LMGW Announces New Home Network Security Services

LMGW can help keep your home systems protected with comprehensive network security.

With constantly evolving security threats, it is important to stay protected at home as well as the office, especially as we do more and more work remotely.  LMGW is now offering a home network security service to ensure your entire family is protected.  This service combines a next generation hardware firewall, secure wireless access point, security software, services and training to help protect your systems and important data.

Protect your family by restricting what types of internet content is accessible as well as schedule network access to allow for an internet ‘bedtime’.  Automatically protect against ransomware, viruses and other internet threats with multiple layers of security and traffic inspection.  Services included are the initial configuration, installation, user training and ongoing regular firewall updates to ensure you stay protected. Read more

Leah Burling named Employee of the Quarter

Audit Senior, Leah Burling has been unanimously voted as Employee of the Quarter! In her second full audit season at LMGW, Leah has shown outstanding leadership and initiative. Leah is able to effectively direct interns and new staff, and her excellent grasp of the “big picture” has been an ongoing contribution to the success of our audit department. Congratulations to Leah!

Choosing the Right Business Entity

When you decide to start a business, one of the most important decisions you’ll need to make is choosing the right business entity. It’s a decision that impacts many things–from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face.

Forms of Business

The most common forms of business are Sole Proprietorships, Partnerships, Limited Liability Companies (LLCs), and Corporations (C-Corporations). Federal tax law also recognizes another business form called the S-Corporation. While state law controls the formation of your business, federal tax law controls how your business is taxed. Read more

Cash Flow Management: the Secret to Success

Cash flow is the lifeblood of any small business. Some business experts even say that a healthy cash flow is more important than your business’s ability to deliver its goods and services.

While that might seem counter intuitive, consider this: if you fail to satisfy a customer and lose that customer’s business, you can always work harder to please the next customer. If you fail to have enough cash to pay your suppliers, creditors, or employees, you are out of business! Read more

Eight Ways Children Lower your Taxes

Got kids? They may have an impact on your tax situation. If you have children, here are eight tax credits and deductions that can help lower your tax burden.

1. Dependents: In most cases, a child can be claimed as a dependent in the year they were born. Be sure to let the office know if your family size has increased this year. You may be able to claim the child as a dependent this year.
2. Child Tax Credit: You may be able to take this credit on your tax return for each of your children under age 17. If you do not benefit from the full amount of the Child Tax Credit, you may be eligible for the Additional Child Tax Credit. The Additional Child Tax Credit is a refundable credit and may give you a refund even if you do not owe any tax.
3. Child and Dependent Care Credit: You may be able to claim this credit if you pay someone to care for your child under age 13 while you work or look for work. Be sure to keep track of your child care expenses so we can claim this credit accurately.
4. Earned Income Tax Credit: The EITC is a benefit for certain people who work and have earned income from wages, self-employment, or farming. EITC reduces the amount of tax you owe and may also give you a refund.
5. Adoption Credit: You may be able to take a tax credit for qualifying expenses paid to adopt a child.
6. Coverdell Education Savings Account: This savings account is used to pay qualified expenses at an eligible educational institution. Contributions are not deductible; however, qualified distributions generally are tax-free.
7. Higher Education Credits: Education tax credits can help offset the costs of education. The American Opportunity and the Lifetime Learning Credit are education credits that reduce your federal income tax dollar for dollar, unlike a deduction, which reduces your taxable income.
8. Student Loan Interest: You may be able to deduct interest you pay on a qualified student loan. The deduction is claimed as an adjustment to income, so you do not need to itemize your deductions.

As you can see, having children can make a big impact on your tax profile. Make sure that you’re getting the appropriate credits and deductions by speaking to a tax professional today.