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governing overtime and regular rate regulations.<span style="mso-spa ...
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and the second final rule is summarized below.<o:p></o:p></sp ...
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... style="mso-list: Ignore;">\x97<span style="font: 7.0p ...
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<?xml version='1.0' encoding='UTF-8'?><?xml-stylesheet href="http://www.blogger.com/styles/atom.css" type="text/css"?><feed xmlns='http://www.w3.org/2005/Atom' xmlns:openSearch='http://a9.com/-/spec/opensearchrss/1.0/' xmlns:blogger='http://schemas.google.com/blogger/2008' xmlns:georss='http://www.georss.org/georss' xmlns:gd="http://schemas.google.com/g/2005" xmlns:thr='http://purl.org/syndication/thread/1.0'><id>tag:blogger.com,1999:blog-8367399663089992854</id><updated>2024-03-08T07:26:19.025-08:00</updated><title type='text'>Swartz Retson</title><subtitle type='html'></subtitle><link rel='http://schemas.google.com/g/2005#feed' type='application/atom+xml' href='http://swartz-retson.blogspot.com/feeds/posts/default'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/'/><link rel='hub' href='http://pubsubhubbub.appspot.com/'/><link rel='next' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default?start-index=26&max-results=25'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author><generator version='7.00' uri='http://www.blogger.com'>Blogger</generator><openSearch:totalResults>37</openSearch:totalResults><openSearch:startIndex>1</openSearch:startIndex><openSearch:itemsPerPage>25</openSearch:itemsPerPage><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-4561110307223340134</id><published>2020-02-14T09:39:00.000-08:00</published><updated>2020-02-14T09:39:34.666-08:00</updated><title type='text'>New Overtime Rules & Regular Rate Regulations Part 2</title><content type='html'><br />
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: .15in; margin-right: 0in; margin-top: 0in; text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Late in 2019, the Department of Labor issued two final rules
updating and revising the regulations under the Fair Labor Standards Act (FLSA)
governing overtime and regular rate regulations.<span style="mso-spacerun: yes;">&nbsp; </span>These rules became effective in January 2020
and the second final rule is summarized below.<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: .15in; margin-right: 0in; margin-top: 0in; text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">The second final rule was effective January 15, 2020.<span style="mso-spacerun: yes;">&nbsp; </span>This rule updated regulations governing
regular rate requirements under the FLSA and is the first significant update to
those regulations in over 50 years.<span style="mso-spacerun: yes;">&nbsp; </span><o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: .15in; margin-right: 0in; margin-top: 0in; text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">The FLSA generally requires that covered, nonexempt employees
receive overtime pay of at least one and one-half times their regular rate of
pay for any hours worked in excess of 40 hours per workweek.<span style="mso-spacerun: yes;">&nbsp; </span>An employee’s regular rate includes all
remuneration for employment, subject to eight exclusions.<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: .15in; margin-right: 0in; margin-top: 0in; text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">The new rule clarified which perks and benefits must be
included in the regular rate of pay, as well as which perks and benefits an
employer may provide without including them in the regular rate of pay.<span style="mso-spacerun: yes;">&nbsp; </span>Under the new rule, the following may be
excluded from an employee’s regular rate of pay:<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">The cost of providing
certain parking benefits, wellness programs, onsite specialist treatment, gym
access and fitness classes, employee discounts on retail goods and services, certain
tuition benefits (whether paid to an employee, an education provider, or a
student-loan program), and adoption assistance;<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Payments for unused paid
leave, including paid sick leave or paid time off;<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Payments of certain
penalties required under state and local scheduling laws;<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Reimbursed expenses
including cell phone plans, credentialing exam fees, organization membership
dues, and travel, even if not incurred “solely” for the employer’s benefit;<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Certain sign-on bonuses
and certain longevity bonuses;<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">The cost of office coffee
and snacks to employees as gifts; <o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Discretionary bonuses,
and the rule clarifies that the label given a bonus does not determine whether
it is discretionary and provides additional examples;<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Contributions to benefit
plans for accident, unemployment, legal services, or other events that could
cause future financial hardship or expense.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 20.0pt; mso-line-height-rule: exactly; text-align: justify; text-indent: .35in;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">As these rules are now in effect, be sure you evaluate them
to determine if they affect you or your business.<span style="mso-spacerun: yes;">&nbsp; </span>Call us at (219) 769-3616 with your
questions, or email them to </span><a href="mailto:dvanprooyen@swartz-retson.com"><span style="color: blue; font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">dvanprooyen@swartz-retson.com</span></a><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 20.0pt; mso-line-height-rule: exactly; text-align: justify; text-indent: .35in;">
<br /></div>
<div class="MsoNormal" style="line-height: 20.0pt; mso-line-height-rule: exactly; text-align: justify; text-indent: .35in;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Information taken from </span><a href="http://www.dol.gov/"><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">www.dol.gov</span></a><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">. <o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/4561110307223340134'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/4561110307223340134'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2020/02/new-overtime-rules-regular-rate.html' title='New Overtime Rules & Regular Rate Regulations Part 2'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-1857941533823751334</id><published>2020-01-31T08:29:00.000-08:00</published><updated>2020-01-31T08:29:50.308-08:00</updated><title type='text'>New Overtime Rues & Regular Rate Regulations Part 1</title><content type='html'><br />
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: .15in; margin-right: 0in; margin-top: 0in; text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Late in 2019, the U.S. Department of Labor issued two final
rules updating and revising the regulations under the Fair Labor Standards Act
(FLSA) governing overtime and regular rate regulations.<span style="mso-spacerun: yes;">&nbsp; </span>These rules became effective in January 2020
and will be covered below and in the next issued Facts Alert.<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: .15in; margin-right: 0in; margin-top: 0in; text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">The first final rule was effective January 1, 2020.<span style="mso-spacerun: yes;">&nbsp; </span>This rule updated both the minimum weekly
standard salary level and the total annual compensation requirement for “highly
compensated employees.”<span style="mso-spacerun: yes;">&nbsp; </span>This is the
first adjustment to the thresholds since 2004, and it is estimated that this
will result in 1.3 million employees currently classified as exempt being
classified as nonexempt and thus will be entitled to overtime pay.<span style="mso-spacerun: yes;">&nbsp; </span>Under the new rule, salary and compensation
levels needed for workers to be exempt are as follows:<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Raised the “standard
salary level” from $455 to $684 per week (equivalent to $35,568 per year for a
full-year worker);<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;</span></span></span><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Raised the total annual
compensation level for “highly compensated employees (HCEs)” from $100,000 to
$107,432 per year;<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Allows employers to use
nondiscretionary bonuses and incentive payments (including commissions) that
are paid at least annually to satisfy up to 10% of the standard salary level;
and<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Revised the special
salary levels for workers in U.S. territories and in the motion picture
industry.<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: .15in; margin-right: 0in; margin-top: 0in; text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">In addition to being paid at or above the standard salary
level, employees must also qualify for one of the following exemptions to be
exempt from overtime:<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Executive Exemption<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Administrative Exemption<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Professional Exemption<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Computer Employee
Exemption<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: .15in; margin-right: 0in; margin-top: 0in; text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Definitions of the exemptions can be found on the U.S.
Department of Labor website.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 20.0pt; mso-line-height-rule: exactly; text-align: justify; text-indent: .35in;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">As these rules are now in effect, be sure you evaluate them
to determine if they affect you or your business.<span style="mso-spacerun: yes;">&nbsp; </span>Call us at (219) 769-3616 with your
questions, or email them to </span><a href="mailto:dvanprooyen@swartz-retson.com"><span style="color: blue; font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">dvanprooyen@swartz-retson.com</span></a><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 20.0pt; mso-line-height-rule: exactly; text-align: justify; text-indent: .35in;">
<br /></div>
<div class="MsoNormal" style="line-height: 20.0pt; mso-line-height-rule: exactly; text-align: justify; text-indent: .35in;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Information taken from </span><a href="http://www.dol.gov/"><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">www.dol.gov</span></a><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">. <o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/1857941533823751334'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/1857941533823751334'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2020/01/new-overtime-rues-regular-rate.html' title='New Overtime Rues & Regular Rate Regulations Part 1'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-3840360521212708721</id><published>2020-01-17T06:35:00.003-08:00</published><updated>2020-01-17T06:35:56.596-08:00</updated><title type='text'>New IRS Form W-4 for Withholding Is Available</title><content type='html'><br />
<div class="MsoBodyText" style="margin-bottom: 9.0pt; text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">The IRS has released the
2020 version of Form W-4, which looks significantly different than the previous
version.<span style="mso-spacerun: yes;">&nbsp; </span>Until 2020, Form W-4 hadn’t
seen a major redesign since 1987.<span style="mso-spacerun: yes;">&nbsp; </span>The
form was redesigned to reflect changes in the federal tax code from the Tax
Cuts and Jobs Act which took effect in 2018.<span style="mso-spacerun: yes;">&nbsp;
</span>The update, according to the IRS, “reduces the form’s complexity and
increases the transparency and accuracy of the withholding system.”<span style="mso-spacerun: yes;">&nbsp; </span><o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">The most significant
difference is the lack of allowances, which were used to calculate
withholdings.<span style="mso-spacerun: yes;">&nbsp; </span>Instead, the new form
consists of five steps.<span style="mso-spacerun: yes;">&nbsp; </span>Steps 1 and 5
must be completed, while steps 2, 3, and 4 are optional.<span style="mso-spacerun: yes;">&nbsp; </span>The steps are summarized as follows:<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: .85in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Step 1:<span style="mso-spacerun: yes;">&nbsp; </span>Personal information<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: .85in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Step 2:<span style="mso-spacerun: yes;">&nbsp; </span>To be completed if you have multiple jobs or
a spouse that works<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: .85in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Step 3:<span style="mso-spacerun: yes;">&nbsp; </span>To be completed to claim tax credits for
dependents<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: .85in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Step 4:<span style="mso-spacerun: yes;">&nbsp; </span>Other adjustments <o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: 1.35in; margin-right: 0in; margin-top: 0in; mso-list: l0 level2 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-size: 14.0pt; mso-fareast-font-family: &quot;Courier New&quot;;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Amount
of additional income such as interest, dividends, retirement<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: 1.35in; margin-right: 0in; margin-top: 0in; mso-list: l0 level2 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-size: 14.0pt; mso-fareast-font-family: &quot;Courier New&quot;;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Itemized
deduction amount<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: 1.35in; margin-right: 0in; margin-top: 0in; mso-list: l0 level2 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-size: 14.0pt; mso-fareast-font-family: &quot;Courier New&quot;;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Extra
withholding<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: .85in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Step 5:<span style="mso-spacerun: yes;">&nbsp; </span>Sign the form <o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: 9.0pt; margin-left: .15in; margin-right: 0in; margin-top: 0in; text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">The new Form W-4 is only required to be completed by those
hired in 2020.<span style="mso-spacerun: yes;">&nbsp; </span>It’s a good idea,
however, to review your withholding annually to determine if adjustments should
be made to reflect your current situation.<span style="mso-spacerun: yes;">&nbsp;
</span>The IRS has a Tax Withholding Estimator (www.irs.gov/W4App) to assist
you with that determination.<span style="mso-spacerun: yes;">&nbsp; </span>In order to
use the estimator most effectively, it’s helpful to have your most recent pay
stub and tax return handy.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 20.0pt; mso-line-height-rule: exactly; text-align: justify; text-indent: .35in;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Call us at (219) 769-3616 with your questions, or email them
to </span><a href="mailto:dvanprooyen@swartz-retson.com"><span style="color: blue; font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">dvanprooyen@swartz-retson.com</span></a><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">.<o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/3840360521212708721'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/3840360521212708721'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2020/01/new-irs-form-w-4-for-withholding-is.html' title='New IRS Form W-4 for Withholding Is Available'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-6213967868892809614</id><published>2020-01-03T07:53:00.000-08:00</published><updated>2020-01-03T07:53:10.147-08:00</updated><title type='text'>Upcoming Deadlines in 2020</title><content type='html'><br />
<div class="MsoBodyText" style="margin-bottom: 9.0pt;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Don’t subject yourself to tax penalties for
missing important filing deadlines in 2020. Get out your 2020 calendar and mark
any of the following tax deadlines that apply to you or your business.<o:p></o:p></span></div>
<div class="MsoBodyText" style="line-height: normal; margin-bottom: 9.0pt; margin-left: 45.35pt; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; tab-stops: 45.0pt; text-align: justify; text-indent: -20.15pt;">
<!--[if !supportLists]--><span style="font-family: &quot;Wingdings 2&quot;; font-size: 14.0pt; mso-bidi-font-family: &quot;Wingdings 2&quot;; mso-fareast-font-family: &quot;Wingdings 2&quot;;"><span style="mso-list: Ignore;">\x97<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">January 31 – Employers
must furnish 2019 W-2 statements to employees. Payers must furnish 1099
information statements to payees.<o:p></o:p></span></div>
<div class="MsoBodyText" style="line-height: normal; margin-bottom: 9.0pt; margin-left: 45.35pt; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; tab-stops: 45.0pt; text-align: justify; text-indent: -20.15pt;">
<!--[if !supportLists]--><span style="font-family: &quot;Wingdings 2&quot;; font-size: 14.0pt; mso-bidi-font-family: &quot;Wingdings 2&quot;; mso-fareast-font-family: &quot;Wingdings 2&quot;;"><span style="mso-list: Ignore;">\x97<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">January 31 – Employers
