tag:blogger.com,1999:blog-71302369339078016302024-03-12T20:29:39.326-04:00CMJ, LLPhttp://www.cmjllp.comCMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comBlogger565125tag:blogger.com,1999:blog-7130236933907801630.post-25446156023295139872018-06-26T06:48:00.000-04:002018-06-26T06:48:25.434-04:00AUDIT-PROOF YOUR SHAREHOLDER LOAN<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;">Business
owners may face a lot of scrutiny if they borrow money from their company and
then get audited. Find out how you can prepare.</span><a name='more'></a>
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">If you're a business owner and your
company lends you money, you'll enter it in the books as a shareholder loan.
However, if your return is audited, the IRS will scrutinize the loan to see
whether it is really disguised wages or a dividend taxable to you as income.<o:p></o:p></span><br />
<br />
<div class="Monthlybodycopy" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Knowing what the IRS might look at may
be useful when you structure the arrangement. Here are some items that will be
considered if you're audited:<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></div>
<br />
<div class="Monthlybodycopy" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Your
relationship with the business.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"> First, the IRS will look at your
relationship to the company. If you're the sole shareholder with full control
over earnings, that may weaken your case that the loan is genuine. On the other
hand, if you're one of several shareholders and none of the others received
similar payments, that suggests it may be a genuine loan.<o:p></o:p></span></div>
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span><br />
<div class="Monthlybodycopy" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Loan
details.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"> The IRS will want to know all the details related to your
loan. This may include whether or not you signed a formal promissory note, if
you pledge any security against the loan and if the loan has a specific
maturity date or a repayment schedule. Other questions may come up about the
rate of interest you're paying and if you missed any payments. The more
businesslike the terms of the loan, the more it will appear to be a genuine
debt.<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></div>
<br />
<div class="Monthlybodycopy" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Other
financial details.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"> In addition to loan specifics, the IRS
may ask you if your company is paying you a salary that's in line with the work
you perform, and if the company pays dividends.</span></div>
<div class="Monthlybodycopy" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></div>
<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;">Whether the IRS taxes you
on the loan will depend on all these factors. If you've paid attention to the
details, the loan should withstand IRS scrutiny. Contact us at (518) 798-3330 if you'd like more
information about getting a loan from your business</span>CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-16273636376378535352018-06-22T08:43:00.000-04:002018-06-22T08:43:05.551-04:00WANT A PROFITABLE BUSINESS? FOCUS ON CUSTOMER SERVICE
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Customer service is one of the most vital yet overlooked paths
to profitability. It's time to consider how to harness the power of customer
service.</span><a name='more'></a><o:p></o:p><br />
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Even with the best of intentions, many companies talk up
customer service but don't actually deliver. In order to really provide great
customer service, every employee needs to be tuned in to how he or she can
contribute to keep customers coming back again and again. This ultimately
affects the net profit of any business.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Customer service includes every element of the sales
transaction between your business and a customer. Though you may consider
customer service just a matter of being polite to customers, it actually
involves several other considerations, including:<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></div>
<br />
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Being truthful
in advertising your product or service<o:p></o:p></span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Providing a
product or service that meets or exceeds customer expectations<o:p></o:p></span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Being prompt
in delivering your product or service<o:p></o:p></span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Letting
customers know you appreciate their business<o:p></o:p></span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Handling
customer complaints or other concerns promptly and politely<o:p></o:p></span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Being polite
and cheerful in dealing with customers – even when they are "just
looking" instead of buying</span></li>
</ul>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><u>Get
your employees involved<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></u></span></b></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Be persistent and consistent in improving customer service.
Ask your employees to compile lists of the behaviors that contribute to good
customer service in your specific line of business. Then ask them to bring
their lists to a staff meeting. Discuss the areas where your company could
improve customer service. Decide on specific actions to take and determine who
will take them, and when.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></div>
<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;">It's important to follow
through to be sure that the changes you decide to make are actually made. Your
net profit will show the positive results of your efforts.</span></div>
CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-38376097156674805762018-06-19T07:29:00.000-04:002018-06-19T07:29:00.782-04:00GETTING SUMMER HELP? CLASSIFY PROPERLY<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;">Don't
subject your business to tax penalties by misclassifying employees and independent
contractors. You can avoid misclassification by understanding how the law
defines employment (we can help you with this), and by creating and following
work-habit guidelines. Thoroughly review your work arrangement not only at the
beginning of professional relationships, but regularly to ensure both you and your
employee are on the same page</span>CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-56481177408159321592018-06-15T06:03:00.000-04:002018-06-15T06:03:01.652-04:00DON'T FORGET YOUR MIDYEAR TAX-PLANNING
<br />
<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;"><span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;">Can
you believe 2018 is already half over? If you haven't thought about your 2018
tax situation yet, it's time to do so. At this point, you should have a good
idea what your income and deductions will be. With all the big tax law changes
that take effect this year, you need to start planning now if any of them will impact
you.</span></span><br />
<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;"><span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;"></span></span><br />
<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;"><span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;"><span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;">Don't
procrastinate or you could end up paying more tax in 2018 than necessary.
