SERVICES INDUSTRIES TEAM NEWS CAREERS ABOUT

Happy Holidays! We have a shorter version of our enews this month, fully aware of the dwindling number of days in the month. We'll be back strong in 2016, with more content and another schedule of helpful and informative seminars and perhaps a few events offered just for the networking.

Be Prepared for Year End!

It's that time of year -- preparing for year-end

1099 Filing Instructions:

Make sure to have all independent contractors complete a W-9.
All recipient copies of the 1099's need to be mailed by February 1, 2016.
If filing by paper, 1099's and 1096's are due to the IRS by February 29, 2016.
If filing electronically, 1099's and 1096's are due to the IRS by March 31, 2016.
Click Here for more details.

In preparation for year-end payroll, ask employees to review their name, address, Social Security number and Form W-4 information to maintain accuracy on W-2 forms. Make sure the following items are listed on employee's W-2's:

S Corporation health insurance
Personal use of auto
Other taxable fringe benefits

If you have any questions, please contact your SDK representative or Pam Brackeen, 612-332-9315.

Great Contract, now what?

A solid contract is only the first step before your client truly receives the benefit of your work.

**Okay, this statistic was totally fabricated, we just needed to get your attention with a snazzy graphic!**

Fake statistical graphics aside, the truth remains that many very well-written and important contracts between companies and their customers or vendors are not truly followed in reality. Often this stems from simple oversight and the reality that businesses change and people are busy. Unfortunately, the result is still income that your company may be losing. But take heart - read on to find out what you can do about it!

The full article was written by SDK Manager Cassandra Elgersma and published in the November issue of Attorney at Law.

2015 Tax Roundtable Recap

Highlights of the presentation

While the 90 minute presentation was chock full of helpful information for business owners at all stages, as well as employees and individuals, we asked Allison McCloskey, a member of the SDK tax team, to give us a few highlights.

529 Plans

Education savings account that makes it easier to further education
Earnings on investments are not subject to federal tax and generally state tax
Is subject to $14,000 gifting limit, but can deposit lump sum and then elect to split gift over a five-year period

Benefits of Donating Appreciated Stock

Avoid the capital gains tax on sale
Tax deduction for the full market value of the stock
Amount charity received is increased

Qualified IRA Charitable Distribution

IRA distribution goes directly to charity
Taxpayer avoids reporting the income and subsequent deduction on their 1040 (This keeps their AGI lower by not having to report the income)

Please reach out to any of the presenters with questions.

Ryan Churness, Jennifer Stavish, Nicole Brown and Michele Jensrud.

Business Apps to help you when year-end rolls around

While SDK does not endorse specific apps, we've done research on some that have gotten good reviews in business magazines.

CudaSign: Out of the office and need to sign a document? This is a great solution! Sign documents anywhere or get anyone's signature without printing, scanning, or faxing. Just upload the PDF, Word document, or other file, sign with your finger, and then email or save it. Learn more at www.cudasign.com

Tips for year-end from the web

As we look to the end of 2015

Ron Kelner found the article below from about.com, which goes into great detail highlighting ideas and steps to take for your year-end planning. Click to read the article, and call your SDK representative with questions.

Year End Tax Tips -- Financial moves to consider to get your tax bill just right

Happening at SDK

Anniversary

In honor of the 25th anniversary of SDK, Chuck Selcer commissioned a beautiful piece by artist Mat Ollig. It depicts all five founding shareholders and the community around the office. Pictured by the mural is Mat and Chuck.

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

Emily Engels, Accounting Services

Beth Johnson, Marketing

Ron Kelner, CPA, Tax

John Lawson, CPA, Audit

Allison McCloskey, Tax

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