 E-Newsletter Vol 5, Issue 10
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| Welcome! | |
This month we give you two reasons to call us today as well as some tips about management and workplace productivity. We also answer a client question regarding keeping track of estimated tax payments in the "Ask the Firm" section of the newsletter! |
| Did you know . . . | |
If you are self-employed, 100% of your health insurance premium is a tax deduction. |
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Two Reasons to Call Us Today |
- The Tax Code is constantly changing. Credits expire, deductions shrink, and rates can fluctuate from year to year. For planning purposes, it's best to know what to expect ahead of time. If you're trying to plan, knowing when tax breaks expire for hiring certain employees or making energy efficient improvements to your house is useful. We can point you in the right direction (with the caveat that Congress is still able to change the current laws at any time.)
- End of the year planning opportunities are just around the corner.Many taxpayers start thinking about their options in January, but many tax savings plans have to be completed in December in order to count for that tax year. If you want to save tax dollars for tax year 2012, in most instances (retirement plan contributions being an exception), you have to act before December 31, 2012 - including really big plans like getting married. This doesn't just apply to individual income taxes: planning for estate and gift taxes, as well as most corporate and partnership taxes, is focused on the same year end: December 31st. If you have changes to make by year end, get things going now - and get some help.
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Management and Workplace Productivity | |
Workplace productivity in construction and manufacturing businesses continues to be one of the least understood factors in the American economy. Ineffective management has been named as the major cause of poor productivity, not unmotivated and unskilled employees. To make management more effective and to increase productivity through management, we recommend incorporating the following steps into your business.
- Benchmark your labor on a daily or weekly basis
- Formalize job schedules
- Review daily reports submitted by staff
- Train your personnel to implement savings techniques
- Give your staff feedback frequently
- Delegate and reassign work
- Communicate successes and new ways of implementing tasks
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Clients in the News | |
Congrats to our clients who have been making headlines!
The Eden Ice Cider Company outgrew its current location and moved operations to the future site of Northeast Kingdom Tasting Center. http://www.vpr.net/news_detail/96112/plans-moving-ahead-for-tasting-center-in-newport/
The Lake Champlain Regional Chamber of Commerce and the Lake Champlain Islands Chamber of Commerce have merged to form a single organization under the name of the Lake Champlain Regional Chamber of Commerce |
| Staff Spotlight: Jonathan H. Breen, CPA | |
Jonathan H. Breen, CPA (jonathan@dh-cpa.com)
- Position: Associate Accountant
- Memberships: AICPA, VT Society of CPAs
- Education: University of Puget Sound (Tacoma Washington) B.A. in Music, Franklin Pierce University (Rindge, New Hampshire) B.S. in Accounting and Finance
- Resides: Essex Junction with wife and daughter
- Quote: "Whatever you can do, or dream you can, begin it. Boldness has genius, power, and magic in it." - Johan Wolfgang von Goethe
- Hobbies: Outdoor pursuits such as hiking, biking and snowshoeing
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Q. What is the best practice for keeping track of estimated tax payments?
A. There is no standard for keeping track of estimated tax payments because it really comes down to personal preference. Some people choose to setup reminders in Outlook while others do the same on their smartphones. A personal finance tracking program like Quicken can also be setup with reminders. The best way to keep track is to know what works for you and helps you stay on track.
Look for the following in next month's Q&A corner:
What are "Retained Earnings" and why is it important? |
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Like us on Facebook | |
Be sure to check out the new firm page on Facebook: www.facebook.com/DavisHodgdonCPA. We are updating it weekly with new information, tips and tricks. "Like" our page and look for an upcoming contest to coincide with the launch of our new website this fall!
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Follow us on Twitter | |
Being a client and/or referral of Davis & Hodgdon Associates entitles you to the benefit of receiving up-to-the-minute information via Twitter that impacts you and your business, so become a follower today!
Not on Twitter yet? No problem... registration is easy and free. Simply visit www.twitter.com and set up your twitter account today.
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Subscribe to the Davis & Hodgdon Associates Blog | |
Subscribe to the Davis & Hodgdon Associates blog today and get access to information and resources posted weekly. Simply visit: http://blog.dh-cpa.com/ and enter your email address in the "Get Email Updates" field.
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$25 Gift Certificate
As a thank you for referring anyone who becomes a new client, we will give you a $25 gift certificate to a local area restaurant of your choice - - - just mention this ad.
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This E-Newsletter is published by Davis & Hodgdon Associates CPAs as a service for clients, business associates and friends. Recipients should not act on the issues presented without seeking prior professional advice. Additional guidance regarding information contained herein may be obtained by contacting Davis & Hodgdon Associates CPAs at (802) 878-1963. Internal Revenue Service Circular 230 Disclosure. Pursuant to Internal Revenue Service Circular 230, we hereby inform you that the advice set forth herein with respect to U.S. federal tax issues was not intended or written by Davis & Hodgdon Associates CPAs to be used, and cannot be used, by you or any taxpayer, for the purpose of (i) avoiding any penalties that may be imposed on you or any other person under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. | |
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