Q3 2015 Edition

IN THIS ISSUE

Economic Snapshot

Taxes and Tax Planning

Managing your Business

Around the Office

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Rucci Bardaro & Falzone, PC

The Right Size Accounting Firm

919 Eastern Avenue

Malden, MA 02148

7 Main Street

Atkinson, NH 03811

T: 1-781-321-6065

F: 1-781-321-7747

www.rbfpc.com

Welcome to the latest issue of RBF News - our summary of the important tax, business and financial news and opinion you need to see the bigger picture, and make more informed decisions.

Economic Snapshot

portrait of the owner of a small business cake store cafe coffee shop showing her tasty cakes

Owners of small businesses are finding their stress levels going down as the economy improves and their money troubles lessen.

A recent survey by SurePayroll found that 51 percent of the owners surveyed said they are on pace to beat the revenues they earned last year, while 86 percent expect to be profitable in the second half of 2015.

Meanwhile, new-home construction in the U.S. climbed in June to the second-highest level since November 2007 as builders stepped up work on apartment projects. Housing starts rose 9.8 percent from the previous month, according to figures from the Commerce Department.

But U.S. retail sales unexpectedly dropped in June, Bloomberg reported, curbing optimism about the strength of the rebound in consumer spending during the second quarter. Consumer spending accounts for almost 70 percent of the economy.

Taxes and Tax Planning

4 common tax mistakes that contractors make Owners and managers of contracting firms tend to focus on the here and now, and put off thinking about taxes until later. But doing so may come at a cost, writes RBF principal Vinny Botta. Here are four tax mistakes contractors often make that can leave serious money on the table.

Lights-out soon for solar energy tax credit? Unless Congress extends it, a 30 percent tax credit for new residential solar energy systems is set to expire after 2016. RBF accountants Dan Collins and Kyle McClure provide the details.

7 tax tips on vacation home rentals If you have a vacation home, it pays to think about taxes now, long before tax time next year. Here from Forbes.com are some basic tax tips you should know if you rent out a vacation home.

Managing Your Business

Preparing to take aero photo using octocopter flying drone

When monitoring your employees goes horribly wrong Companies now have an array of technologies to monitor employees at work. However, using these tools the wrong way can lead to an expensive lawsuit, writes Inc. magazine author Will Yakowicz.

New Massachusetts sick time law debuts - On July 1st, a law providing a million more workers in Massachusetts with access to sick leave went into effect. Is your business prepared? Here is a Special Bulletin we issued in June giving business owners a closer look at the new law's provisions.

6 habits of ambitious people Ambition can sometimes turn into a game where winning isn't about achieving; it's about beating the other person. Channel it correctly, however, and ambition can bring great results, according to Fast Company magazine.

12 books every leader should read Looking for a good summer read to give you a fresh perspective on business? Look no further than these 12 books, says writer Leslie Belknap, all great additions to any reading list - especially for people seeking inspiration for creative leadership.

Around the Office

In June, a contingent of RBF employees spent the day cleaning up the city of Malden's new Bike Path. The effort was part of an annual Day of Service sponsored by the Massachusetts Society of CPAs to encourage members to get involved in their communities through volunteer projects. A formal press release on the city's website includes photos of our volunteers working and later meeting Malden Mayor Gary Christenson.

At another MSCPA-sponsored event, an RBF team of bowlers reigned victorious in the first annual bowling competition. A healthy turnout of teams from local CPA firms met at Kings Bowling in Lynnfield to battle on the lanes while enjoying food, cocktails, bocce and networking. Congrats to all our bowling champions!

In a series of six online videos, RBF partner Bill Rucci is a featured expert on BevNet.com's Food and Beverage University, an on-demand, web-based learning tool designed to train entrepreneurs and early-stage professionals in the food and beverage industry. The short videos cover a range of accounting topics, from financial management and budgeting to tax planning and business strategy for small business owners. Bill's interviews can be viewed here.

In other education news, Bill was one of three CPA guest experts to take part in a recent Harvard Extension School course for budding entrepreneurs. The one-day session, "Financial Analysis as a Business Tool," helped students create the tools needed to monitor the financial health of their businesses in real time, and to compare their results to broader industry standards.

Rucci, Bardaro & Falzone PC beatricec@rbfpc.com | http://www.rbfpc.com
919 Eastern Avenue Malden, MA 02148