Newsletters

Stanfield + O’Dell’s new website launched

We are excited to announce the launch of our new website. Please visit the website at stanfieldodell.com.

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Tax-free income

Yes, that’s correct, there are some forms of income you receive that may be tax-free. Here is a list of eight common sources of tax-free income. Gifts. Gifts you receive are not taxable income to you. In fact, they are not subject to gift tax to the person giving the gift as long as the gifts made in one year by one person do not exceed $14,000. Rental income. If you rent your home or vacation cottage for up to 14 days, that rental income does not need to be…

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Reap the benefits of hiring your child for the summer

Hiring your children to work in your business can be a win-win situation for everyone. Your kids will earn money, gain real-life experience in the workplace, and learn what you do every day. And you will reap a few tax benefits in the process. The following guidelines will help you determine if the arrangement will work in your situation. Make sure your child works a real job that he or she can reasonably handle, no matter how basic or simple. Consider tasks like office filing, packing orders, or customer service….

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Three actions to save for retirement

If you haven’t started saving for retirement or you haven’t saved enough, here are three actions you can take to put you in a better position during your golden years: Contribute as much as possible every year to a 401(k) pretax retirement plan, up to $18,000 maximum, or $24,000 if you are age 50 or older. Contribute as much as possible to a Traditional or Roth IRA every year, up to the $5,500 maximum, or $6,500 if you are age 50 or older. Contribute as much as possible to a…

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Five home office deduction mistakes

Here are five common mistakes of those who deduct home office expenses. Not taking it. Some believe the home office deduction is too complicated, while others believe taking the deduction increases your chance of being audited. Not exclusive or regular. The space you use must be used exclusively and regularly for your business. Exclusively: Your home office cannot be used for another purpose. Regularly: It should be the primary place for conducting regular business activities, such as record-keeping and ordering. Mixing up your other work. If you are an employee…

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IRS is Now Using Collection Agencies

The IRS is now using outside collection agencies to collect unpaid tax obligations. This new program will start slowly with only a few hundred taxpayers receiving mailings. The number will grow into the thousands later in the spring and into summer. Taxpayers who are contacted will first receive several collection notices from the IRS before their accounts are turned over to the private collection agencies. The agency will then send its own letter to the taxpayer informing them that the IRS has transferred the account to the agency. These agencies…

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2017 Conference

In addition to events and seminars sponsored in our local area, the shareholders and staff at Stanfield + O’Dell attend and present at various conferences and events around the U.S. We invite you to join us at this event if possible. July 3-6, 2017: The Church Network (NACBA) – Annual conference for church business administrators in Washington, DC. Charlotte Henry, CPA will present a training session on the “New Standards for Nonprofit Financial Statements”.

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Tax Deadlines for May

May 15 – Deadline for calendar-year exempt organizations to file 2016 information returns May 31 – Deadline for IRA, SEP, SIMPLE, Roth IRA, MSA, and education savings account trustees to file annual statements (Form 5498) with the IRS, with copies to participants

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