Why you should boost your 401(k) contribution rate between now and year-end

| Tax Briefs

One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year-end. Because of tax-deferred compounding (tax-free in the case of Roth accounts), boosting contributions sooner rather than later can have a significant impact on Read more [...]

How are 401(k) withdrawals like a relationship?

| Business Miscellaneous

Part 3 of 3 in the “How to Survive a 401(k) Audit” By Tyler Kleinschmidt, CPA     How can your company survive its 401(k) audit? How does one survive a relationship? Much like starting any new relationship, Part 1 of this series focused on a brief history of pension plans (What do you do, why are you here?). Then Part 2 moved onto “participant contributions” (What do you bring to this relationship and how much are you able to participate?). And finally, Part 3 will focus on the challenges Read more [...]

How profitable are your customers?

| Business Briefs

“We love our customers!” Every business owner says it. But all customers aren’t created equal, and it’s in your strategic interest to know which customers are really strengthening your bottom line and by how much. Sorting out the data If your business systems track individual customer purchases, and your accounting system has good cost accounting or decision support capabilities, determining individual customer profitability will be simple. If you have cost data for individual products, Read more [...]

Alerding CPA Group announces promotions and new staff appointments

| News

(INDIANAPOLIS) – The Directors of Alerding CPA Group, an Indianapolis-based certified public accounting firm, are pleased to announce the following staff promotions and new appointments: Sarah Gregory, CPA, CFE – promoted to Senior Audit Manager Chris Mennel, CPA – promoted to Senior Audit Manager Owen Pryor, CPA – promoted to Tax Supervisor Evan Rauch, CPA – promoted to Audit Supervisor Spencer King – new Staff Accountant Sarah Gregory, Senior Audit Manager and Certified Read more [...]

Watch out for potential tax pitfalls of donating real estate to charity

| Tax Briefs

Charitable giving allows you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction. If you’re considering a large gift, a noncash donation such as appreciated real estate can provide additional benefits. For example, if you’ve held the property for more than one year, you generally will be able to deduct its full fair market value and avoid any capital gains tax you’d owe if you sold the property. There are, however, potential tax pitfalls you must Read more [...]

Find the right path forward with KPIs

| Business Briefs

From the baseball field to the boardroom, statistical analysis has changed various industries nationwide. With proper preparation and guidance, business owners can have at their fingertips a wealth of stats-based insight into how their companies are performing — far beyond the bottom line on an income statement.   The metrics in question are commonly referred to as key performance indicators (KPIs). These formula-based measurements reveal the trends underlying a company’s operations. And seeing Read more [...]

The ABCs of the tax deduction for educator expenses

| Tax Briefs

At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But let’s not forget about the teachers. It’s common for teachers to pay for some classroom supplies out-of-pocket, and the tax code provides a special break that makes it a little easier for these educators to deduct some of their expenses.   The miscellaneous itemized deduction   Generally, your Read more [...]