must send W-2 copies to the Social Security Administration. <o:p></o:p></span></div>
<div class="MsoBodyText" style="line-height: normal; margin-bottom: 9.0pt; margin-left: 45.35pt; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; tab-stops: 45.0pt; text-align: justify; text-indent: -20.15pt;">
<!--[if !supportLists]--><span style="font-family: &quot;Wingdings 2&quot;; font-size: 14.0pt; mso-bidi-font-family: &quot;Wingdings 2&quot;; mso-fareast-font-family: &quot;Wingdings 2&quot;;"><span style="mso-list: Ignore;">\x97<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">January 31 – Payers must
file Forms 1096 and 1099-MISC with reported non-employee compensation in Box 7
with the IRS.<span style="mso-spacerun: yes;">&nbsp; </span><o:p></o:p></span></div>
<div class="MsoBodyText" style="line-height: normal; margin-bottom: 9.0pt; margin-left: 45.35pt; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; tab-stops: 45.0pt; text-align: justify; text-indent: -20.15pt;">
<!--[if !supportLists]--><span style="font-family: &quot;Wingdings 2&quot;; font-size: 14.0pt; mso-bidi-font-family: &quot;Wingdings 2&quot;; mso-fareast-font-family: &quot;Wingdings 2&quot;;"><span style="mso-list: Ignore;">\x97<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">January 31 – Employers
must generally file 2019 federal unemployment tax returns and pay any tax due.<o:p></o:p></span></div>
<div class="MsoBodyText" style="line-height: normal; margin-bottom: 9.0pt; margin-left: 45.35pt; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; tab-stops: 45.0pt; text-align: justify; text-indent: -20.15pt;">
<!--[if !supportLists]--><span style="font-family: &quot;Wingdings 2&quot;; font-size: 14.0pt; mso-bidi-font-family: &quot;Wingdings 2&quot;; mso-fareast-font-family: &quot;Wingdings 2&quot;;"><span style="mso-list: Ignore;">\x97<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">January 31 – Form WH-3
(paper and electronic) is due to the Indiana Department of Revenue.<o:p></o:p></span></div>
<div class="MsoBodyText" style="line-height: normal; margin-bottom: 9.0pt; margin-left: 45.35pt; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; tab-stops: 45.0pt; text-align: justify; text-indent: -20.15pt;">
<!--[if !supportLists]--><span style="font-family: &quot;Wingdings 2&quot;; font-size: 14.0pt; mso-bidi-font-family: &quot;Wingdings 2&quot;; mso-fareast-font-family: &quot;Wingdings 2&quot;;"><span style="mso-list: Ignore;">\x97<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">February 28 – Payers must
file Forms 1095-B and 1095-C with the IRS. (April 1 is the deadline if filing
electronically.)<o:p></o:p></span></div>
<div class="MsoBodyText" style="line-height: normal; margin-bottom: 9.0pt; margin-left: 45.35pt; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; tab-stops: 45.0pt; text-align: justify; text-indent: -20.15pt;">
<!--[if !supportLists]--><span style="font-family: &quot;Wingdings 2&quot;; font-size: 14.0pt; mso-bidi-font-family: &quot;Wingdings 2&quot;; mso-fareast-font-family: &quot;Wingdings 2&quot;;"><span style="mso-list: Ignore;">\x97<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">February 28 – Payers must
file Forms 1096 and 1099-MISC (other than with non-employee compensation in Box
7) with the IRS.<span style="mso-spacerun: yes;">&nbsp; </span>(March 31 is the
deadline if filing electronically.)<o:p></o:p></span></div>
<div class="MsoBodyText" style="line-height: normal; margin-bottom: 9.0pt; margin-left: 45.35pt; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; tab-stops: 45.0pt; text-align: justify; text-indent: -20.15pt;">
<!--[if !supportLists]--><span style="font-family: &quot;Wingdings 2&quot;; font-size: 14.0pt; mso-bidi-font-family: &quot;Wingdings 2&quot;; mso-fareast-font-family: &quot;Wingdings 2&quot;;"><span style="mso-list: Ignore;">\x97<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">March 4 – Employers must
furnish 2019 Forms 1095-C to full time employees.<o:p></o:p></span></div>
<div class="MsoBodyText" style="line-height: normal; margin-bottom: 9.0pt; margin-left: 45.35pt; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; tab-stops: 45.0pt; text-align: justify; text-indent: -20.15pt;">
<!--[if !supportLists]--><span style="font-family: &quot;Wingdings 2&quot;; font-size: 14.0pt; mso-bidi-font-family: &quot;Wingdings 2&quot;; mso-fareast-font-family: &quot;Wingdings 2&quot;;"><span style="mso-list: Ignore;">\x97<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">March 4 – Insurers must
furnish 2019 Forms 1095-B to the person identified as the “responsible
individual” on the form.<o:p></o:p></span></div>
<div class="MsoBodyText" style="line-height: normal; margin-bottom: 9.0pt; margin-left: 45.35pt; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; tab-stops: 45.0pt; text-align: justify; text-indent: -20.15pt;">
<!--[if !supportLists]--><span style="font-family: &quot;Wingdings 2&quot;; font-size: 14.0pt; mso-bidi-font-family: &quot;Wingdings 2&quot;; mso-fareast-font-family: &quot;Wingdings 2&quot;;"><span style="mso-list: Ignore;">\x97<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">March 16 -<span style="letter-spacing: -.15pt;"> Calendar-year S corporation income tax returns
are due.</span><o:p></o:p></span></div>
<div class="MsoBodyText" style="line-height: normal; margin-bottom: 9.0pt; margin-left: 45.35pt; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; tab-stops: 45.0pt; text-align: justify; text-indent: -20.15pt;">
<!--[if !supportLists]--><span style="font-family: &quot;Wingdings 2&quot;; font-size: 14.0pt; mso-bidi-font-family: &quot;Wingdings 2&quot;; mso-fareast-font-family: &quot;Wingdings 2&quot;;"><span style="mso-list: Ignore;">\x97<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp; </span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt; letter-spacing: -.15pt;">March
16 – Calendar-year partnership income tax returns are due.</span><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 20.0pt; mso-line-height-rule: exactly; text-align: justify; text-indent: .35in;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">Call us at (219) 769-3616 with your questions, or email them
to </span><a href="mailto:dvanprooyen@swartz-retson.com"><span style="color: blue; font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">dvanprooyen@swartz-retson.com</span></a><span style="font-family: &quot;Garamond&quot;,serif; font-size: 14.0pt;">.<o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/6213967868892809614'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/6213967868892809614'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2020/01/upcoming-deadlines-in-2020.html' title='Upcoming Deadlines in 2020'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-2457268959869090773</id><published>2020-01-02T14:26:00.000-08:00</published><updated>2020-01-02T14:26:01.467-08:00</updated><title type='text'>Independent Contractors</title><content type='html'><br />
<div class="MsoNormal">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 13.0pt;">As
the end of the year approaches, now is a great time to review your expenses for
the past year to determine if your business will be required to file Form
1099-MISC to report nonemployee compensation payments to independent
contractors.<span style="mso-spacerun: yes;">&nbsp; </span>However, employers often
struggle with determining who is an independent contractor.<span style="mso-spacerun: yes;">&nbsp; </span>The best way to avoid misclassifying workers
is to understand the defining characteristics of independent contractors.<span style="mso-spacerun: yes;">&nbsp; </span><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 13.0pt;">An
independent contractor: &nbsp;<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-left: .5in; margin-right: 0in; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 13.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 13.0pt; line-height: 150%;">Pays self-employment taxes (Social Security and
Medicare) &nbsp;<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-left: .5in; margin-right: 0in; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 13.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 13.0pt; line-height: 150%;">Is trained in their profession<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-left: .5in; margin-right: 0in; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 13.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 13.0pt; line-height: 150%;">Can work with many employers at one time
(different clients) &nbsp;<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-left: .5in; margin-right: 0in; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 13.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 13.0pt; line-height: 150%;">Controls when, how and where the work is
done.&nbsp;<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-left: .5in; margin-right: 0in; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 13.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 13.0pt; line-height: 150%;">Negotiates rates on a per-job basis &nbsp;<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-left: .5in; margin-right: 0in; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 13.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 13.0pt; line-height: 150%;">Uses own tools and equipment to perform the work
&nbsp;<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-left: .5in; margin-right: 0in; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 13.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 13.0pt; line-height: 150%;">Does not receive employee benefits<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-left: .5in; margin-right: 0in; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 13.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 13.0pt; line-height: 150%;">Works on a profit/loss basis<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-left: .5in; margin-right: 0in; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 13.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 13.0pt; line-height: 150%;">Does not receive overtime pay<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 13.0pt;">In
general, if you paid a non-employee $600 or more during the past calendar year,
you must report the amount paid in box 7 of Form 1099-MISC.<span style="mso-spacerun: yes;">&nbsp; </span>The individual will be required to report
this income on their personal tax return.<span style="mso-spacerun: yes;">&nbsp;
</span>You must also report payments of $600 or more for both attorney fees, as
well as payments for services to a Partnership/LLC.<span style="mso-spacerun: yes;">&nbsp; </span>Payments to a corporation are generally not
required to be reported.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 13.0pt;">Questions
about who should be classified as an independent contractor? Call us at (219)
769-3616 or email them to </span><a href="mailto:tnewman@swartz-retson.com"><span style="font-family: &quot;Garamond&quot;,serif; font-size: 13.0pt;">tnewman@swartz-retson.com</span></a><span class="MsoHyperlink"><span style="font-family: &quot;Garamond&quot;,serif; font-size: 13.0pt;">.</span></span><span style="font-family: &quot;Garamond&quot;,serif; font-size: 13.0pt;"><o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/2457268959869090773'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/2457268959869090773'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2020/01/independent-contractors.html' title='Independent Contractors'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-1576937962219736136</id><published>2020-01-02T14:25:00.001-08:00</published><updated>2020-01-02T14:25:14.858-08:00</updated><title type='text'>Year End Tax Saving Ideas</title><content type='html'><br />
<div class="MsoNormal">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt;">There's
still time to reduce your potential tax obligation and save money this year
(and next). Here are some ideas to consider:<o:p></o:p></span></div>
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt; line-height: 150%;">Estimate
your 2019 and 2020 taxable income.&nbsp;</span></b><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt; line-height: 150%;">With these estimates
you can determine which year receives the greatest benefit from a
reduction in income. By understanding what the tax rate will be for your
next dollar earned, you can understand the tax benefit of reducing income
this year AND next year.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt; line-height: 150%;">Fund
tax-deferred retirement accounts.</span></b><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt; line-height: 150%;"> An easy way to reduce your
taxable income is to fully fund retirement accounts that have tax-deferred
status. The most common accounts are 401(k)s, 403(b)s and various IRAs
(traditional, SEP and SIMPLE).<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt; line-height: 150%;">Take
your required minimum distributions (RMDs).</span></b><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt; line-height: 150%;"> If
you are 70½ or older, you need to take RMDs from your retirement accounts
by Dec. 31. Don't forget to make all RMDs because the fines are hefty if
you don't — 50 percent of the amount you should have withdrawn.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt; line-height: 150%;">Manage
your gains and losses.</span></b><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt; line-height: 150%;"> Rebalance your investment portfolio
and take any final investment gains and losses. When you have more losses
than gains, up to $3,000 can be used to reduce your ordinary income. With
careful planning, you can take advantage of this loss amount each year.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt; line-height: 150%;">Finalize
your gift-giving strategy.</span></b><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt; line-height: 150%;"> Each year you may gift up
to $15,000 without tax reporting consequences to as many individuals as
you choose. Consider any gift-giving you wish to make up to the annual
limit. This could include gifts of cash or property, and investments.<span style="mso-spacerun: yes;">&nbsp; </span>The limit is per taxpayer, so a married
couple could provide up to $30,000 in gifts to one individual with no tax
consequences.<span style="mso-spacerun: yes;">&nbsp; </span><o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt; line-height: 150%;">Donate
to charities.</span></b><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt; line-height: 150%;"> Consider making end-of-year donations to eligible
charities. Donations of property in good or better condition and your
charitable mileage are also deductible. Receiving proper documentation
that acknowledges your contributions is important to ensure you obtain the
full deduction. Have a plan by knowing your total deductions for the year
to help you decide how much and when to donate. Pulling some donations
planned for 2020 into 2019 may be a good strategy if you expect to itemize
on your 2019 income tax return.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt; line-height: 150%;">Organize
records now.&nbsp;</span></b><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt; line-height: 150%;">Start collecting and organizing your
tax records to avoid the scramble come tax season.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt; line-height: 150%;">Develop
your own list.&nbsp;</span></b><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt; line-height: 150%;">Use these ideas as a jumping off point
to create your own list of annual review items. It might also include
reviewing college savings accounts, beneficiaries, insurance needs, wills,
trusts, and going through an aging parent's financial accounts.<o:p></o:p></span></li>
</ul>
<div class="MsoNormal">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt;">Questions
about the most effective money-saving moves for your situation? Call us at
(219) 769-3616 or email them to </span><a href="mailto:tlynch@swartz-retson.com"><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt;">tlynch@swartz-retson.com</span></a><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt;">.<o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/1576937962219736136'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/1576937962219736136'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2020/01/year-end-tax-saving-ideas.html' title='Year End Tax Saving Ideas'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-853832161790238864</id><published>2020-01-02T14:24:00.000-08:00</published><updated>2020-01-02T14:24:25.924-08:00</updated><title type='text'>Qualified Charitable Distributions</title><content type='html'><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt;">According to articles published earlier this
year, charitable giving by individuals decreased in 2018.<span style="mso-spacerun: yes;">&nbsp; </span>While several factors can contribute to this,
certainly one aspect that has always made charitable giving appealing is
receiving a tax deduction.<span style="mso-spacerun: yes;">&nbsp; </span>However,
because of the recent Tax Cuts and Jobs Act (TCJA), this is not as great of a
factor as it once was.<span style="mso-spacerun: yes;">&nbsp; </span>Part of the TCJA changes
was the doubling of the standard deduction.<span style="mso-spacerun: yes;">&nbsp;
</span>When an individual files their personal return, they can deduct the
greater of the standard deduction (a flat dollar amount) or the total of their
itemized deductions, which includes charitable contributions.<span style="mso-spacerun: yes;">&nbsp; </span>For 2018, the standard deduction for a
married filing joint return was $24,000 ($12,000 for single).<span style="mso-spacerun: yes;">&nbsp; </span>For many taxpayers, this was a high threshold
