ROB D CPA, Inc.-Financial Friday-June Newsletter

 

Happy Friday all, hope everyone has good plans lined up for the weekend,  But before that we bring you our weekly Financial Friday. This week it is our monthly newsletter, http://www.robdcpa.com/newsletter.php  Hope you have a chance to read it and if you have any questions, feel free to contact us, we would love to talk with you.  Have a great weekend and we will be back on Monday.

ROB D CPA, Inc.-Financial Friday-Planning a new business

 For today’s Financial Friday we are thinking about the small business and starts up out there who make the leap to self-employment.   It is a huge leap of faith and you have to believe in yourself.  There are a lot of questions like, What if I cannot pay the bills? Will I be a success?   How will I bring in business? How will it all get done?

 

Those are some of the first thoughts one has then those thoughts move to the actual business side, like considering: what entity, corporation or LLC, etc. and then setting it up, filing with the secretary of state, set up the Quickbooks or other accounting systems, set up a payroll service, hire a bookkeeper or service, hire a tax preparer. register online with unemployment, MA DOR, and other services, and don’t forget about Human Resources compliance and getting those in place, and WAIT, stop right there, we can help. We can save you some time, and stress with that sort of stuff.  Rob D CPA Inc. can handle ALL the aforementioned things in a bundled service program, so therefore you will get favorable pricing the more services you take on. There is an enormous amount of time saved both on our end and the clients end when we handle ALL the services, NOW there is no need to coordinate during the year all these processes. A good reason why so many companies file a tax extension is not only is it laborious to try to get data from another party it is TIME CONSUMING, so with OUR system you can also be proactive with tax planning as all data is entered and kept current and useful management reports are available for decision making.  We do our best to assist our clients to avoid filing extension.  So if you are considering going out on your own, you do have help and congratulations on taking the leap.  For more information on ROB D CPA, Inc. visit our website; www.robdcpa.com

ROB D CPA, Inc.-Memorial Day weekend

Hello and happy Friday.  Some of you may have started your weekend already and are looking forward to a super long weekend.  Please note: we are closed on Monday.  We are taking a break from Financial Friday this week instead to wish everyone a great, safe long weekend.  For many Memorial Day weekend means the unofficial kick off to summer but  let us not forget what Memorial Day is,  take a moment to thank all the men and woman in the services. 

ROB D CPA, Inc. Financial Friday-Newsletter

Hello and Happy Friday.  It is that time we bring you our Financial Friday, but it is also that time of the month our newsletter comes out so our Financial Friday for the week is our newsletter.

Please check it out, http://www.robdcpa.com/newsletter.php

Also, please remember it is easy to subscribe to it.  Just visit our website at www.robdcpa.com and leave us your e-mail. 

Thank you and have a great weekend.

ROB D CPA, Inc.-Financial Friday-Record Rention

Hello and happy Friday.  Almost the weekend, hope it is enjoyable maybe in the last few hours of your work week or over the course of the weekend you can check out our Financial Friday tip of the week, it comes from our website, http://www.robdcpa.com/taxretention.php
Enjoy, talk to you on Monday.

ROB D CPA, Inc.-Financial Friday- Inerited IRA

The loss of a loved one is hard.  So much to think about, so many things to do, how do you know what is right, it can all be very stressful.

Read this over and keep it in your back pocket so when/if the time comes you may have to make a decision like this you have information on your side.
 

Inherited IRA: What Choice to Make?

1. Roll over the inherited assets into your own Tradition IRA.

The benefit of this is that both the amount and the timing of minimum required distributions (MRD) are based on your own age

This is beneficial if:

• If you are younger than your spouse and your spouse died after age 70.5 
•  Older than 59.5 or you do not need access to these assets until you reach age 59.5

2.               Transfer your inherited assets to an Inhered IRA.

This is beneficial if you are not concerned about creditor protection issues and are:

• Older than your spouse and your spouse died before age 70.5
• Younger than age 59.5 and you need to access these assets immediately

3.               Roll over and convert inherited IRA assets to your own Roth IRA.

• This is most likely to be advantageous if you expect higher taxes in retirement and you can afford to pay the taxes with funds from other sources
• This option has potential for tax-free growth of assets and no MRDs during lifetime of the original owner
• Taxes will need to be paid on the amount converted from the non-Roth IRA into the Roth IRA

