August 2016: Ten Tips to Keep Not For Profits Out of Trouble
" The year-end planning may be in full swing with the budget process for next year, employee evaluations and review of the Organization’s policy and procedures. Along with these processes we encourage management and the board of directors to review the Exempt Organization’s (EO) yearly activities to ensure that the Organization has complied with best practices for governance of an EO. Bogdanoff Dages and Co. PC has compiled a checklist of actions based on current rules and regulations that you may want to review. "
July 2016: What Do You Do the Day the IRS Notice Arrives?
" The dreaded day arrives and you receive a Notice from the Internal Revenue Services; what do you do? First, open the envelope. The IRS sends millions of letters and notices each year. This is the way the IRS contacts taxpayers, not by phone calls and emails, which are scams. Some of these letters and notices may be dealt with painlessly. "
July 2016: The Difference Between IRS Agents and Officers
" All Internal Revenue Service representatives are not created equal. I am not referring to their communication styles, knowledge or personalities, but to their duties and responsibilities. Most taxpayers will encounter both revenue officers and agents. Since there are differences between them, it may be important to know what they do, if they show up at your door. "
July 2016: Protect Yourself From Identity Theft
" Recently the IRS Commissioner, John Koskinen, held a Security Summit with IRS officials, state tax agencies and the tax community. One of the results of this summit was the IRS has announced that an expanded public awareness campaign aimed at making business aware of the need to focus on securing sensitive data. "
June 2016: IRA One-Rollover-Per-Year Rule
" Under the basic rollover rule, you don’t have to include in your gross income any amount distributed to you from an IRA if you deposit the amount into another eligible plan (including an IRA) within 60 days. Internal Revenue Code Section 408(d)(3)(B) limits taxpayers to one IRA-to-IRA rollover in any 12-month period. "
June 2016: What’s the best entity choice for your business?
" A principal consideration for any new or existing business is choosing an appropriate legal entity. Available options in most states include C corporations, S corporations, general and limited partnerships, limited liability companies (LLCs), limited liability partnerships (LLPs) and sole proprietorships."
June 2016: Final Rule: Overtime
" On May 18, 2016, President Obama and Secretary Perez announced the publication of the Department of Labor’s final rule updating the overtime regulations, which will automatically extend overtime pay protections to over 4 million workers within the first year of implementation and impact all employers with gross revenue over $500,000 (including non-for-profit). The effective date of the final rule is December 1, 2016 and future automatic updates to the thresholds (broken down below) will occur every three years, beginning on January 1, 2020."
June 2016: 6 Tips for Paying Off Your Student Loan Debts
" You’ve probably heard the statistics: Americans owe nearly $1.3 trillion in student loan debt, spread out among about 43 million borrowers. In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year. You can find more shocking student loan debt statistics on Student Loan Hero’s website."
May 2016: Tax consequences on the sale of your home, know them NOW
" As the school year draws to a close and the days lengthen, you may be one of the many homeowners who are getting ready to put their home on the market. After all summer is the best time of year to sell a home. But it’s important to think not only about the potential profit (or loss) from a sale, but also about the tax consequences. "
April 2016: Choosing a funding method for your buy-sell agreement
" Anyone who owns a closely held business with at least one other partner needs to take certain steps to guard against business disruption. If one partner departs suddenly, or becomes disabled or dies, serious confusion and conflicts can ensue. Among the most important steps is to create a buy-sell agreement, which stipulates precisely how ownership interests will be valued and purchased. "
April 2016: Why it’s time to start tax planning for 2016
" Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside any thought of taxes until year end is approaching. But don’t succumb. Maybe you were frustrated or surprised because you owed additional tax when your return was filed."
April 2016: Filing for an extension isn’t without perils
" Yes, the federal income tax filing deadline is slightly later than usual this year — April 18 — but it’s now nearly upon us. So, if you haven’t filed your return yet, you may be thinking about an extension. "
March 2016: Make a 2015 contribution to an IRA before time runs out
" One of the last tax moves that may still be made is to make a contribution to an Individual Retirement Account (IRA) before the filing deadline of your personal tax return not including extensions (see below). When one is considering making a contribution to a retirement plan there are several options that should be considered. "
March 2016: Tax Deduction for Business Clothes
" Most company employee manuals set the standards for the employees’ attire in the work place. So the question becomes are the clothes that one buys to wear to work an itemized deduction? "
February 2016: How to max out education-related tax breaks
" Tax season is in full swing at Bogdanoff Dages and Co., P. C. and we are working with our clients to maximize the education opportunities that are available in the tax code. If there was a college student in your family last year, you may be eligible for some valuable tax breaks on your 2015 return. To max out your education-related breaks, you need to see which ones you’re eligible for and then claim the one(s) that will provide the greatest benefit. "
February 2016: 5 ways to cut costs and improve cash flow
" When business owners start to feel the choking effect of a slow cash flow, they often blame their customers. “Why aren’t we getting paid on time?!” But it’s important to remember that cash flow is affected by a variety of elements. For example: Operating expenses and overhead can have a significant impact. "
February 2016: Income Tax Filing Tips
" We are excited to announce Bogdanoff Dages & Co., P.C.’s appearance on Chat with the Experts a show hosted by Kiel Hauck an editor with Angie’s List. This episode highlights the different options of tax preparation and the importance of choosing a tax preparer most fit to your unique situation. Tim also shares common mistakes people make when filing their taxes and common questions related to the tax filing process. "
February 2016: Extension means businesses can take bonus depreciation on their 2015 returns – but should they?
