GET YOUR BUSINESS OFF TO A GOOD START

Many small start-up businesses are off-and-running before any record system has been set up. There is money deposited into the new business checking account, some from invested funds and some from sales. There has been money paid out for equipment, supplies, etc., some by check and some by cash out of pocket or from sales receipts.

RMDs REQUIRE CAREFUL PLANNING

After all the advice you've received about saving for retirement, taking money out of your traditional IRAs and other qualified retirement plans may feel strange. Yet once you reach age 70½, the required minimum distribution (RMD) rules say you have to do just that.

"BASIS" IS IMPORTANT TO AN S CORPORATION

Losses can be hard to take - so if you think your S corporation will show a loss for 2013, now's the time to plan to make sure you'll get the full tax benefit.

NOTIFY THE IRS WHEN YOU MOVE

If you're one of the millions of taxpayers who've moved recently, don't forget to notify the IRS of your address change. Use "Form 8822, Change of Address," or send written notification to the IRS center where you file your return. Include your full name, old and new addresses, social security number, and signature. If you filed a joint return, include this information for both taxpayers. Keeping the IRS informed of your current address will ensure that you receive notices and refunds without delay.

RETIREMENT TAX RULES

Three important birthdays affect your retirement plan: 

* At age 50, you can make extra "catch-up" contributions to your IRA and 401(k) savings. For 2013, these are $1,000 and $5,500, respectively. 

* After age 59½, you're eligible to make penalty-free withdrawals from your IRAs.   

* Beginning no later than the year after you reach age 70½, you're required to take minimum distributions from your traditional IRAs each year. 

Need more details? Contact our office at (518) 798-3330.

SUMMERTIME BUSINESS TIP

Check the tax savings of combining business and pleasure on the same trip this summer. Within the U.S., if the primary purpose of the trip is business and you add on a side trip or an extra few days for pleasure, you can deduct all the travel costs to and from your business destination and all other business-related costs. You can't deduct costs related to the pleasure portion.

CUSTOMER SERVICE TIP: HOW TO KEEP YOUR CUSTOMERS COMING BACK

Every successful business relies on a core group of customers who keep coming back on a regular basis. Sure, you're always trying to find new customers and expand your market. But chances are that it's the "regulars" who provide the bulk of your revenues. It's important not to forget this group.