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It's never too early to start thinking about cutting next year's tax bill. In this month's newsletter, read about several ideas to help lower your 2023 tax obligation. And speaking of taxes, summer work often introduces several tax wrinkles that hit young workers and seasonal workers alike. So included this month are some hints to address taxes and summer employment.
Spring is also graduation season! In addition to all those congratulation cards, why not spend a minute reviewing some classic money basics. It's a great review for both the newly graduated and for the rest of us as a reminder of how we can make our financial lives run a bit more smoothly.
Finally, there's a word or two about managing cash for your business and how the concept of separation of duties is a classic way to head off any problems.
As always, feel free to pass this information on to anyone that may find it useful and call if you have any questions or concerns.
Read the Client Update Newsletter: May 2023
Procrastination is easy, especially when it comes to summertime tax planning. But waiting to implement strategies to reduce your 2023 tax obligations could cost you money. Here are some suggestions to help jumpstart your midyear review:
Please call if you have questions about tax planning for your 2023 tax return.
Summer brings warm weather, fun outdoor activities, and new opportunities to earn some additional income. Taxes on seasonal income, however, need to be handled with care, whether they're related to your child's first job or an extra income opportunity for you. Here are some tips to help manage the taxes on your summer earnings:
With a little tax planning, you can ensure that your summer job provides the income you are looking for without the disappointment of unexpected taxes. Please call if you have any questions.
With graduation season just around the corner, now it a great time to review five key money basics for both students and the entire family.
The world of money and finance can seem overly complicated. So keep asking questions and seek advice until you fully understand the mechanics of money and how it impacts your situation. You'll be amazed at how powerful that feeling can be.
Fraud and embezzlement don't just happen at large companies. In fact, theft may be more common in small businesses because many lack internal controls that are typically in place at larger organizations. But the good news is that effective internal controls don't have to be complicated or expensive.
The best way for small businesses to battle fraud is to create a segregation of duties framework. With segregation of duties, you have one person responsible for each of three different areas: Authorization of cash expenditures, physical custody of cash and reconciliation of cash expenditures.
Here's what you need to know:
Segregation of duties can help your company keep track of cash and help prevent theft by an employee before it happens.