News & Resources

Six Tips for Year-End Gifts to Charity

If you’re thinking about making a charitable donation during the holiday season this year and want to claim a tax deduction for your gifts, you must itemize your deductions. This is just one of several tax rules that you should know about before you give. Here’s what else you need to know:

1. Qualified charities. You can only deduct gifts you give to qualified charities. Give us a call if you’re not sure if the group you give to is a qualified organization. Remember that you can deduct donations you give to churches, synagogues, temples, mosques and government agencies.

2. Monetary donations. Gifts of money include those made in cash or by check, electronic funds transfer, credit card and payroll deduction. You must have a bank record or a written statement from the charity to deduct any gift of money on your tax return. This is true regardless of the amount of the gift. The statement must show the name of the charity and the date and amount of the contribution. Bank records include canceled checks, or bank, credit union and credit card statements. If you give by payroll deductions, you should retain a pay stub, a Form W-2 wage statement or other document from your employer. It must show the total amount withheld for charity, along with the pledge card showing the name of the charity.

3. Household goods. Household items include furniture, furnishings, electronics, appliances and linens. If you donate clothing and household items to charity they generally must be in at least good used condition to claim a tax deduction. If you claim a deduction of over $500 for an item it doesn’t have to meet this standard if you include a qualified appraisal of the item with your tax return.

4. Records required. You must get an acknowledgment from a charity for each deductible donation (either money or property) of $250 or more. Additional rules apply to the statement for gifts of that amount. This statement is in addition to the records required for deducting cash gifts. However, one statement with all of the required information may meet both requirements.

5. Year-end gifts. You can deduct contributions in the year you make them. If you charge your gift to a credit card before the end of the year it will count for 2014. This is true even if you don’t pay the credit card bill until 2015. Also, a check will count for 2014 as long as you mail it in 2014.

6. Special rules. Special rules apply if you give a car, boat or airplane to charity. For more information about this and other questions about charitable giving, please contact our office.

LMGW Seeks a Full or Part Time Bookkeeper

LMGW is looking for an experienced bookkeeper candidate on a full or part time basis to assist with general bookkeeping duties for our growing base of monthly accounting clients. We offer flexible work schedules and the opportunity to work remotely as needed.

The ideal candidate should possess:

• Bookkeeping experience including Accounts Payable, Accounts Receivable, Payroll and Sales Tax.
• Working knowledge of QuickBooks. Experience with other accounting software a plus
• Experience with worker’s compensation audits, payroll preparation, wage garnishments, business property tax statements, etc.
• Strong budgeting and cash flow managements skills
• An ability to manage current engagements and provide detailed work papers
• Experience juggling multiple complex engagements and providing timely deliverables
• Excellent communication skills, both written and oral
• Qualities indicative of being a client’s “trusted advisor”. A combination of knowledge and practical experience with a wide array of financial matters that affect our clients and the ability to advise them on these issues.

About LMGW

LMGW is a full service tax and accounting firm located in Saratoga, California. Our firm possesses a broad range of clients from individual tax work and small businesses to CEOs of public companies, high net worth individuals and businesses with over 1,000 employees. With a staff of 23, LMGW is a small firm focused on personal and professional growth and as a result LMGW has been ranked as one of the Best Accounting Firms to Work for by Accounting Today five times. Several of our partners have been in public accounting for over 30 years and provide the guidance and mentoring the firm needs while in transition to the next generation of leaders looking to grow the business. We want you to be part of that transition team!

Requirements:

• Drive to succeed
• Desire for a career in public accounting
• Ideally 1-5 years experience in bookkeeping work
• Excellent proficiency with Microsoft Office applications

Benefits:

• Competitive salary with bonus
• 401(k) with employer match
• PTO

Please e-mail resume to:

resumes@lmgw.com

LMGW Named One of the “Best Accounting Firms to Work For”

LMGW Certified Public Accountants, LLP (LMGW) was recently named as one of the 2014 Best Accounting Firms to Work for. This annual list is created by Accounting Today and Best Companies Group to identify, recognize and honor the best places of employment in the accounting industry. This is the fifth time that LMGW has been included in the annual list.

The Best Accounting Firms to Work for list is made up of a total of 100 companies, split into three groups: 51 small-sized companies (15-49 employees), 43 medium-sized companies (50-249 employees) and 6 large-sized companies (more than 250 employees). LMGW has been named one of the Best Accounting Firms to Work for in the small firm category.

Read more

6th Annual DAM Cancer Golf Classic – Friday September 19th, 2014

LMGW will once again be participating in the 6th annual DAM Cancer Golf Classic put on by the David Andrew “Pooh” Maddan Foundation. The DAPM Foundation assist  young adults ages 18-35 with costs and living expenses while undergoing cancer treatment that are not covered by insurance or otherwise. Since it’s inception in late 2008 the Foundation has raised over $500,000 and has paid out over $215,000 to more than 125 recipients. To read more about the Foundation and to make a donation, please visit the Foundation’s website at www.dam-cancer.org.

LMGW Extended Family Making National Press

Justina Bryant, wife of audit partner, Michael Bryant has made national news with the expansion of her 21-Day Kindness Challenge. The program was launched last year as a local anti-bullying campaign and is now expanding to more than 50 schools across the nation. Read more in the article featured in American Profile:

http://americanprofile.com/articles/kids-battle-bullying-with-kindness-club/

“LMGW supports and serves many nonprofits in the Bay Area. We foster a culture that gives back to the community and we are very proud of the achievements that Justina is making with the 21-Day Kindness Challenge” said Matt Wheeler, Partner.

For more information on the 21-Day Kindness Challenge, visit www.21daykindnesschallenge.org.