4.               Disclaim all or part of your inherited assets

This is beneficial in the following situations:

• You don’t need all or some of these assets and you’d like a younger beneficiary to be able to maximize the potential for tax-deferred growth by stretching distributions out over his or her lifetime
• The decedents estate was not structured ideally for tax purposes

5.               Leave the assets in the plan.

• If you inherited a workplace savings account, the plan from which you are inheriting assets may allow you to leave those assets in the plan

Details vary by plan so it is important to discuss and know your plan in advance.  As always keep copies. 

 

ROB D CPA, Inc.-Financial Friday-Household Employees

Hello and another happy Friday to you.  On this Financial Friday we want to give you some tips regarding "Household Employees, wages and taxes.

Many families are trying to juggle work and home, kids and their kids busy schedules so they are employing a staff of their own.  These are called "Household Employees"


 You must consider theses following things when hiring Household Employees;

1) A domestic worker is considered an employee, not an independent contractor.  This is the most common mistake seen in the household employment industry, and worker miscalculation is considered tax evasion and punishes the worker in the form of higher taxes.

2) There is a difference between gross and net pay, and this should be communicated to the employee. Many household employees are typically paid "under the table" or gross pay, and when they find a household that wants to pay them legally they may not understand the difference in their paychecks (net pay). 

3) Household employees should be paid an hourly rate and overtime.  They are classified as non-exempt workers in the Fair Labor Standards Act, meaning their payroll should be set upon an hourly rate for every hour overworked, and should be paid overtime. (at least 1.5 times the regularly hourly rate) if the work more than 40 hours in a 7-day work week.

4) Benefits- Paid time off (holidays, vacation, sick days) is not required by federal law, but it is an important advantage to attracting good quality employees.  (7 states do have paid time off or sick requirements).

5) Do NOT procrastinate.  Most states have wage reporting obligations through the year.  Employers must also withhold FICA.  Additionally, many domestic workers qualify for the federal health insurance subsidy.  These issues must be addressed before tax season or it is easy to find yourself behind making many mistakes and adding expenses. 

ROB D CPA, Inc.-Financial Friday-How to file for a tax extension

Hello Friday...  Many of you will probably spend some of your weekend working on your tax return.  The deadline is Wednesday, April 15th.  If you don't think you will be able to complete your tax return then you need to file an extension.  To learn more about an extension and how to file one visit the IRS website; http://www.irs.gov/uac/Extension-of-Time-To-File-Your-Tax-Return

Whatever your plans for the weekend, hope it is a good one and if you need help with your taxes, don't hesitate to give us a call during the weekend,  we can still help.

ROB D CPA, Inc-Financial Friday-what not to do with your tax refund.

Hello and happy Friday.  Perhaps you have plans to do your taxes this weekend.  Perhaps you have done them and just got your refund back.  Well before you go out and spend it, read this

http://www.cheatsheet.com/personal-finance/4-ridiculous-things-we-spend-our-tax-refund-on.html/?a=viewall

Whatever your plans for the weekend, I hope you have a good one and if you get stuck on your taxes, let us know, give us a call anytime. 

ROB D CPA, Inc. Financial Friday-Tax Refund.

Hello and happy Friday and first day of SPRING!  We did it, we made it through this record breaking winter.  Congrats to us all! 

Financial Friday time....
Have you filed your taxes? "Yes" you say. Days ago, weeks ago even.  Are you wondering when you might receive it well you can track it, visit our website tax center and you can learn how.

http://www.robdcpa.com/taxrefunds.php

Keep in mind weather you file electronically or by mail in, you will receive it faster if you choose direct deposit.  Also, the sooner you file the faster you will receive.  They start to become a little more back logged the closer the deadline approaches.  So don't delay, don't let your taxes get you down like the guy above. 


Have a great weekend and we will be back on Monday.

ROB D. CPA, Inc.-Financial Friday-Newsletter/Taxes

Hello and happy Friday, hope everyone has fun weekend plans, maybe some St. Patrick's Day Celebrations since the holiday is coming up next week.

