Tax Extenders Still Have Not Passed So What Should I Still Be Doing?

 

 

 

Cathy Robinson, CPA

Senior Manager

robinson@hwco.com

 

 

Okay, it is December and Congress has not yet taken any action on provisions which have expired at the end of 2014.  There are still some things you should consider doing before year end:

 

1.       Review your withholding and estimated tax payments for 2015. 

2.       Consider if you are liable for the alternative minimum tax in 2015. 

3.        Consider realizing losses on stock to offset gains.

4.       Postpone any additional income until 2016.

5.       Accelerate any deductions in 2015.  Consider using your credit card to pay for the deductible expenses.

6.       Bunching of any expenses.  For example, pay three real estate bills in a year.

7.       Ask your employer to defer your 2015 bonus until 2016. 

 

These are just some suggestions in order to help eliminate an unpleasant surprise in April next year.  As with any tax advice you read or hear, you need to ensure the advice provided agrees with your tax situation.

The HW Group Goes Purple!

Around the world people are wearing purple to show their support of epilepsy awareness. Annually, March 26th represents a global show of support of epilepsy awareness.

Did you know that 50 million people world wide live with epilepsy and that 50% of those affected don't know the cause? Did you also know that that 2.2 million Americans are living with epilepsy? The facts are scary, but true.

We are proud to raise awareness of such an important cause and invite each and every person to join us in wearing purple next year.

Want to learn more about epilepsy? Or want to know how you can help make a difference? Click on any of the links below for more information.

http://epilepsyinfo.org/

http://www.purpleday.org/aboutepilepsy

Caution: Accountants At Play

Not once while I was searching for a job after college did I ever expect myself to begin even looking for a position at an accoutning firm. When I think of an accountant I think of an old man at a desk with a visor and the green lamp my granfather has on his desk in his office.

As it turns out, however, that's a pretty dated view.

(Who knew?)

In fact, I would wager that I work with some of the most eclectic accountants out there. They are fun, they're creative and best of all they like to donate their time.

Recently, a group of our professionals participated in FETCH.

FETCH, for those of you who do not know, is a program that The Ohio Society of CPAs created to educate kids about the value of a dollar. Groups of CPAs volunteer their time to local schools by helping fifth and sixth grade students complete a game about finances.

It's a unique way to teach kids how to properly manage money, and every year it gets a good response. Not only from the children, but the CPAs as well.

It's important for kids to get the access to educational programs that allow for them to learn about money and how to properly utilize it. A child who understands the value of a dollar early on is more likely to understand how to manage money as an adult.

 Financial Education for kids is extremely important and I am fortunate to know a group of CPAs who are dedicated to helping the youth of tomorrow.

With that said I look forward to many years and sharing their different events as they continue to donate their time, their education and their knowledge to the local community.

 

 

For an additional read on the importance of children learning money management skills click the link below!

http://money.cnn.com/magazines/moneymag/money101/lesson12/index.htm