Contact us at (518) 798-3330 to schedule your midyear review.</span></span></span>CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-135408686131498652018-06-12T14:49:00.001-04:002018-06-12T14:50:13.915-04:00ARE BUSINESS MEALS STILL DEDUCTIBLE?<span style="font-family: Calibri;"><span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;">Deducting business
meals with clients is no longer so clear-cut following the passage of the Tax
Cuts and Jobs Act. That's because meals are still 50% deductible, but
entertainment isn't. Make sure you make a clear distinction between
entertainment and meals by keeping an expense log documenting the business
purpose of each meal.</span></span>CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-43039241042488439382018-06-08T07:47:00.000-04:002018-06-12T14:47:46.312-04:00A NEW CREDIT FOR SMALL BUSINESS OWNERS
<br />
<div class="MsoNormal" style="margin: 0in 0in 12pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Starting this year, employers can take
advantage of a new<span style="color: black;"> credit for paid family and medical
leave created by the Tax Cuts and Jobs Act. Employers may claim the credit based
on wages paid to employees while they are on leave for the birth of a child, a
serious health condition, and other family and medical events.</span><o:p></o:p></span></div>
<span style="color: black; font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">The credit is a percentage (ranging between 12.5 percent to 25
percent) of the amount of wages paid to an employee while on family and medical
leave for up to 12 weeks.</span><br />
<span style="color: black; font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span><br />
<span style="color: black; font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">The
credit is set to expire after the 2019 tax year, however, so keep this in mind
for long-term planning.</span>CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-3333057815242801552018-05-29T07:22:00.000-04:002018-05-29T07:22:10.964-04:00CONSIDERING DIVORCE? THINK ABOUT YOUR TAX FILING STATUS
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">If you're thinking about divorce, you should also be
considering what tax filing status you should choose. Here's why.</span><a name='more'></a><o:p></o:p><br />
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">The advantage of filing a joint tax
return is well known — couples generally save money when compared with filing
separately. However, there is at least one potential disadvantage. Both spouses
are liable for the entire income tax bill, including interest and penalties,
even if one earned most or all of the income.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 12pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><u>The joint-filing downfall</u></span></b></div>
<div class="MsoNormal" style="margin: 0in 0in 12pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">This issue most commonly arises when
there are unpaid taxes from joint-filing years, and a couple later separates or
divorces. The IRS can pursue either spouse for the full amount. If you're the
easiest one to find, or if you have liquid assets, you can end up paying the
entire bill.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 12pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">When this happens, the only relief is
called the innocent spouse rule. If you can prove that you had no reason to
suspect tax shortfalls and you did not personally benefit from unreported
income, or that you signed joint returns only under duress, you may get off the
hook. Unfortunately, the IRS and the courts don't often allow innocent spouse
relief.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 12pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><u>What can you do to head off trouble?</u></span></b></div>
<div class="MsoNormal" style="margin: 0in 0in 12pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">If your family spends much more money
than the income shown on your tax returns, it's an indicator that something's
not right.<span style="mso-spacerun: yes;"> </span>Ask questions if you don't
understand all the tax and financial issues in the joint return. In certain
circumstances, you may even want to consider hiring your own tax professional
to advise you before signing.<o:p></o:p></span></div>
<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;">If you are headed toward
separation or divorce, it may be best to file separately. You may pay a little
more tax, but that's better than leaving yourself liable for the tax issues of
someone who is no longer on your side. Don't sign a joint return unless you're
sure that all income has been reported and that the taxes have actually been
paid.</span>CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-79196209985678034442018-05-24T07:15:00.000-04:002018-05-24T07:15:12.903-04:00WHY A BUSINESS APPRAISAL MAY BE YOUR BEST FRIEND<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">There are a lot of ways a business appraisal can help
business owners. Take a look at why you should consider getting one.</span></span></span><a name='more'></a><br />
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"></span></span><span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p></o:p></span></span></span><span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Times New Roman;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">For many business owners, business appraisals can provide
vital planning information and help mitigate risk. Consider what it may be able
to do for you:<o:p></o:p></span></span></span></span><br />
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Times New Roman;">
</span></span></span><br />
<div class="socialmedia" style="margin: 0in 0in 0pt;">
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></div>
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Times New Roman;">
</span></span></span><br />
<div class="socialmedia" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Establish
a verifiable value for your business. </span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">This can<b style="mso-bidi-font-weight: normal;"> </b>show whether assets have appreciated at a reasonable rate<b style="mso-bidi-font-weight: normal;">.</b> If not, you may need to adjust your
firm's strategy.<o:p></o:p></span></span></span></div>
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Times New Roman;">
</span></span></span><br />
<div class="socialmedia" style="margin: 0in 0in 0pt;">
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></div>
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Times New Roman;">
