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Tax Time Is Near: Are You Prepared?
As 2017 comes to a close and tax time nears, are you prepared? If not, let’s take a look at how we can make the upcoming tax season a breeze. Greenleaf Accounting Services has created a list of things you can begin to prepare for now to eliminate last-minute stress come filing season, get a […]
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As 2017 comes to a close and tax time nears, are you prepared? If not, let’s take a look at how we can make the upcoming tax season a breeze.
Greenleaf Accounting Services has created a list of things you can begin to prepare for now to eliminate last-minute stress come filing season, get a faster turnaround, and make your accountant’s job easier — saving you some green in the long run.
• Income records — You don’t need to bring your tax preparer a copy of each check you deposited or a copy of every invoice you paid. Rather, you should be prepared to bring a summary of those sales that is detailed enough for your tax preparer to understand your business. If your customers report your payments on 1099-MISC forms, be sure to bring them with you. Remember, that you have to report all income that you earned, whether you received a 1099-MISC form for it or not.
• Other income — Don’t forget to bring any documents you received that report interest or dividend income you may have earned on your business bank accounts.
• Expenses — Prepare a summary of how much you spent on each category of business purchases, including office supplies, advertising, postage, travel expenses, and so forth. Try not to leave anything under the miscellaneous expense category. By the time you’re done, your summary should account for all business expenses for the year.
• Equipment purchased and sold — If you bought a new computer or other equipment for your business over the past year, you’ll need to give your tax preparer details on the date, amount paid and description of the equipment. Likewise, if you sold or trashed some of your old equipment, you’ll need to make a note of what was sold or disposed of, the date, and how much (if anything) you were paid for it.
• Vehicle log — Whether you have been tracking your business mileage with pen and a paper log or using the latest mileage app, you’ll need to provide your tax preparer with several crucial numbers: total miles driven during the year and how many of those miles were driven for business. As with much of your information, you don’t need to give your tax preparer your actual mileage log, but you will need to have an actual log and keep it available in case your tax preparer has questions or in the event of an audit.
• Home-office expenses — Claiming a home-office deduction is not the red flag that it used to be. Simply write down the total square footage of your home office; total square footage of the entire home; and the amounts paid for rent or mortgage interest, utilities, homeowner’s insurance, and other home office expenses. In the event of home-office expenses like Internet access, be prepared to bring at least one complete monthly statement so your tax preparer can see the details. To make life even easier, you could always claim the simplified deduction which lets you claim $5 per square foot for your home office. This option is especially appealing if you neglected to save all those utility bills all year long.
• Inventory listing — If you carry inventory in your business, be prepared to bring a detailed listing of year-end inventory counts and values as well as a summary of how much you paid for your inventory throughout the year. Your tax preparer will need to know how much you paid for the inventory left on your shelves as of year-end.
• Forms you prepared — If you issued 1099-MISC forms to independent contractors for last year, be sure to bring a copy of those forms, too.
• Return copies — If this is your first year with a new tax preparer, be sure to bring a complete set of last year’s tax return with you. It will save a ton of questions and time.
So, after considering these tips, are you prepared? If not, start organizing and preparing yourself sooner rather than later. If you aren’t already using a bookkeeping platform, consider making this a goal of 2018. It may be difficult during the transition, but in the long term it will save you a lot of time, headaches, and money, and give you a better grasp of your bottom line.
Keyona Kelly is a business advisor at the Small Business Development Center located at Onondaga Community College. Contact her at k.r.kelly@sunyocc.edu.
CNY Regional Council Named Top Performer
[On Dec. 13], the Central New York Regional Economic Development Council (CNY REDC) was named a “Top Performer” and awarded $86.4 million for 112 projects that will have a direct impact on our region. We are incredibly proud to have been awarded the largest total investment of any region this round, and throughout all seven
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[On Dec. 13], the Central New York Regional Economic Development Council (CNY REDC) was named a “Top Performer” and awarded $86.4 million for 112 projects that will have a direct impact on our region. We are incredibly proud to have been awarded the largest total investment of any region this round, and throughout all seven years of this process.
Over seven rounds, more than $1 billion in investments made through the regional council and the Upstate Revitalization Initiative have helped to transform the CNY region and its economy. The projects supported by these new awards will further our progress by creating jobs, encouraging innovative business growth, and driving greater opportunity across all segments of our community.