to exceed, especially with the state and local tax deduction being capped at
$10,000.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt;">However, there is a part of the tax code that
allows individuals 70 ½ and older to still get the benefit of a charitable
deduction, while also claiming the standard deduction.<span style="mso-spacerun: yes;">&nbsp; </span>This benefit is achieved by making a
Qualified Charitable Distribution (QCD).<span style="mso-spacerun: yes;">&nbsp;
</span>Once individuals reach age 70 ½, they are required to begin taking required
minimum distributions (RMD) from their traditional IRA accounts.<span style="mso-spacerun: yes;">&nbsp; </span>If an individual does not need these funds to
finance their retirement, they can request their IRA trustee to make a direct
payment to a qualified charity.<span style="mso-spacerun: yes;">&nbsp; </span>The
amount that would normally be taxable, if the individual received the
distribution, would now be converted to a nontaxable distribution.<span style="mso-spacerun: yes;">&nbsp; </span>The distribution still satisfies the RMD
requirement but does not count towards the taxpayers adjusted gross income
(AGI).<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt;">By not counting the distribution towards AGI, the
taxpayer can potentially realize additional tax savings, aside from the
immediate 100% above the line deduction of the distribution, such as:<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt;">Lower
state taxes, as most states begin their tax calculations using Federal AGI<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt;">Reduced
taxable social security benefits<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt;">Lower
potential of being subject to AGI phase out of $25,000 rental real estate
exemption<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt;">Less
chance of being subject to phase out of certain tax credits<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt;">Lower
AGI can reduce a high-income beneficiary’s obligation to pay a greater monthly
Medicare premium<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt;">There are several rules to be aware of in order
to benefit from this tax savings opportunity.<span style="mso-spacerun: yes;">&nbsp;
</span>First, the benefit cannot be used for distributions from SEP, SIMPLE, or
qualified retirement plan accounts.<span style="mso-spacerun: yes;">&nbsp;
</span>Second, no more than $100,000 can be donated per taxpayer each
year.<span style="mso-spacerun: yes;">&nbsp; </span>For married couples, each spouse
can make a separate $100,000 charitable distribution per year.<span style="mso-spacerun: yes;">&nbsp;&nbsp; </span>Finally, if the donor received <b><u>any</u></b>
benefit from the charity for the donation, then the entire distribution will be
considered taxable.<span style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp; </span><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt; mso-bidi-font-family: &quot;Courier New&quot;;">If
you have questions,</span><span style="color: #222222; font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt; mso-bidi-font-family: Arial;"> c</span><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt;">all us at (219) 769-3616 or email them to </span><a href="mailto:tlynch@swartz-retson.com"><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt;">tlynch@swartz-retson.com</span></a><span style="font-family: &quot;Garamond&quot;,serif; font-size: 12.0pt;">.<o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/853832161790238864'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/853832161790238864'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2020/01/qualified-charitable-distributions.html' title='Qualified Charitable Distributions'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-3859736626860863141</id><published>2019-11-04T07:09:00.000-08:00</published><updated>2019-11-04T07:09:03.162-08:00</updated><title type='text'>How to Protect Your Social Security Number</title><content type='html'><br />
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<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">Very few things in life can create a higher
degree of stress than having your Social Security Number (SSN) stolen. This is
because, unlike other forms of ID, your SSN is virtually permanent. While most
instances of SSN theft are outside your control, there are some things that you
can do to minimize the risk of this ever happening to you.<o:p></o:p></span></div>
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<br /></div>
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">Never
carry your card.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;"> Place your SSN card in a safe place. That
place is never your wallet or purse. Only take the card with you when you
need it.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">Know
who needs it.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;"> As identity theft continues to evolve,
there are fewer who really need to know your SSN. Here is that list:<o:p></o:p></span></li>
<ul style="margin-top: 0in;" type="circle">
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level2 lfo1; tab-stops: list 1.0in; text-align: justify;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">The
government.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;"> The federal and state governments use
this number to keep track of your earnings for retirement benefits and to
ensure you pay proper taxes.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level2 lfo1; tab-stops: list 1.0in; text-align: justify;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">Your
employer.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;"> The SSN is used to keep track of your
wages and withholdings. It also is used to prove citizenship and to
contribute to your Social Security and Medicare accounts.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level2 lfo1; tab-stops: list 1.0in; text-align: justify;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">Certain
financial institutions.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;"> Your SSN is used by
various financial institutions to prove citizenship, open bank accounts,
provide loans, establish other forms of credit, report your credit
history or confirm your identity. In no case should you be required to
confirm more than the last four digits of your number.<o:p></o:p></span></li>
</ul>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">Challenge
all other requests.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;"> Many other vendors may ask for your
SSN but having it may not be essential. The most common requests come from
health care providers and insurance companies, but requests can also come
from subscription services when setting up a new account. When asked on a
form for your number, leave it blank. If your supplier really needs it,
they will ask you for it. This allows you to challenge their request.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">Destroy
and distort documents.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;"> Shred any documents that have your
number listed. When providing copies of your tax return to anyone, distort
or cover your SSN. Remember, your number is printed on the top of each
page of Form 1040. If the government requests your SSN on a check payment,
consider placing only the last four digits on the check, and replace the
first five digits with Xs.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">Keep
your scammer alert on high.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;"> Never give out any part
of the number over the phone or via email. Do not even confirm your SSN to
someone who happens to read it back to you on the phone. If this happens
to you, file a police report and report the theft to the IRS and Federal
Trade Commission.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">Proactively
check for use.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;"> Periodically check your credit reports
for potential use of your SSN. If suspicious activity is found, have the
credit agencies place a fraud alert on your account. Remember, everyone is
entitled to a free credit report once a year. You can obtain yours on the </span><a href="https://www.annualcreditreport.com/"><span style="color: windowtext; font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%; text-decoration: none; text-underline: none;">Annual Credit Report website</span></a><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">.<o:p></o:p></span></li>
</ul>
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<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">Replacing a stolen SSN is not only hard to do,
it can create many problems. Your best defense is to stop the theft before it
happens.<o:p></o:p></span></div>
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<br /></div>
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<span style="color: black; font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; mso-bidi-font-family: &quot;Courier New&quot;;">If
you have questions,</span><span style="color: #222222; font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; mso-bidi-font-family: Arial;"> c</span><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">all us at (219) 769-3616 or email them to </span><a href="mailto:tlynch@swartz-retson.com"><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">tlynch@swartz-retson.com</span></a><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">.<o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/3859736626860863141'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/3859736626860863141'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2019/11/how-to-protect-your-social-security.html' title='How to Protect Your Social Security Number'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-7230862886738365242</id><published>2019-10-14T06:35:00.000-07:00</published><updated>2019-10-14T06:35:03.207-07:00</updated><title type='text'>Indiana Department of Revenue's INTIME & INTax Systems</title><content type='html'><br />
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<span style="font-size: 12.0pt;">Indiana’s
Department of Revenue has embarked on the creation of an online e-services
portal – Indiana Taxpayer Information Management Engine, or INTIME.<span style="mso-spacerun: yes;">&nbsp; </span>The portal enables Hoosiers to file, pay,
view and manage their state taxes in one convenient location 24/7.<span style="mso-spacerun: yes;">&nbsp; </span>Services available in the portal are:<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l2 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">View past
payments and returns<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l2 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Electronically
file returns and make payments currently submitted by paper<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l2 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Amend returns
electronically<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l2 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Submit an
Electronic Power of Attorney (ePOA)<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l2 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">View
Correspondence, Send Messages, Update Names and Addresses<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<span style="font-size: 12.0pt;">The
first segment was rolled out in September 2019 and allows access to INTIME for
the following:<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Corporations (C,
S and Partnerships)<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Utility Receipts<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l4 level1 lfo2; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Financial
Institutions<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l4 level1 lfo2; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Not For Profit
Organizations<o:p></o:p></span></div>
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<br /></div>
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<span style="font-size: 12.0pt;">The
other rollouts are anticipated to be as follows:<o:p></o:p></span></div>
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<span style="font-size: 12.0pt;">September
2020:<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l5 level1 lfo3; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Food and Beverage
Taxes<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l5 level1 lfo3; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Sales Taxes<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l5 level1 lfo3; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Out of State Use
Taxes<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l5 level1 lfo3; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Withholding Taxes<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l5 level1 lfo3; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Other taxes<o:p></o:p></span></div>
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<span style="font-size: 12.0pt;">September
2021:<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l1 level1 lfo4; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Individuals<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l1 level1 lfo4; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Various Wagering
and Gaming Taxes<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<span style="font-size: 12.0pt;">July
2022:<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l3 level1 lfo5; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Alcohol Taxes<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l3 level1 lfo5; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Various Cigarette
and Tobacco Taxes<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l3 level1 lfo5; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Various Fuel
Taxes<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<span style="font-size: 12.0pt;">As
each of the segments above are rolled out, taxpayers needing those segments are
to use INTIME.<span style="mso-spacerun: yes;">&nbsp; </span>For more information, go
to </span><a href="https://projectnextdor.dor.in.gov/"><span style="font-size: 12.0pt;">https://projectnextdor.dor.in.gov/</span></a><span style="font-size: 12.0pt;"><o:p></o:p></span></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<br /></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<br /></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<span style="font-size: 12.0pt;">Indiana’s
Department of Revenue also has the existing system:<span style="mso-spacerun: yes;">&nbsp; </span>Indiana Tax or INtax.<span style="mso-spacerun: yes;">&nbsp; </span>This site provides services for those areas
for which INTIME has not yet been rolled out and allows for management of
various sales taxes, withholdings, fuel taxes, gaming taxes and other
taxes.<span style="mso-spacerun: yes;">&nbsp; </span>The site allows for:<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l0 level1 lfo6; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Payment of taxes<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l0 level1 lfo6; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">View payment
history<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l0 level1 lfo6; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Register and
manage EFT accounts<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: .5in; mso-list: l0 level1 lfo6; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><span style="font-size: 12.0pt;">Send secure
messages to the Department of Revenue<o:p></o:p></span></div>
<div class="MsoNoSpacing" style="text-align: justify;">
<span style="font-size: 12.0pt;">Visit
this website at </span><a href="https://intax.in.gov/"><span style="font-size: 12.0pt;">https://intax.in.gov/</span></a><span style="font-size: 12.0pt;"><span style="mso-spacerun: yes;">&nbsp; </span>to view a tutorial and learn all that the
site offers.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; mso-bidi-font-family: &quot;Courier New&quot;;">If
you have questions,</span><span style="color: #222222; font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; mso-bidi-font-family: Arial;"> c</span><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">all us at (219) 769-3616 or email them to </span><a href="mailto:tlynch@swartz-retson.com"><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">tlynch@swartz-retson.com</span></a><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">.<o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/7230862886738365242'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/7230862886738365242'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2019/10/indiana-department-of-revenues-intime.html' title='Indiana Department of Revenue's INTIME & INTax Systems'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-7807907539585820972</id><published>2019-09-27T07:12:00.000-07:00</published><updated>2019-09-27T07:12:27.950-07:00</updated><title type='text'>Five Surprising Taxable Items</title><content type='html'><br />
<div class="MsoNoSpacing">
<span style="font-size: 12.0pt; mso-fareast-font-family: &quot;Times New Roman&quot;;">Wages and self-employment earnings are taxable, but what
about the random cash or financial benefits you receive through other means? If
something of value changes hands, you can bet the IRS considers a way to tax
it. Here are five taxable items that might surprise you:<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; text-align: justify;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">Scholarships
and financial aid.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;"> Applying for scholarships and
financial aid are top priorities for parents of college-bound children.
