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Coordinate Education Tax Credits with 529 Plans
Firm Tapped as Service Associate
Your Trusted Advisors
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To learn more about the tax changes anticipated for 2014, please call us at 630-653-1616. Our partners and staff are ready to help you with your tax planning.
 
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211 S. Wheaton Avenue, Suite 300
Wheaton, IL 60187
630-653-1616

Coming Events Digital Calendar

 

Mathieson, Moyski, Austin & Co. once again is a proud sponsor of the Wheaton Chamber of Commerce's annual fall celebration, formerly known as the Steak Fry. But wait--it's been changed! This year, the Chamber is hosting a "Roast & Toast: A New Twist on an Old Fry," featuring a pig roast that promises to be an exciting new theme.

 

The event will be held from 5:30 p.m. to 9:00 p.m. on Thursday, September 11, at Danada House. This year MMA & Co. will be sponsoring the Carving Table Station. For more information or to register, visit the Wheaton Chamber of Commerce or call 630-668-6464.   



Although it's hard to believe it as we enjoy these warm and lovely end-of-summer days, the holidays will soon be upon us. Once again our firm will be sponsoring the 
Wheaton Lions Club "Reindeer Run 5K" on Saturday, December 6.


 

   

This run is promoted as a "holiday-themed 5K perfect for the serious and casual runner looking to get into the holiday spirit!"


Proceeds from the run go to the Wheaton Lions Club Charities and a portion of the proceeds from the 2014 Reindeer Run will go to the Ronald McDonald House near Central DuPage Hospital.


Fees are $30 per individual or $25 per person if part of a team of at least four people. Registration is open now and will close Dec. 11. For more information about the run and to register, click here.


 

 


 

 



 

Baby Boomers Redefine Retirement

Baby Boomers, the largest generation to ever hit the workforce, are redefining what it means to retire. Those people born between 1946 and 1964 are not, to paraphrase the poet Dylan Thomas, "going gently into that good night."

 

According to an article in Gallup Economy, nearly 49% of people who fall within the Baby Boomer generation report that they don't expect to retire until they are 66 or older. This is compared to the average age of retirement of 61, an age which moved up from 57 over the past two decades. And some 10% of Baby Boomers say they never plan to retire. 

 

Whether this trend is the result of the mindset of the Flower Power generation, people who aren't giving in to age without a fight, or driven by financial pressures, the numbers indicate that Baby Boomers will be part of the workplace for a long time to come. Some suggest that the extension of retirement age is because of that generation's commitment to (some even say "obsession with") work. And economists in the Gallup report refer to the "perfect storm" of company layoffs, stock and pension losses and the significant dip in home values as driving factors in the decision to delay or defer retirement. Combine that with lingering debt from the high-flying '80s and a lack of personal savings and you have a generation whose projected timeline for retirement has shifted--some to the age of 73.

 

Nearly a third of the workforce are still comprised of Baby Boomers working alongside Generation X and the Millennials. The challenge of organizations is to tap each of those generations for their strengths to create a workplace that responds to the gifts and talents of each.

 

For help planning your retirement strategy, whatever generation you belong to, please give us a call at 630-653-1616.

Coordinating Education Tax Credits with "529" Plans for College 


For families planning college tuition strategies, the "529" Plan was designed to allow parents to either prepay or contribute to an account in order to pay for a student's post-secondary education expenses. These plans, sometimes called "qualified tuition programs" (QTPs), are offered by states and some educational institutions. Distributions are entirely tax-free as long as they are used for qualified higher education expenses. 


The benefits of a 529 Plan need to be coordinated with any other education tax credits you may be taking. Qualified higher education expenses covered by the 529 Plan are more inclusive than education tax credits which only cover tuition and fees. Distributions from a 529 Plan can include books, supplies and equipment required for the student's enrollment at an eligible education institution. Room and board can be treated as a qualified expense, too, if the student is attending at least half-time. "Eligible" institutions include colleges and universities, vocational schools, and other post-secondary educational institutions.


Please let us help you when balancing the pros and cons of education tax credits vs. 529 Plans. We'd be happy to assist you in planning for you or your children's higher education in a way that will position you and your family with the highest allowable tax advantage within the tax codes.

Firm Tapped as Service Associate for IL Association of School Boards
 
We are proud to announce that the Illinois Association of School Boards (IASB) has invited Mathieson, Moyski, Austin & Co. to become a Service Associate of IASB, a distinction given by the Board of Directors to companies which have an exemplary record in serving school districts.

"This designation as a Service Associate is an honor," said Mike Moyski, CPA, partner of the firm. "We're pleased that this membership status reflects our commitment to provide services to school districts throughout Illinois, helping them function more efficiently and cost-effectively," he added. That helps not only parents and students, Mike said, but also the taxpayers supporting the districts.

Throughout the years MMA & Co. has developed an expertise in school district audits and currently provides accounting, auditing and other financial consulting for more than 40 school districts and related organizations. 

The Illinois Association of School Boards is a not-for-profit corporation organized by boards of education throughout the state and dedicated to excellence in local school district governance.
Your Trusted Advisors 

As the kids head back to school and we begin that transition from summer to fall, we're reminded that life has a rhythm that moves us through the seasons. This summer we've been busy with school district work which for us is a season unto itself. We're always thinking about ways to be of service to our clients who are business owners. Also, folks who see us only once a year for their April 15 tax deadline are never far from our hearts and minds!
 
Whether we're working on your family tax return, assisting you as a business owner or preparing for a school district audit, our team is focused on you, our client. Thank you as always for your business and for your referrals. We look forward to serving you this season and in the seasons to come. 
The Team at Mathieson, Moyski, Austin & Co., LLP
 
Jim Mathieson, CPA, Partner
Mike Moyski, CPA, Partner
Ron Austin, CPA, MST, Partner


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.