Financial Friday for June 27, 2014

Financial Friday for June 27, 2014

Here are a few articles that may be of interest to you on this Financial Friday:

RETIREMENT:

The Most Valuable Assets to Leave for Your Heirs
http://online.wsj.com/articles/the-most-valuable-assets-to-leave-for-your-heirs-1401726302

LEADERSHIP:

The Science of Productivity in a short video:
https://www.youtube.com/watch?v=lHfjvYzr-3g
or read the article here:  http://www.entrepreneur.com/article/234958

SMALL BUSINESS:

For Small Businesses, a Road Without a Map
http://www.nytimes.com/2014/02/09/business/yourtaxes/for-small-businesses-a-road-without-a-map.html?ref=smallbusiness&_r=0

Exiting your business can be taxing
http://www.hartfordbusiness.com/article/20140203/PRINTEDITION/301309933

Why Smart Strategies Require Even Smarter Questions
http://www.inc.com/geoffrey-james/smart-strategies-require-smart-questions.html

LOCAL

Even Ole Miss wants it Built by Bama:
http://yellowhammernews.com/faithandculture/even-ole-miss-wants-built-bama/

8 Specific Things We Do To Help Small Business Startups

1)      Sit down with you and listen.

We want to hear your story, so tell us about your small business dream!

2)      Explain the tax consequences of your particular business structure (sole proprietorship, partnership, Sub S, etc.).

Consulting with a CPA to help decide which business structure is best for you is one of your most important decisions

3)      Assist you in obtaining financing by constructing a financial statement.

We can help put together information to take to your loan institution for financing.

4)      Secure, on your behalf,  an FEIN:  

5)      Set up payroll for your employees.

We can make sure you are in compliance with all of the tax possibilities of having employees.  We can also make sure that you have a way to deliver the payroll accurately.

6)      Set up a system of reporting sales tax or other industry specific taxes.

We take care of registering you with appropriate agencies in order to report and deposit any applicable taxes and fees.

7)      Track your expenses and income.

We can help you design a system of accounting for all aspects of your small business, making sure to track income and expenses, categorizing them so that you have the most accurate look at your business and be ready for the end of year return.

8)      File your tax return.

I guess you could say this is our specialty.  Our team has been filing returns for over 40 years.  We look forward to putting our experience to work for you!

Give us a call today 256.332.2004 or email at info@joemtuckercpa.com

Financial Friday for June 13, 2014

#FinancialFridays 06.13.14

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Here’s a few articles that may be of interest to you on this Financial Friday (with a bonus category on leadership):

RETIREMENT:
How Much Money Is Enough?
http://www.forbes.com/sites/johnwasik/2014/05/30/how-much-money-is-enough/?ss=personalfinance

LEADERSHIP:
Be a Better Leader
http://www.christianity.com/videos/video-features/dr-albert-mohler-on-the-conviction-to-lead-interview.html

SMALL BUSINESS:
Why the Future of Retail Will Blow Your Mind
http://www.entrepreneur.com/article/234407

LOCAL
‘Getting better all the time.’ Decatur ready to embark on Alabama downtown revitalization effort
http://www.al.com/business/index.ssf/2014/06/main_street_alabama_downtown_d.html#incart_river

Record Keeping for Stormy Seasons

Here’s a particularly helpful and timely tax tip from the IRS for our first #TaxTipTuesdays:

Keep Your Records Safe in Case Disaster Strikes

This article can be read in its entirety from this IRS URL.  You may also want to reference our earlier blog post “How long should you keep tax records“.

IRS Special Edition Tax Tip 2014-15, from June 5, 2014

Some natural disasters are more common in the summer. But major events like hurricanes, tornadoes and fires can strike any time. It’s a good idea to plan for what to do in case of a disaster. You can help make your recovery easier by keeping your tax and financial records safe. Here are some basic steps you can take now to prepare:

1. Backup Records Electronically.  Many people receive bank statements by email. This is a good way to secure your records. You can also scan tax records and insurance policies onto an electronic format. You can use an external hard drive, CD or DVD to store important records. Be sure you back up your files and keep them in a safe place. If a disaster strikes your home, it may also affect a wide area. If that happens you may not be able to retrieve your records.
2. Document Valuables.  Take photos or videos of the contents of your home or business. These visual records can help you prove the value of your lost items. They may help with insurance claims or casualty loss deductions on your tax return. You should store them with a friend or relative who lives out of the area.
3. Update Emergency Plans.  Review your emergency plans every year. Update them when your situation changes. Make sure you have a way to get severe weather information. Have a plan for what to do if threatening weather approaches.
4. Get Copies of Tax Returns or Transcripts.  Visit IRS.gov to get Form 4506, Request for Copy of Tax Return, to replace lost or destroyed tax returns. If you just need information from your return, you can order a free transcript online or by calling 800-908-9946. You can also file Form4506T-EZ, Short Form Request for Individual Tax Return Transcript or Form 4506-T, Request for Transcript of Tax Return.
5. Count on the IRS.  If you fall victim to a disaster, know that the IRS stands ready to help. You can call the IRS disaster hotline at 866-562-5227 for special help with disaster-related tax issues.

Visit IRS.gov to get more about IRS disaster assistance. Click on the ‘Disaster Relief’ link in the lower left of the home page. You can also get forms and publications anytime on IRS.gov. To get them in the mail, call 800-TAX-FORM (800-829-3676).

Additional IRS Resources:

• Preparing for a Disaster
• Publication 584, Casualty, Disaster and Theft Loss Workbook
• Publication 583, Starting a Business and Keeping Records

IRS YouTube Videos:

• Preparing for Disasters – English | Spanish | ASL

IRS Podcasts:

• Disaster Assistance – English | Spanish

 

Financial Friday for June 6, 2014

#FinancialFridays 06.06.14

Here are  a few articles that may be of interest to you on this Financial Friday:

RETIREMENT:

8 Roth IRA Mistakes To Avoid

http://www.forbes.com/sites/robrussell/2014/05/30/8-roth-ira-mistakes-to-avoid/?ss=personalfinance

SMALL BUSINESS:

13 Signs of a Disengaged Employee (Infographic)

http://www.entrepreneur.com/article/234436

LOCAL:

Huntsville Mayor Tommy Battle to announce ‘major’ regional retail center anchored by Cabela’s

http://www.al.com/business/index.ssf/2014/06/cabelas_huntsville_press_confe.html#incart_river