But be careful - if any part of the award your child receives goes toward
anything except tuition, it might be taxable. This could include room,
board, books, travel expenses or aid received in exchange for work (e.g.,
tutoring or research). <b><i>Tip:</i></b><i> When receiving an award,
review the details to determine if any part of it is taxable. Don't forget
to review state rules as well. While most scholarships and aid are
tax-free, no one needs a tax surprise.</i><o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; text-align: justify;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">Gambling
winnings.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;"> Hooray! You hit the trifecta for the
Kentucky Derby. But guess what? Technically, all gambling winnings are
taxable, including casino games, lottery tickets and sports betting.
Thankfully, the IRS allows you to deduct your gambling losses (to the
extent of winnings) as an itemized deduction, so keep good records. <b><i>Tip:</i></b><i>
Know when the gambling establishment is required to report your winnings.
It varies by type of betting. For instance, the filing threshold for
winnings from fantasy sports betting and horse racing is $600, while slot
machines and bingo are typically $1,200. But beware, the gambling facility
and state requirements may lower the limit.</i><o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; text-align: justify;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">Unemployment
compensation.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;"> Unfortunately the IRS doesn't give you a
break on the taxes for unemployment income. Unemployment benefits you
receive are taxable. <b><i>Tip:</i></b><i> If you are collecting
unemployment, you can either have taxes withheld and receive the net
amount or make estimated payments to cover the tax liability.</i><o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; text-align: justify;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">Crowdfunding.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">
A popular method to raise money for new ventures or to support a special
cause is crowdfunding through websites. Whether or not the funds are
taxable depends on two things: your intent for the funds and what the
giver receives in return. Generally, funds used for a business purpose are
taxable and funds raised to cover a life event (e.g., special causes or
medical assistance) are considered a gift and not taxable to the
recipient. <b><i>Tip:</i></b><i> Prior to using these online tools to
raise money, review the terms and conditions and ask for a tax review of
what you are doing. If you need to account for taxes, reserve some of what
you raise for this purpose.</i><o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; text-align: justify;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">Cryptocurrency.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">
Cryptocurrencies like Bitcoin are considered property by the IRS. So if
you use cryptocurrency, you must keep track of the original cost of the
coin and its value when you use it. This information is needed so the tax
on your gain or loss can be properly calculated. Remember, the tax rate on
property can vary if you own the cryptocurrency more than a year, so
record all dates. <b><i>Tip:</i></b><i> For those considering replacing
cash with things like Bitcoin, you need to understand the gain or loss
complications. For this reason, many people using cryptocurrency do so for
speculative investment purposes.</i><o:p></o:p></span></li>
</ul>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">When in doubt, it's a good idea to keep
accurate records so your tax liability can be correctly calculated and you
don't get stuck paying more than what's required. Please call if you have any
questions regarding your unique situation.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; mso-bidi-font-family: &quot;Courier New&quot;;">If
you have questions,</span><span style="color: #222222; font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; mso-bidi-font-family: Arial;"> c</span><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">all us at (219) 769-3616 or email them to </span><a href="mailto:tlynch@swartz-retson.com"><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">tlynch@swartz-retson.com</span></a><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">.<o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/7807907539585820972'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/7807907539585820972'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2019/09/five-surprising-taxable-items.html' title='Five Surprising Taxable Items'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-7023917200483675852</id><published>2019-09-13T06:33:00.003-07:00</published><updated>2019-09-13T06:33:53.451-07:00</updated><title type='text'>Ideas to Improve Your Financial Health</title><content type='html'><br />
<div style="text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">No
one likes to be blindsided by financial hardship. Listed here are 10 ideas to
help ensure your financial situation stays healthy.</span><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; mso-fareast-font-family: &quot;MS Mincho&quot;; mso-fareast-theme-font: minor-fareast;"><o:p></o:p></span></div>
<ul type="disc">
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">Create a safety
net.</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">
Plan to have a minimum savings balance to cover at least three months' of
expenses (ideally, this should be six to 12 months). If your reserves are
light, start saving now. Even if it is a little amount, it can get you on
the right track.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">Develop a budget.</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;"> At least once a
year develop a basic budget. Set goals and try to hit them. If this seems
overwhelming, start simple. What is coming in and what goes out each
month? Becoming aware is the first step to improving your financial
health.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">Make your spouse a
financial partner.</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;"> If you die, does your significant other
know where everything is? Can he/she pay the bills? Does he know where
account numbers are? Does your spouse know who you use to help with
things? If not, it is time to start talking.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">Review your beneficiaries.</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;"> Once a year
review beneficiaries on all accounts. This includes retirement accounts as
well as names on wills and estate plans. The legal hassle created without
this review can be devastating to your surviving family. This is
especially important if you had a recent life event (marriage, divorce,
birth or death).<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">Maximize your
benefits.</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">
Make sure you review your retirement plans to maximize any employer match
in your account. Also review your plan's administrative expenses. If they
are too high they can cost you thousands of dollars over your lifetime.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">Create a disaster
plan.</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">
If your home burned down or was flooded, are your important records easily
accessible and protected? If not, consider creating a disaster plan. This
may include placing important documents in a safe deposit box in another
location than your home.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">Review your credit
report.</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">
With the recent increase in identity fraud, plan to check your credit with
the major credit agencies once a year. The agencies are legally required
to make their report available to you annually without charge.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">Review your
insurance plans.</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;"> Periodically look at your health, life, home and
liability insurance. With the legal nature of our society, you might
consider the need for an umbrella policy to cover against potential
litigation. But also consider flood insurance and a replacement value
homeowner's policy.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">Manage your debt.</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;"> Review your use
of credit cards, loans, etc. Understand your net worth (assets minus
liabilities). Make progress in reducing your debt load starting with the
highest interest obligations first. Is your debt lower than it was last
year?<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">Plan for fun.</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;"> Just because you
are taking steps to improve your financial situation doesn't mean that you
can't have fun. Be smart about your entertainment spending. If you are
planning a vacation, research money-conscience options and have a budget
that fits in with your other financial goals.<o:p></o:p></span></li>
</ul>
<div style="text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">This
list is by no means complete, but if you focus on the areas mentioned, your
financial life will become more planned and less likely to be struck by an
unforeseen surprise.</span><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; mso-fareast-font-family: &quot;MS Mincho&quot;; mso-fareast-theme-font: minor-fareast;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; mso-bidi-font-family: &quot;Courier New&quot;;">If
you have questions,</span><span style="color: #222222; font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; mso-bidi-font-family: Arial;"> c</span><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">all us at (219) 769-3616 or email them to </span><a href="mailto:gward@swartz-retson.com"><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">gward@swartz-retson.com</span></a><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">.<o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/7023917200483675852'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/7023917200483675852'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2019/09/ideas-to-improve-your-financial-health.html' title='Ideas to Improve Your Financial Health'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-6874769464115010477</id><published>2019-09-13T06:32:00.003-07:00</published><updated>2019-09-13T06:32:40.352-07:00</updated><title type='text'>IRS Email Scam</title><content type='html'><br />
<div align="center" class="MsoNoSpacing" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 18.0pt;">IRS Warns of
New Impersonation Scam<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
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<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 14.0pt;">The Internal Revenue Service (IRS) and its
Security Summit have recently issued warnings about a new email impersonation
scam that is spreading rapidly across the country.<span style="mso-spacerun: yes;">&nbsp; </span>Taxpayers began notifying the IRS earlier
this week about unsolicited emails from imposters, including emails claiming to
be sending tax filing reminders.<span style="mso-spacerun: yes;">&nbsp; </span><o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 14.0pt;">The scam emails will contain links to websites
that are similar in appearance to the IRS.gov website and that require the
taxpayers to login to an account, using a password created by the
scammers.<span style="mso-spacerun: yes;">&nbsp; </span>The account claims to have
details about the taxpayer’s refund, tax return, and tax account history.<span style="mso-spacerun: yes;">&nbsp; </span>However, the account is actually a link that
will infect the user’s computer with malware.<span style="mso-spacerun: yes;">&nbsp;
</span>The imposters will use the malware to attempt to gain control of the
taxpayer’s computer or secretly download software to track keystrokes.<span style="mso-spacerun: yes;">&nbsp; </span>This tracking can provide the scammer with sensitive
information, such as passwords to websites that the taxpayer frequents.<span style="mso-spacerun: yes;">&nbsp; </span><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 14.0pt;">It is important to remember that the IRS will
never contact taxpayers via email, especially regarding tax sensitive
information such as refund statuses.<span style="mso-spacerun: yes;">&nbsp;
</span>Likewise, the IRS will never initiate contact through text messages or
social media channels.<span style="mso-spacerun: yes;">&nbsp; </span>If taxpayers
receive a message from the IRS via any of these channels, they should forward
the message immediately to the IRS at </span><a href="mailto:phishing@irs.gov"><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 14.0pt;">phishing@irs.gov</span></a><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 14.0pt;">.<span style="mso-spacerun: yes;">&nbsp; </span>Also, if taxpayers feel they are the
recipient of a potential scam, they can call the IRS during business hours to
confirm the information they received.<span style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;
</span><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 14.0pt;">These scams are similar to others in which
imposters will contact taxpayers over the phone and demand immediate payment of
taxes using methods such as prepaid debit cards, gift cards, or wire
transfers.<span style="mso-spacerun: yes;">&nbsp; </span>Never submit payment via
these methods – the IRS will first send taxpayers a bill through the mail
