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Update on Tax Rules Related to Gambling 05-11-2015

Are you headed to Las Vegas or Biloxi in the near future? The recent Floyd Mayweather/Manny Pacquiao boxing match put a brief spotlight on sports gambling. Gambling is more than just fun and games. It can also have serious federal tax implications. So it's important for amateur gamblers to know the latest IRS reporting requirements for winnings, losses and expenses, including time spent on electronically tracked slot machines. Here are the details, including information about new proposed rules. Continue reading

Non-Cash Charitable Contributions – How to Maintain Adequate Records of Your Gifts? 04-27-2015

Non-cash contributions, or charitable contributions of used property, provide more than the satisfaction of cleaning out your home of unused and unneeded items and the self gratification that accompanies giving those items to a worthy cause. They can also lower your income tax liability, if you follow the strict substantiation rules set forth by the IRS. A recent U.S. Tax Court cases shows how failure to retain detailed records for donations can be a costly mistake.  Please let us know if you have any questions after reading this article. Continue reading

Test Your Small Business Finance IQ 04-20-2015

Did you know that April is "National Financial Capability Month"?  The Federal Government has designated April as "National Financial Capability Month" in an effort to make Americans more financially literate. Approximately 40 percent of U.S. small business owners consider themselves to be financially illiterate.  Despite this fact, over 80 percent still handle their own business finances, according to a 2014 study conducted by Intuit. Here is a quick nine-question quiz to test your financial literacy.  Some of the answers to the quiz might surprise you. Continue reading

Tax Documents and Related Records: What Should You Keep 04-13-2015

After a few years, tax and other paper records can begin to accumulate and become overwhelming. Many individuals and companies keep records longer than necessary, just in case the IRS, state tax authorities or another regulatory body makes an inquiry.  Here are some record retention guidelines we hope will help prevent you from becoming the subject of an upcoming episode of Hoarders. Continue reading

Are You Prepared to Benefit from the Millennial Market 04-06-2015

How can you market to the "Millennials" to get them to buy your company's products and services? Who are The Millennial generation?  The Millennials includes people born from approximately 1980 to 2000.  They tend to be self-expressive, open-minded, educated, technology-savvy and budget conscious. They are also the most ethnically diverse generation in U.S. history. Here's are some suggestions for how you, as a business owner, can make an impression on the Millennial mindset. Continue reading

The April 15 Deadline is Quickly Approaching: Last-Minute Personal Tax Filing Reminders 04-06-2015

If you have not filed your 2014 personal tax return (or an extension) yet, here are some end-of-tax-season thoughts to help minimize potential errors and track any refunds you may receive. You may also have to make first quarter estimated tax payments by April 15 if you earn income that's not subject to withholding. If you fail to properly make estimated tax payments you could be subject to penalties. Continue reading

When Can You Deduct Job-Related Moving Expenses? 03-30-2015

When you relocate for work purposes you may be eligible to deduct certain moving costs on your income tax returns if you meet the distance and time tax law tests. Here is a discussion of eligibility requirements for the deduction and explanations of how to handle reimbursements you may receive from your employer. Continue reading

April 15th Countdown: Retirement Accounts Could Help Reduce Your Tax Liability 03-23-2015

As of March 23, 2015, the IRS has already issued 54.2 million tax refunds, averaging nearly $3,000 each. However, many taxpayers face the reverse situation and will not be receiving a refund. If you anticipate that you will owe taxes for 2014, you still may be able to reduce your tax liability by contributing to an IRA or SEP before the April 15 deadline. For your benefit, this article provides some basic rules, deadlines and strategies. We'll also tell you how to open and fund a myRA account, the Treasury's new Roth-IRA variant. Continue reading

Congratulations to Jan Bigham! 03-17-2015

She is a devoted mother of two, an accomplished musician with the Montgomery Symphony Orchestra, a dedicated volunteer with Clefworks, and now, she is a CPA! Congratulations, Jan Bigham, on passing the CPA Exam!

Jan joined Aldridge, Borden & Company in 2013 and has been an asset to the firm throughout her time with us.  She has developed significant experience related to employee benefit plans and tax preparation for small businesses.

We are grateful to have Jan on our team and look forward to her continued personal and professional growth and development.  We are confident she will  make significant contributions to  the success of our clients, our firm, and our community.

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SOMETHING NEW: Disabled Individuals May Possibly Utilize ABLE Accounts 03-16-2015

Begging in 2015, thanks to the Tax Increase Prevention Act of 2014, families of individuals with disabilities may be eligible for a new type of tax-advantaged savings account.  These accounts are similar to the 529 plans that allow individual to save money to be used to pay for college expenses. Here are 10 key facts you should know about these savings plans, which were created under the Achieving Better Life Experience Act of 2014 (ABLE Act). Continue reading