January 2019 E-Newsletter



Tips for a Faster Refund
As the tax filing season approaches, there are steps you can take now to speed up the filing process. The faster your return is filed, the faster you get your refund. Even if you end up owing money to the IRS, knowing the amount due sooner gives you more time to come up with the funds needed to pay your tax bill.

Retirement Contributions Get a Boost in 2019
For the first time since 2013, the IRS is raising the contributions limits for IRAs. The maximum contribution for 401(k) accounts and IRAs is increasing by $500 for 2019. If you have not already done so, now is the time to plan for contributions into your retirement accounts in 2019.

The New Business Deduction
Stop Worrying and Start Planning

A new deduction is available to businesses with qualified business income (QBI). While that's great news, new deductions (especially ones with lots of rules) can bring anxiety and confusion. Never fear! Ensuring you receive a maximum deduction will come down to providing the proper information.

It's Your Money. Get it Back NOW!
According to Credit Karma, over $40 BILLION of unclaimed property is currently being held by state governments. That's a staggering amount of money — enough to buy half of the National Football League franchises. Not included in that figure is property sitting with federal agencies and other organizations. So what exactly is unclaimed property and how do you find out if you have any?

How to Raise a Financially Savvy Child
If you have children (or grandchildren) you have an opportunity to give them a jump-start on their journey to becoming financially responsible adults. While teaching your child about money and finances is easier when you start early, it's never too late to impart your wisdom.

Every Business Needs Cash!
5 keys to better cash management

Focusing solely on sales and profits can create a surprise for any business when there is not enough cash to pay the bills. Here are five key principals to improve your cash management.


  • 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

December 2018 E-Newsletter

November 2018 E-Newsletter

January 2019 Q & A

Q: I just signed up for Medicare Part D, the prescription drug benefit, and I'm confused about the "donut hole," the coverage gap. Can you explain?

A: The donut hole, or coverage gap, occurs once you reach Medicare Part D's initial coverage limit of $3,820 in 2019 and ends when you reach $5,100 in out-of-pocket costs. Patient costs in this gap used to be more than half the cost of prescriptions, but those costs are reduced in 2019. You still have deductibles and co-pays, and Part D plan costs differ widely, so talk to your health insurance professional and go to www.medicare.gov for more information.

Q: I'd like to start a non-profit organization, to which contributions would be tax-deductible, to feed families in financial stress. How do I go about starting a 501(c)(3) organization?

A: First, you should meet with an experienced attorney and your tax professional to create a plan describing the goals of your organization. Creating a 501(c)(3) non-profit involves filing for a business name and incorporating with the appropriate agency in your state. Once these are established, you'll need to pay a fee and file a 501(c)(3) application with the IRS to gain tax-exempt status. Other items to attend to include naming officers and a board of directors, drafting bylaws, and establishing written rules and procedures for running your non-profit.



During the third quarter of 2018, the CNBC | SurveyMonkey Small Business Confidence Survey registered a 62, an all-time record. The survey found that 58% of small business owners say current conditions for their businesses are good, while a record 33% expect to hire additional full-time workers.


In its August 2018 report, the Bureau of Labor Statistics found that prices for U.S. imports rose 3.7% during the past year. There has not been a 12-month decline since October 2016. Could this August report on import prices be a harbinger of inflation to come?


You probably know that college graduates typically average significantly more earnings over a lifetime, but they benefit in another way, too: They are more likely to keep their jobs. The unemployment rate in August 2018 was 2.1% for people age 25 and older with a bachelor's degree or more. This compares (for the same period and age group) to 3.9% for those with some college and 5.7% for those with no college but a high school diploma. The overall national unemployment rate (age 16 and older) was 3.9% in August 2018. In every category, the jobless rate dropped over the past year.


Half of small business leaders believe their businesses are not a target for cybercriminals, according to a report by IT leader Switchfast. Many do not have policies to help stem cyberattacks such as breaches or the actions of negligent employees.

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