WORKSHOP: "QUICKBOOKS FOR MAC"

Davis & Hodgdon Associates CPAs and Small Dog Electronics are pleased to present the free seminar: "QuickBooks for Mac" on Thursday, June 14th!

Topics include the differences between QuickBooks for Mac and QuickBooks for PC, user interface navigation, generating invoices, posting deposits and much more.  A light breakfast will be included.  Register TODAY as seating is limited.

QuickBooks for Mac

WHEN: Thursday, June 14th from 8:00AM - 9:30AM

WHERE: Davis & Hodgdon Associates Offices: 33 Blair Park Road, Suite 201, Williston VT

REGISTRATION: Email Anna at anna@dh-cpa.com or call 802-878-1963

IRS Announces Plan to Close 43 Offices

In a move to reduce overall spending, the IRS announced yesterday that it will be closing 43 of its smaller offices and consolidate other offices in the same commuting area.  Of the 43 offices that will be closed, none are taxpayer assistance centers, so there will be minimal impact on taxpayers.  The IRS is anticipating an immediate savings in rental expenses of $17.2 million for 2012 and $23.5 million for 2013.  To learn more about this, please visit the following IRS link:  http://www.irs.gov/newsroom/article/0,,id=257554,00.html.

Tax Planning for 2012

Corporate and individual tax deadlines have come and gone for 2011; now is the time to start planning for 2012!  Here are some tax-planning points to consider:

1. Home mortgage interest and property taxes are deductible.  Home mortgage interest includes interest on any home loan of up to $1 million to acquire or improve your home or a second home, as well as interest on a home equity loan up to $100,000.
2. Participate in a retirement plan offered by your employer.  Many employers will offer a match to the contributions you make, up to a specific percentage. 
3. Make an active effort to organize gift tax receipts and verify that you have documentation for any deductions you claim in the next year.

For more interest in tax planning for the 2012 tax year, please visit our services page to see exactly what we can do for you: DHA Services

Or give us a call:  802-878-1963

Internal Controls in the Workplace

Good internal controls are important in the majority of workplaces today for a variety of reasons – from the neighborhood grocery store to the doctor’s office.  First, they help to ensure compliance with laws and regulations.  Second, they help provide management with reliable information to base their financial reports. 

The establishment of a good system of internal controls starts with management.  The manager’s role is to support good business practices and decision-making.  Good business practices to support internal control include the following:  written policies and procedures to guide staff in making decisions, organization charts with responsibilities of company employees, training programs to communicate goals and expectations, and periodic evaluations to provide employees with performance feedback.

Questions about internal controls in the workplace? Please call us at 802-878-1963 or visit us on the Web: www.dh-cpa.com.  You can also refer to the following article from Kansas State University: KSU

AICPA Total Tax Calculator

On Tuesday, May 15^th the AICPA introduced their first version of the “Total Tax Insight Calculator,” an online tool that provides you an estimate of how much your income goes to paying taxes,  and not just on your tax return, but also on items like food, alcohol, cigarettes, and gas. The AICPA is hoping this calculator will be the first attempt to show citizens how tax exists and when it is imposed. It is the complete picture of your federal, state, and local tax spending.

AICPA Vice President, Edward Karl claims “the idea is to give the public a better idea of the various taxes that impact them.” You may know what you paid in taxes this past April for your Federal and State income returns, but do you realize how much you paid in state and local taxes on your purchases in the last year? This calculator has over 3,000 formulas that allow you to calculate an estimated tax amount based on 24 input options. Although it does not consider all the tax items and deductions you can take, the AICPA is hoping to use this calculator to come up with additional features that the users would like to see.

You must realize that this does not replace your tax preparation software or any tax planning items that you may currently use. This is just a fun tool to that allows you to see the different taxes you incur on items you purchase throughout the year. It could also help with weighing the impact of your purchase options. For example, how purchasing a fuel efficient car could not only help your environment but also the amount of taxes you pay on gas. Karl emphasis “this doesn’t place a valued CPA.  It’s just about giving the public a rough sense of the impact of taxes in their lives.”

The AICPA hopes to create future versions of this calculator including features that would facilitate comparison among states as well as including more tax calculations, deductions and credits.  Feedback from current users will help decide what the future versions will include.

Check out the calculator at the following link: Tax Calculator