before using other methods to collect tax due.<span style="mso-spacerun: yes;">&nbsp;
</span><span style="mso-spacerun: yes;">&nbsp;&nbsp;</span><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 14.0pt; mso-bidi-font-family: &quot;Courier New&quot;;">If
you have questions,</span><span style="color: #222222; font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 14.0pt; mso-bidi-font-family: Arial;"> c</span><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 14.0pt;">all us at (219) 769-3616 or email them to </span><a href="mailto:tlynch@swartz-retson.com"><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 14.0pt;">tlynch@swartz-retson.com</span></a><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 14.0pt;">.<o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/6874769464115010477'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/6874769464115010477'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2019/09/irs-email-scam.html' title='IRS Email Scam'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-196613655692918639</id><published>2019-08-24T08:01:00.002-07:00</published><updated>2019-08-24T08:01:22.331-07:00</updated><title type='text'>Time to Lower Your Tax Bill</title><content type='html'><br />
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<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">It's easy to push tax planning to the sidelines
when tax laws are ever-changing and hard to understand. Here are some common
(but often unfounded) reasons for avoiding tax situations, plus tips to help
get past them and start paying less tax this year:<o:p></o:p></span></div>
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">It
doesn't make a difference.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;"> This point of view is
especially problematic in years with unique situations.<span style="mso-spacerun: yes;">&nbsp; </span>Even in uneventful years, external
forces like new tax laws can be managed if planned for in advance.<o:p></o:p></span></li>
<ul style="margin-top: 0in;" type="circle">
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level2 lfo1; tab-stops: list 1.0in; text-align: justify;"><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">Selling
a house? You can avoid taxes if primary residence requirements are met.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level2 lfo1; tab-stops: list 1.0in; text-align: justify;"><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">Starting
a business? Choosing the correct entity can save you a bunch of taxes.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level2 lfo1; tab-stops: list 1.0in; text-align: justify;"><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">Getting
ready to retire? Properly balancing the different revenue streams
(part-time wages, Social Security benefits, IRA distributions and more)
has a huge impact on your tax liability.<o:p></o:p></span></li>
</ul>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">It's
out of your control.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;"> Timing is important when it comes to
minimizing taxes, and the timing is often in your control. Bundling
multiple years of donations into one to get a deduction, holding
investments over one year to get a lower tax rate, and making efficient
retirement withdrawals are just some examples of prudent tax strategies
that you control.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">There's
not enough money.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;"> There are tax strategies to be
implemented at all income levels, not just those at the top of the tax
bracket. Tax deductions are available for student loan interest, IRA
contributions and others even if you claim the standard deduction. Certain
tax credits (called refundable credits) will increase your refund even if
you don't owe taxes. Missing any of these tax breaks can unnecessarily
increase your taxes.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">I
only need help at tax time.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;"> When the standard
deduction doubled in 2018, many people assumed they could kick their feet
up and wait for a big refund. That assumption proved to be false for a
large number of taxpayers when their refunds came in lower than expected
or turned into a tax bill. Don't let this happen to you! Every year has its
own set of changes and challenges that you should plan for well before tax
time rolls around.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;">It's
too overwhelming.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; line-height: 150%;"> Tax planning is often as simple as
looking for ways to reduce taxable income, delay a tax bill, increase tax
deductions, and take advantage of all available tax credits. The best
place to start is to bolster your level of tax knowledge by picking up the
phone and asking for assistance.<o:p></o:p></span></li>
</ul>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">Thankfully, it's not too late to get on track
for 2019. If you haven't scheduled a tax-planning meeting, now is a great time
to do so.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; mso-bidi-font-family: &quot;Courier New&quot;;">If
you have questions,</span><span style="color: #222222; font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt; mso-bidi-font-family: Arial;"> c</span><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">all us at (219) 769-3616 or email them to </span><a href="mailto:tlynch@swartz-retson.com"><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">tlynch@swartz-retson.com</span></a><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 12.0pt;">.<o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/196613655692918639'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/196613655692918639'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2019/08/time-to-lower-your-tax-bill.html' title='Time to Lower Your Tax Bill'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-451294697806135252</id><published>2019-08-24T08:00:00.003-07:00</published><updated>2019-08-24T08:00:37.830-07:00</updated><title type='text'>Insurance Tips to Protect Your Assets and Your Bank Account</title><content type='html'><br />
<div class="MsoNormal">
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 11.0pt;">Have
you conducted a business insurance review lately? Changes in your business
equipment, real estate holdings, the amount of inventory, and the number of
employees are all good reasons to review your insurance. Here are a few policy
review tips to consider:<o:p></o:p></span></div>
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 11.0pt; line-height: 150%;">Keep
in regular contact with your insurance company.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 11.0pt; line-height: 150%;">
Keep your insurance agent apprised of what you are doing in your business.
Try to meet with your agent throughout the year, and conduct a detailed
annual review of your insurance needs.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 11.0pt; line-height: 150%;">Understand
how business changes affect your policy.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 11.0pt; line-height: 150%;"> Figure out how
your policy covers common changes, as well as other changes you know are
happening soon. This involves understanding the limits and terms of your
policy. You can start by asking if you're properly insured for property
damage, liability coverage, health and disability, and life insurance.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 11.0pt; line-height: 150%;">Conduct
a competitive review.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 11.0pt; line-height: 150%;"> Periodically conduct a competitive
review of your insurance needs. Bring in at least two other insurance
providers, as well as your current provider. The frequency of the review
will be driven by changes in your business, the stability of your current
insurance provider, and the need to understand the evolving landscape of
business liabilities. A review will keep your premiums competitive, as
well as help you learn about coverage holes in your current policy.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 11.0pt; line-height: 150%;">Identify
evolving coverage risks.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 11.0pt; line-height: 150%;"> As the business climate
evolves, so should your insurance coverage. Think about what's on the
horizon. Who would have anticipated the need to cover cyber attacks and
identity theft 10 years ago?<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 11.0pt; line-height: 150%;">Review
safety plans and company policies.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 11.0pt; line-height: 150%;"> This goes hand-in-hand
with a business insurance review. Make sure your team is adhering to
established employment and operations policies. Getting an insurance claim
approved and maintaining reasonable premiums often depend on specific
factors you can reinforce through these policies.<o:p></o:p></span></li>
</ul>
<div class="MsoNormal">
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 11.0pt;">Finding
the right level of coverage for the right price is possible, but it takes some
preparation and planning. Invest some time now to review your insurance
policies to save a lot of potential pain and money down the road.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 11.0pt; mso-bidi-font-family: &quot;Courier New&quot;;">If
you have questions,</span><span style="color: #222222; font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 11.0pt; mso-bidi-font-family: Arial;"> c</span><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 11.0pt;">all us at (219) 769-3616 or email them to </span><a href="mailto:gward@swartz-retson.com"><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 11.0pt;">gward@swartz-retson.com</span></a><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 11.0pt;">.<o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/451294697806135252'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/451294697806135252'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2019/08/insurance-tips-to-protect-your-assets.html' title='Insurance Tips to Protect Your Assets and Your Bank Account'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-284985871591047481</id><published>2019-08-24T07:59:00.002-07:00</published><updated>2019-08-24T07:59:43.205-07:00</updated><title type='text'>Elements of Good Business Partnership</title><content type='html'><br />
<br />
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">Like a bundle of sticks, good
business partners support each other and are less likely to crack under strain
together than on their own. In fact, companies with multiple owners have a
stronger chance of surviving their first five years than sole proprietorships,
according to U.S. Small Business Administration data.</span><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; mso-fareast-font-family: &quot;MS Mincho&quot;; mso-fareast-theme-font: minor-fareast;"><o:p></o:p></span><br />
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">Yet sole proprietorships are
more common than partnerships, making up more than 70 percent of all businesses.
That's because while good partnerships are strong, they can be hard to make.
Here are some elements that good business partnerships require:<o:p></o:p></span><br />
<ul type="disc">
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">A shared vision</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;"><br />
Business partnerships need a shared vision. If there are differences in
vision, make an honest effort to find compromise. If you want to start a
restaurant and your partner envisions a fine dining experience with French
cuisine, while you want an American bistro, you are going to be
disagreeing over everything from pricing and marketing to hiring and decor.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">Compatible strengths</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;"><br />
Different people bring different skills and personalities to a business.
There is no stronger glue to hold a business partnership together than
when partners need and rely on each other's abilities. Suppose one person
is great at accounting and inventory management, and another is a natural
at sales and marketing. Each is free to focus on what they are good at and
can appreciate that their partner will pick up the slack in the areas
where they are weak.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">Defined roles and limitations</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;"><br />
Before going into business, outline who will have what responsibilities.
Agree which things need consensus and which do not. Having this
understanding up front will help resolve future disagreements. Outlining
the limits of each person's role not only avoids conflict, it also
identifies where you need to hire outside expertise to fulfill a skill gap
in your partnership.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">A conflict resolution strategy</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;"><br />
Conflict is bound to arise even if the fundamentals of your partnership
are strong. Set up a routine for resolving conflicts. Start with a
schedule for frequent communication between partners. Allow each person to
discuss issues without judgment. If compromise is still difficult after
discussion, it helps to have someone who can be a neutral arbiter, such as
a trusted employee or consultant.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">A goal-setting system</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;"><br />
Create a system to set individual goals as well as business goals.
