In This Issue

Maximizing Depreciation Deductions in an Uncertain Tax Environment.

Buy-Sell Agreements Can Ensure Continuity

Buying a Business Vehicle Before Year End May Reduce Your 2014 Tax Bill.

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Maximizing Depreciation Deductions in an Uncertain Tax Environment

For assets with a useful life of more than one year, businesses generally must depreciate the cost over a period of years. Special breaks are available in some circumstances, but uncertainty currently surrounds them:

Section 179 expensing. This allows you to deduct, rather than depreciate, the cost of ...(Read More)

"Gilbert Associates are professional, responsive, highly skilled, and a pleasure to deal with. I have confidence always in their advice and integrity."

- Donald Clark

NOVEMBER 2014

Are you aware that tax-related identity theft is a growing problem? With this type of crime, identity thieves use stolen personal information, such as Social Security numbers, to file forged tax returns and collect fraudulent tax refunds. We describe some red flags indicating possible identity theft, what to do if it takes place, and how to lessen the risk of it happening.

Switching gears a bit, many business owners find that they need to seek outside sources for the capital required to keep their companies running smoothly. Not surprisingly, the first place they turn to is their bank. But it's a good idea to first get up to speed on the different types of capital, or business loans, that banks typically offer. We briefly describe the different types of bank loans - including lines of credit, term loans and equipment leases - along with alternative financing arrangements.

If you need further explanation of any topics in this issue, don't hesitate to give us a call. We are here for you!

Accessing and Structuring Capital

Know These Types of Business Loans

"Cash is king!" states a common business axiom. And this is generally true: Without strong cash flow and healthy operating funds, most businesses will struggle to meet day-to-day overhead and working capital expenses.

Many owners find that they need to seek outside sources for the capital required to keep their companies running smoothly. Not surprisingly, the first place they turn to is their bank. Before approaching your bank, it's a good idea to get up to speed on the different types of capital, or business loans, that banks typically offer. All business loans aren't the same - different loans are designed to meet different capital needs... (Read More)

Tax-Related Identity Theft -

Beware of This Season-Specific Type of Fraud

As you prepare your 2014 federal income tax return this spring, watch out for a growing problem: tax-related identity theft. With this type of crime, identity thieves use stolen personal information, such as Social Security numbers, to file forged tax returns and collect fraudulent tax refunds.

It's the season

Tax-related identity thieves usually strike early in the tax filing season. This often enables them to collect fraudulent refunds before their victims have filed their legitimate tax returns. Unfortunately, taxpayers usually don't find out that they've been victimized by a tax identity thief until they receive notice from the IRS that...(Read More)

Buy-Sell Agreements Can Ensure Continuity

If you own a closely held business with at least one other partner, certain steps can be taken to guard against business disruption if you or the partner unexpectedly dies or becomes disabled. One of the most important steps is to create a buy-sell agreement.

A buy-sell agreement is a critical component of business continuation and succession planning for partnerships. This agreement sets the terms, conditions and price at which an owner's business interest can be sold to another owner (or owners) before an unexpected tragedy happens. It also places a value on the business for federal estate tax purposes... (Read More)

Buying a Business Vehicle Before Year End May Reduce Your 2014 Tax Bill

If you're looking to reduce your 2014 tax bill, you may want to consider purchasing a business vehicle before year end. Business-related purchases of new or used vehicles may be eligible for Section 179 expensing, which allows you to expense, rather than depreciate over a period of years, some or all of the vehicle's cost...(Read More)

GilbertFIT Solves Problems

A GilbertFIT Case Study - Part Detective, Part Accountant

One of our clients came to us solve and difficult and immediate problem. A key financial employee retired without having trained a replacement or documenting their accounting process. As is the case with many longstanding small and medium sized businesses, supporting documents and key data were trapped in old legacy software. The accounting system was also...(Read More)