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December
2006 |
The
Rodman Report
Information
and Ideas You Can
Use |
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Winter
and tax season are upon us. We won't be fooled by the mild
weather, however, and get too confident of an easy winter.
This is New England after
all.
This month, we have a variety of articles
including how to save some tax dollars while being
environmentally conscious, exciting new developments with
QuickBooks and some ideas for benchmarking yourself to your
competition.
We
hope you enjoy a safe and
happy holiday season. We look forward to seeing you
in 2007.
All the best
from the Team at Rodman & Rodman
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Last
Minute Reminders For
2006 |
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 As the
end of the year approaches, we wish to remind you of a few things
that may help you save some money on your taxes and make the
processing of your taxes in early 2007 a bit easier:
- 4th
Quarter Tax Estimates Are Due -
Typically they are due on January 15th, 2007 for individuals but
in some cases your state estimate may be paid in December to gain
a tax deduction. The payment of your state tax estimate in
December could create AMT consequences so please call us to make
sure you are taking the best route with your tax
payments.
- Taxable
Fringes in W-2s - Many of our
clients are required to include certain fringe benefits in the
W-2s of their employees. If you use a payroll service, a deadline
usually exists to get this information in so it can be included on
the W-2. Don't delay!
- Tax
Organizer in Early January - Keep
an eye out for our tax organizer which gets mailed out in early
January. Also, in early January, you will begin receiving
important tax documents which assist us in completing your tax
returns. Think now about how you will accumulate and organize that
information. Tax preparation is more accurate and more efficient
when a complete set of documents is secured and submitted to us.
Thank you in advance for your attention to
this.
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QuickBooks
2007 and Google Team
Up |
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by
Kathy Parker CPA
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Two
Giants Integrate 
One of
the more interesting features in QuickBooks 2007 has been the new
partnership formed with Internet search engine giant Google. How
will Google be used in conjunction with QuickBooks? Here is a
summary of the more important ways:
- Google
Maps - QuickBooks users
will now be able to create and manage a listing for their business
on Google Maps. Effectively, your location is getting a high-tech
yellow pages listing.
- Integration
with Google AdWords - This
will allow QuickBooks users the opportunity to identify search
terms related to their products or services and create ads that
will show up when shoppers search on Google for those products and
services. QuickBooks users get a $50 credit to
start.
- Inventory
Information - Through the
QuickBooks Product Listing Service, inventory information about
your products and services can be transferred to Google Base,
giving your customers access to valuable inventory
information.
The word
from QuickBooks is that this is only the beginning of their
relationship with Google. I will keep you updated on future
improvements and changes that result from this very interesting
development.
Email me at
kathy@rodmancpa.com if you have any questions.
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How
Do I Stack
Up? |
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by
Larry Rice CPA
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Measuring
Yourself Against Your Competition 
I often
hear from clients this question: "How am I doing, you know, compared
to other people in my business?" I am glad that question gets asked.
An important part of evaluating performance of a given business is
to benchmark that business against similar businesses. Here are
three ways to benchmark your business.
- 1.
Participate in industry associations - These associations
often provide valuable information about how the high performers
in a given industry do it. Join and
participate!
- Visit
the competition - Though you may not
be a welcome guest on a direct competitors premises, if you know
of a high performer in your industry in another city/state, often
they welcome visitors in to see "how they do it." What an
opportunity worth jumping for.
- Measure
your financial performance against
competitors - Industry data can
be tough to get sometimes but can be valuable. I may be able to
help. I have access to industry data for hundreds of small
businesses. Call or email me at larry@rodmancpa.com and I'll
obtain your industry benchmarks for you.
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Considering
a Hybrid Vehicle? Tax Credits
Abound! |
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by
Karl Schramek CPA
MST
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Tax
Tips 
Hybrid
vehicles are becoming more prominent in America. Congress passed
legislation in 2005 which provides a tax credit for purchasing a new hybrid
vehicle. The amount of the credit depends upon a number
of factors including weight and fuel efficiency improvements among
others. The credit ranges from as
small as $250 for a GMC Silverado to as much as $2,600 for a Ford
Escape. Significant credits also exist for lean- burn
technology vehicles and electric and fuel-cell powered vehicles.
These vehicles are often more expensive so you should consider the
additional expense of purchasing the cars in understanding the true
value of the credit to you.
One
note of caution: The
credits begin phasing out for a given manufacturer once it has sold
60,000 energy-efficient vehicles to dealers. In the case of
Toyota Motor Sales, this plateau was reached
during the calendar quarter ended June 30, 2006. The
credit on Toyotas (and Lexus') therefore has been reduced to
50% of the full credit
through March 31, 2007. After that the credit is reduced to 25% of the full credit through
September 30, 2007 and for energy-efficient Toyotas and Lexus'
purchased on or after October 1,
2007, no credit is allowable. Please contact me should
you have further questions regarding these credits. I can be reached
by phone or by email at karl@rodmancpa.com
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