</span></span></span><br />
<div class="socialmedia" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Create
documentation to support new financing. </span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Lenders need
strong evidence that their loans are properly secured. A business appraisal can
supply that evidence. An independent evaluation of business assets may also
encourage lenders to offer favorable interest rates.<o:p></o:p></span></span></span></div>
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Times New Roman;">
</span></span></span><br />
<div class="socialmedia" style="margin: 0in 0in 0pt;">
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></div>
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Times New Roman;">
</span></span></span><br />
<div class="socialmedia" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Set
a reasonable selling price.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"> Without a detailed and defensible
appraisal, owners selling their businesses sometimes entertain unreasonably low
offers. On the other hand, an appraisal can keep owners from overpricing the
firm and thus discouraging potential buyers.<o:p></o:p></span></span></span></div>
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Times New Roman;">
</span></span></span><br />
<div class="socialmedia" style="margin: 0in 0in 0pt;">
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></div>
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Times New Roman;">
</span></span></span><br />
<div class="socialmedia" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Avoid
litigation after a death.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"> What happens if one owner dies or
otherwise leaves his or her share of the business to others? In some cases,
litigation follows. To ensure that the remaining owners' interests are
protected, the business needs to be appraised beforehand.<o:p></o:p></span></span></span></div>
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Times New Roman;">
</span></span></span><br />
<div class="socialmedia" style="margin: 0in 0in 0pt;">
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></div>
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Times New Roman;">
</span></span></span><br />
<div class="socialmedia" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Support
proper estate planning.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"> If your estate is audited, the IRS is
more likely to accept valuations that include a clear and reasoned appraisal.
In fact, if discounts are adequately supported by an appraisal, estate taxes
may be reduced.<o:p></o:p></span></span></span></div>
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Times New Roman;">
</span></span></span><br />
<div class="socialmedia" style="margin: 0in 0in 0pt;">
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></div>
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Times New Roman;">
</span></span></span><br />
<div class="socialmedia" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Figure
out capital gains.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"> For example, if you inherit a business
from your father and decide to sell it, the business can be valued as of the
date of your father's death. A good appraisal can help establish a supportable
value for the business and may result in lower capital gains taxes.<o:p></o:p></span></span></span></div>
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Times New Roman;">
</span></span></span><br />
<div class="socialmedia" style="margin: 0in 0in 0pt;">
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></div>
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Times New Roman;">
</span></span></span><br />
<div class="socialmedia" style="margin: 0in 0in 0pt;">
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Contact our office at (518) 798-3330 if you have questions about selling your
business.<o:p></o:p></span></span></span></div>
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"><span style="font-family: Times New Roman;">
</span></span></span><br />
<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"> </span></span><br />
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<span style="font-family: Calibri;"><span style="font-family: Times New Roman;"> </span></span><br />
<span style="font-family: Calibri;"> </span><br />
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<span style="font-family: Calibri;"><span style="font-family: Times New Roman;">
</span></span><br />CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-66067295962675335412018-05-21T07:01:00.000-04:002018-05-21T07:01:15.049-04:00DON'T LET SCANT TAX RECORDS BE YOUR DOWNFALL
<br />
<div class="socialmedia" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Tax records should be kept year-round, not hastily assembled
just for your annual tax appointment. Without tax records, you can lose
valuable deductions or have unsubstantiated items disallowed if you're audited.</span></div>
<div class="socialmedia" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></div>
<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;">Generally, returns can be
audited up to three years after filing. However, if income is underreported by
more than 25 percent, the IRS can collect underpaid taxes up to six years
later. In other words, you need good records to verify what you report on your
tax return, and you should hang on to those records for seven years</span>CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-56400538233463096652018-05-16T15:59:00.000-04:002018-05-16T15:59:00.919-04:00MAKE SURE YOUR TAX WITHHOLDING IS RIGHT FOR YOU<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;">If
you receive a sizable refund of your 2017 taxes, it may be time for you to
check your withholding. Reducing your withholding is as simple as filing a new
Form W-4 with your employer. The form comes with a worksheet to figure out how
many allowances you should claim. Don't forget to allow for other taxable
income besides wages, such as dividends or investment gains.</span>CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-74724119472960742932018-05-14T07:56:00.000-04:002018-05-14T07:56:10.815-04:00DON'T FORGET TO DOCUMENT YOUR SPRING CLEANING DONATIONS<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;">If
spring cleaning has left you with items that you want to donate to charity,
remember that donations of used clothing and household items must generally
meet certain requirements to be tax-deductible. First, such items must be in "good
used condition or better." Second, a receipt from the charity is required.
