SD Mayer

accounting + advisory for life

Latest Episodes

October 01, 2019 NaN
Episode Cover

SDM Accounting Insights: Uncle Sam May Provide Relief from College Costs on Your Tax Return

We all know college is expensive. Fortunately, there are two sizable federal tax credits for higher education costs that you may be able to claim. The American Opportunity credit generally provides the biggest benefit to most taxpayers. It offers a maximum benefit of $2,500. But it phases out based on modified adjusted gross income (MAGI). For 2019, the MAGI phaseout ranges are between $80,000 and $90,000 for single taxpayers, and between $160,000 and $180,000 for married joint filers. There’s also the Lifetime Learning credit, which equals 20% of qualified education expenses for up to $2,000 per tax return. There are requirements to qualify for both credits. Contact us for more information. https://www.sdmayer.com/insights/blogs/individual-tax/tax-credit/ ...

Listen

October 01, 2019 00:04:06
Episode Cover

SDM Accounting Insights: Corporate Governance in the 21st Century

The purpose of a corporation has shifted to reflect modern concerns. Instead of focusing exclusively on maximizing shareholder value, the Business Roundtable’s updated Principles of Corporate Governance recognizes the importance of employees, suppliers, customers, lenders and communities to building long-term corporate value. The statement urges companies to adopt sustainable business practices that fight climate change, reduce income inequality, promote diversity and improve public health. We can help you draft financial statement disclosures that explain your sustainability efforts to stakeholders clearly and objectively and highlight links to financial performance. Contact us for more. https://www.sdmayer.com/insights/blogs/audit/corporate-governance-in-the-21st-century/ ...

Listen

October 01, 2019 NaN
Episode Cover

SDM Accounting Insights: Expenses That Teachers Can and Can’t Deduct on Their Tax Returns

As teachers head back to school, they often pay expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct some of them on their tax returns. You don’t have to itemize your deductions to claim this “above-the-line” tax break. For 2019, educators can deduct up to $250 of eligible expenses that weren’t reimbursed. Eligible expenses include books, supplies, computer equipment, software, other classroom materials, and professional development courses. To be eligible, taxpayers must be kindergarten through grade 12 teachers, instructors, counselors, principals or aides. They must also work at least 900 hours a school year in an elementary or secondary school. https://www.sdmayer.com/insights/blogs/individual-tax/expenses-that-teachers-can-cant-deduct-on-their-tax-returns/ ...

Listen

September 13, 2019 00:03:19
Episode Cover

SDM Accounting Insights: Nonprofits: How to Invest in an Investment Advisor

Investment advisors aren’t just for large not-for-profits. Even smaller nonprofits with modest endowments can benefit from hiring an investment manager. Ask peer organizations and board members to suggest qualified individuals with nonprofit endowment experience. Candidates should submit detailed proposals about how they’d manage your nonprofit’s money and their preferred compensation form. Look for someone who closely follows market movements, has a thorough understanding of different types of investments and can create and manage a balanced portfolio. Contact us for recommendations. https://www.sdmayer.com/insights/blogs/nonprofit/nonprofits-how-to-invest-in-an-investment-advisor/ ...

Listen

September 13, 2019 00:03:11
Episode Cover

SDM Accounting Insights: Taking Distributions From Your Traditional IRA

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (or a SEP-IRA). It’s critical to carefully plan for withdrawals. For example, if you need to take money out of your traditional IRA before age 59-1/2, the distribution will generally be taxable. In addition, distributions before age 59-1/2 may be subject to a 10% penalty tax. (However, several exceptions may allow you to avoid the penalty tax but not the regular income tax.) And once you reach age 70-1/2, distributions from a traditional IRA must begin. If you don’t withdraw the minimum amount each year, you may have to pay a 50% penalty tax on what should have been taken but wasn’t. https://www.sdmayer.com/insights/blogs/individual-tax/taking-distributions-from-your-traditional-ira/ ...

Listen

September 13, 2019 00:03:11
Episode Cover

SDM Accounting Insights: What to Expect During a Franchise Audit

Does your franchise agreement include an audit provision? These routine “check-ups” help evaluate whether owner-operators are embracing your business model and complying with the terms of the franchise agreement. For example, are franchisees shortchanging you on royalty payments, using unauthorized suppliers, skipping background checks on new hires or skimping on advertising? Failure to comply with such terms compromises future revenue and the reputation of your brand. We can help enforce the audit provisions of your franchise agreement, as well as bring objectivity and financial expertise to the audit process. https://www.sdmayer.com/insights/blogs/audit/what-to-expect-during-a-franchise-audit/ ...

Listen
Next