Regularly meet together and set your goals, the steps needed to achieve
them, who needs to take the next action, and the expected date of
completion.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">An exit strategy</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;"><br />
It's often easier to get into business with a partner than to exit when it
isn't working out. Create a buy-sell agreement at the start of your
business relationship. This should outline how you exit the business and
create a fair valuation system to pay the exiting owner. Neither the
selling partner nor the buying partner want to feel taken advantage of
during an ownership transition.<o:p></o:p></span></li>
</ul>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: &quot;Garamond&quot;,&quot;serif&quot;; mso-bidi-font-family: &quot;Courier New&quot;;">If you have questions,</span><span style="color: #222222; font-family: &quot;Garamond&quot;,&quot;serif&quot;; mso-bidi-font-family: Arial;">
c</span><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">all us at (219) 769-3616
or email them to </span><a href="mailto:gward@swartz-retson.com"><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">gward@swartz-retson.com</span></a><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">.<o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/284985871591047481'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/284985871591047481'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2019/08/elements-of-good-business-partnership.html' title='Elements of Good Business Partnership'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-3573330174544242621</id><published>2019-08-24T07:58:00.000-07:00</published><updated>2019-08-24T07:58:43.437-07:00</updated><title type='text'>Time to Consider If It Is Worth Amending Your Return</title><content type='html'><div align="center" class="MsoNoSpacing" style="text-align: center;">
<br /></div>
<div class="MsoNormal">
<br /></div>
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">Whether it makes sense to amend
your return depends on which of these situations you're in:</span><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; mso-fareast-font-family: &quot;MS Mincho&quot;; mso-fareast-theme-font: minor-fareast;"><o:p></o:p></span><br />
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;"><br /></span>
<strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">If you owe the IRS</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;"><o:p></o:p></span><br />
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">If you discover an omission on
your tax return that results in you owing additional tax, you need to correct
it with an amendment and provide the tax due.<o:p></o:p></span><br />
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">Don't delay if this is your
situation. If the IRS discovers the omission before you do, they may add
interest and penalties to your bill.<o:p></o:p></span><br />
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;"><br /></span>
<strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">If you are due a refund</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;"><o:p></o:p></span><br />
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">If you find a mistake that
should result in getting a larger refund check, you can claim it by filing an
amended return. But there are several reasons it may not be worth it.<o:p></o:p></span><br />
<ul type="disc">
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">It may open a can of worms.</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;"> In many cases, amending your
federal return means also amending your state returns. Multiply the hassle
if the error spans across two or more years.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">It puts a spotlight on you.</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;"> While your original return may
have passed through the IRS's automated system without a hitch, now that
it's amended you can virtually guarantee it will get a closer look. If you
have anything else in your return that can trigger an audit, like business
deductions, charitable donations, or other credits, this can be a concern.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">It may take a long time to get a
refund.</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;"> The
IRS tries to process your original return within three weeks. No such luck
for an amended return. It can take several months to get an amended return
processed and see that extra refund, even as long as 1½ years in rare
cases.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">It stretches out the audit window.</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;"> The IRS generally has a three-year
window to audit returns and request changes. When you file an amendment,
you extend the audit time frame.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">It may be too late.</span></strong><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;"> Depending on when you notice an
error and how far it goes back, it may be too late. The deadline to file
an amendment is generally the later of three years after the original
return was filed, or two years after the tax for that year was paid.<o:p></o:p></span></li>
</ul>
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">Ultimately you have to weigh
the extra money you could get from amending against the potential problems it
could cause. If it's worth it, get an amendment filed.</span><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; mso-fareast-font-family: &quot;MS Mincho&quot;; mso-fareast-theme-font: minor-fareast;"><o:p></o:p></span><br />
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;"><br /></span>
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;">Call to get help with an
amendment or if you have other tax questions.<o:p></o:p></span><br />
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;;"><br /></span>
<span style="font-family: Garamond, serif;">If you have
questions,</span><span style="color: #222222; font-family: Garamond, serif;"> c</span><span style="font-family: Garamond, serif;">all
us at (219) 769-3616 or email them to </span><span style="font-family: &quot;Times New Roman&quot;, serif;"><a href="mailto:tlynch@swartz-retson.com"><span style="font-family: Garamond, serif;">tlynch@swartz-retson.com</span></a></span></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/3573330174544242621'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/3573330174544242621'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2019/08/time-to-consider-if-it-is-worth.html' title='Time to Consider If It Is Worth Amending Your Return'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-736950537242373083</id><published>2019-06-28T14:47:00.003-07:00</published><updated>2019-06-28T14:47:59.587-07:00</updated><title type='text'>How You Can Learn from High Profile Tax Scandals</title><content type='html'><br />
<div align="center" class="MsoNoSpacing" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 16.0pt;">How You Can
Learn from High Profile Tax Scandals<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 9.0pt;">The
recent college admission scandal involving Lori Laughlin (who played Aunt Becky
in the <i>Full House</i> TV series) and others is shedding light on just one
way people allegedly cheat on their taxes. Here are examples of some famous
people in tax trouble with the IRS and helpful hints to make sure it doesn't
happen to you:<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-left: .5in; margin-right: 0in; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 9.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 9.0pt; line-height: 150%;">Lori Laughlin and questionable charitable
donations.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 9.0pt; line-height: 150%;"> In this case, the IRS would investigate whether payments
deducted as charitable contributions on her tax return were really charitable
contributions. Regardless of how the legal charges shake out, Loughlin is
looking at a large tax bill if the charity she contributed to is stripped of
their non-profit status.<br />
<b><i>Helpful hint:</i></b><i> Charitable giving must be to legitimate
charitable organizations, for legitimate purposes, and must be reduced by any
value received in return.</i><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-left: .5in; margin-right: 0in; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 9.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 9.0pt; line-height: 150%;">Al Capone and his illegal earnings.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 9.0pt; line-height: 150%;"> After
years of bribing and wriggling his way out of violent crime charges, Capone was
charged with 22 counts of tax evasion for not reporting income on illegal
activities. He was sentenced to 11 years in prison - some of which were served
at Alcatraz prison in San Francisco.<br />
<b><i>Helpful hint:</i></b><i> ALL income - even if obtained illegally - is
taxable.</i><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-left: .5in; margin-right: 0in; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 9.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 9.0pt; line-height: 150%;">Wesley Snipes decided not to file his
taxes.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 9.0pt; line-height: 150%;"> In 2008, actor Snipes was convicted for not filing tax
returns from 1999 to 2001. Among his many arguments, Snipes used the tax
protester theory claiming domestic income is not taxable. After jail time,
Snipes' offer in compromise to lower his $23 million tax bill request was shot
down by the IRS.<br />
<b><i>Helpful hint:</i></b><i> Exotic tax schemes are actively monitored by the
IRS. If it seems too good to be true, it probably is too good to be true and
requires a second opinion.</i><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-left: .5in; margin-right: 0in; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 9.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 9.0pt; line-height: 150%;">Leona Helmsley faked her business
expenses.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 9.0pt; line-height: 150%;"> Helmsley, A famous real estate mogul in the 1980s, had
more than $8 million of renovations to her private home billed to one of her
hotels so she could deduct the expense on her taxes. After being convicted,
Helmsey had to pay back the $8 million and served 18 months in prison.<br />
<b><i>Helpful hint:</i></b><i> Separate business expenses from personal
expenses. Open separate bank accounts and never intermingle expenses. The IRS
is quick to disallow deductions when personal expenses and business expenses
are mixed together.</i><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-left: .5in; margin-right: 0in; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 9.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><!--[endif]--><b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 9.0pt; line-height: 150%;">Pete Rose hid his "likeness"
income.</span></b><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 9.0pt; line-height: 150%;"> Many famous athletes go on to sell autographs, memorabilia
and get paid for appearances after they retire from their sport. Rose was no
different, but he opted not to report the $354,968 he earned over a four-year
period. The result was five months in prison and a $50,000 fine in addition to
having to pay back the taxes he tried to avoid.<br />
<b><i>Helpful hint:</i></b><i> Don't attempt to hide income. With less and less
businesses using cash payments, the IRS now can use matching programs to
quickly find underreporting problems.</i><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 9.0pt;">While
seeing well-known celebrities in the press for tax trouble makes for interesting
reading, there are useful tax lessons for all of us. It provides an opportunity
to see how IRS employees think and what they are reviewing.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 9.0pt; mso-bidi-font-family: &quot;Courier New&quot;;">If
you have questions,</span><span style="color: #222222; font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 9.0pt; mso-bidi-font-family: Arial;"> c</span><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 9.0pt;">all us at (219) 769-3616 or email them to </span><a href="mailto:tlynch@swartz-retson.com"><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 9.0pt;">tlynch@swartz-retson.com</span></a><span style="font-family: &quot;Garamond&quot;,&quot;serif&quot;; font-size: 9.0pt;">.<o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/736950537242373083'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/736950537242373083'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2019/06/how-you-can-learn-from-high-profile-tax.html' title='How You Can Learn from High Profile Tax Scandals'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-4928288798647045614</id><published>2019-06-12T12:32:00.000-07:00</published><updated>2019-06-18T07:13:40.658-07:00</updated><title type='text'>How to Raise a Financially Savvy Child</title><content type='html'><br />
<div align="center" class="MsoNoSpacing" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 16.0pt;">How to Raise
a Financially Savvy Child<o:p></o:p></span></b></div>
<span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">If you have
children (or grandchildren) you have an opportunity to give them a jump-start
on their journey to becoming financially responsible adults. While teaching
your child about money and finances is easier when you start early, it's never
too late to impart your wisdom. Here are some age-relevant suggestions to help
develop a financially savvy young adult:</span><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;"><o:p></o:p></span><br />
<ul type="disc">
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">Preschool –</span></strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;"> Start by using
bills and coins to teach them what the value of each is worth. Even if you
don't get into the exact values, explain that a quarter is worth more than
a dime and a dollar is worth more than a quarter. From there, explain that
buying things at the store comes down to a choice based on how much money
you have (you can't buy every toy you see!). Also, get them a piggy bank
to start saving coins and small bills.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">Grade school –</span></strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;"> Consider starting
an allowance and developing a simple spending plan. Teach them how to read
price tags and do comparison-shopping. Open a savings account to replace
the piggy bank and teach them about interest and the importance of regular
saving. Have them participate in family financial discussions about major
purchases, vacations and other simple money decisions.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">Middle school –</span></strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;"> Start connecting
work with earning money. Start simple with babysitting, mowing lawns or
walking dogs. Open a checking account and transition the simple spending
plan into a budget to save funds to make larger purchases. If you have not
already done so, it is a good time to introduce the importance of donating
money to church or charity.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">High school&nbsp;–</span></strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;"> Explain the job
application and interview process. Work with them to get a part-time job
to start building work experience. Add additional expense responsibility
by transferring direct responsibility for things like gas, lunches and
expenses for going out with friends. Introduce investing by explaining
stocks, mutual funds, CDs and IRAs. Talk about financial mistakes and how
to deal with them when they happen - try to use some of your real-life
examples. If college is the goal after high school, include them in the
financial planning decisions.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">College –</span></strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;"> Teach them about
borrowing money and all its future implications. Explain how credit cards
can be a good companion to a budget, but warn of the dangers of
mismanagement or not paying the bill in full each month. Discuss the
importance of their credit score and how it affects future plans like
buying a house. Talk about retirement savings and the importance of
building their retirement account.<o:p></o:p></span></li>
</ul>
<span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">Knowing about
money - how to earn it, use it, invest it and share it - is a valuable life
skill. Simply talking with your children about its importance is often not
enough. Find simple, age specific ways to build their financial IQ. A
financially savvy child will hopefully lead to a financially wise adult.</span><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;"><o:p></o:p></span><br />
<span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;"><br /></span>
<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">If
you have questions,</span><span style="color: #222222; font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;"> c</span><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">all us at (219) 769-3616 or email them to </span><a href="mailto:tlynch@swartz-retson.com"><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">tlynch@swartz-retson.com</span></a><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">.</span><span style="color: #222222; font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;"><o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/4928288798647045614'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/4928288798647045614'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2019/06/how-to-raisea-financially-savvy-child.html' title='How to Raise a Financially Savvy Child'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-3916483648522139482</id><published>2019-06-12T12:30:00.003-07:00</published><updated>2019-06-18T07:14:24.007-07:00</updated><title type='text'>Six Ideas to Help Your Business Survive and Thrive</title><content type='html'><br />
<div align="center" class="MsoNoSpacing" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 16.0pt;">Six Ideas to
Help Your Business Survive and Thrive<o:p></o:p></span></b></div>
<div style="text-align: justify;">
<span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;">If
you are like millions of taxpayers trying to make a living running a small
business, you know it is tough out there. Here are six ideas to help your
business survive and thrive.</span><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; mso-fareast-font-family: &quot;MS Mincho&quot;; mso-fareast-theme-font: minor-fareast;"><o:p></o:p></span></div>
<ol start="1" type="1">
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;">Understand your cash flow.</span></strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;"> One of the biggest causes of
business failure is lack of positive cash flow. At the end of the day, you
need enough cash to pay your vendors and your employees. If you run a
seasonal business you understand this challenge. The high season sales
harvest needs to be ample enough to support you during the slow
non-seasonal periods. <br />
<br />
<strong>Recommendation:</strong><em><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;">
Create a 12-month rolling forecast of revenue and expenses to help
understand your cash needs each month.</span></em> <o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;">Know your pressure points.</span></strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;"> When looking at your business,
there are a few categories that drive your business success. Do you know
the top four drivers of your financial success or failure? By focusing on
the key financial drivers of your business, success will be easier to
accomplish. <br />
<br />
<strong>Recommendation:</strong><em><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;">
Look at last year's tax return and identify the key financial drivers of
your business. Do the same thing with your day-to-day operations and
staffing.</span></em> <o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;">Prioritize your inventory.</span></strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;"> If your business sells physical
product, you need a good inventory management system. This system does not
have to be complex, it just needs to help you keep control of your
inventory. Cash turned into inventory that becomes stuck as inventory can
create a cash flow problem. <br />
<br />
<strong>Recommendation:</strong><em><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;">
Develop an inventory system with periodic counts (cycle counting) to help
identify when you need to take action to liquidate old inventory or
research any discrepancies. </span></em><o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;">Know your customers.</span></strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;"> Who are your current customers?
