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We hope this finds you getting the most of your summer, either outside enjoying the amazing concerts, sports and parks, or inside visiting museums, theaters and shows.

If you haven't finished planning your summer, be sure to visit the website for Minnesota tourism - Explore Minnesota, a rich and wonderful resource!

Dave's Boomer Blog

Tips to Make your Retirement Savings Last

A survey done by Fidelity Investments in 2014, as reported in USA Today, asked baby boomers to list their biggest retirement concerns.

The results of that survey showed that 84% of us are concerned about paying for health care costs, 79% of us wonder if Social Security will be reduced, 78% question whether Medicare will be reduced, 75% worry about paying for long-term care benefits, and finally, 68% of us wonder whether we will outlive our retirement savings. Clearly, there is real concern. Besides increasing your savings, here are a few tips from that USA Today article to make your retirement savings last.

Plan for health care even if you are relatively healthy.
Consider downsizing.
Consider life insurance.
Consider the possibility of not waiting until age 70 ½ to begin withdrawing from a retirement account.
Have an emergency fund outside of your retirement account.
Consider an annuity.
Finally, think about the tax impact of all investment decisions.

Read the full article here

Now that summer is here and school is out, who's taking care of the kids?

One option to consider is hiring a nanny

While finding the right nanny may be painful and perhaps tedious, with our help, filing their payroll won't be! There are some payroll tax rules that you will need to know about if you decide to hire a nanny.

You will be considered a household employer and are required to withhold from your nanny certain payroll taxes. The different taxes are described below.

Social Security and Medicare Tax

If you pay your employee $1,900 or more in 2015, you and the employee must both pay Social Security and Medicare tax. The employee's share of the Social Security tax is 6.2% and the Medicare tax is 1.45%. You, as the employer, have to match the same share of Social Security and Medicare tax, 6.2% and 1.45%, respectively. However, if you pay your employee less than $1,900 for the whole year, then neither you or the employee will owe Social Security or Medicare tax.

Federal Unemployment (FUTA) Tax

This is an employer tax. If you pay your employee $1,000 or more in any quarter, then you, as the employer, have to pay FUTA tax on the first $7,000 of wages paid to the employee for the whole year.

State Unemployment (SUTA) Tax

This is an employer tax. You will be required to pay SUTA tax on the first $30,000 wages paid to the employee. As a new employer, the 2015 tax rate will be 1.76% and the rate will change each year.

Federal and State Income Tax Withholding

You're not required to withhold federal or state income tax from an employee's paycheck. You only need to withhold if the employee asks you to do so. If they want to withhold income taxes from their paycheck, they will need to fill out a W-4. They may have to fill out an additional form, a W-4MN, if they claim a different number of allowances for MN. You can read more about the W-4MN here.

There are quarterly and annual filing requirements to report and pay the taxes and a Schedule H will need to be completed when you file your individual tax return.

Here are some other helpful tips and reminders!

Don't forget to file and register for the following: Federal EIN, MN tax ID #, SUTA, and a W-2 at year-end
Don't pay your employee in cash - you don't get a tax deduction
Keep your records for at least four years
There are exceptions to paying your spouse, your child if they're under 21, your parents, or anyone under 18

If you have any questions or would like SDK to file your payroll for you, please contact Pam Brackeen or any member of the accounting services department.

Summer season is also tax season

Don't forget about the potential tax savings opportunities while summer is in full swing

Are both you and your spouse working or looking for work while the kids are spending the day

at camp? If so, you may qualify for the Child and Dependent Care Tax Credit. Below are some tips from the IRS about the credit.

More information here

Do you rent your vacation home out during the summer? There are special rules relating to vacation home rentals that you need to be aware of. Below are some tips from the IRS that will help you determine tax treatment in your situation. Don't forget, if you rent your home out for 14 days or less, you don't have to report the income on your tax return!

More information here

If you need more guidance on any of these tax issues, don't hesitate to contact a member of the SDK tax team.

Time savers, clever tools, techno-recipes

Or as the cliche' goes - there's an app for that!

As your accountants, we strive to add efficiency and effectiveness to your day. Our editorial team took some time to research a few mobile apps that could be great timer savers for you and your business.

IFTTT

"If This Then That" (IFTTT) creates recipes for life, with almost endless possibilities.

"If I record a new Square sale, add the data to my google spreadsheet summary."
"When I get to the office, turn off my phone ringer."
"If a Business article in the New York Times is popular, add it to a digest for me to read later.
"If I get within 10 miles of my house, text my spouse that I'll be home soon."

This app allows the user to "connect" otherwise unrelated platforms by triggering an action on one platform based on something happening in another. It supports over 100 different platforms called "channels" and continuously adds channels - making it almost endlessly useful. Browse through hundreds of other recipes and ideas from other users, or make some of your own! Learn more at www.ifttt.com

SlideShark

Powerpoint and ipads don't always get along. Slideshark makes this otherwise obvious relationship much less painful. Try out the free version, and upgrade to the ProVersion if you like what you see! Learn more at www.slideshark.com

Asana

Asana is a robust task management and collaboration tool allowing you to create and assign tasks, flag them with due dates, add notes and attach files, and create checklists to get things done. With Asana, you can also assign subtasks to break down bigger goals into manageable chunks. Learn more at www.asana.com

RoboForm

Remembering your username and password for the multitude of websites you check everyday can be a struggle. RoboForm is here to help. RoboForm is a password keeper and generator that stores your login credentials. You only have to remember the master password and the app syncs your login credentials across all your devices. It doesn't get much simpler than that. Learn more at www.roboform.com

Happening at SDK

Parking lot and construction

If you plan a visit to SDK this summer, you may be confused by the amount of construction you

see close to the building. In particular, the space between the back parking lot and the building is undergoing a major renovation.

Rest assured, our parking lot is still open and accessible off Marquette or 2nd. The back stairway is closed, so to get to the building, simply take either sidewalk to the front door.

Service projects

On Thursday, June 25th a group of SDKers went to volunteer at Matter in St Louis Park, a faith based non-profit who redistributes valuable goods and material resources from the U.S. to countries in need. Our group was put to work sorting and packing medical supplies destined for Africa and then distributed among hospitals and clinics there. It was really interesting to learn about the different supplies we were packing and it was rewarding to know that we helped to give medical care to people that may not get it otherwise.

For more information or to get involved, go to www.mattermore.org

We welcome your comments and feedback, and will do our best to answer your questions. Contact your SDK representative or send a note to one of us and we'll be sure to find the right person to assist you.

SDK's Editorial Board

Emma All Runner, Accounting Services

Beth Johnson, Marketing

Ron Kelner, CPA, Tax

Oliver Langmo, Employee Benefits
John Lawson, CPA, Audit

Allison McCloskey, Tax

Casssandra Elgersma, CPA/ABV/CFF, CFE, Forensic & Valuation Services