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To Learn More
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To learn more about the tax changes anticipated for 2015, please call us at 630-653-1616. Our partners and staff are ready to help you with your tax planning.
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Getting Your Zzzzzs is Key to Business Success and Good Health
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| Sleep deprivation is costing US workers more than productivity: for some, it's costing them their lives.  According to an article in Psychology Today, lack of sleep impacts businesses, causing higher risks of industrial accidents, motor vehicle accidents and lost productivity. Citing studies by the Centers for Disease Control and Prevention as well as medical research, the authors report that 30 percent of American workers get fewer than 6 hours of sleep per night. The result: increased risk of stroke, heart attack, obesity and even premature death. The good news? Adding just one additional hour to our sleep can boost brain power, slow the aging process and help control weight. Good "sleep hygiene" includes creating a technology-free sleep zone and steering clear of alcohol and caffeine before bedtime. There's also a movement afoot to bring siestas to the workplace. Professor Vincent Walsh of University College London proposes that 30 to 90 minute naps at work increase productivity and creativity. Famous nappers include Leonardo da Vinci, Thomas Edison, Eleanor Roosevelt and Presidents Kennedy, Johnson and Reagan. |
| When Hiring Your Child Can Be a Good Tax Strategy If you're a business owner, there are certain tax advantages to hiring your children to work in your business. As a sole proprietor or someone who is in a partnership, you may be able take advantage of this strategy. Payments made as wages to your children are deductions to the business, and young employees might owe little or no tax on their income. In 2015, a self-employed parent could pay their child $6,300 of earnings and the child would owe no federal income tax.  Also, wages paid from a parent to a child are not subject to Social Security and Medicare taxes if the business is a sole proprietorship or a partnership in which each partner is a parent of the child. A parent could use this opportunity to start saving for his or her child's retirement as wages paid to the child could be contributed to a traditional IRA or Roth IRA. The only way to take advantage of this strategy is if the child actually works for the business and the wages paid to the child are reasonable for the services performed. If you are considering hiring your child, please contact us to determine if your business is able to take advantage of all of these options as well as how to properly set up and document the process. |
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Your Trusted Advisors
Tax season is upon us and we're busy making sure all of our clients are getting the service they deserve. If you need to make an appointment, have a question or need guidance about what you'll need to complete your 2014 taxes, please give us a call at 630-653-1616. Our team is working long hours to ensure your needs are met. Don't forget that you can use your client portal to share your documents--let us know if you need help with yours.
Thank you for the trust you place in us during tax season and every other season of the year.
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The Team at Mathieson, Moyski, Austin & Co., LLP
Jim Mathieson, CPA, Partner
Mike Moyski, CPA, Partner
Ron Austin, CPA, MST, Partner
Brett Mathieson, CPA, Partner
Brian Eisenmenger, CPA, Partner
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CIRCULAR 230 NOTICE: IRS regulations require us to advise you that, unless otherwise specifically noted, any federal tax advice in this communication (including any attachments, enclosures, or other accompanying materials) was not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of avoiding penalties; furthermore, this communication was not intended or written to support the promotion or marketing of any of the transactions or matters it addresses.
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