Summer is a Good Time to Start Your 2017 Tax Planning and Organize Your Tax Records

Summer is a Good Time to Start Your 2017 Tax Planning and Organize Your Tax Records

You may be tempted to forget all about taxes during summertime, when “the livin’ is easy,” as the Gershwin song goes. But if you start your tax planning now, you may avoid an unpleasant tax surprise when you file next year. Summer is also a good time to set up a storage system for your tax records. Here are some tips: Take action when life changes occur. Some life events (such as marriage, divorce, or the birth of a child) can change the amount of tax you owe. When they happen, you may need to change the amount of tax withheld from your pay. To do that, file a new Form W-4 with your employer. If you make estimated payments, those may need to be changed as well. Keep records accessible but safe. Put your 2016 tax return and supporting records together in a place where you can easily find them if you need them, such as if you’re ever audited by the IRS. You also may need a copy of your tax return if you apply for a home loan or financial aid. Although accessibility is important, so is safety. A good storage medium for hard copies of important personal documents like tax returns is a fire-, water- and impact-resistant security cabinet or safe. You may want to maintain a duplicate set of records in another location, such as a bank safety deposit box. You can also store copies of records electronically. Simply scan your documents and save them to an external storage device (which you can keep in your home safe or bank safety deposit box). If...
Year-End Accounting Tips to Start Your New Year Right – A Complimentary Webinar

Year-End Accounting Tips to Start Your New Year Right – A Complimentary Webinar

Your business’ year-end closing procedures are vital to the success and organization of your company. One of the most important parts of your year-end procedures is closing the books. You need to start each new year with a clean, fresh slate that is organized and correct and will set you up for success right from the start. Whether you have an in-house accountant or not, some of your year-end accounting procedures will need to be reviewed and taken care of by audit and tax experts. Often companies make significant mistakes throughout the year and while completing year-end procedures, and these mistakes can be very costly in terms of money, time, and overall efficiency of the company. With pre-planning and organization, year-end closings can be stress free and help reduce tax preparation, time and costs. Join Jim Wyatt and Carrie Fortier, CPA from Jones & Roth CPAs and Business Advisors on December 4th to learn more about year-end accounting procedures and how to prepare for the new year. This one hour free webinar will be held on Friday, December 4, 2015 from Noon –...
Best Practices Healthcare Webinar: Essential End of Year Tax Planning for Healthcare Professionals

Best Practices Healthcare Webinar: Essential End of Year Tax Planning for Healthcare Professionals

As we approach year end both clinics and physicians have an opportunity to maximize deductions and tax savings, to think ahead, take the right steps at the right time, and make full use of credits, deductions and tax-reduction strategies. During the November 13 webinar, Brian Newton, CPA and Nicole McOmber, CPA  with the Jones & Roth Healthcare Team will provide some insights into the tax changes that are occurring in 2015 and to discuss strategies to minimize...
2 tax consequences to consider if you’re refinancing a home

2 tax consequences to consider if you’re refinancing a home

Now may be a great time to refinance, because mortgage rates are still low but expected to increase. Before deciding to refinance, however, here are a couple of tax consequences to consider: 1. Cash-out refinancing. If you borrow more than you need to cover your outstanding mortgage balance, the tax treatment of the cash-out portion depends on how you use the excess cash. If you use it for home improvements, it’s considered acquisition indebtedness, and the interest is deductible subject to a $1 million debt limit. If you use it for another purpose, such as buying a car or paying college tuition, it’s considered home equity debt, and deductible interest is subject to a $100,000 debt limit. 2. Prepaying interest. “Points” paid when refinancing generally are amortized and deducted ratably over the life of the loan, rather than being immediately deductible. If you’re already amortizing points from a previous refinancing and you refinance with a new lender, you can deduct the unamortized balance in the year you refinance. But if you refinance with the same lender, you must add the unamortized points from the old loan to any points you pay on the new loan and then deduct the total over the life of the new loan. Is your head spinning? Don’t worry; we can help you understand exactly what the tax consequences of refinancing will be for you. Contact us today! ©...
Oregon’s New Paid Sick Leave Law: An Overview

Oregon’s New Paid Sick Leave Law: An Overview

The State of Oregon recently passed a new law requiring employers to provide protected sick time to all employees which goes into effect as of January 1, 2016. This new law effects both employers with 10 or more employees and employers with fewer than 10 employees differently so it is important to be aware of the law. Below are key highlights of the new law: • Overall: Employers that have employees working anywhere in Oregon must implement a sick leave policy that will allow an employee to earn and use up to 40 hours of sick time per year. Sick time is protected and employers must not retaliate or discriminate against an employee who inquires about, requests, or uses protected time. • Definition of Employee: For the law, the definition of employee is any individual who renders personal services at a fixed rate to an employer if the employer pays or agrees to pay for personal services or permits the individual to perform personal services. Therefore, employees can be full time or part time and receive sick leave. Employees include, but are not limited to: o An individual who is paid on a piece-rate basis or basis of the number of operations accomplished or quantity produced or handled; o Individuals who are paid hourly, salary, or commission based; o Individuals for whom withholding is required; o Home care workers. Employees do not include: o An employee who receives paid sick time under federal law; o Independent contractor; o A participant in a work training program administered under a state or federal assistance program; o Participant in a work-study program...