Are there enough of them? Where can you get more of them? How loyal are
they? Are they happy? A few large customers can drive a business or create
tremendous risk should they go to a competitor. <br />
<br />
<strong>Recommendation:</strong><em><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;">
Know who your target audience is and then cater your business toward them
and what they are looking for in your offerings.</span></em> <o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;">Learn your point of difference.</span></strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;"> Once you know who your customer is
(your target audience), understand why they buy your product or service.
What makes you different from others selling a similar item? <br />
<br />
<strong>Recommendation:</strong><em><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;">
If you don't know what makes your business better than others, ask your
key customers. They will tell you. Then take advantage of this information
to generate new customers.</span></em> <o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;">Create a great support team.</span></strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;"> Successful small business owners
know they cannot do it all themselves. Do you have a good group of support
professionals helping you? You will need accounting, tax, legal,
insurance, and employment help along with your traditional suppliers. <br />
<br />
<strong>Recommendation:</strong><em><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;">
Conduct an annual review of your resources, be prepared to review your
suppliers and make improvements where necessary.</span></em> <o:p></o:p></span></li>
</ol>
<div style="text-align: justify;">
<span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;">While
libraries are filled with small business advisory books, sometimes focusing on
a few basic ideas can help improve your business' outlook. Please call if you
wish to discuss your situation.</span><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; mso-fareast-font-family: &quot;MS Mincho&quot;; mso-fareast-theme-font: minor-fareast;"><o:p></o:p></span></div>
<div style="text-align: justify;">
<span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: &quot;garamond&quot; , &quot;serif&quot;; mso-bidi-font-family: &quot;Courier New&quot;;">If you have questions,</span><span style="color: #222222; font-family: &quot;garamond&quot; , &quot;serif&quot;; mso-bidi-font-family: Arial;">
c</span><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;">all us at (219) 769-3616
or email them to </span><a href="mailto:gward@swartz-retson.com"><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;">gward@swartz-retson.com</span></a><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;;">.</span><span style="color: #222222; font-family: &quot;garamond&quot; , &quot;serif&quot;; mso-bidi-font-family: Arial;"><o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/3916483648522139482'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/3916483648522139482'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2019/06/six-ideas-tohelp-your-business-survive.html' title='Six Ideas to Help Your Business Survive and Thrive'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-3833651328830707209</id><published>2019-06-12T12:30:00.000-07:00</published><updated>2019-06-18T07:14:41.132-07:00</updated><title type='text'>How to Correct Common Financial Mistakes</title><content type='html'><br />
<div align="center" class="MsoNoSpacing" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 16.0pt;">How to
Correct Common Financial Mistakes<o:p></o:p></span></b></div>
<div style="text-align: justify;">
<span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">You're
working at the office, getting stuff done around the house, or hanging out with
family when - wham! - a phone call, email or text alerts you that something is
wrong with your finances. When a negative financial event hits, don't let it
take you down. Here are some common mistakes and steps to remedy each
situation:</span><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;"><o:p></o:p></span></div>
<ul type="disc">
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">You overdraw your
bank account.</span></strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;"> First, stop using the account to avoid additional
overdraft fees. Next, manually balance your account by reviewing all
posted transactions. Look for unexpected items and fraudulent activity.
Then, call your bank to explain the situation and ask that all fees be refunded.
Banks are not obligated to refund fees, but often times they will. The
next steps vary based on the reason for the overdraft, but ultimately your
goal is to bring your account back to a positive balance as soon as
possible.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">You miss a credit
card payment.</span></strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;"> Make as big a payment as possible as soon as you
realize you missed it. Time is of the essence with late credit card
payments - the longer it goes, the more serious the consequences. Then
call the credit card company to discuss the missed payment. You might be
able to get a refund of the late fees, and perhaps a reversal of the
interest charge.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">You forget to file
a tax return.</span></strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;"> Gather all your tax documents as soon as possible,
and file the tax return even if you can't pay the taxes owed. This will limit
additional penalties. You can then work with the IRS on a payment plan if
need be. The sooner you file, the sooner the money will be in your bank
account if you're due a refund. If you wait too long (three years or
more), any potential refunds will be gone forever.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">You lose your
wallet.</span></strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">
Start by calling all of your debit card providers, then your bank and the
credit card companies. Next, set up fraud alerts with the major credit
reporting companies and get a new driver's license. Finally, if you think
it was stolen, file a report with the police.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 7.5pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">You miss an
estimated tax payment.</span></strong><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;"> Estimated payments are due in April,
June, September and January each year. If you are required to make
estimated payments and miss a due date, don't simply wait until the next due
date. Pay it as soon as possible to avoid further penalties. If you have a
legitimate reason for missing the payment, such as a casualty or disaster
loss, you might be able to reduce your penalty.<o:p></o:p></span></li>
</ul>
<div style="text-align: justify;">
<span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">Remember,
mistakes happen. When they do, stay calm and walk through the steps to correct
the situation as soon as possible.</span><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;"><o:p></o:p></span></div>
<div style="text-align: justify;">
<span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">If
you have questions,</span><span style="color: #222222; font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;"> c</span><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">all us at (219) 769-3616 or email them to </span><a href="mailto:tlynch@swartz-retson.com"><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">tlynch@swartz-retson.com</span></a><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 12.0pt;">.<o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/3833651328830707209'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/3833651328830707209'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2019/06/how-tocorrect-common-financial-mistakes.html' title='How to Correct Common Financial Mistakes'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-4156457500917393213</id><published>2019-06-12T12:28:00.002-07:00</published><updated>2019-06-18T07:14:58.877-07:00</updated><title type='text'>You Know You Need Tax Planning If...</title><content type='html'><br />
<div align="center" class="MsoNoSpacing" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 16.0pt;">You Know You
Need Tax Planning If…<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt;">Effective tax planning helps you make smart
decisions now to get the future outcome you desire - but you need to make sure
you don't miss anything. Forget to account for one of these situations and your
tax plans will go off the rails in a hurry:<o:p></o:p></span></div>
<ol start="1" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;"><b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;">Getting
married or divorced.</span></b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;"> One plus one does not always equal
two in the tax world. Marriage means a new tax status, new deduction
amounts and income limits, and a potential marriage penalty. The same is
true for divorce, but with added complexity. Untangling assets, alimony,
child support and dependents are all considerations worthy of discussion.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;"><b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;">Growing
your family.</span></b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;"> While bringing home a new child adds
expenses to your budget, it also comes with some tax breaks. With a
properly executed plan, you can take home the savings now to help offset
some of those new costs. If you are adopting, you get an additional tax
credit to help with the adoption expenses.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;"><b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;">Changing
jobs or getting a raise.</span></b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;"> Earning more money is
great, but if you're not careful, you might be surprised by the tax hit.
Each additional dollar you earn gets taxed at your highest tax rate, and
might even bump you to the next tax bracket. If you are switching jobs, the
change also includes things like new benefit packages to consider.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;"><b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;">Buying
or selling a house.</span></b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;"> Whether you're a first-time
homebuyer, you're moving to your next house, or you're selling a house,
there will be tax implications resulting from the move. Knowing how your
taxes will be affected ahead of time will help you make solid financial
decisions and avoid surprises. If you're looking to buy or sell investment
property, even more tax issues come into play.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;"><b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;">Saving
or paying for college.</span></b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;"> There are so many different college
tax breaks, it can be tricky to determine which ones might make the most
sense for your situation. These include the American Opportunity Tax
Credit, the Lifetime Learning Credit, the Coverdell Education Savings
Account, 529 plans and student loan interest deductibility.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;"><b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;">Planning
for retirement.</span></b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;"> Everyone needs to plan for retirement,
but each situation is different. Some of the factors to keep in mind
include employment status, current income, available cash, future earnings
and tax rates, retirement age and Social Security. Putting all of these
variables into one analysis will paint a clearer picture of your
retirement strategy and provide a way forward.<o:p></o:p></span></li>
</ol>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt;">Don't make the mistake of omitting key details
from your tax plan. Call now to schedule a tax-planning meeting.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt;">If
you have questions,</span><span style="color: #222222; font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt;"> c</span><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt;">all us at (219) 769-3616 or email them to </span><a href="mailto:tlynch@swartz-retson.com"><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt;">tlynch@swartz-retson.com</span></a><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt;">.<o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/4156457500917393213'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/4156457500917393213'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2019/06/you-know-youneed-tax-planning-if.html' title='You Know You Need Tax Planning If...'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-7639563818130680887</id><published>2019-06-12T12:23:00.001-07:00</published><updated>2019-06-18T07:15:18.789-07:00</updated><title type='text'>Five Summer Tax Savings Opportunities</title><content type='html'><br />
<div align="center" class="MsoNoSpacing" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 16.0pt;">Five Summer
Tax Savings Opportunities<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt;">Ah,
summer. The weather is warm, kids are out of school, and it’s time to think
about tax saving opportunities! Here are five ways you can enjoy your normal
summertime activities and save on taxes:<o:p></o:p></span></div>
<ol start="1" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;">Rent
out your property tax-free.</span></b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;"> If you have a cabin,
condo, or similar property, consider renting it out for two weeks. The
rental income you receive on property rented for less than 15 days per
year is not considered taxable income. In addition, you can still deduct
your mortgage interest expense and property taxes in full as itemized
deductions!. Track the rental days closely — going over 14 days means all
rent is taxable and rental income rules apply.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;">Take
a tax credit for summer childcare.</span></b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;"> For many working
parents, the summer comes with the added challenge of finding care for
their children. Thankfully, the Child and Dependent Care Credit can cover
20-35 percent of qualified childcare expenses for your children under the
age of 13. Eligible types of care include day care, nanny fees and day
camps (overnight camps and summer school do not qualify).<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;">Hire
your kids.</span></b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;"> If you own a business, hire your kids. If
you are a sole proprietor and your child is under age 18, you can pay them
to work without withholding or paying Social Security and Medicare tax.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;">Have
a garage sale.</span></b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;"> In general, the money you make from a
yard or garage sale is tax-free because you sell your goods for less than
you originally paid for them. Once the sale is over, donate the remaining
items to a qualified charity to get a potential charitable donation
deduction. Just remember to keep a log of the items you donate and ask for
a receipt.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 150%; margin-bottom: 4.0pt; margin-top: 4.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;">Start
a Roth IRA for your children.</span></b><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt; line-height: 150%;"> Roth IRA contributions
are limited to the amount of income your child earns, so earned income is
key. This can include income from mowing lawns or selling lemonade. Start
making contributions as soon as your child makes some money to take
advantage of the tax-free earnings available in a Roth IRA.<o:p></o:p></span></li>
</ol>
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<span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt;">Taking
the time this summer to execute these tips can put extra money in your pocket
right away and provide you tax-saving happiness in the future.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: black; font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt;">If
