August 2019 E-Newsletter

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Time Allowed to Employees to Vote on Election Day
As a registered voter, you may take off up to 3 hours, without loss of pay, to allow you time to vote. You may take time off at the beginning or end of your working shift, as your employer may designate, unless otherwise mutually agreed.

Effective Tax Planning Starts Now!
With summertime activities in full swing, tax planning is probably not on the top of your to-do list. But putting it off creates a problem at the end of the year when there's little time for changes to take effect. If you take the time to plan now, you'll have six months for your actions to make a difference on your 2019 tax return.

Time For A Tax Tune-Up
The dog days of summer are a great time to review your finances and make the adjustments needed to ensure a tax-efficient year. Here are some strategies you might consider to minimize taxes:

Make Setting Salaries Easier With These 5 Steps
Whether you are hiring for the first time, filling an open position, or conducting annual performance reviews, finding a salary range that attracts and retains valued employees can be a difficult task. Here are some suggestions to help make the process a bit easier for you and your company:



Services

  • Income Tax Preparation for all types of businesses and individuals
  • IRS, State and Local Audit Representation
  • Trust, Estate and Gift Compliance
  • QuickBooks setup, support and training
  • Business startup services
  • Monthly bookkeeping
  • Financial statements
  • Family Office
  • Nonprofit Administration

Additional Updated Information

July 2019 E-Newsletter

June 2019 E-Newsletter



August 2019 Q & A

Q: I'm a small business owner and a storm damaged my home, which included my home business. How do I pay my estimated taxes when my paper records and computer were destroyed?

A: We're sorry to hear about the storm damage. Start, of course, by talking to your tax professional, who may have copies of some records you will need. Most newer computer programs include a cloud backup of word processing and spreadsheet files, so you could find some needed records there. Finally, for a copy of old tax records, go to www.IRS.gov and use the Get Transcript application.


Q: My home was damaged by severe floods. Where can I learn if I am eligible for financial aid as I begin the recovery process?

A: Start by going to www.disasterassistance.gov to learn if your region qualifies for federal disaster assistance. The website has a variety of resources, including contact information for local help.

Your state should also have an emergency management department and your community may have resources to help. Also look toward organizations like the American Red Cross for help, and check with the Federal Emergency Management Agency at www.fema.gov, where you may identify emergency shelters and longer-term rentals if you can't return home.

SHORT BITS

HEALTHCARE COSTS UP.

Want to know what you may spend a lot of money on in retirement? Health care. Fidelity Benefits Consulting estimates that a couple retiring in 2019, 65 years old, with average healthy life expectancies, will pay more than $280,000, not including long term care. If you can, contribute to a tax-deferred HSA while working and take tax-free contributions for qualified health expenses.

RETIREMENT CONFIDENCE UP.

Retirement confidence is higher than at any time since the early 2000s, according to the 29th Annual Retirement Confidence Survey, conducted by the Employee Benefit Research Institute (EBRI) and independent research firm Greenwald & Associates. Slightly better than two of three people surveyed are confident in their ability to live comfortably in retirement. Some 59% are confident they will have enough money for medical expenses in retirement and 52% believe they will have enough for long-term care.



GDP UP IN Q1.

The economy continued to hum, according to the Bureau of Economic Analysis, whose initial look at real gross domestic product during the first quarter of 2019 found a 3.2% gain. The increase reflected positive contributions from personal consumption expenditures, private inventory investment, exports, state and local government spending, and nonresidential fixed investment. Real GDP is an inflation-adjusted measure showing the value of all goods and services.

EMPLOYMENT PROSPECTS MOSTLY GOOD.

The Federal Reserve Bank of New York recently analyzed labor market outcomes by college major of pecent graduates. Theology graduates and medical technicians had the lowest unemployment rates at 1.0%. Chemical, computer and electrical engineers had the highest early-career salaries at between $65,000 and $68,000, and the highest mid-career salaries at around and just over $100,000.



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