If a receipt is not available (such as at unattended drop-off locations), reliable
written records are still required.</span>CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-10483575835438964222018-05-09T06:53:00.000-04:002018-05-09T06:53:08.734-04:00HOME EQUITY LOAN INTEREST DEDUCTIBILITY HAS CHANGED<span style="font-family: Calibri;"><span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;">Congress cracked the
whip on home equity interest tax deductions in 2018. Now, only loans used to
buy, build or improve your home will be deductible. That means if you used a
home equity loan to consolidate debt or fund a purchase that was not related to
your home, you can no longer deduct the interest.</span></span>CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-88826307018624351842018-05-04T15:52:00.000-04:002018-05-04T15:52:42.475-04:00DON'T GET HOOKED BY A PHISHING SCAM
<br />
<div class="MsoNormal" style="margin: 0in 0in 12pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><span style="mso-spacerun: yes;">This </span>year, the IRS ranked email phishing schemes as
a top tax scam to make the yearly Dirty Dozen list. This type of scam targets
taxpayers as well as tax professionals by using fake emails and bogus websites
to collect sensitive taxpayer information.<o:p></o:p></span></div>
<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;">The best way to avoid scams
now and throughout the year is to keep in mind that the IRS doesn't initiate
contact with taxpayers via email, phone or text to request personal or
financial information. <span style="color: black;">If you get unsolicited email
from what appears to be the IRS or an organization related to the IRS, report
it by sending it to <a href="mailto:phishing@irs.gov">phishing@irs.gov</a>.</span></span><br />
<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;"><span style="color: black;"></span></span>CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-68088823822117515572018-03-28T07:26:00.000-04:002018-03-28T07:26:15.090-04:00THREE REASONS WHY YOUR CHILD SHOULD (OR SHOULDN'T) HAVE LIFE INSURANCE<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">Should
you carry life insurance on your children? </span><a name='more'></a><br />
<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><span style="font-family: Times New Roman;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">When
determining whether or not to carry life insurance on your children<span class="msoIns"><ins datetime="2018-02-23T08:24"><span style="color: teal;">,</span></ins></span>
you'll find that people have a variety of opinions. Here's a look at some of
the most common considerations for and against life insurance policies on
children:<span style="font-family: Times New Roman;"> </span></span></span></span><span style="font-family: Times New Roman;">
</span><br />
<div class="socialmedia" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Financial security. </span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Traditionally, you
take out life insurance to provide for the financial security of dependents. The
policy should include funds to replace the insured's income and to pay off
debts. Neither of these reasons applies to young children. They don't generally
have any significant income, and they don't usually have any debts. Some
parents might want to carry a modest amount of insurance to cover funeral costs
for their children in case the unthinkable happens.</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span><br />
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</span><br />
<div class="socialmedia" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Insurability.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> Some people believe
that by taking out a policy at a young age, it helps guarantee insurability as
the child grows older. This could be important if the child develops a major
illness later in life. The problem is that if the child does develop a serious
illness, insurance will still become very expensive or limited.</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span><br />
<br />
<span style="font-family: Times New Roman;">
</span><br />
<div class="socialmedia" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Insurance as an
investment.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">
Some advisors suggest that parents should take out a whole life policy on their
children. These policies include a savings component to build up cash value in
the policy. You could then use that value for education expenses or other
needs. But others say that there are cheaper and more efficient ways to save
than by using life insurance. For example, putting money into a tax-advantaged
529 education savings plan is often a better way to save for school tuition
costs.</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span><br />
<br />
<span style="font-family: Times New Roman;">
</span><br />
<div class="socialmedia" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Although
a majority of advisors may argue against life insurance for children, there may
be some situations where people find it makes sense. However, you shouldn't
take out a policy just because it is offered to you or because others are doing
it. Make sure to do your homework and know exactly why you need the insurance.<o:p></o:p></span></div>
<span style="font-family: Times New Roman;">
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CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-58632317816218909512018-03-22T07:16:00.000-04:002018-03-22T07:16:10.984-04:00DO YOU NEED TO TAKE AN RMD? APRIL 1 MIGHT BE AN IMPORTANT DATE FOR YOU
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">April 1 is the last day you can take your required minimum
distribution (RMD) for 2017 from your traditional IRAs. If you reached age 70½
last year, this is a big deal.</span><a name='more'></a><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p></o:p></span><div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: Times New Roman;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">If you reached age 70½ last year, April 1 could be an
important deadline. It's the last day you can take your required minimum distribution
(RMD) for 2017 from your traditional IRAs. If you miss that deadline, the
penalty may be a 50 percent excise tax on the amount you should have withdrawn.</span></span><div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: Times New Roman;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"></span></span><div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: Times New Roman;"><span style="font-family: Times New Roman;"></span> </span></div>
<span style="font-family: Times New Roman;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">How
the rules work<o:p></o:p></span></b><br /></span><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: Times New Roman;">
</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><span style="font-family: Times New Roman;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Once you reach age 70½, you must start taking annual
distributions from your traditional IRAs. Normally these distributions must
occur by Dec. 31 of each year. But a special rule lets you defer your very
first RMD until April of the year after you reach age 70½. So if you turned 70½
last year, April 1 is the deadline for your 2017 distribution. Be aware that
you'll still need to take your 2018 RMD before the end of this year. Note that
RMD rules don't apply to Roth IRAs.</span></span></span><div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: Times New Roman;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"></span></span><div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: Times New Roman;"><span style="font-family: Times New Roman;"></span> </span></div>
<span style="font-family: Times New Roman;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Generally, the amount of the RMD for any year is based on
your age. You take the balance in all your traditional IRAs as of the last day
of the previous year, and divide by a factor representing your life expectancy.
