Useful Information

Below are topics of information we hope you will find useful.  Please check this page often, as we will update the topics from time to time.

Estate Planning Retirement Planning
Individual Income Tax Planning Technology




Upon death, the IRS values all possessions of the decedent at the fair market value as of the date of death.  Without proper planning, your family may have to pay up to 45% of this value to the IRS.  This could force the sale of family assets in order to pay the estate tax.  Even with the estate tax exemption slated to increase dramatically in the next few years and with the estate tax slated to expire in 2010, there is still a compelling need for proper estate planning to assure a smooth transition of family assets to the next generation.  If you have questions regarding your estate, please contact Joe by clicking here.




In late 2004, Congress passed two significant laws affecting well over 300 different areas of the tax code.  With the ever-increasing complexity of the tax laws, there are many strategies available to help minimize your income taxes.  For example, do you know that capital gains and losses are subject to different tax rules?  The tax rate on long-term capital gains is only 15% as opposed to the ordinary income tax rate, which can be as high as 35%.  The deduction for capital losses is limited. Capital losses can be used to offset all capital gains plus $3,000 of ordinary income.  Excess capital losses can be carried over to offset taxable income in future years.  The complex rules regarding capital transactions, as well as many other areas of the tax code, often present challanges and opportunities but require careful planning.  If you need help in navigating these complex rules, please contact Joe by clicking here.




Do you need help with your W-2's and 1099's?  Or do need to know the requirements for filing these forms?  The most overlooked need for Form 1099 is for contract labor.  If, in the course of your trade of business, you paid over $600 to any individual, not a corporation, for services rendered during a year, you must file a form 1099 before January 31.




Do you know the difference between an individual retirement account (IRA) and a Roth IRA?  Unlike the traditional IRA, the Roth IRA will allow you to receive tax-free distributions once you reach retirement.  It is possible to convert a traditional IRA into a ROTH IRA.  In some cases, this can be a significant advantage but requires careful analysis and planning.




Prices of computers continue to fall.  This may be the time for you to consider purchasing new computers and/or accounting software.  We sell, install, and provide training and support for BusinessWorks and Quickbooks accounting software packages.  We also perform the same services for Keystroke point-of-sale software.  If you have any questions about new computers/software, please contact Joe.