|We are thankful for you…
All of us at Scharf Pera & Co., PLLC wish you and your family a very Happy Thanksgiving. We are truly thankful to have your business and sincerely appreciate our client relationships. Between now and year-end, if you have any accounting questions or concerns, please do not hesitate to contact us. Here are a few things you might consider as December 31 quickly approaches:
1. Review your year-to-date tax payments before it’s too late to adjust your tax withholdings or make a Q4 2014 estimated tax payment. Call us if you need help with any analysis.
2. Make sure to send out your charitable gifts or charge them to your credit card by December 31 to get your deduction for 2014.
3. Consider maximizing contributions to your Health Savings Account. Also, maximize your 401K plan contributions, at least up to your employer’s matching percentage, to get the most out of your employee benefits.
4. Organize your receipts and update your travel and mileage logs to maximize your deductions. Did you know there are apps that you can download to your Smartphone to help you keep track of these expenses?
5. Review your year-to-date investment income, including capital gains and losses, to avoid income tax surprises in April.
A quick word about holiday gifts:
Giving holiday bonuses and gifts are generous and can be a great employee morale booster. Keep in mind, however, some gifts are taxable to an employee and others may not be fully tax deductible by the employer. The IRS has a $25 threshhold, therefore you cannot deduct more than $25 for business gifts to each person during your tax year. To fully maximize your tax benefits, consider a discretionary contribution to your 401K plan for your employees. This is fully deductible and is not taxable to your employees.
|Thanksgiving Quick Links:
2014-2015 Tax Planning
Guide! Check out our helpful tax guide for some important tips you need to know to get ready for tax season. Please share
with a friend or colleague.
Butterball Hotline! Make the perfect turkey with these tips from the Butterball folks!
Macy’s Thanksgiving Day Parade! Everything you want to know about this year’s parade!