No one likes to pay taxes any sooner than required. Therefore year-end strategies typically focus on deferring income from this year into future years and accelerating deductions from future years into this year. Following are some basic principles that can help guide your overall thinking: If you expect your tax rate to be higher next year, [...]
As we approach the last days of the year, remember to make tax deposits for any taxable fringe benefits you provide to your employees. I have attached a chart from IRS Publication 15b listing the treatment of certain benefits. Items like personal use of an auto are taxable and should be included in wages. Special [...]
In a joint announcement today, accounting firms, PKF Germany, Frazier & Deeter and Alabama-based JamisonMoneyFarmer PC announced a strategic initiative to address the needs of the growing Southeastern based automobile manufacturing and supply industry. “JamisonMoneyFarmer is a third-generation accounting firm strategically based in Tuscaloosa, Alabama, and already serves the needs of many of Alabama’s best [...]
The IRS has announced the 2012 optional standard mileage rates. Beginning on January 1, 2012 the standard mileage rates will be: 55.5 cents per mile for business miles driven (no change) 23 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations
Our much anticipated 2011 year-end tax planning letter is now available. This document is chock full of helpful information to help you take advantage of those last minute tax saving strategies and to help you avoid potential pitfalls. 2011 Year End Planning Letter Please call your JMF tax professional today to setup a year-end planning session. We are [...]
December is always a busy month so we've taken the liberty to alert you of the changes in plan limits for 2012 and to identify new plan participants for entry on January 1st. Click here to see the 2012 Plan Limits
For beginners and current QuickBook's users of small and medium sized businesses - see the benefits and registration attached for this 6 hour class - lunch included. Click here for more information.
A quick reminder to everyone as the holidays and the end of the year approach. Bonus payments are wages and are taxable. If you pay an employee cash or a cash equivalent, it doesn't matter what you call it, it is most likely taxable. If you aren't sure if a bonus, payment or gift will [...]
The Alabama Society of CPAs and JMF are hosting "Breakfast with Barry" this Friday, 7:30 a.m, December 2nd at the JMF offices on Jack Warner Parkway. Barry Malancon, President of the American Institute of Certified Public Accountants will be bringing local CPA's up-to-date on professional issues and answer questions you've always wanted to ask. Local [...]
Whether from hard work and dedication, inheritance of family wealth, or maybe even both, many individuals are faced with the favorable dilemma of having to deal with the transfer of wealth to the next generation(s). Regardless of whether "wealth" is defined as thousands of dollars, or billions, most taxpayers would certainly rather their heirs receive [...]