’s license

·       Ability to pass a drug screening and background check

·       Verifiable references

SCHEDULE:

·       Generally 8:30 – 5:00. 

·       Typically 50-60 hours during tax season (occasional Saturdays and later hours, as needed)

·       Mostly working from our office, with some client visits.

COMPENSATION:

·       $52,000 – $57,000 annual salary to start depending on experience.

·       Individual and team production bonus potential (approx. $2,000 - $5,000 per year)

·       Excellent benefits, including: 100% employee health, retirement with 3% company matching

·       Paid annual licensing and professional dues.

·       Up to $2,000 per year toward continuing education.

Go to   https://www.ziprecruiter.com/job/890df359  to arrange a confidential interview and upload your resume along with a cover letter explaining why you should be considered.

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Our New Website!

Enterprise Accounting is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.

Take a moment to look around our new website and review some of our advanced features, like our Client Center. The Client Center is designed to provide you with a highly secure and convenient web-based tool to access your financial documents, data, and collaborate with our firm in real time.

We hope you like what you see. It’s the same great service, just with a new look and feel. We look forward to hearing your feedback.

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