A Message From Steve:
Thank you for visiting the website for Steve Tuchscherer CPA PC. We consider it a privilege and an honor that you are here. If you
are new to our website, I encourage you to take a few minutes to explore the various pages of our website. There is a wide variety of
information here about us -
who we are and how we work to help you, whether through
your
business, as an
individual or both! There is a wide range of useful financial tools and information available in those sections to help you make
smart financial decisions. We’ve also added numerous links to
additional sources of
information and financial tools. Once you have a good understanding of what we have to offer,
contact us and see how much we can help improve your life!
2016 is here and at Steve Tuchscherer CPA, PC we have been busy working on reviewing our
tax season process flow - beginning with intake of client information, to identifying and
communicating any missing information, through tax return filing and invoicing. Although our
team has been working together for years to bring our clients excellent customer service and
unsurpassed value, we recognize the importance of conducting detailed and thorough process
reviews - this exercise will ensure consistency and efficiency, both of which translate to an
excellent experience for you, our clients!!
Considering that a periodic review of "standards" is so beneficial, take a moment to evaluate
your own individual or business fiscal health. Do you have expenses that can be re-evaluated
or eliminated? Are you planning for a change in your financial status (i.e., retiring,
sending a child to college)? Perhaps you’re interested in setting up a wealth management plan?
Or are you considering selling or starting a business? Here are a few areas that you can
look at:
Individuals
- Re-finance your mortgage: rates are still historically low, but the housing
market is making a slow recovery. If you've been paying PMI (private mortgage insurance),
you may be able to re-finance and, using your increased equity, eliminate that additional
cost. Or perhaps you want to lock in a lower interest rate with a shorter term and reduce the length
of your mortgage. Here is a calculator that can help you decide if it is a good choice:
http://cgi.money.cnn.com/tools/cutmortgage/cutmortgage.jsp
- Evaluate insurance coverage: take a close look at the various coverages you may
have (life, disability, homeowners, auto, medical/dental, etc.) and determine if your needs
have changed since you originally purchased the policies. Maybe your employer offers a life
and/or disability policy, so your individual one may be unnecessary. Have you sold your car,
but kept the same coverage? You may be paying extra fees if you own your new car outright.
Many changes have occurred with state and national health insurance - if you are self-insured,
you may be able to find a more cost-effective plan than previously.
- Create a budget: the first step is knowing where your money is currently going so
that you can change your spending habits and make progress towards your financial goals!
Determine if you can eliminate any monthly expenses that you may no longer be utilizing (gym
membership, newspaper subscription, landline telephone service, extra cable channels). Ensure
you are getting the best rates by bundling services where applicable (insurance policies,
TV/phone/internet). Calculate how much money you spend on specialty coffee and eating out,
and more consciously bring lunches to work and/or cook dinner at home - this is great for your
health too! There are many
online tools that you can use to create a budget or you can use a
spreadsheet and create your own.
- Maximize 401(k) / Individual Retirement Account (IRA) deposits: if you are a few
years away from retirement, you can put even more money into these accounts (i.e., if you’re
50 or over you can make an additional “catch-up” contribution of as much as $5,500), allowing you to
mitigating your current-year tax bill. Please contact us to help you determine what is the
best plan for your needs.
- Make/update an estate plan: it's not a subject a lot of us like to think about,
but planning today will ensure that tax ramifications are mitigated and financial concerns
are addressed. You should begin the process by calculating what all your assets are worth,
including: cash and investments, insurance policies, business interests, vehicles, real
estate and personal belongings. Please contact us for an
appointment to discuss your estate management strategy.
Businesses
- Renegotiate your lease: if you signed your lease five or more years ago, you may
be overpaying on rent. If your current landlord isn’t willing to renegotiate the lease terms,
you should evaluate moving to another location with lower rent, more usable space and/or superior
amenities.
- Write/update formal job descriptions: these help new and existing employees better
understand their responsibilities and management’s expectations. Even in small companies where
one person is performing multiple roles, it is a good idea to create individual job
descriptions based on the size you would LIKE your business to be. That way, as the business
grows, you can easily hire new people into the positions that need to be separated.
- Perform an inventory on all assets: even if you are engaged in a service-related
business (a CPA firm, for example!), you have assets such as computer equipment, desks, etc.
You should physically tag and record all fixed assets, and if you are engaged in a goods-
manufacturing operation, you should record all of the inventory you have on-hand. If you have
never performed an inventory inspection, you will have a baseline and can use the information
to minimize inventory on-hand (reduce unnecessary ordering), calculate accurate cost of goods
sold and get a better idea of insurance coverage required and the value of your business.
- Conduct an energy audit: determine where, when, why and how your company uses
water and energy. Then, identify opportunities to improve efficiency, decrease usage and reduce
waste and emissions.
- Obtain a business appraisal: knowing what your business is worth should guide
short- and long-term business strategy decisions (e.g., accepting a purchase offer, buying out
partners, modifying insurance coverage, requesting credit lines or planning an exit strategy).
So, as you gather your paperwork for sending/bringing to our office (lists of potentially
required documents for
individuals and
corporations), keep in mind that we look forward to discussing any of the above with you,
hearing from you about changes you observe at our office, or learning what suggestions for
improvements you may have for us. Happy Tax Season!
Best wishes,
Steve
