Lisa Castle, CFP® has been showing horses her entire life and was recently featured in the Paint and Quarter Horse Connection magazine. Click on the picture to go to the digital version of the magazine. Her article runs on pages 94-97.
It’s always good to know the personal side of our employees!
Written by: Tina Powell, CPA
Here in Michigan we don’t often have to worry about natural disasters like hurricanes and earthquakes. However, we do have instances of flooding, forest fires and a few tornadoes. But, we often don’t think about the building fires, water leaks and sewer backups and so on, that cause just as much or more damage than the rare natural disasters. In light of all the recent rain I thought I would write this blog about disaster recovery. How would your business survive a disaster?
The impact of a disaster on the day-to-day life for employees and the communities where they live is enormous. Firms should focus on addressing the human needs of their people first and foremost in any recovery process.
The key to disaster recovery is to have a plan so that you know what your steps are immediately following the disaster.
A disaster recovery plan needs to be developed with variations and alternatives in case the disaster happens during working hours or after work hours. Some of the items may need to have alternative plans depending on the type of disaster, you may need to handle tornado damage differently than flood damage. No one wants to think about how you prepare for a disaster that destroys the entire city in which you do business, but it happens. The best way to recover is to develop a plan and communicate it to your staff. Don’t know where to start? Google disaster recovery plans for examples.
Stay dry and I hope you develop your plan and never have to use it!
Written by: Heather Graham, CPA, CVA
It may surprise many of you that if your bill at the restaurant includes an automatic gratuity of 18% that the automatic gratuity is no longer considered a tip by the IRS and has many different tax consequences for the business and the employee providing the service. These automatic gratuities are now classified as a service charge.
In order for a payment to be considered a tip the following factors need to be addressed:
The “Service Charges” are considered regular “wages”, not tips. These wages are not eligible for the tip credit and must be reported differently on payroll tax returns and W-2s.
Starting in 2013, the penalties that can be imposed by the IRS for not reporting these “service charges” correctly are quite severe.
Call us today if you have any questions!
In case you missed Mike on “Ask the Financial Planner”, click on the picture below to watch the complete show through WCMUBroadcasting’s YouTube Channel.
Our very own Mike Harter will be hosting Ask the Financial Planner on the CMU Public Broadcasting channel on March 28th at 7:30 p.m. If you would like to participate by asking questions, you can do so by one of the following ways:
Viewers can call in from 7:30-8:00 p.m. during the live program at 800-727-9268
Send a question on Facebook @Ask The Specialist
Tweet the production crew at @WCMU_AskThe
Visit the CMU Public Broadcasting website for more information!!
Written by: Gene Smith, CPA
The tax rate was reduced from 4.35% to 4.25% on October 1, 2012, so why are so many taxpayers in Michigan seeing the amount of tax they are paying increase? Here are some of the more significant reasons your taxes may have increased in 2012:
Homestead Property Tax Credit Changes
Subtraction Changes
Exemptions No Longer Allowed
Non-Refundable Credits No Longer Allowed
Refundable Credit Changes
Written by: Annette Clark, CPA
Having just returned from Israel and in particular Bethlehem, I have a new sense of freedom and respect for our country and the privileges we have. I can get in my car and drive most anywhere I want. A policeman I may see on the road, but only if I am speeding do I think twice. In Israel you see military presence in most areas. I saw the most in Bethlehem, which is a town of about 6 square miles, enclosed by a 2 story cement wall with one guarded gate restricting/regulating entrance and exit. Americans with a valid passport are allowed to come in and spend their money, but they still can stop you to make sure you aren’t smuggling out someone when you leave. If you are one of the lucky residents you can pass through with only the inconvenience of waiting your turn. If you are a Christian you aren’t allowed to leave those walls. Imagine spending your whole life in that limited space with someone watching over you.
We can complain, and we do, about our government, taxes, our job, our neighbors, the traffic, etc., without any thought of being reprimanded. Let me suggest that next time you start to complain, think of those in other countries that can’t, without the thought of imprisonment. Then do something constructive about the situation in question and be grateful that you can do both, complain and act.
As most of us are aware, there were some big changes for the 2012 tax filing year. If you would like to read the official summary from the State of Michigan, click here.
The Internal Revenue Service estimates that about 75% of taxpayers will receive a refund this year. Many of these taxpayers say they are going to be responsible with their refunds by paying down debt or saving it in their emergency fund. Here are a couple more options for spending your tax refund:
http://finance.yahoo.com/news/smart-ways-spend-tax-refund-191559846.html
Written by: Jeremy Shafer
As February winds down, we will be treated to yet another spectacle from the nation’s capital. This one goes by the name Sequester.
To quote Yogi Berra, “It’s like déjà vu, all over again.”
A few things seem important to remember as the debate heats up:
Simpson and Bowles’ updated plan is worth reading, though it’s unlikely to be the basis for a bill in the house or senate.
Whether we get this plan, a new plan, or sequester, the end result we all hope for is a stable path for American prosperity. That will require some uncomfortable adjustments. Here’s hoping we make sensible progress in the next seven days.