The latest awards also mark an important milestone for me as they were my last official duty as co-chair of the CNY REDC. I am extremely honored to have been given the opportunity to serve, and am deeply proud of this region’s track record over seven rounds. I want to thank the members of the CNY REDC, particularly my co-chair, Dr. Danielle Laraque-Arena, president of SUNY Upstate Medical University, and the hundreds of community partners and CenterState CEO members working alongside us to advance this important work.
I look forward to continuing to work as a member of the CNY REDC and supporting Randy Wolken, president and CEO of the Manufacturers Association of Central New York, and Dr. Laraque-Arena as we build on these efforts and continue to bring jobs, investment, and continued revitalization to our region. Our success hinges on our entire community working together toward a common vision of economic opportunity for all, and I am ready to begin this exciting new chapter together.
Robert M. (Rob) Simpson is president and CEO of CenterState CEO, the primary economic-development organization for Central New York. This viewpoint is drawn and edited from the “CEO Focus” email newsletter that the organization sent to members on Dec. 14.
Hooray for tweets. As you know, this president is the King of Twitterville. That is, he loves to send his thoughts to millions via his smartphone. Trump tweets insults to enemies and plaudits to supporters. He skirts fake news media to reach voters directly and unfiltered. I like this development. If you hate him, you should
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Hooray for tweets.
As you know, this president is the King of Twitterville. That is, he loves to send his thoughts to millions via his smartphone.
Trump tweets insults to enemies and plaudits to supporters. He skirts fake news media to reach voters directly and unfiltered.
I like this development. If you hate him, you should like it. If you like him, you should like it. Because it does avoid the filters.
Seems to me that anything that gets us nearer to what any president is thinking is good. If he is a crackpot, his messages will probably reveal it. If he is sensible, ditto. And if you don’t want to know, you don’t have to read them.
Today’s “invasive” television is also a good service. By invasive, I mean what you see when no announcer interferes. If you watch C-Span you know what I mean. C-Span mostly turns on the cameras and lets you see and hear what is going on. Some of that kind of coverage gets into the all-news channels like CNN and Fox News.
For example, Fox recently carried 10 minutes of President Trump with various families. They were at the White House to promote the tax-cut legislation. Everything was somewhat scripted. But we could also see the president chatting informally with the families. In a sense, viewers were attending the get-together.
I like this because such gatherings reveal things to onlookers. Most folks can spot phonies (in their eyes). They recognize sincerity. Body language, gestures, and facial expressions tell them more than words can.
This serves us better than media people telling us, “The president was angry today in talking about…” Or “The president was upbeat when he…” Seeing and hearing for ourselves is better than the views of news people.
I recall one of Jimmy Carter’s presentations from the White House. Per usual he seemed scripted and stilted to me. He seemed cold and rigid. Various critics had told us this was his manner.
When the presentation ended, Carter turned and discovered friends were seated behind him. A family from his hometown, I believe. He walked to them and chatted. Fortunately, the microphones were on and viewers heard the conversation. They saw him enthusiastically embrace his friends. They heard more warmth in his greetings than they ever heard in his speeches and press conferences. For once, Americans saw and heard their president as they would a neighbor or relative.
What we see and hear of our president is so much more than voters witnessed in the past. Everything they knew about their leaders came by way of third parties. Most folks never knew FDR used a wheelchair. Because third parties scotched photos and films of him using it.
In the 1960s, Britain’s royals did themselves a favor. For the first time, they let cameras invade their privacy. Viewers heard their queen chat with family members, her prime minister, and her servants. They went driving with their queen across her Balmoral estate. (And learned she drove a Land Rover.) They joined her and her family on a picnic.
There were no announcers saying, “The Queen enjoyed her picnic with…” People saw her at the picnic and made up their own minds. As they would if they watched any other family on the beach.
Bottom line is that I like tweets. I’m all a-twitter over them!
From Tom…as in Morgan.
Tom Morgan writes about political, financial, and other subjects from his home near Oneonta. You can write to Tom at tomasinmorgan@yahoo.com. Read more of his writing at tomasinmorgan.com
Carr Recruiting in Baldwinsville has hired JESSICA PATNODE, TRISH MARSELLO, KAREN DIXON, TRACY HEATH, and AMY WOJTALEWSKI. Each will contribute to the continued expansion of the firm’s recruiting efforts.
