As year-end approaches, take a closer look at your investment portfolio. There may be some tax-saving strategies worth considering.
Wednesday, November 30, 2011
Monday, November 28, 2011
A lifetime gifting program might trim both your estate and income taxes. First, there's the annual exclusion for gifts. Currently, you can give $13,000 annually to any number of recipients without paying federal gift tax.
Again, many thanks for your generosity!
Wednesday, November 23, 2011
Employee theft happens more frequently than you hear or read about. It's believed that only a small percentage of cases of employee dishonesty are reported and prosecuted.Too often, the employee is just dismissed and moves on to steal from someone else. In other cases, especially where financial controls are weak, the employee may steal small amounts for years without being detected.
Monday, November 21, 2011
Sticking to the rules when making charitable contributions can save tax dollars. Here are three tips.
Friday, November 18, 2011
For the past 76 years, investors had the option of buying U.S. savings bonds at a bank or credit union. After December 31, 2011, that will no longer be the case. Savings bonds can then only be purchased electronically through TreasuryDirect, sponsored on the Internet by the Treasury's Bureau of Public Debt.
Bonds have been available through TreasuryDirect since 2002, but investors have been slow to purchase bonds electronically. Only 11% of bonds purchased from October 2010 through June 2011 were bought through TreasuryDirect.
Selling bonds exclusively through electronic means will save the government $70 million over five years. The Treasury points out that investors benefit too: electronic bonds are less likely to be misplaced, and they are automatically redeemed when they mature.
The change won't affect outstanding paper bonds.
Thursday, November 17, 2011
Some tax facts from National Taxpayer Advocate Nina Olson's annual report to Congress:
* Americans spend 6.1 billion hours preparing their taxes every year.
* There have been 4,428 changes to the tax code over the past ten years.
* Nine out of ten Americans have someone prepare their tax return or use tax software.
* The tax code is so long that no one is certain exactly how long it is.
Monday, November 14, 2011
Companies that have had worker classification issues are being offered a settlement program by the IRS. The program, labeled the "Voluntary Worker Classification Settlement Program," will let employers who previously misclassified employees as independent contractors make a minimal payment to settle the tax dispute. The program will give eligible employers substantial relief from federal payroll taxes they may have owed in the past. Employers must pay just over 1% of wages paid to reclassified workers for the past year, and they must agree to treat these workers as employees going forward.
Wednesday, November 9, 2011
Pamela L. Cleveland, CPA, CFFA, Manager of Accounting, Assurance, and Advisory Services at the Certified Public Accounting firm CMJ, LLP, recently attended the National Forensic Accounting Conference in Chicago sponsored by the American Institute of Certified Public Accountants (AICPA).
The conference offered sessions in fraud investigation, identification, reporting and deterrence, and complex analytical techniques. Speakers included leading experts in fraud and litigation services such as judges, attorneys, corporate executives, and forensic specialists.
CMJ, LLP, located in
, provides tax, accounting, and management consulting services for corporations, partnerships, and professionals throughout the region. They also provide business valuation services and merger and acquisition consulting to clients both domestically and globally. More detailed information regarding the firm’s services is available through its web site: http://www.cmjllp.com. Queensbury, New York
Check into all the tax credits and deductions for which you might qualify this year. Because some of these tax breaks are reduced or eliminated entirely once your income reaches certain limits, you need to be aware of the income phase-out thresholds for those credits and deductions. While it doesn't make sense to make less income just to qualify for a tax break, shifting income from one year to another may sometimes be a smart thing to do.
Monday, November 7, 2011
Review your tax deductions for 2011. If you're close to the cutoff point between itemizing or taking the standard deduction, consider the advantage of bunching your deductible expenses every other year. You can then alternate between itemizing one year and taking the standard deduction the next, saving tax dollars by doing so. For help in your calculations, contact us at (518) 798-3330.
Wednesday, November 2, 2011
CMJ, LLP, Certified Public Accountants, invites you to “Fill our Foyer” from Monday, November 14th to Friday, November 18th to support the Warren-Hamilton Counties Community Action Agency. Their food pantry has had over 9,000 people come through their doors so far this year, plus provided over 4,000 people with emergency food baskets.
With the holidays approaching, their shelves need to be filled. Canned foods and soups, boxed dinners, instant potatoes, pasta, beans, cereal, crackers and canned fruit are in great demand. Also in need are hygiene products such as shampoo, individually wrapped bars of soap, deodorant, and individually wrapped toilet tissue.
We have a large foyer and we are confident that you will assist in filling it. Our office is located at 276 Dix Avenue in Queensbury (near Kmart and across the street from the car wash.) Call us at (518) 798-3330 if you have any questions. Thank you for your generosity!
Tuesday, November 1, 2011
The Internal Revenue Service has issued guidance designed to clarify the tax treatment of employer-provided cell phones.The guidance, issued as an IRS Notice, relates to a provision in the Small Business Jobs Act of 2010, enacted last fall, that removed cell phones from the definition of listed property, a category under tax law that normally requires additional recordkeeping by taxpayers.