Gabrielle Luoma, Author at GMLcpa

15 06, 2011

Gabby’s Book Recommendation for June 2011

By Gabrielle Luoma| 2011-06-15T15:36:09+00:00 June 15th, 2011|Uncategorized|Comments Off on Gabby’s Book Recommendation for June 2011

So May's recommendation, moves onto June's doing and that always makes me worry about change! Do I have a plan? Is it any good? Oh, and how is everyone else going to respond to the changes! If you are anything like me, then change can be difficult. I was forced to read a book about change long ago in my early career days called "Who moved my Cheese?" and found out that I really enjoyed it. It was fun and it really illustrated the process of change as well as the things that cause us not to change and finally what happens if you don't.

24 04, 2011

Not the Typical CPA!

By Gabrielle Luoma| 2011-04-24T23:38:15+00:00 April 24th, 2011|Uncategorized|Comments Off on Not the Typical CPA!

CPA's typically are locked in their offices for the first four months of the year and then hide several weeks after as to regain some brain cells. I admit this is pretty true for me too. After 60 hour work weeks, with intensity and pressure of a time-line breathing down your neck, a brief rest [...]

8 11, 2010

Tax Planning Can Help You Save Money

By Gabrielle Luoma| 2010-11-08T14:14:35+00:00 November 8th, 2010|Blog, Our Services, Tax|1 Comment

All tax planning involves looking ahead to reach a specific goal. People are inclined to make careful plans when they consider making a home purchase, accepting a new job, taking a dream vacation, or investing for retirement. But when it comes to taxes, they often leave matters to chance, perhaps not realizing the tax savings that can result. THE GOAL OF TAX PLANNING IS TO SAVE YOU MONEY! Every taxpayer has the right AND the responsibility to lower his/her tax bill using a number of different legal methods. Tax planning is the tool that helps you evaluate your financial situation in light of current laws to make sure that you get the benefit of all deductions you’re entitled to.

1 10, 2010

New Penalties for Failure to File or Furnish Information Returns

By Gabrielle Luoma| 2010-10-01T13:58:25+00:00 October 1st, 2010|Blog, Our Services, Tax|Comments Off on New Penalties for Failure to File or Furnish Information Returns

Tax law requires businesses to provide information returns, such a 1099s, to each payee that the business has paid $600 or more for the year. The law also includes penalties for failure to file the same information returns with the IRS. To ensure compliance with these requirements, there are substantial penalties, and, as part of the recently passed Small Business Jobs Act of 2010, those penalties have been doubled. The penalties are generally based upon how late the returns are filed with the IRS or provided to the recipient of the income and are broken down into three tiers:

22 09, 2010

Tax Tips for New Business Owners

By Gabrielle Luoma| 2010-09-22T15:37:48+00:00 September 22nd, 2010|Blog, Business Advice, Our Services, QuickBooks, Tax|Comments Off on Tax Tips for New Business Owners

If you are planning to open a new business, there are a number of tax and accounting issues you need to be aware of. The following are some of the more commonly encountered issues a new business owner needs to cope with. 1. Entity Selection – First, you must decide what type of business entity you are going to establish. The type of business entity will determine which tax form you have to file. The most common types of businesses are the sole proprietorship, partnership, corporation, S corporation and limited liability company. This office can assist you in making that determination and setting up the chosen entity. Depending on the type of entity you choose, you may also need the services of an attorney to complete legal documents required to establish the business.

15 09, 2010

Tax Increases Are Coming Unless Congress Takes Action

By Gabrielle Luoma| 2010-09-15T15:09:19+00:00 September 15th, 2010|Blog, Our Services, Tax|Comments Off on Tax Increases Are Coming Unless Congress Takes Action

Normally, one would think that Congress would have to take some action to increase taxes. However, it is quite the opposite for 2011. If Congress fails to take action, there will be a tax increase affecting just about everyone in every tax category. In order to skirt a Senate rule that requires 60 votes to pass a bill that increases the deficit beyond a ten-year window, Congress passed the Bush tax cuts in 2001 and 2003 with most provisions designed to sunset this year.

20 08, 2010

Tax Tips for Newlyweds

By Gabrielle Luoma| 2010-08-20T14:17:49+00:00 August 20th, 2010|Blog, Our Services, Tax|Comments Off on Tax Tips for Newlyweds

Getting married involves hundreds of details and decisions, from wedding planning to house hunting to joint checking accounts. Although taxes may not be high on your priority list, it’s important to consider how you will file your annual returns as newlyweds. With tax season less than a year away, it’s a great time to look at some of the changes you may need to make for the IRS. Here are some basic tips:

23 06, 2010

Expanded Home Tax Credit for Armed Service Members

By Gabrielle Luoma| 2010-06-23T16:35:27+00:00 June 23rd, 2010|Blog, Our Services, Tax|Comments Off on Expanded Home Tax Credit for Armed Service Members

Our courageous armed service men and women now have until April 30, 2011 to take advantage of the home buyer tax credit. Although it expired a little over a month ago for most Americans, this extra year goes a long way for qualified service members.

2 06, 2010

Healthcare Changes for Small Businesses Part 2: 2013-2014

By Gabrielle Luoma| 2010-06-02T17:21:43+00:00 June 2nd, 2010|Blog, Our Services, Tax|Comments Off on Healthcare Changes for Small Businesses Part 2: 2013-2014

Additional modifications to health care are anticipated for 2013 and 2014. (See Healthcare Changes for Small Business, part 1: 2010-2011 for the first installment.) Changes starting in 2013 Beginning in 2013, the itemized medical expense deduction floor will be raised from 7.5% to 10% in order to limit tax-subsidized medical expenses.

10 05, 2010

Healthcare Changes for Small Businesses Part 1

By Gabrielle Luoma| 2010-05-10T16:07:11+00:00 May 10th, 2010|Blog, Our Services, Tax|Comments Off on Healthcare Changes for Small Businesses Part 1

Part 1: 2010-2011 American healthcare is poised for some pretty radical changes over the next several years – changes that are relevant to everyone from the youngest child to the oldest retiree. If you're a small business owner or an employee of a small business, you’re probably wondering whether the new laws and regulations will impact you. Read on to learn about potential changes to your insurance and healthcare premiums.

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