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Smith Executive Education invites you to leverage your organization’s unique mission and function to align with the growing knowledge base for sustainability practices in the workplace. Four weeks of online learning and a one-hour virtual live session with expert Dano Weisbord, Executive Director of Sustainability and Campus Planning at Smith College. This course is designed for your busy schedule, with four weeks of online learning and a one-hour virtual live session with faculty. Take advantage of this special introductory pricing

Holiday Party Planner

Many Ways to Celebrate

Lynn Kennedy says the Log Cabin, Delaney House, and Log Rolling catering services have something for every business during the holiday season, no matter their size. 

Companies have long celebrated the hard work they’ve done over the course of the year with a holiday party. Whether hosting a small gathering or a large corporate bash, plenty of restaurants, banquet facilities, and caterers in the Western Mass. area are willing to get the job done each year. Although these parties have been popular for decades, owners and managers say trends are always changing in how people want to celebrate the year and ring in a new one.

Lynn Kennedy says one of the most common things she hears from employers booking holiday parties is that they want to do something special for the people that work for them.

“This is something people don’t want to do halfway,” said Kennedy, director of Sales and Marketing at the Log Cabin. “They want to go all in because they realize it’s the best way for them to show their employees the appreciation they deserve for a lot of hard work that they put out there.”

While end-of-the-year holiday parties have long been a tradition for companies of all sizes, employers are finding new ways to show employees their appreciation this season.

Aside from the traditional but enjoyable small group parties and restaurant reservations, companies are going above and beyond to make sure all employees are able to join in the celebration, no matter how big the organization may be.

The Log Cabin offers a wide array of options for holiday parties, including small-group holiday parties that are always a hit. Indeed, the facility is hosting a total of six this year, as opposed to the usual four or five, because of how popular they are.

“This is something people don’t want to do halfway. They want to go all in because they realize it’s the best way for them to show their employees the appreciation they deserve for a lot of hard work that they put out there.”

The Starting Gate at GreatHorse is another popular venue for small-group holiday parties, including a Breakfast with Santa, a Holiday Dinner Dance with the Clark Eno Orchestra, and the annual Holiday Luncheon with Dan Kane & Friends.

Cathy Stephens, director of Catering Sales, says these events are affordable options for small to mid-sized companies looking to enjoy a festive night.

“It is cost-effective for the smaller and even the mid-size companies to host their holiday celebration at venues that are providing live entertainment and a festive menu that satisfies just about everyone,” she said. “It also provides the opportunity to network with other local businesses.”

In addition to Center Square Grill, Bill Collins recently opened another restaurant, HighBrow, in Northampton.

There is no shortage of businesses in the Western Mass. area, and all have their own preferences as to what kind of gathering will appeal to their employees. This encourages restaurants like Center Square Grill to expand their options and accommodate unique requests.

Owner Bill Collins says he does his best to work with any request, no matter how big or small, and often does so himself to make sure everything goes smoothly.

“What makes this restaurant stand out is that the owner is on deck,” he said, adding that General Manager Kim Hulslander is also frequently involved with booking parties. “If you want to call and work with me, you’re going to get me on the phone. You’re in ownership’s hands when you’re booking an event with us, and we see it through to the end.”

The holiday season poses a strong business opportunity for restaurants and banquet facilities, but it is also a great time for caterers.

“We have people who book at the end of the prior year. Once their holiday party finishes, most people, within a week or two, are booking already for the next year.”

Nosh Restaurant and Café in Springfield may be fairly small on the inside, but its catering business is booming, and uses creative food and elegant edible centerpieces to stand out from the competition.

“I think our food is super creative, and we present it beautifully,” said owner Teri Skinner. “It’s important to be creative in how you present the food, the taste, and the flavors. It’s really what a catering company is built on.”

These caterers are seeing a lot more business around the holidays over the past few years for a number of reasons. For this year’s holiday party planning issue, BusinessWest spoke with local restaurants and caterers about these changing traditions and how they strive to stand out among local competition.

Teri Skinner, owner of Nosh, says it’s important to be creative when it comes to food presentation.

Keep Them Coming Back

When Missy Baker at Arland Tool e-mailed Skinner to set up the company’s annual party, she sent just five short words: “all set for the 24th?” Skinner responded, “yes, we’re all set.”

