Blog Entries - 2013

Organize Financial Records for Big Dividends

Posted on: December 11, 2013 4:00 pm
Tags: Record keeping

Written by: Doug Jacobs


A financial record keeping strategy pays big dividends.  A combination of digital and paper record keeping techniques is effective in taming the clutter. The basic principle is to assemble the documents by category. For example – some categories are investments, real estate, insurance, family records, and tax preparation.


Investment account statements and any trade confirmations keep until the year end statement is received. Verify the year end statement shows the investment’s initial purchase price and any reinvested proceeds so the tax basis can be calculated when the investment is sold. Keep the annual statements for at least three years (possibly seven in certain situations, described below) from the date the income tax return is filed. A good idea is to keep the annual investment statement as long as you are a customer of the investment company.

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Charitable Giving - Document-Document-Document

Posted on: December 3, 2013 12:00 pm
Tags: Charity, Donations

As the Holiday Season approaches we tend to become more generous and soft-hearted.  A widely-held perception is that corporations and foundations are the biggest sources to tap for grants and donations.  The reality is that 80 percent of philanthropic dollars are contributed by individuals and bequests. In 2010 the Americans gave more than $290.89 billion to their favorite causes despite the economic conditions.

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Foreign Accounts, Tax Compliance and Fines, Oh My!

Posted on: November 7, 2013 4:00 pm

Written By: Ritva Williamson

In 2009 the government estimated that about 8.5 billion in taxes is being evaded during a period of 10 years by individuals with foreign accounts and business holdings.  To alleviate the problem of tax evasion The Foreign Account Tax Compliance Act (FATCA) was enacted in 2009 and it became law in March 2010.  This act targets non-compliance by U.S. taxpayers with foreign accounts and holdings. These foreign assets are reportable on Form 8938.

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Tax Planning for Health Care Implementation

Posted on: October 28, 2013 12:00 pm
Written by: Dan Backus   Are you uncertain how the 2010 Affordable Care Act will affect your taxes for 2013 and beyond?  We will briefly go over possible tax planning ideas for high wage earners, individuals with large investment income, read more …

Will The IRS Consider Your Business A Hobby?

Posted on: September 24, 2013 11:06 am
Tags: Hobby or business
Blog - September 2013 Could the IRS declare your business to be a hobby this year?  Let’s find out if your business is set up properly.   If an activity is not engaged in trying to turn a profit, then there are limits on the amount of read more …

Ohio Business Taxes Going Up...And Down

Posted on: August 23, 2013 11:00 am
Tags: Ohio business tax 2013 changes
Ohio Business Taxes Going Up...And Down Blog – August 2013 Ohio passed its budget bill for fiscal year 2013/2014 on June 30, 2013 in customary last minute fashion.  With the passage of HB 59, Ohio businesses will see several significant tax read more …

Large Business Depreciation Deduction for 2013

Posted on: July 26, 2013 4:00 pm
Large Business Depreciation Deductions Still Available for 2013 Many advisors in the tax professional community thought 2013 bring lower depreciation deductions for capital purchases.  Congress surprised most “experts” by maintaining the read more …

Ohio Municipal Tax Reform Needed

Posted on: June 26, 2013 12:00 pm
Tags: Ohio municipal city tax reform h.b. 5
Ohio is one of the few states in the nation that allows municipalities to tax its residents (individuals and businesses).  Ohio has over 600 cities and most of those have a local income tax.  Unfortunately, they can all tax income somewhat read more …

Business Travel, Meals and Entertainment-What Can You Deduct?

Posted on: May 26, 2013 11:00 am
Tags: Business travel
Business Travel Expenses Traveling expenses include travel fares, meals and lodging, and incidental expenses. Only expenses that are reasonable and necessary in the conduct of the taxpayer’s business and directly attributable to it are read more …

Bryans Blog

Posted on: February 1, 2013 5:00 pm
Written by: Bryan Boynton Clients inquiring about assurance or audit services, often assume that their organization requires a financial statement audit. This assumption is made without fully understanding all the available assurance services that a CPA can read more …

When is a Business Expense a Tax Deduction?

Posted on: January 25, 2013 8:04 am
Tags: Business expense tax deduction sustantiation
Deductible business expenses are those which are “ordinary and necessary” and are incurred or paid during the taxable year in “carrying on” any trade or business. Both these criteria must be met for an expense to be deductible. An read more …