Roger Rossmeisl, CPA, Author at Roger Rossmeisl, CPA

13 Dec 2018

(#449) Can a PTO Contribution Arrangement Help Your Employees and Your Business?

As the year winds to a close, most businesses see employees taking a lot of vacation time. After all, it’s the holiday season, and workers want to enjoy it. Some businesses, however, find themselves particularly short-staffed in December because they don’t allow unused paid time off (PTO) to be rolled over to the new year, or they allow only very limited rollovers. There are good business reasons to limit PTO rollovers. Fortunately, there’s a way to reduce the year-end PTO vortex without having to allow unlimited rollovers: a PTO contribution arrangement. Retirement saving with a twist A PTO contribution arrangement allows employees with unused vacation hours to elect to convert them to retirement plan contributions. If the plan has a 401(k) feature, it can treat these amounts as...

11 Dec 2018

(#448) There’s Still Time to Reduce Your 2018 Tax Bill

Roger Rossmeisl, CPA

Taxes

10 Dec 2018

(#447) Hyperloop Explained

Roger Rossmeisl, CPA

Technology

As posted by The B1M YouTube Channel on 7/11/18 "Billed as the fastest way to cross the surface of the earth, hyperloop represents the greatest leap in transport infrastructure for generations. With passengers sitting in pods that travel at airline speed through pressurised tubes using electric propulsion and magnetic levitation, the concept promises to slash journey times between major cities from several hours to a matter of minutes. While it may feel like science fiction, hyperloop is now on the cusp of becoming a reality."...

10 Dec 2018

(#446) Millennial Money: How Debt Can Generate Income

Roger Rossmeisl, CPA

Economic Concepts

Millennial Money; Robert Kiyosaki Doesn't Pay Taxes

With perspectives on money and investing that often contradict conventional wisdom, Robert has earned an international reputation for straight talk, irreverence, and courage and has become a passionate and outspoken advocate for financial education. The "Millennial Money" series of videos seeks to provide young people with some important economic concepts that they didn't learn in school. Robert Kiyosaki is best known as the author of Rich Dad Poor Dad—the #1 personal finance book of all time—Robert Kiyosaki has challenged and changed the way tens of millions of people around the world think about money. He is an entrepreneur, educator, and investor who believes that each of us has the power to makes changes in our lives, take control of our financial future, and live the rich...

07 Dec 2018

(#445) 2019 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Roger Rossmeisl, CPA

Taxes

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January 31 File 2018 Forms W-2, “Wage and Tax Statement,” with the Social Security Administration and provide copies to your employees. Provide copies of 2018 Forms 1099-MISC, “Miscellaneous Income,” to recipients of income from your business where required. File 2018 Forms 1099-MISC reporting nonemployee compensation payments in Box 7 with the IRS. File Form 940, “Employer’s Annual Federal Unemployment (FUTA) Tax Return,” for 2018. If your undeposited tax is $500 or less,...

06 Dec 2018

(#444) Does Prepaying Property Taxes Make Sense Anymore?

Roger Rossmeisl, CPA

Taxes

Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018? The answer, for some people, is yes — accelerating this expense will increase their itemized deductions, reducing their tax bills. But for many, particularly those in high-tax states, changes made by the Tax Cuts and Jobs Act (TCJA) eliminate the benefits. What’s changed? The TCJA made two changes that affect the viability of this strategy. First, it nearly doubled the standard deduction to $24,000 for married couples filing jointly, $18,000 for heads of household, and $12,000 for singles and married couples filing separately, so fewer taxpayers will itemize. Second, it placed a $10,000 cap...

05 Dec 2018

(#443) When it Comes to Holiday Gifts, Your Business Might Want to Think Small

Roger Rossmeisl, CPA

Infographics

04 Dec 2018

(#442) Catch-up Retirement Plan Contributions Can Be Particularly Advantageous Post-TCJA

Roger Rossmeisl, CPA

Taxes

Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions can be particularly advantageous if your itemized deductions for 2018 will be smaller than in the past because of changes under the Tax Cuts and Jobs Act (TCJA). Catching up Catch-up contributions are additional contributions beyond the regular annual limits that can be made to certain retirement accounts. They were designed to help taxpayers who didn’t save much for retirement earlier in their careers to “catch up.” But there’s no rule that...

03 Dec 2018

(#441) When Holiday Gifts and Parties are Deductible or Taxable

Roger Rossmeisl, CPA

Taxes

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the recipient. Here’s a brief review of the rules. Gifts to customers When you make gifts to customers, the gifts are deductible up to $25 per recipient per year. For purposes of the $25 limit, you need not include “incidental” costs that don’t substantially add to the gift’s value, such as engraving, gift-wrapping, packaging or shipping. Also excluded from the $25 limit is branded marketing collateral — such as pens or stress balls imprinted with...

28 Nov 2018