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Carr Recruiting in Baldwinsville has hired JESSICA PATNODE, TRISH MARSELLO, KAREN DIXON, TRACY HEATH, and AMY WOJTALEWSKI. Each will contribute to the continued expansion of the firm’s recruiting efforts.
Express Employment Professionals of the Mohawk Valley has hired LORI PAVIA as a staffing consultant. She brings 18 years of recruiting and human-resource experience to the company. Pavia previously worked at The Arc, Oneida-Lewis Chapter, NYSARC as an HR staffing coordinator for 15 years. She has a bachelor’s degree in psychology from SUNY Cortland.
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Express Employment Professionals of the Mohawk Valley has hired LORI PAVIA as a staffing consultant. She brings 18 years of recruiting and human-resource experience to the company. Pavia previously worked at The Arc, Oneida-Lewis Chapter, NYSARC as an HR staffing coordinator for 15 years. She has a bachelor’s degree in psychology from SUNY Cortland.
PATRICK SWAIN has joined The Hayner Hoyt Corporation as an assistant project manager. He has more than 10 years of experience in environmental remediation and infrastructure upgrades with AECOM. KATIE WEAVER has joined Hayner Hoyt as its new marketing manager. Relocating from Buffalo, she previously worked as the project manager at Manzella Marketing. Weaver earned
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PATRICK SWAIN has joined The Hayner Hoyt Corporation as an assistant project manager. He has more than 10 years of experience in environmental remediation and infrastructure upgrades with AECOM. KATIE WEAVER has joined Hayner Hoyt as its new marketing manager. Relocating from Buffalo, she previously worked as the project manager at Manzella Marketing. Weaver earned her MBA from Rochester Institute of Technology and her bachelor’s degree in finance and marketing from SUNY Brockport.
Keystone Associates Architects, Engineers and Surveyors, LLC, has promoted PAUL T. WOODWARD to senior designer in its Civil Engineering Department. He has more than 18 years of experience in civil engineering and has been involved in a variety of projects. Woodward holds a bachelor’s degree in civil engineering technology from the SUNYIT in Utica; studied
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Keystone Associates Architects, Engineers and Surveyors, LLC, has promoted PAUL T. WOODWARD to senior designer in its Civil Engineering Department. He has more than 18 years of experience in civil engineering and has been involved in a variety of projects. Woodward holds a bachelor’s degree in civil engineering technology from the SUNYIT in Utica; studied civil engineering technology at Broome Community College; and mechanical and civil engineering technology at the SUNY Institute of Technology in Canton.
Three new staff members have joined CHA Consulting, Inc.’s Syracuse office. SUSAN MASTERS has joined as an assistant systems analyst supporting CHA’s electric distribution design services team. She earned her master’s degree in entrepreneurship and emerging enterprises from Syracuse University. MICHAEL HADID has joined the firm as an assistant engineer providing gas design support. He
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Three new staff members have joined CHA Consulting, Inc.’s Syracuse office. SUSAN MASTERS has joined as an assistant systems analyst supporting CHA’s electric distribution design services team. She earned her master’s degree in entrepreneurship and emerging enterprises from Syracuse University. MICHAEL HADID has joined the firm as an assistant engineer providing gas design support. He interned with Mountain Productions, a large staging and rigging company. Hadid received his bachelor’s degree in mechanical engineering from Wilkes University in Wilkes-Barre, Pennsylvania. DAVID MITCHELL has come aboard as an assistant engineer providing gas design support. He received his bachelor’s degree in petroleum and natural gas engineering from Pennsylvania State University.
Report: CNY region job picture mixed in the past 12 months
The Syracuse region added more than 4,000 jobs in the past year, and the Utica–Rome, Ithaca, and Watertown–Fort Drum areas also posted solid job-growth numbers.
MATTHEW HOALCRAFT has joined the Syracuse branch of AXA Advisors, LLC. He holds a bachelor’s degree in entrepreneurship and marketing from Syracuse University and has obtained Life and Health, Series 7, and Series 63 professional licenses.
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MATTHEW HOALCRAFT has joined the Syracuse branch of AXA Advisors, LLC. He holds a bachelor’s degree in entrepreneurship and marketing from Syracuse University and has obtained Life and Health, Series 7, and Series 63 professional licenses.
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.