" Businesses still have a few tax planning moves that may be made for 2015. One of those opportunities is electing bonus depreciation on equipment that was acquired in 2015. Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) extended 50% bonus depreciation through 2017. "
January 2016: Who Should File MY Return?
" It is that dreaded time of year again. It is time to prepare your tax return. Your choice is to prepare it yourself or work with a paid preparer to complete the task. There seems to be so many options available and finding the right solution for your particular situation can be confusing and frustrating. There are commercials on TV and radio indicating that you can purchase prepare it yourself software but if you decide that your situation calls for some assistance and expertise you will need to decide if stepping into one of the tax prep chains is the best solution or find a local preparer to work with. "
January 2016: Taxpayers’ Identity Protection Update
" The initial meeting led by IRS Commissioner John Koskinen back in March 2015 has kept taxpayers’ identity protection a priority. Identity theft is still one of the fastest growing crimes and as thieves and criminal syndicates evolve, so has the IRS. Starting January 2016, a renewed effort will make for a safer, more secure filing season. "
December 2015: Changes to Indiana’s Personal Property Tax Regulations
" There have been several major revisions to Indiana’s Personal Property Tax return regulations that business owners and nonprofit administrators should be aware. Bogdanoff Dages and Co., P. C. has reviewed these changes and would like to provide this update. "
November 2015: You May Need More Time to Prepare Your 2015 Returns
" During 2015 the Internal Revenue Service and tax preparation software companies have collaborated to develop more security measures to counteract the fraudulent refund epidemic. Bogdanoff Dages and Co., P. C. uses the tax software of one of the companies that is working with the IRS in their effort to combat individuals filing fraudulent tax returns. "
November 2015: Indiana’s Tax Amnesty “Under Reporting” Letter
" Recently, a few of Bogdanoff Dages and Co., P. C.’s clients and countless other Indiana taxpayers have received a Tax Amnesty “Under Reporting” letter from the Indiana Department of Revenue, IDR. The IDR’s Tax Amnesty “Under Reporting” letter opens with the statement that the Indiana Department of Revenue has reviewed the taxpayer’s returns and “…believe that you may be under reporting taxable income for the state of Indiana.” "
October 2015: Cash Flow – The Key to Small Business Success
" Most small business owners believe the success and survival of their business hinges on sales, the more sales they have the better the chances of long term survival. "
October 2015: Charitable Contributions
" As we enter the last few months of the year we at Bogdanoff Dages and Co., P.C. would like to offer some points and things to think about regarding Charitable Contributions. "
September 2015: Tips to Keep Not for Profits out of Trouble; Internal Controls
" Board Members of a Nonprofit or an Exempt Organization (EO) are viewed as the owners of the Nonprofit. As the owners of the Nonprofit, if the Nonprofit incurs any financial or tax issues, the board members may be held responsible or may have to pay any outstanding tax liability. "
September 2015: How to Prevent Bad Accounting; Internal Controls
"In Jacob Soll’s history of accounting, The Reckoning, he states “. . . bad accounting has a way of coming back to haunt those who practice it.” Symptoms of bad accounting may include IRS notices, the loss of the entity’s assets or higher accounting fees. "
September 2015: 5 Ways to Spot an IRS Scam
"It is becoming increasingly common for individuals, including Bogdanoff Dages and Co., P. C. clients, to be contacted by imposters posing as official Internal Revenue Service agent’s. Here are a few tips to help you avoid having your money or identity stolen. "
September 2015: 5 Ways to Evaluate Your CPA
"When I started my career in public accounting, I met with a business man who explained that he uses five criteria to evaluate and select his Certified Public Accountant. Since then, I have steadfastly pursued each of the following items which now form the foundation of Bogdanoff Dages and Co., P. C.’s practice."
August 2015: 10 Ways to Save on Accounting and Tax Preparation Fees
"Many clients ask how they can save on accounting and tax preparation fees. Because most Certified Public Accounts and Tax Professionals sell their time, the simple answer to that question is to help them reduce their time. One way you can do so is by maintaining and providing organized records."