Tax Planning for Small Business Owners

Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability.

Many small business owners ignore tax planning. They don’t even think about their taxes until it’s time to meet with their accountants, but tax planning is an ongoing process and good tax advice is a valuable commodity. It is to your benefit to review your income and expenses monthly and meet with your CPA or tax advisor quarterly to analyze how you can take full advantage of the provisions, credits and deductions that are legally available to you. Read more

LMGW Named One of 2015’s Best Accounting Firms to Work for

For the 6th time in the history of the firm, LMGW was named a Best Accounting Firm to Work for during an annual survey by Accounting Today, a leading provider of online business news for the tax and accounting community.  LMGW is very proud of this year’s accomplishment!  Accounting Today partners with Best Companies Group to identify companies that have excelled in creating quality workplaces for their employees.

This survey caps out at 100 companies nationwide and LMGW is pleased to be a part of this elite group.  “The firms on this list represent the best workplaces in the accounting profession,” said Accounting Today Editor-In-Chief Daniel Hood.  “They are outstanding places to build a career.”

The rankings of the 2015 Accounting Today’s Best Accounting Firms to Work for will be unveiled in the December issue of Accounting Today.

For more information on the list and program, visit www.BestAccountingFirmsToWorkFor.com.

Is your Gift Taxable?

If you gave money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Here are eight tips you can use to figure out whether your gift is taxable. Read more

Changing Jobs? Don’t Forget your 401(k)

One of the most important questions you face when changing job is what to do with the money in your 401(k). Making the wrong move could cost you thousands of dollars or more in taxes and lower returns.

Let’s say you put in five years at your current job. For most of those years, you’ve had the company take a set percentage of your pre-tax salary and put it into your 401(k) plan.

Now that you’re leaving, what should you do? The first rule of thumb is to leave it alone because you have 60 days to decide whether to roll it over or leave it in the account. Read more

Tax Tips for Members of the Military

Special tax benefits apply to members of the U. S. Armed Forces. For example, some types of pay are not taxable. And special rules may apply to some tax deductions, credits and deadlines. Here are ten of those benefits: Read more