Tom Hager
How Healthy is Your Company?
I have read many financial statements over the years. There are many ways to evaluate the health of a company. You have no doubt seen all of the ratio analysis models. I have boiled down the analysis to one item per financial statement. Common financial statements consist of three statements: The Balance Sheet–a snapshot of [...]
Are You an IRS Audit Target?
Your chance of getting audited is about 1%. A recent Kiplinger Tax Letter identified what draws IRS attention: Making over $200,000 Failing to report all of your taxable income–W-2s, 1099s, K-1s, etc. Taking a large charitable contribution deduction Claiming a home office deduction Claiming rental losses Deducting business meals, travel and entertainment [...]
Name Change? Notify IRS and Social Security Administration
Have you changed your name recently due to marriage, divorce or other reasons? If so, you need to notify the Social Security Administration on Form SS-5. If you don’t it may complicate things with the IRS. Need more information? Check out Tax Tips on the IRS Website relating to Five Tips for Recently Married or Divorced [...]
What You Should Know About Social Security
About 150 million people contribute and 55 million collect Average monthly benefit: retired worker = $1,200; retired couple = $1,900 Social Security benefits are calculated using the highest 35 years of earnings 62 is the earliest you can receive benefits–most people start at 62 and 95% start by 66 Every month you delay after full [...]
What to Do When the DOL Calls
Over the past couple of months we have had several clients who have received phone calls from the DOL (Department of Labor). That may not seem like an important event, but during my many years in this business, I can only remember one such phone call received by a client. Wage and hour audits are [...]
