D.E. Rodrigues & Company Accounting Blog

October 2014

Some facts about unemployment compensation

Written by October 30, 2014

Here are some important facts from the IRS about unemployment compensation: 1. You must include all unemployment compensation in your income for the year. You should receive a Form 1099-G, Certain Government Payments. It will show the amount paid to you and the amount of any federal income taxes withheld. 2. There are several types of unemployment compensation. They generally...

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Analyze your breakeven point to make better business choices

Written by October 29, 2014

Breakeven analysis is an important and useful tool in business. Whether starting a new business, expanding current operations, contemplating an acquisition, downsizing, or approaching banks and other potential lenders, one should know what the breakeven is. Breakeven is simply the point at which costs equal income – no profit, no loss. It’s an excellent starting point for finding out where...

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Know the tax effects of investing in mutual funds

Written by October 28, 2014

Mutual funds offer an efficient means of combining investment diversification with professional management. Their income tax effects can be complex, however, and poorly timed purchases or sales can create unpleasant year-end surprises. Mutual fund investors (excluding qualifying retirement plans) are taxed based on activities within each fund. If a fund investment generates taxable income or the fund sells one of...

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Make time for a year-end tax review

Written by October 27, 2014

Take some time to review your tax situation for 2014 while there are still a few months to make tax-cutting adjustments. With more of the Affordable Care Act going into effect for 2014, both individuals and businesses will find that an investment in a year-end review could make a significant difference in their final tax bill. Feel free to call...

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Top 5 reasons why the customer is not always right.

Written by October 14, 2014

This article was copied from a Huffington Post article written by Alexander Kjerulf. I think more companies should pay attention to this viewpoint. I know I will be spending time this year re-examining our own client service with this in mind: The phrase “The customer is always right” was originally coined in 1909 by Harry Gordon Selfridge, the founder of...

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Four tips for organizing your finances

Written by October 14, 2014

In our busy lives, it’s sometimes tough to corral our financial records. Bills, paycheck stubs, tax returns, and bank statements can disappear into dusty attic corners and bulging desk drawers. Important insurance policies can hide out beneath bins of holiday ornaments and electrical supplies. Mortgage documents can sneak into old books or ensconce themselves in nooks and crannies throughout the...

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Pay attention to the IRS rules for charitable deductions

Written by October 10, 2014

As the year draws to a close, you may decide to donate cash or property to one or more worthy causes. Besides the satisfaction of helping others, there’s another reward for your benevolence: a tax deduction on your 2014 return. But the IRS recommends that you keep the following points in mind: 1. You may only deduct contributions made to...

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Avoid these six mistakes in selling your business

Written by October 9, 2014

Most entrepreneurs eventually think about selling their businesses, whether as a prelude to retirement or to pursue other activities. In doing so, they often underestimate the effort required for a satisfactory outcome and overestimate the value and salability of their enterprises. If you’re contemplating selling, here are some common mistakes to avoid. 1. Overestimating the value of your business. Your...

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Don't lose out on the 2014 gift tax exclusion

Written by October 8, 2014

Time is running out for making 2014 tax-free gifts. You have only a few more months to use your annual gift tax exclusion for this year, or it’s gone forever. Each year you can make gifts up to a certain dollar limit to an unlimited number of people, free of any gift tax. For 2014, the dollar limit per recipient...

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Don't make this tax mistake

Written by October 7, 2014

You’re probably well aware that interest from municipal bonds is generally not subject to income tax or the 3.8% Medicare surtax. So don’t make the mistake of turning tax-free income into taxable income by holding municipal bonds in the wrong kind of account. Municipal bond income in a retirement account will be taxed as ordinary income when you eventually take...

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