The IRS has published a standard life expectancy table to use in the
calculation. Special rules might apply if your spouse is more than 10 years younger
than you are.</span><br /></span><br />
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</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><strong>RMDs
and tax planning</strong></span><div class="MsoNormal" style="margin: 0in 0in 0pt;">
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<span style="font-family: Times New Roman;"></span> </div>
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Because all or part of your distribution may be taxable
income, it is important to include RMDs in your tax planning. Ideally you
should start planning for RMDs several years before you reach age 70½. But
whether you're planning in advance or looking at a distribution on April 1,
contact our office at (518) 798-3330 for more detailed advice.<div class="MsoNormal" style="margin: 0in 0in 0pt;">
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<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">If you're still working, this deadline may also apply to
your other retirement accounts.<o:p></o:p></span></div>
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CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-32737833422899296352018-03-19T07:12:00.000-04:002018-03-19T07:12:14.131-04:00PUTTING YOUR TAX REFUND INTO A RETIREMENT ACCOUNT? <span style="font-family: "calibri" , sans-serif; font-size: 12pt;">Considering
depositing your tax refund into your retirement account? Make sure no snafus
happen along the way. </span><br />
<a name='more'></a><br />
<span style="font-family: "calibri" , sans-serif; font-size: 12pt;"><span style="font-family: "times new roman";"><span style="font-family: "calibri" , sans-serif; mso-bidi-font-family: "Times New Roman";">If you plan on having the IRS deposit your tax refund into
one or more individual retirement accounts (IRAs), most of the hard part is
already done: You've already decided that you want to save the money instead of
spending it on new patio furniture or a trip to Jamaica.<o:p></o:p></span></span></span><span style="font-family: "times new roman";">
</span><br />
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<span style="font-family: "calibri" , sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p>S</o:p><span style="font-family: "times new roman";"><span style="font-family: "calibri" , sans-serif; mso-bidi-font-family: "Times New Roman";">till, you're not in the clear yet. Here are a handful of possible
obstacles that might mess up your tax refund on its way through the direct
deposit process: </span></span></span><br />
<ul>
<li><span style="font-family: "times new roman";"><span style="font-family: "times new roman";">
</span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "calibri" , sans-serif; mso-bidi-font-family: "Times New Roman";">Wrong account number.</span></b><span style="font-family: "calibri" , sans-serif; mso-bidi-font-family: "Times New Roman";"> If you
accidentally use the wrong account number and it belongs to another
customer, that mistake could take weeks or even months to correct. The IRS
maintains that correct input of financial information on the tax return is
the taxpayer's responsibility, so make sure you check and recheck the
account numbers you are using for your refund. </span></span> </li>
</ul>
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gets your tax return and finds that the routing numbers have been manually
revised, your direct deposit request has a higher chance of being rejected.
You may get an old-fashioned refund check in the mail.<br />
<span style="font-family: "times new roman";"></span><span style="font-family: "times new roman";"></span></span></li>
</ul>
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It's up to you to verify that your financial institution will accept
direct deposits into an IRA. Some banks, for example, will reject direct
deposits to anything other than a savings account.</span> </li>
</ul>
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<ul style="margin-top: 0in;" type="disc"><span style="font-family: "times new roman";">
</span>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "calibri" , sans-serif; mso-bidi-font-family: "Times New Roman";">Refund adjustments.</span></b><span style="font-family: "calibri" , sans-serif; mso-bidi-font-family: "Times New Roman";"> Sometimes
the IRS corrects a taxpayer's math or makes other adjustments that can
affect the refund amount. In some cases, these adjustments may result in a
direct deposit that exceeds the allowable IRA contribution amount. If so,
you could be stuck with a penalty for excess contributions.<span style="font-family: "calibri" , sans-serif; mso-bidi-font-family: "Times New Roman";"></span> </span></li>
</ul>
<span style="font-family: "times new roman";">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "calibri" , sans-serif; mso-bidi-font-family: "Times New Roman";">Putting your tax refund into an IRA can be a great idea, but
remember: Double-check your return and be aware of the rules your bank or
credit union has about IRA direct deposits.<o:p></o:p></span></div>
<span style="font-family: "times new roman";">
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CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-58621608244947467632018-03-15T08:05:00.000-04:002018-03-15T08:05:00.352-04:00IF YOU DONATED MONEY TO CHARITY, YOU'LL NEED THESE RECORDS
<br />
<div class="MsoNormal" style="margin: 0in 0in 12pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">If you plan on deducting charitable
contributions on your 2017 tax return, you'll need to have certain records.