Anyway, before you get to your weekend, we want to share our Financial Friday for the week.  This week it is our March newsletter, which of course is regarding taxes.  Have a read, http://www.robdcpa.com/newsletter.php

If you like it, find it useful and want to receive it each month, you may subscribe via our website homepage, www. robdcpa.com

Thank you, have a nice weekend and since it is coming up, here is a little Irish saying,

ROB D CPA, Inc.- Financial Friday-Tax refund

Happy Friday, just a few short hours to go before the weekend. Keep in mind, daylight savings, be sure to spring forward Saturday night and check the batteries in all smoked alarms. Now onto Financial Friday...


When will you receive your tax refund? The answer depends on how you filed your return. The IRS should issue your refund check within six to eight weeks of filing a paper return. If you chose to receive your refund through direct deposit, you should receive it within a week. If you use e-file, your refund should be issued between two and three weeks.
You can check on the status of your refund by visiting this website,
https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp 

ROB D CPA, Inc.- Financial Friday- How to spend your tax return-wisely

Hello and happy Friday!

Have you already received your tax refund?  Will you be receiving a tax refund?  Now how to spend it.  Think about it before you spend it in one place.  Weather it is a little or a significant amount be smart about it, try to stretch it and get more out of it.

The Internal Revenue Service says most of you – somewhere between 75 and 80 percent – are getting one. The average tax refund in 2015 is going to be around $3,539. The IRS knows this because it handed out $26.8 billion

If you don’t have an immediate need, the best bet is to use your refund to reduce or eliminate debt, especially credit card debt.  Credit card debt has re-emerged as a drag on the U.S. economy. The Federal Reserve says credit card debt is up $91 billion from September 2011 to the end of 2014 and now stands at $882 billion.  The average family household owes $5,700 on credit cards.

Surveys show that 91 percent of people say they will use the refund to reduce debt or put into savings, but at least half spend the money shortly after receiving it and not on a needed or required purchase. They view a refund as “free money,” an unexpected bonus check from Uncle Sam that they can spend as they like.  A new computer, big-screen TV or home theatre is a lot more fun use of the $3,539 that suddenly appears in your bank account, but .it won’t provide you any help with your debt.

There are other "smart" ways to spend your tax return, here are 10 ideas. 

1) Start or build up a "fun fund" This account is for things like vacations, large fun purchases such as TV's, or kids activities. 
2) Start or build up your "emergency" fund.  This account is your backup when perhaps you loose a job and need to pay the bills. This is a very important one to start or build because you never know when something might happen.
3) Start or build up your retirement fund- never to late to start this one.
4) Put it back into your house.  Do you have a projects around the house that need to get done, can you refinance for a lower rate?
5) Give it to charity then claim it later. 
6) Start or build up a savings account for your child(ren).
7) Start or build up a college fund.
8) Spend it on something you NEED. There is a difference between something you need and want, don't get caught up in the "free money" thinking.  Think wisely, it is not free money.  You worked hard all year long to get your money back.  Perhaps you need to purchase a new car, use the money on a down payment.  This way you are financing less and saving more on interest. 
9) Invest it.  do your research, make sure you are investing wisely so the money works for you.
10) Go green.  Look into what programs you may qualify in your state there are many energy saving programs that you may receive reimbursement  on.  You will not only reduce your monthly expenses but you will be giving back to the environment.

Bonus tip:  Keep your ears/eyes open for special offers from local retailers.  In some cases,
places will offer discounts or future discounts on purchases if you spend your tax return with them. 

Bottom line is, think carefully, long and hard about what you want to accomplish with the tax refund and be sure you end up doing what you planned.  It really is all about planning ahead and again that actually starts at the beginning of the year.  So also think about it terms of this year.  Do your research or use and accountant who is current on tax issues so you can start thinking about your tax return for next year.  In other words, what can you do now so you can claim it later, it is like doubling your money. SCORE!

ROB D CPA, Inc.-Financial Friday-Taxes

TGIF on this very, very cold Friday in New England. Bundle up!

