Make Plans Now for Next Year’s Tax Return – June 2014

The Shaw Atlas

Welcome to The Shaw Atlas, the monthly newsletter from Shaw & Associates, CPAs & Financial Advisors. We look forward to keeping you abreast of ever-changing tax codes, providing you with money saving accounting tips and illustrating proactive strategies to help you achieve the financial life you envision.

Newsletter contents:

Make Plans Now for Next Year’s Tax Return
Exciting Events for the Shaw & Associates Staff
Client Spotlight – CopperMuse Distillery

Make Plans Now for Next Year’s Tax Return

Marcy Palm, Accounting Manager

Most people stop thinking about taxes after they file their tax return. But there’s no better time to start tax planning than right now. And it’s never too early to set up a smart recordkeeping system. Here are some tips from the IRS (tax tip 2014-61) to help you start to plan for this year’s taxes:

1. Take action when life changes occur.  Some life events, like a change in marital status, the birth of a child or buying a home, can change the amount of taxes you owe. Refinancing your mortgage to a lower rate can also make a difference in the amount of taxes you pay.  When such events occur during the year, you may need to change the amount of tax withheld from your paycheck. To do that, you must file a new Form W-4, Employee’s Withholding Allowance Certificate, with your employer. Use the IRS Withholding Calculator on IRS.gov to help you fill out the form, or contact us for a tax estimate.

2. Stay organized.  Always keep a “current year tax” folder (whether electronically or by paper). This will avoid a search for misplaced records come tax time next year and help make sure deductions and income don’t get missed.  At tax time, we frequently hear “oh, I didn’t get a receipt or keep records of that, so I guess I won’t deduct it”.  Don’t lose deductions (and therefore pay more taxes than you are required to pay) because you were not organized during the year.

3. Keep up with changes.  We try to keep you informed of significant tax changes that occur throughout the year, but that can be a daunting task.  You also can subscribe to IRS Tax Tips to get emails about tax law changes, how to save money and much more. You can also get Tips on IRS.gov or IRS2Go, the IRS’s mobile app. The IRS issues tips each weekday in the tax filing season and three days a week in summer.  If you hear of something that might impact you and have questions, you are welcome to contact us at any time.

And one from Shaw & Associates:

4. Track your business auto use.  If you use your auto for any business activity (your own business, your job for unreimbursed use, rental properties, etc) and have not already started tracking your 2014 business miles do so now!  If business use of your auto is not adequately detailed in your tax records (stop 1, stop 2, business purposes, etc), your entire auto deduction for the year could be disallowed under an audit.  This could translate into big dollars of unnecessary taxes and penalties.  See more details on our Annual Business Check Up.

Remember, a little tax planning now can pay off big at tax time next year.

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Exciting Events for the Shaw & Associates Staff

May was an exciting and eventful month for the staff at Shaw & Associates!

On May 10th,Kevin hit his first ever hole-in-one at the Collindale Golf Course on hole #15.

On May 24th, Cassy married her best friend Sean Moorhead at the Silverthorne Pavilion in Silverthorne. The day went perfect except for a little rain.  She has changed her last name so if you receive any correspondence from her don’t fret, it is still the same Cassy just different last name!

We are also excited to announce that in mid July Marcie Hutchinson will be returning to full time status at Shaw & Associates. We have missed seeing her face around the office!

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Client Spotlight- CopperMuse Distillery

Hard work and the best ingredients don’t mean a thing without inspiration. From Shakespeare to Satchmo, every great artist needs a muse. At CopperMuse™, it’s our calling to find the best inspiration, distill it, and share it with the world. And you can taste it — from the first sip to the last drop.

Our mission is to build upon Fort Collins’ excellent craft brewing heritage and apply these standards of quality to our distilling works. Locally owned and operated by Jason Hevelone and Heather Trantham, CopperMuse™ produces premium, hand-crafted spirits that include vodka and rum (gin, whiskey and bourbon to come) that will push your taste experience beyond mainstream, corporate producers. The comfy, Art Deco inspired tasting room offers a unique selection of crafted cocktails. The food menu features light, delicious pairings to go with your libations: cured meats, gourmet cheeses, bacon wrapped scallops, Panini sandwiches, hand tossed salads, and more. Find us at 244 N. College Ave, on our website www.coppermuse.com and be sure to “like” CopperMuse Distillery on Facebook.

We have found our partnership with Shaw & Associates to be extremely helpful through out the years.  Kevin and his team have been actively advising our distillery from early concept through the grand opening in April 2014.  We have utilized Shaw & Associates for our personal tax preparation and filing in addition to several other businesses we own. Kevin and his staff are quick to answer any questions that may arise and provide meaningful insights to navigate the labyrinth known as our tax code.

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