Gifts by check or credit/debit card must have written documentation showing the
contribution amount and date, as well as the name of the organization you gave
to. If the contribution is more than $250, you'll also need a written
acknowledgement from the charity created at the time you made the donation.<o:p></o:p></span></div>
<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;">If you receive something in
return for donating, you<span style="color: black;"> can deduct only the
difference between the contribution amount and the value of the benefit you
received in return. Give us a call at (518) 798-3330 if you have questions about deducting your
charitable contributions.</span></span>CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-30209859419778251422018-03-12T08:03:00.000-04:002018-03-12T08:03:27.174-04:00GONE: UNREIMBURSED EXPENSES DEDUCTION FOR EMPLOYEES
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<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: Arial;">If you're an employee who has deducted unreimbursed job expenses in the
past, know that this deduction is now no longer available under the Tax Cuts
and Jobs Act. However, employers can consider reimbursing employees directly
for the cost of expenses like tools, uniforms, travel or continuing education.
Employers can still deduct those expenses on their business returns. Ask your
employer about reimbursement.<o:p></o:p></span></div>
CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-57080625658479888942018-03-05T06:59:00.000-05:002018-03-06T17:00:21.171-05:00ARE YOU A CAREGIVER? THESE TAX BREAKS MAY BE HELPFUL
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<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: Arial;">Those who care for people who are sick, elderly or disabled are often up
against a lot of challenges. Fortunately, there may be a handful of tax breaks
that can help. They include the medical expense deduction, the Child and
Dependent Care Credit, and the new family credit in the Tax Cuts and Jobs Act. Give
us a call at (518) 798-3330 if you have questions.</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-29145116585881376552018-03-01T07:57:00.000-05:002018-03-06T16:58:41.422-05:00MORE TAX BREAKS AVAILABLE FOR 2017 TAX RETURNS<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;">Several
tax breaks were </span><span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;">revived for use in
2017 tax filing by last month's federal budget bill. Among them are four you
may be able to take advantage of: the tuition and fees deduction, the mortgage
insurance deduction, the mortgage debt forgiveness exclusion and the
energy-efficient home improvement credit. Give us a call at (518) 798-3330 if these tax breaks
should be considered for your 2017 tax return. </span>CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-59724450688731547392018-02-09T06:57:00.000-05:002018-02-09T06:57:00.253-05:00DON'T SAY YES TO A REVERSE MORTGAGE UNTIL YOU READ THIS
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">You've likely heard the good and the bad about reverse
mortgages. But what's real? Before you consider this strategy, consider a few
key components. </span><a name='more'></a><o:p></o:p><br />
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">There's no doubt you've seen TV advertisements telling seniors
that their lives could improve if they use reverse mortgages to harvest the
equity in their homes. They go on to tell you that you can free up money to take
an expensive trip, remodel your home or just have fun. It sounds appealing —
but is it worth it?</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">What
is a reverse mortgage?<o:p></o:p></span></b></div>
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<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">As the name implies, a reverse mortgage is the opposite of a
traditional mortgage. With a traditional mortgage, you borrow a sum of money to
purchase a home and then pay off the debt over time. </span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">With a reverse mortgage, you receive loan proceeds (as a
lump-sum payout, an annuity, a line of credit or a combination of all three) but
make no payments as long as you reside in the property. The loan, with any
accrued interest, comes due when you move out or pass away. To qualify for a
reverse mortgage you need to be 62 or older, own your residence and generally
have significant equity in your home.</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Unfortunately, reports of abuse regarding aggressive and predatory
sales practices are common. Here are a few items to analyze if you're thinking
about a reverse mortgage:</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></div>
<br />
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Determine if a reverse mortgage is logical for your
situation.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"> Evaluate alternatives.
