Connecting with our Community through Days of Service
Participating in serving our community is mutually beneficial - while working collaboratively to enrich our community, we build new relationships together and gain satisfaction through helping others. As we desire to become reliable, generous, and engaged members of our community through acts of services, Eaton-Cambridge is introducing "H6:10 Days" and we invite you, our Eaton-Cambridge family, to join us throughout the year in volunteering. We hope to promote an appreciation and a dedication to serving the Valley of the Sun together.
Connecting with the Local Community
H6:10 Days are opportunities for us to build gratifying moments together, explore different organizations that are already serving the community, and contribute in ways we may have never imagined.
Find a Service Opportunity Now
Be on the lookout for the May Newsletter where we will announce the very first H6:10 Days volunteer event.
Already connected with an organization or have ideas? We’d love to come alongside you in your service passions as well, so please feel free to submit your volunteer ideas to email@example.com
Hebrews 6:10 (NIV)
10 God is not unjust; he will not forget your work and the love you have shown him as you have helped his people and continue to help them.
First, we are excited to announce that Damian Goodhand has been promoted to Director of Operations and Client Services. As you may remember, Damian joined us last year as client services manager. Over the past number of months, his work ethic and demand for perfection has provided our clients with a whole new level of service . Damian's added responsibilities of overseeing many of the day to day operations of the firm mean that Bob and I can continue to spend more time working with you and your family to build a bright and confident financial future.
Because of our continual growth over the past year, we also found it important hire a Client Relations Manager to ensure you have a Michelin Star level service experience every time you interact with our office. In January we welcomed Alyxis Trujillo to the Eaton-Cambridge team. Alyxis's warm personality, attention to detail and project coordination experience make her a perfect fit for this new role. In time you'll get to know Alyxis well, whether here in office or via a phone call. I promise you'll enjoy meeting her.
We thank you for taking the time to welcome Alyxis to the team and congratulating Damian on his promotion. As always, thank you for your trust in us and we look forward to serving you and your family with continued excellence.
We are excited to announce our CPA firm’s new name, EatonCambridgeCPA. Formerly, the CPA firm operated under the name Robert Korljan LTD; however, we believe the name change allows us to communicate a unique service offering that the CPA firm and Eaton-Cambridge Inc, a Registered Investment Advisory firm, have already provided clients for many years.
While EatonCambridgeCPA and Eaton-Cambridge Inc are separate entities, both firms are able to work together to provide a unique service offering. As a CPA firm, it is our duty to assist you in remaining compliant in your business and personal tax situations. We also know how important it is to you that you don’t overpay your taxes. Compliance and tax savings are what we are good at, and those aspects will not change. What we realize, though, is that your taxes and investments, whether it be your business or portfolio, are closely integrated.
Your investments held in your brokerage and bank accounts, IRA, ROTH IRA, 401(k), SEP, 403(b), and trusts all have different tax implications. How you contribute, grow, withdraw and pass on these investments to your beneficiaries all are guided by tax rules. Furthermore, you also need to set up a plan for these investments around your future pensions and social security benefits. Mistakes made during any of this process can lead you to thousands, hundreds of thousands, even millions of dollars in taxes. As CPAs, it would be a disservice to our tax clients if we allowed these mistakes to happen.
This is why we work closely with Eaton-Cambridge Inc clients. If you go to other large brokerages or investment advisors, they will provide you with investments or advice but tell you to consult with your tax professional. However, the tax professional and investment advisor may not be communicating properly. Regardless of who is at fault, at some point you are the one left footing the tax bill. EatonCambridgeCPA and Eaton-Cambridge Inc work strategically side by side to avoid costly tax planning mistakes.
We hope that aligning the firm names, now EatonCambridgeCPA and Eaton-Cambridge Inc, communicates to you how important we believe your tax situation is to us.
