Newsletters

Avoid These Common Tax Mistakes

There are nearly 1,000 different tax forms used by the IRS to report tax obligations.  It’s no wonder the IRS faces thousands of tax returns with errors each year. Here are some of the most common: Wrong names and Social Security numbers. Taxpayers regularly make mistakes by entering incorrect information for their spouses and dependents. If you recently married or divorced but haven’t yet changed your name with the Social Security Administration, you’ll need to file under your old name. Errors in age and birthdate. Much of the tax code…

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Contractor or Employee? Knowing the difference is important

Is a worker an independent contractor or an employee?  As an employer, getting this wrong could land you with an IRS audit and cost you plenty in many other ways. Here’s what you should know: As the worker: If the worker is a contractor and not considered an employee, he/she must: • Pay self-employment taxes (Social Security and Medicare-related taxes). • Make estimated federal and state tax payments. • Handle his/her own benefits, insurance and bookkeeping. As the employer: You must ensure your employee versus independent contractor determination is correct. Getting…

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Using a Professional to Negotiate Better Lease Terms

After payroll, the building lease is often the largest expense for your organization. Once the lease is signed, you may not think about it until it’s time to renew. At that point, you may wish for some concessions from the landlord, but often lose out. If you start the transaction at the wrong time, you lose leverage and posture. If you don’t know the market, you are simply begging or bluffing. If you can’t handle conflict, you will most likely receive even more pressure and stress from the landlord or…

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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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