 Today our Financial Friday is something we are sharing that has been in the news. It is tax season and many people file online. A word of caution, if you are one who files online, be sure you are using a secure site. Please read this and just be in the know so you can make the best choice for filing your taxes.
http://boston.cbslocal.com/2015/02/07/massachusetts-temporarily-halts-state-tax-refunds-filed-through-turbotax/

Have a great weekend, hope our friends in MA had a nice vacation week and hope our NH friends have a good vacation next week.

ROB D CPA, Inc.-Financial Friday-newsletter/taxes

Hooray, it is Friday! TGIF all! I know, I know another big storm is coming but at least it is Friday, gotta look on the positive side, right!? You can do that, think of one good thing in your life right now, and hold tight to that to get you through this next storm.

Anyway, Friday in our world means Financial Friday, this week we want to share this months newsletter with you, it is about taxes, of course.  http://www.robdcpa.com/newsletter.php . And remember if you want to receive our newsletter automatically each month, all you have to do is sign up for it on our homepage, it's easy, just leave us an e-mail.

FF can also stand for Friday Funny, so given what we are expecting again this weekend, we couldn't help but share this cartoon. 

Have a great weekend, stay warm, be safe, and O, Happy Valentine's Day!

ROB D CPA, Inc- Financial Friday-10 surprising tax tips

Happy Friday afternoon, just a few short hours to go until the weekend so it is time for Financial Friday. This week we share something we found online;

http://finance.yahoo.com/news/10-surprising-tax-deductions-2015-194600792.html

This is our office in Wilmington, MA. Our very own Ice castle. Enjoy yet another snowy weekend in New England. Be safe and stay warm!

ROB D CPA, Inc.-Financial Friday-Tax season

TGIF, we made it to another Friday, and here in New England that is big news, it has been a long week of snow removal.  And more on the way, hang in there New Englanders, we can do this! 

Today tax season officially starts, so happy tax season to everyone!  Do you hate doing your taxes?  When you think about it, do you get anxious? No idea what forms, documents,  and receipts you will need.  Are you even sure what forms you will have to fill out?  Do you know the current tax deductions you are entitled to?  Is your head spinning?!

Did you know today, January 30th is the deadline for companies to have completed their W-2 for all employees. April 15th is the tax deadline.  We don't want you stressing out over all these tax related issues.  We don't want you wondering if you are doing it right and staying up late on April 14th just so you can get your return in on time.  Let our experienced CPA's do all the work for you.  You will get personal, friendly and confidential service from local CPA's.  We will take the time to get to know your tax situation in order to help save you money.  Mention this post and receive $50.00 off your first time tax return with us.  Don't delay, April 15th comes fast.  This offer valid until February 6, 2015.




Enjoy the "big game" on Sunday! 

ROB D CPA, Inc.-Financial Friday-Taxes

TGIF,  Almost the weekend and here in Wilmington, MA  we are getting ready for a snowstorm.  Hope you all have plans to stay in on Saturday and ride the storm but then on Sunday go out and play in it.  Anyway, time for yet another Financial Friday.  You may have seen some commercials on tv, it is just about tax season.  This week we want to refer you to our tax center on our website, http://www.robdcpa.com/taxcenter2.php
There you will have a lot of your questions answered.  As always, you can call us if you still need more help. 

ROB D CPA, Inc- Financial Friday-Jan. newsletter

TGIF!  Just a few more short hours until the weekend.  We hope everyone has good plans for the weekend, but before that we bring you Financial Friday.

It is a new year and a new month which means we have yet another issue of our monthly newsletter. 

Check it you, http://www.robdcpa.com/newsletter.php


If you haven't already signed up to automatically receive it each month, please do so on our website.  It is easy, just enter an email address right on our homepage.  Please note we do not share or sell our list, and we do not bombard you with e-mails.  We hope you find our newsletter helpful, Thank you!

Rob D CPA, Inc.- Financial Friday-Federal/State Wage guide

Congratulations, you made it through the first week of the new year.  Happy Friday!  Today our Financial Friday tip is regarding wages.  We are sharing ADP's 2015 Fast Wage and Tax Fact Sheet.  Print it out and keep it handy when doing your payroll.  If you have any questions regarding payroll issues, give us a call, we can help.