R.W. Ramsay & Associates, Ltd.

Listening Well

Rich — Mon, 06 Feb 2012 15:20:21 +0000

As we go through our days at work and home, listening to others can become anything but a passive activity, despite its importance in all our interactions. The link below will take you to a great Harvey Mackay article on how to listen well.

http://harveymackay.com/column/listen-if-you-want-to-learn/

Make it a great day!

Presidential Tax Returns

Rich — Tue, 24 Jan 2012 13:45:38 +0000

With all of the talk of late regarding the tax returns of the presidential candidates, we thought it might be interesting to look at the returns of a number of past presidents, vice presidents, and candidates.

Below is a link that will take you to a site which hosts tax returns from the current president and vice president, back through Richard Nixon, as well as the returns of Franklin Roosevelt.

The 1937 return of President Roosevelt is especially interesting - it’s a letter to his IRS commissioner explaining he can’t possibly determine his tax liability, and asking the service to do it for him. Though a bit blurry, still pretty entertaining.

http://www.taxhistory.org/thp/presreturns.nsf/Returns/A5959101FDF7DEEE85256E430078B2BA/$file/F_Roosevelt_1937.pdf

New Team Member - Part 1

Rich — Wed, 18 Jan 2012 14:01:32 +0000

As the new year gets into full swing, and we begin to rev up for the coming busy season, we’re excited to bring on two new team members. We’ll be bringing them to you over the course of two blog posts.

The first is Sarah Hinz, our new director of lasting impressions. She started with us in late December, and has already been a great contributor to the team. A link to her biography on the RWR website is below.

http://www.rwrcpa.com/about_rwr/team_bios_and_directory/sarah_hinz/

Work = Fun?

Rich — Tue, 10 Jan 2012 13:33:09 +0000

We’ve all heard the old saying “It’s not fun, that’s why they call it work”. Considering the significant change in the workforce expected over the next decade - with many of the baby-boomers retiring and the Millennial generation (or Generation Y) becoming more present in business, that just doesn’t seem to fit anymore. The Millennials are far more concerned with work-life balance, advancing quickly, and achieving a feeling of satisfaction with their work than with a lofty paycheck and life long job security.

The Bloomberg Businessweek article, linked below, gives a great perspective on this shift in thinking, and leaves you with some great points to think about.

http://www.businessweek.com/management/thats-why-they-call-it-work-12302011.html

To that end, we have fun to do, so make it a great day.

IRS Updates for 2012

Rich — Wed, 14 Dec 2011 22:16:52 +0000

The IRS announced December 12th that the standard mileage rate used for businesses will stay at the current level of 55.5 cents per mile for 2012.

In addition, personal and dependency exemptions on the personal return will be worth $3,800 each, and each of the standard deductions moved slightly higher as well. Also, the maximum amount of wages subject to Social Security taxes will move up $3,300, to $110,100 per person.

Debate continues to rage on extending the payroll tax holiday currently in place. We’ll stay tuned to the latest coming out of Washington.

The Enemies of Productivity

Rich — Tue, 06 Dec 2011 01:38:21 +0000

We’ve all had days where we work very hard all day, but haven’t a clue at the end of the day what, exactly, it is we spent all that effort accomplishing. The below article from BusinessWeek delves into 4 reasons for this phenomenon, and ways to combat each of them.

http://www.businessweek.com/management/productivitys-four-sworn-enemies-12022011.html

Giving Thanks

Rich — Wed, 23 Nov 2011 17:02:41 +0000

The holidays seem to blur together just a bit more each year. Still, Thanksgiving is a wonderful opportunity to take time and be thankful for what we’ve been given throughout the past year, and for the gift of family and friends.

Here are a few inspirational quotes to help spur you in your pursuit of the attitude of gratitude.

“Reflect on your present blessings- of which every man has many- not on your past misfortunes, of which all men have some.” - Charles Dickens, Writer

“I cannot tell you how to be rich. But I can tell you how to feel rich, which is far better, let me tell you firsthand, than being rich. Be grateful. It is the only totally reliable get rich quick scheme.” - Ben Stein, Actor

“Gratitude is not only the greatest of virtues, but the parent of all others.” - Cicero, Roman philosopher

Year-End Tax Planning for Business

Rich — Tue, 15 Nov 2011 14:19:50 +0000

As year end approaches, we’re doing more and more tax planning for our clients. We’re often asked what they can do within their business to reduce the tax burden for this year. Below are a few points to consider as we enter the final months of the year.

If you’re an accrual basis taxpayer (we can tell you if you don’t know), most employee bonuses based on 2011, but paid in the first two and a half months of 2012, can be deducted in 2011. They will be picked up by the employee when paid 2012.
In addition, if you’re an accrual basis taxpayer, be sure that any customer deposits or down payments for products or services delivered after 12/31/11 are not included in income.
Seek to maximize depreciation deductions by puchasing necessary equipment in 2011, as many of the accelerated depreciation allowances are set to expire at the end of this year unless Congress renews them.

We have many more great ideas for tax savings, which can be a great gift to yourself as we approach the holiday season.

What Motivates You?

Rich — Mon, 14 Nov 2011 10:30:04 +0000

Working in teams has become commonplace, and is a great way to leverage the strengths of a group to achieve a common goal. The process can, though, be difficult at times, because the same diversity of talent that makes group work so successful can also lead to friction on how to go about the task at hand.

Understanding what motivates our teammates, as well as ourselves, can go a long way toward achieving better communication, and help to get through those occasional difficult periods. The Forbes.com article, linked below, is a great primer on how to go about this.

http://www.forbes.com/sites/heidigranthalvorson/2011/10/27/how-to-recognize-your-motivational-strengths/?emc=lm&m=31098&l=5&v=2289097

Keeping a Mileage Log - Really?

Rich — Wed, 09 Nov 2011 18:56:04 +0000

For many business owners, the last thing they want to do is log each and every mile they drive for business. They believe logs are clumsy, time intensive, and easy to forget. The IRS, though, takes a very different stance.

In case after case fought in US Tax Court, the taxpayer has lost their mileage deductions because they can’t produce evidence of the business use of the vehicle. The IRS has also come out strong with this in audits as well, expecting to see a mileage log when examining a business.

There are several different ways to approach a mileage log, that will help if you’re ever asked the question.

Keep a log of all the business miles you drive, including the business purpose for the trip
Keep a log like the above, but just for 3-4 months out of the year, if your mileage tends to be pretty similar from month to month. Then, use these few months to determine the entire year.
Look into Apps for Blackberry, iPhone, and Android smartphones that use the phone’s internal GPS to track your mileage, and allow reports to be edited and printed online.

No matter what method you choose, always record the total mileage on the car at the beginning and end of the year.