Conventional solutions such as a home-equity loan might be a better
answer.</span></li>
</ul>
<div class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"></span> </div>
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Consider the financial ramifications.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">
Reverse mortgages can be expensive. Upfront fees are significant. If you
stay in your home just a few years, the effective interest rate can be
very high.</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></li>
</ul>
<br />
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Be wary of bundled sales pitches.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">
Commission-driven salesmen can push life insurance or various annuity
products along with a reverse mortgage. You could end up with products you
don't need.</span></li>
</ul>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">If you are considering a reverse mortgage, call us at (518) 798-3330. We can
help you determine potential tax issues, plus other alternatives. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></div>
</div>
CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-86321174447682609322018-02-06T07:53:00.000-05:002018-02-06T07:53:34.458-05:00IS YOUR BUSINESS SUSCEPTIBLE TO PAYROLL FRAUD? <span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;">Although
you may not want to hear it, all businesses can be hit with payroll fraud. Find
out how it happens and what you can do about it.</span><a name='more'></a><br />
<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Unless a small business owner handles all aspects of
computing and paying payroll, there is room for fraud. Even if your company has
only a few employees — it does not guarantee your funds will be safe.</span><br />
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">How
payroll fraud happens<o:p></o:p></span></b></div>
<span style="font-family: Times New Roman;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Perhaps one of the easiest payroll fraud techniques is the
overpayment of withholding or payroll taxes. Your bookkeeper simply overpays
the government. When the refund check arrives, the employee deposits it to his
or her personal account. </span></div>
<span style="font-family: Times New Roman;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">In some cases, the employee will have an account at a
different bank but in the company name. Such an account could be used for the fraudulent
deposit of other company receipts as well.</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></div>
<span style="font-family: Times New Roman;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">The greater the number of employees, the easier it is for
someone to pull off a scam. Perhaps the payroll clerk has invented a fictitious
employee or falsifies hours or commissions for a cooperating employee who
shares the stolen funds. Or perhaps the employee holds the payroll deposit
funds in his or her own interest-bearing account until it is time to make the
payroll deposit to the government.</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></div>
<span style="font-family: Times New Roman;">
</span><br />
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">How
to prevent payroll fraud<o:p></o:p></span></b></div>
<span style="font-family: Times New Roman;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Small businesses can be exceptionally susceptible to payroll
fraud because they often lack anti-fraud controls that larger organizations
have in place. Here's a few ways you can work toward preventing this type of
fraud:</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></div>
<span style="font-family: Times New Roman;">
</span><br />
<ul style="margin-top: 0in;" type="disc"><span style="font-family: Times New Roman;">
</span>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Get outside help.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"> A payroll
review by an independent accountant may help prevent employee schemes. <o:p></o:p></span></li>
<span style="font-family: Times New Roman;">
</span>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Divvy up duties.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"> Even in
small companies, it is possible to divide office tasks to make employee
theft more difficult.<o:p></o:p></span></li>
<span style="font-family: Times New Roman;">
</span>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Limit payroll access.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"> Figure out
who needs to have access to payroll data. That list will likely be very
small. Make sure it stays that way.<o:p></o:p></span></li>
<span style="font-family: Times New Roman;">
</span>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Offer direct deposit.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"> No paper
checks means less opportunities for employees to handle funds, meaning greater
security all around. <o:p></o:p></span></li>
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</span></ul>
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</span></span>CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-34172303774946333632018-02-01T06:50:00.000-05:002018-02-01T06:50:21.498-05:00DO YOU HAVE A HOUSEHOLD EMPLOYEE? DON'T IGNORE THE NANNY TAX
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<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">It's simple enough to overlook this tax related to household
employees. But you could be in trouble if you do. Here's why you'd better pay
attention to the nanny tax. </span><a name='more'></a><o:p></o:p><br />
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Courier New";">As you review your filing requirements for 2018, make sure you
don't overlook the nanny tax related to household employees. If you have a
housekeeper or any other household employee, you could be liable to pay state
and federal payroll taxes.</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Courier New";"><o:p> </o:p></span><br />
<br />
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Courier New";">How
to know if you must pay the nanny tax<o:p></o:p></span></b></div>
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<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Courier New";">First, you'll need to determine whether you have a household
employee. Generally, this is someone you hire to work in or around your house.
