Start Planning Now for 2014 Income Taxes

The QBC: QuickBooks® Client Newsletter

You may not have even completed your 2013 taxes yet, but now is an ideal time to start getting ready for your 2014 returns.

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We know that you’re in some stage of preparation for your 2013 income taxes. It may seem odd to start thinking about 2014 taxes just now, but actually, this is the ideal time to start planning and making business decisions with their tax implications always in the back of your mind.

As you look at the data that will be entered in your 2013 tax forms, you’re likely to come across some expenses that you might have handled differently, or some income that should have been deferred. If you begin your planning process for 2014 while 2013 is still in the works, you can start making smarter, more tax-advantageous business decisions now, instead of late in the year when everyone is rushing to take actions necessary to lower their tax obligation.

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For more QuickBooks tips, tricks and info on training from our team of Certified QuickBooks ProAdvisors® subscribe to The QBC.

Estate Planning Tip: Naming Your Spouse as Trustee

When setting up a trust, your first instinct might be to name your spouse as the trustee. Just be aware that without proper planning, naming your spouse as the trustee may cause tax and administration difficulties down the road.

Couple holding hands on beach

If your spouse has broad and/or over-reaching powers over the trust corpus, the fair market value of the trust at his/her death may be pulled into her gross estate for estate tax purposes, resulting in higher death taxes. This result may be contrary to the goals and objectives of your overall estate plan.

Also, if your spouse has strained relationships with the principal beneficiaries of the trust, it may hinder his/her objectivity to comply with the terms of the trust. He/she may have some wiggle-room based upon broad language in the trust instrument to avoid making distributions to beneficiaries which may be contrary to your intentions.

Seeking the advice of a competent estate planning professional will help minimize the above mentioned difficulties.

Make QuickBooks Yours in 2014: Customize

The QBC: QuickBooks® Client Newsletter

QuickBooks can be used as is (with some exceptions), but you can customize many elements to improve your workflow, your form output and your business insight.

Filters

You’ll learn far more about your company’s financial status if you use Filters in reports. We can help you set up the most effective ones for your business.

While many of the things you purchase and use in your daily work and professional lives don’t come with options, many do. Think about the last time you bought a car, for example. Did you request additional features for safety or convenience or aesthetic value?

You can’t buy “extras” with your copy of QuickBooks. You can select from the different versions (Pro, Premier, etc.) and extend the software’s functionality by installing integrated add-ons from the Intuit App Center. But if you install QuickBooks on two machines from the same DVD or download, they’ll look and work the same.

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For more QuickBooks tips, tricks and info on training from our team of Certified QuickBooks ProAdvisors® subscribe to The QBC.

Insero & Company Acquires Marquise Business Solutions

Insero & Company CPAs, P.C. announced today that it has acquired Rochester-based Marquise Business Solutions, LLC.

Founded in 2007, Marquise specialized in accounting, finance and strategic business consulting for start-ups and small to medium-sized businesses. Paul LeFrois, Jr., former Managing Member, will continue to provide these services as part of Insero’s Small Business Group.

Paul LeFrois, Jr.

LeFrois is a graduate of Saint Bonaventure University and a recipient of the Rochester Business Journal’s Forty under 40 Award. He has volunteered for the Westside YMCA for the past 14 years and is currently serving as Chairman of the Board. He resides in Gates with his wife and twin sons.

“We have worked with Paul in the past and are very pleased that Marquise Business Solutions is now an integral part of our team,” said Nancy Catarisano, Insero’s Managing Partner. The acquisition is part of the firm’s initiative to expand its Small Business practice. “We are continuing our major push in small business because we believe small business is still a growth area in Rochester.”

Insero & Company CPAs, P.C. is one of the leading accounting and business advisory practices serving Western, Upstate and the Southern Tier of New York with offices in Rochester and Corning, New York.   A full-service public accounting firm with Tax, Audit and Outsource Accounting practices, Insero’s specialty services include Small Business, Employee Benefit Plan Audits and Outsourced and Virtual Accounting Services for businesses and not-for-profit organizations of all sizes.