Change this "Bad" tax habit before you drop off the items at Goodwill.
by Joe Harding, CPA
Every year all around America almost every tax preparer asks the question, “Do you have charitable deductions such as donations to Goodwill?” The answer is often, “Yes: $500 at Goodwill, Salvation Army and others.” That answer, although widely accepted, is not defensible during an IRS audit. This is how you should think and act now around your charitable gifting.
Cash is easy to use, but never use cash! Write a check or use your credit card. Also, used clothing is the biggest offender so below is a link to IRS publication 561; https://www.irs.gov/uac/About-Publication-561
The long and the short of it is that the values of the items you bag and drop off are the prices they will put on the items when sold next week. It is NOT a percentage of what you paid! They usually have a guide at any location as to their pricing on items. You can pick that up and put it with your tax records along with the receipt that says, “One Bag of Clothes.”
Before you take your items, spread them out on a table, floor and bed and TAKE A PHOTO with your phone! It won’t take that long to spread those clothes you just took out of the closet on the bed and snap a photo seconds before you shove them all in the bag to go.
After you’ve dropped them off at Goodwill and picked up the sheet, print the photo. Then at tax time it takes a few seconds to figure out the value of your donation. There are 1,2,3,4,5,6 sweaters, 1,2,3,4,5 slacks and 1,2 belts. Sweaters are $24, slacks are $12 and belts are $7 on this sheet from Goodwill; that’s $218 included on your Schedule A. It takes moments to do, but that photo and the list in with your tax documents is 100% defendable during an audit!
If you have other tax questions, call our office for a 30 min review. Call 480-385-7399 or email firstname.lastname@example.org today!
Joe Harding, CPA
"Fall" into Tax Savings for the next year!
by Joe Harding, CPA
With fall now here in Arizona, most of us can breathe a sigh of relief from the scorching heat of summer and actually enjoy outdoor activities. It’s also a reminder of why we bear only three awful months out of the year. If we are on top of things, it’s also a time to start planning holiday parties and looking forward to seeing family. However, don’t let the pleasant change in season distract you from tax planning.
There are so many things in the tax code that have time limitations. It’s really time to check in with yourself if you want to actually participate in your bill with the IRS. Taxes can be very much within people’s control, even though they don’t feel that way. If you’re still out on extension, heads up — you have less than four weeks so it’s time to finish whatever you have been putting off, and get that stuff into a tax office.
Some people might say “Well, I have until October 15th”. Remember, October 15th is the final filing day for personal returns, so October 13th is the last day you should attempt to e-file, in case there are problems. And that means you probably should have your things reviewed by the 10th.
If you’re planning on funding any business related retirement accounts — SEPs, Keogh Plans, anything other than an IRA — those documents have to be in place very, very soon. You don’t have until April 15th of 2017 to do anything other than fund personal IRAs. If you’ve been thinking about setting up an account for your business that you can fund with much more than an IRA contribution, the paperwork has to be done and in soon, and the funding often has to happen before the end of the year!
Also, there is the overall common sense that if you do a pro-forma return based on nine months’ income, you can now start to look at just how much tax you may owe by the end of the year, with time to make adjustments. Like start shopping for equipment for your business that you can fully deduct, or other proactive business purchases. Problem is if you don’t know you need to make the adjustments, then how are you going to make them with confidence and with time to think about what you’re about to do?
At our firm, we like to do pro-forma returns on everybody before October 31st. Put the numbers in to the tax software based on what you know about yourself up to now. It’s not hard to do those. As to missing tax documents that come in the mail, we can call the HR department, call the bank, call the broker, and get an up to date set of numbers very easily, plug them into the pro-forma tax return, and take a look at the damage. Then we’ve got time to think about repairs, discuss options. You have time to think and then do something that will help you with your tax burden, rather than just waiting until next year and seeing what happens.
Call us and set an appointment to come in. Let’s talk about any or all tax planning items, and be proactive this year, instead of simply full of regret in April.