It could be a babysitter, nurse, gardener, etc. It doesn't matter whether they
work part-time or full-time, or whether you pay them hourly, weekly, or by the
job. </span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Courier New";"><o:p> </o:p></span></div>
<br />
<div class="bodycopy" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Courier New";">But not everyone who works around your house is an employee. For
example, if a lawn service sends someone to cut your grass each week, that
person is not your employee. </span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Courier New";"><o:p> </o:p></span></div>
<br />
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<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Courier New";">As a general rule, workers who bring their own tools, do work
for multiple customers and/or control when and how they do the work are not
your household employees.</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Courier New";"><o:p> </o:p></span></div>
<br />
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Courier New";">Your
responsibilities <o:p></o:p></span></b></div>
<br />
<div class="bodycopy" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Courier New";">If you have a household employee, you'll generally be
responsible for 2017 payroll taxes if you paid that individual more than $2,000
last year. However, federal unemployment tax kicks in if you pay more than
$1,000 to all domestic employees in any quarter.</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Courier New";"><o:p> </o:p></span></div>
<br />
<div class="bodycopy" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Courier New";">It's not always easy to tell whether you have a household
employee, or whether exceptions apply. If in doubt, don't hesitate to call our
office at (518) 798-3330.<o:p></o:p></span></div>
</div>
CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-27313460246537791002018-01-29T07:47:00.000-05:002018-01-29T07:47:03.184-05:00YOUR TAX-TIME FINANCIAL REVIEW<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;">It's
the new year … and that means it's time to review your financial affairs. Take
advantage of all of that top-of-mind tax-time knowledge and increase your
changes of a fiscally sound 2018.</span><a name='more'></a><br />
<span style="font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS Mincho"; mso-fareast-language: EN-US;"><span style="font-family: Times New Roman;">
</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Now is the perfect time to review your financial affairs.
You have to gather information to prepare your tax return at this time. Why not
take one more step and do something positive for the wellbeing of your wallet?</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span><br />
<span style="font-family: Times New Roman;">
</span><br />
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<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">The following suggestions will help you with your financial
review:</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></div>
<span style="font-family: Times New Roman;">
</span><br />
<ul style="margin-top: 0in;" type="disc"><span style="font-family: Times New Roman;">
</span>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Talk to your family.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"> You should
factor in the financial decisions and goals of your spouse and children. </span></li>
</ul>
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<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"></span> </div>
<ul style="margin-top: 0in;" type="disc"><span style="font-family: Times New Roman;">
</span>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Put your financial goals in writing.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">
Figure out how much money you'll need to meet each goal, when you'll need it
and how you'll get it.</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></li>
</ul>
<span style="font-family: Times New Roman;">
</span><br />
<ul style="margin-top: 0in;" type="disc"><span style="font-family: Times New Roman;">
</span>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Create a net worth statement. </span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Create
a list of your assets and debts, and compare it to last year's statement.
Are you gaining ground or losing it?</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></li>
</ul>
<span style="font-family: Times New Roman;">
</span><br />
<ul style="margin-top: 0in;" type="disc"><span style="font-family: Times New Roman;">
</span>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Review investment performance.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">
Weigh your investment performance minus the effects of inflation, and
compare your progress with your goals. Determine what investments are
worth it and what may need to change this year.</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></li>
</ul>
<span style="font-family: Times New Roman;">
</span><br />
<ul style="margin-top: 0in;" type="disc"><span style="font-family: Times New Roman;">
</span>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Protect what you have.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">
Consider the risks of your financial strategies. Your long-term goals may
be unobtainable if you lose your present assets or your income potential.</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></li>
</ul>
<span style="font-family: Times New Roman;">
</span><br />
<ul style="margin-top: 0in;" type="disc"><span style="font-family: Times New Roman;">
</span>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Determine if you need the insurance you have — or if
you're missing something.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"> Don't duplicate employer-provided
coverage. Review your coverage annually; don't just automatically renew
policies. </span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></li>
</ul>
<span style="font-family: Times New Roman;">
</span><br />
<ul style="margin-top: 0in;" type="disc"><span style="font-family: Times New Roman;">
</span>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">Review your will and your estate plan.</span></b><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">
Did your situation change during 2017? Make appropriate changes to your
will and estate plan if it did. Stay informed about the 2018 tax reform
changes that affect your plan. </span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></li>
</ul>
<span style="font-family: Times New Roman;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">We can help you create an effective 2018 tax strategy for
your situation. Give us a call today at (</span><span style="font-family: "Calibri",sans-serif; mso-bidi-font-family: "Times New Roman";">518) 798-3330.<o:p></o:p></span></div>
<span style="font-family: Times New Roman;">
</span></span>CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.comtag:blogger.com,1999:blog-7130236933907801630.post-16528304462832409032018-01-26T08:34:00.000-05:002018-01-26T08:34:18.292-05:00KEEP GOOD RECORDS FOR MUTUAL FUNDS <span style="background: white; color: #222222; font-family: "Calibri",sans-serif; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">Brokers are required to report your cost basis
to the IRS. Without good recordkeeping, you may not be able to prove you were overtaxed
because of incorrect basis reporting by your broker. You can avoid problems
caused by errors in reporting by keeping detailed records of every transaction.
Work with your broker to ensure your records match with the information he or
she is reporting to the IRS.</span>CMJ, LLPhttp://www.blogger.com/profile/11288728882229376140noreply@blogger.com