you have questions,</span><span style="color: #222222; font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt;"> c</span><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt;">all us at (219) 769-3616 or email them to </span><a href="mailto:tlynch@swartz-retson.com"><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt;">tlynch@swartz-retson.com</span></a><span style="font-family: &quot;garamond&quot; , &quot;serif&quot;; font-size: 11.0pt;">.<o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/7639563818130680887'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/7639563818130680887'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2019/06/five-summertax-savings-opportunities.html' title='Five Summer Tax Savings Opportunities'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-7075117570811065912</id><published>2018-07-19T14:47:00.003-07:00</published><updated>2018-07-19T14:50:56.245-07:00</updated><title type='text'>Changes in Not-for-Profit Organization Financial Statement Presentation</title><content type='html'><br />
<div style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black;"><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></span></b></div>
<div style="text-align: justify;">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><span style="mso-bidi-font-weight: normal;"><span style="color: black;">In August of 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-14.&nbsp; This ASU changes the financial statement presentation for not-for-profit organizations effective for fiscal years beginning after December 15, 2017.&nbsp; The main areas of changes are outlined below.</span></span></span><br />
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><b style="mso-bidi-font-weight: normal;"><span style="color: black;"><br /></span></b></span>
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><b style="mso-bidi-font-weight: normal;"><span style="color: black;">Net Assets</span></b><span style="color: black;">
– These are to be reflected as either with donor restrictions or without donor
restrictions, rather than the former presentation of unrestricted, temporarily
restricted or permanently restricted.<span style="mso-spacerun: yes;">&nbsp;
</span>Information pertaining to board designated net assets is now mandatory
rather than optional.<o:p></o:p></span></span></div>
<div style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black;"><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></span></b></div>
<div style="text-align: justify;">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><b style="mso-bidi-font-weight: normal;"><span style="color: black;">Endowments</span></b><span style="color: black;">
– The presentation of underwater endowments is reflected in net assets with
donor restrictions and bear additional disclosure requirements.<o:p></o:p></span></span></div>
<div style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black;"><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></span></b></div>
<div style="text-align: justify;">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><b style="mso-bidi-font-weight: normal;"><span style="color: black;">Investments</span></b><span style="color: black;">
– Investment income is no longer required to be broken down by components, and
expenses are no longer required to be disclosed.<span style="mso-spacerun: yes;">&nbsp; </span>Investment return shall now be reported net
of external and direct internal investment expense.<o:p></o:p></span></span></div>
<div style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black;"><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></span></b></div>
<div style="text-align: justify;">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><b style="mso-bidi-font-weight: normal;"><span style="color: black;">Asset Liquidity</span></b><span style="color: black;"> – Not-for-Profit organizations are now required to disclose
qualitative information on how the entity manages its available liquid
resources and the related liquidity risk.<span style="mso-spacerun: yes;">&nbsp;
</span>Organizations must also disclose quantitative information that
communicates the availability of current financial assets on the date of the
statement of financial position.<o:p></o:p></span></span></div>
<div style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black;"><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></span></b></div>
<div style="text-align: justify;">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><b style="mso-bidi-font-weight: normal;"><span style="color: black;">Expenses</span></b><span style="color: black;">
– All not-for-profit organizations must now report expenses by function and
natural classification and disclose the methods used to allocate costs among
programs and supporting services.<o:p></o:p></span></span></div>
<div style="text-align: justify;">
<span style="color: black;"><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></span></div>
<div style="text-align: justify;">
<span style="color: black;"><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;">There are also additional
requirements pertaining to the presentation of special events and capital
campaigns.<o:p></o:p></span></span></div>
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<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;">Call
us at (219) 769-3616 with your questions, or email them to <a href="mailto:rbest@swartz-retson.com">rbest@swartz-retson.com</a></span><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;">.</span><span style="font-family: &quot;garamond&quot; , serif; font-size: 14pt;"><o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/7075117570811065912'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/7075117570811065912'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2018/07/changes-in-not-for-profit-organization.html' title='Changes in Not-for-Profit Organization Financial Statement Presentation'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-5758711765291529465</id><published>2018-07-09T07:23:00.003-07:00</published><updated>2018-07-09T07:32:41.187-07:00</updated><title type='text'>Application for Reinstatement for Administratively Dissolved Entities in Indiana</title><content type='html'><br />
<div style="text-align: justify;">
<span style="color: black;"><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;">Indiana Governor Holcomb signed
Senate Enrolled Act 180 into law on March 13, 2018.&nbsp; This legislation limits the amount of time
that a business can file an application for reinstatement after it’s been
administratively dissolved or revoked by the Indiana Secretary of State.&nbsp; A business that has been administratively
dissolved or revoked for five (5) years or more may not be reinstated.&nbsp; The clock starts on the date of administrative
dissolution or revocation.<o:p></o:p></span></span></div>
<div style="text-align: justify;">
<span style="color: black;"><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></span></div>
<div style="text-align: justify;">
<span style="color: black;"><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;">Based on the recent change, the
Indiana Secretary of State’s office will accept applications for reinstatement
for businesses that have been administratively dissolved or revoked for more
than five years for a <i style="mso-bidi-font-style: normal;">brief</i> period of
time.<span style="mso-spacerun: yes;">&nbsp; </span>If your business has been
administratively dissolved or revoked for more than five years, please ensure
that you have submitted your application for reinstatement to the Secretary of
State’s office no later than <b style="mso-bidi-font-weight: normal;"><u>July 31,
2018</u></b>.<o:p></o:p></span></span></div>
<div style="text-align: justify;">
<span style="color: black;"><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></span></div>
<div style="text-align: justify;">
<span style="color: black;"><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;">Please be advised that it takes
the Department of Revenue between 4 to 6 weeks to generate the certificate of
clearance that is required as part of the application for reinstatement.<span style="mso-spacerun: yes;">&nbsp; </span>Do not delay in making this request to the
Department of Revenue to ensure you meet the July 31 deadline.<span style="mso-spacerun: yes;">&nbsp; </span>This will be your final opportunity to
reinstate.<o:p></o:p></span></span></div>
<div style="text-align: justify;">
<span style="color: black;"><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></span></div>
<div style="text-align: justify;">
<span style="color: black;"><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;">For businesses that have been
administratively dissolved or revoked for less than five years, you will have
five years from the date of administrative dissolution or revocation to file an
application for reinstatement.<span style="mso-spacerun: yes;">&nbsp; </span>For
example, if the business was administratively dissolved on January 11, 2015,
you must file an application for reinstatement by January 10, 2020.<span style="mso-spacerun: yes;">&nbsp; </span>If you miss the five year deadline, you will
not be able to file an application for reinstatement under the new law.<span style="mso-spacerun: yes;">&nbsp; </span>You must also consider the 4 – 6 week
processing time for certificate of clearance requests from the Department of
Revenue.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;">Call
us at (219) 769-3616 with your questions, or email them to <a href="mailto:tlynch@swartz-retson.com">tlynch@swartz-retson.com</a>.<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><i style="mso-bidi-font-style: normal;">Information
taken from </i><a href="http://www.in.gov/"><i style="mso-bidi-font-style: normal;">www.in.gov</i></a><i style="mso-bidi-font-style: normal;">.<o:p></o:p></i></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/5758711765291529465'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/5758711765291529465'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2018/07/application-for-reinstatement-for.html' title='Application for Reinstatement for Administratively Dissolved Entities in Indiana'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry><entry><id>tag:blogger.com,1999:blog-8367399663089992854.post-887762007402595335</id><published>2018-07-09T07:22:00.001-07:00</published><updated>2018-07-09T07:32:55.437-07:00</updated><title type='text'>Five Tips for Smarter Banking</title><content type='html'><br />
<div style="text-align: justify;">
<span style="color: black;"><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;">Banks are a necessary tool to
navigate our daily financial lives. Unfortunately, there are aggravating
practices at many banks that drive us crazy or cost us money. Here are five
tips to get more out of your bank and pay less.<o:p></o:p></span></span></div>
<div style="text-align: justify;">
<strong><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></strong></div>
<div style="text-align: justify;">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><u>Tip #1: Remove cash from
the right place.</u><b>&nbsp;</b><span style="color: black;">Never use an
ATM machine that is not in your bank's network. In-network cash withdrawals
cost nothing at most banks, but withdrawals from someone else's machine may
come with a $3 to $5 fee.<o:p></o:p></span></span></div>
<div style="text-align: justify;">
<em><span style="color: black;"><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></span></em></div>
<div style="text-align: justify;">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><em><span style="color: black;">Action: Turn
over your ATM or debit card and note the networks on the back of the card; or
ask your bank about their network coverage. Only use ATMs within the network.
Test a transaction to ensure no fee is included on your statement.</span></em><span style="color: black;"><o:p></o:p></span></span></div>
<div style="text-align: justify;">
<strong><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></strong></div>
<div style="text-align: justify;">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><u>Tip #2: Notify your
credit card issuer when traveling.</u><span style="color: black;">&nbsp;Most
credit card-issuing banks now automatically freeze your cards when a suspicious
transaction occurs out of state. This freeze often includes foreign website
transactions.<o:p></o:p></span></span></div>
<div style="text-align: justify;">
<em><span style="color: black;"><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></span></em></div>
<div style="text-align: justify;">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><em><span style="color: black;">Action: Call
your credit card issuer when you are going to be traveling. Also notify them if
you wish to order an item from a foreign website. This can alleviate numerous
headaches. While some banks may not block out-of-state transactions, you do not
want to have a transaction rejected while purchasing something on a trip.</span></em><span style="color: black;"><o:p></o:p></span></span></div>
<div style="text-align: justify;">
<strong><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></strong></div>
<div style="text-align: justify;">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><u>Tip #3: Know your bank's
overdraft rules.</u><span style="color: black;">&nbsp;Non-sufficient funds
(NSF) checks are not only embarrassing, they are expensive. Banks make millions
on their overdraft fees and automatic loan features when you overdraw your
account. Understand your bank's fees and how they apply to your accounts.<o:p></o:p></span></span></div>
<div style="text-align: justify;">
<em><span style="color: black;"><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></span></em></div>
<div style="text-align: justify;">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><em><span style="color: black;">Action: Look
for a bank that will allow you to link another account to your checking account
without charging a fee. For instance, as a courtesy many credit unions allow
you to link a savings account to your core checking account. This link comes
into play should you inadvertently overdraw your checking account.</span></em><span style="color: black;"><o:p></o:p></span></span></div>
<div style="text-align: justify;">
<strong><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></strong></div>
<div style="text-align: justify;">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><u>Tip #4: Always negotiate fees<span style="color: black;">.</span></u><span style="color: black;"> If you are a long-standing customer with your bank or credit card
company, call them to reduce or waive fees. Good examples of this are
over-the-limit credit card fees or late payment fees. If you have multiple
checking overdraft fees, negotiate to eliminate as many as possible.<o:p></o:p></span></span></div>
<div style="text-align: justify;">
<em><span style="color: black;"><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></span></em></div>
<div style="text-align: justify;">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><em><span style="color: black;">Action: If you are late in
paying your credit card or have an overdraft, fix the problem as soon as possible.
Only after fixing the problem should you call to negotiate the fees. The bank
customer service representative will see your quick action and will be more
likely to help reduce the fees.</span></em><span style="color: black;"><o:p></o:p></span></span></div>
<div style="text-align: justify;">
<strong><span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></strong></div>
<div style="text-align: justify;">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><u>Tip #5: Be willing to shop.</u><b>&nbsp;</b><span style="color: black;">Banks understand the power of inertia. They know it's a pain to
change banks. But if you are willing to do so, you might be surprised to find
better alternatives for less.<o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: &quot;times&quot; , &quot;times new roman&quot; , serif;">Call us at (219) 769-3616 with your
questions, or email them to <a href="mailto:gward@swartz-retson.com">gward@swartz-retson.com</a>.</span><span style="font-family: &quot;garamond&quot; , serif;"><o:p></o:p></span></div>
<br /></content><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/887762007402595335'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8367399663089992854/posts/default/887762007402595335'/><link rel='alternate' type='text/html' href='http://swartz-retson.blogspot.com/2018/07/five-tips-for-smarter-banking.html' title='Five Tips for Smarter Banking'/><author><name>Swartz Retson</name><uri>http://www.blogger.com/profile/03343970567853633398</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='32' height='32' src='//blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm_Nql4w-cml3VXUl4H0nIFF6ff6L6APQwSlRvlpFkxQGXutDVjdn-rU5Ddi2VU1PlvozNTvt4AJGbptWuSTe243tBbkIhwL9pctU5xn52sKqq40Jt5RA0fHHv-E_93Yg/s220/SwartzRetson_LOGO+FOR+CPA+sign+ver+1.jpg'/></author></entry></feed>
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