 

Profile: Nancy Catarisano

Insero & Company‘s Managing Partner, Nancy Catarisano, was recently featured in the Rochester Business Journal.

Nancy Catarisano

Here is an excerpt from the profile:

Nancy Catarisano’s bookkeeping and accounting career began when she was a child collecting payments for her father’s lumber mill, logging in the workers there and balancing the company checkbook.

She is now managing partner at Insero & Co. CPAs P.C., overseeing 85 employees at its State Street headquarters and a branch office in Corning. The firm has plans to double employment in five years.

Catarisano, 52, became managing partner Oct. 1, 2012, after serving as chief operating officer since December 2008, when founder Frank Insero transitioned from managing partner to CEO. As COO, she managed the firm’s day-to-day operations.

“It’s a big change,” she says of being managing partner. “I have a lot less time to spend just doing relaxing things. The firm is on my mind 24/7.

“With any leader, that’s what you do. It’s a responsibility; I take it seriously. Everybody is looking at me to set the stage for the future, and set the vision and set the culture.”

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Estate Planning Tip: Planning for Couples in a Second Marriage

There are many factors to plan and consider when preparing for marriage, especially if you have been married before.

Gold Wedding Rings

In a second marriage situation, it is important to discuss with your estate planning team exactly how estate taxes will be paid. If this is not properly addressed, there are situations where the estate taxes will be paid exclusively from the inheritance of the children of the first marriage. In this scenario, assets passing to the second to die’s heirs would not bear its appropriate share of the estate tax burden. With the proper planning, this unintended consequence can be avoided simply by including the necessary language in your will.

Client Update Newsletter: Winter 2013

When it comes to your business there is no one-size-fits-all formula to success – and your relationship with your CPA should be just as unique. That’s why we promise to deliver The Highest Standard of client service built on a foundation of frequent communication.

This newsletter is just one of the ways we help you stay up-to-date on tax and financial issues that impact business owners and financial professionals like you. From year-round tax planning to tips on how to maximize profits, this valuable resource is a must read. This quarter’s topics include:

  • Health care reform law gets underway for individuals
  • Year-End Tax Moves
  • 1099s: A little form with a painful bite
  • Business or hobby? Nine factors help the IRS decide
  • Financial tips for the 20-something generation
  • How to handle the financial issues after the death of a spouse

Coffee and Tablet

Receiving Payments from Customers in QuickBooks

The QBC: QuickBooks® Client Newsletter

Depending on the situation, there’s more than one way to record a payment in QuickBooks.

Cashier Accepting Credit Card

There are undoubtedly some QuickBooks tasks that are more enjoyable than others. It’s no fun paying bills, for example, and making collection calls on unpaid invoices can be downright unpleasant.

But you probably don’t mind recording payments after all of your hard work creating products or providing services, sending invoices or statements, and generating reports to make sure you’re on top of it all.

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For more QuickBooks tips, tricks and info on training from our team of Certified QuickBooks ProAdvisors® subscribe to The QBC.

Estate Planning Tip: Planning for Estate Taxes and Income Taxes on Business Earnings

When creating a trust to hold a business interest it is important to determine where the money will come from to pay the income taxes associated with the profits of the business allocated to the trust. Sometimes the trust instrument is drafted in such a way that the trust legally owns the business interest but the original grantor of the trust is the “deemed owner” for income taxes purposes only. This is common estate planning technique. The value of the business interest is removed from the grantor’s estate for estate tax purposes and the trust assets are not used to pay the income taxes on the profits. In this situation, the original owner is responsible to pay the income taxes but the trust legally owns the business interest.

Since the trust legally owns the business interest, the trust would be entitled to any distributions from the business not the grantor. The grantor would not be entitled to any funds from the business to pay the income taxes. Proper planning is needed to determine how the income taxes will be paid.

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