That’s because this is the seventh or eighth time Skinner has hosted Arland’s annual party, and she knows exactly what they like and need.

“It’s great for the customer because they know I’m going to be there, they know the quality of food, and it’s great for me because I know how much they eat and how long it takes,” Skinner said. “It’s a very precise job that we can control very well.”

These kinds of relationships are not uncommon for restaurants and caterers, and it’s often the unique experiences customers have that keeps them coming back year after year.

Collins noted that a loyal clientele books parties at Center Square Grill every year.

“For us not being a big corporate chain, I just try to go above and beyond for the customer,” he said. “It’s worth it for me to do that to try to build in the business year after year.”

Some sites, like the Log Cabin, are so popular that regulars will book their next annual event just weeks after they enjoy their party this year.

“There are a lot of companies where their business is heaviest during this season, and it doesn’t make sense for them to actually have the celebration before Christmas, so they do it as a type of new-year celebration.”

“We have people who book at the end of the prior year,” Kennedy said. “Once their holiday party finishes, most people, within a week or two, are booking already for the next year.”

This mainly includes the larger parties that rent out big rooms at the Log Cabin for 300 to 400 people, like Tighe & Bond, Florence Bank, and PeoplesBank.

Because of the desire for a smaller, more intimate setting, Kennedy says the company’s Delaney House, where several rooms can fit 15 to 50 people, is also jam-packed during the holidays. Whatever the booking party’s size, she has seen an increase in catering over the last few years, which she credits partly to a changing workforce schedule.

“A major component of that is work schedules because you have first and second and third shifts of people,” she said. “Heads of businesses are really trying to figure out a way to incorporate their entire workforce in a holiday celebration and not just limit it to a particular time.”

These multi-shift businesses include news crews, manufacturers, and even hospitals, where it is nearly impossible to get everyone in the same room at the same time. This is where Log Rolling, the catering service for Log Cabin and the Delaney House, comes in handy.

“They’ll come in and ask us, ‘can you set up a breakfast for our morning crew? Can you set up a lunch for our afternoon crew? Can you set up a dinner for our evening crew?’ so everyone is kind of being hit at a different time and everyone gets to enjoy that holiday experience,” Kennedy said.

Making Spirits Bright

Caterers aren’t the only ones bringing unique styles to holiday celebrations. At Center Square Grill, Collins says customized packages are available for parties of any size, including both food and décor.

The restaurant offers packages for private dining that start at $20 and typically go up to $45 per person, although that isn’t the limit. Lower packages might offer unlimited alcoholic beverages with an entrée choice and a salad. With the $45 packages, everyone is greeted with a glass of champagne and gets an appetizer, salad, entrée, and dessert.

Collins also said he can arrange rooms in a variety of ways, with everything from decorated tables for a sit-down dinner to cocktail tables for a more casual night out.

“What’s unique about us is that you can come here casually, or you can come here dressed up, and you’re not going to feel bad in either direction,” he said. “We want you to be comfortable coming in for a burger and a beer or filet, oysters, and a bottle of champagne.”

Perhaps one of the most important parts about a holiday party is the quality and presentation of food, Skinner said. From everything from the plate the food goes on to the way the food itself is presented itself, Nosh puts together each “edible centerpiece” with with care.

“We call them edible centerpieces because they’re so beautiful when they go out,” she elaborated. “That’s how we build things here. We want them to look gorgeous and taste great, so that’s our goal at the end of the day.”

Cathy Stephens says events at Great Horse, including the holiday dinner dance and holiday luncheon, are perfect for businesses with a smaller budget.

More recently, Nosh catered a Halloween party for Northwest Mutual and provided edible centerpieces, appetizers, and a bartender dressed up for the spooky season.

Skinner agrees that catering has become more popular over the years and thinks a lot of people just want to feel comfortable and laid-back. “I think having it at home or at an office is relaxing,” she said.

Perhaps one of the most relaxing options all these restaurants have seen is the decision to hold off on a holiday party until the beginning of the following year to avoid the craziness of booking during peak season.

Kennedy says people normally book parties at the Log Cabin through the first few weeks of January, but some even book all the way into February.

“There are a lot of companies where their business is heaviest during this season, and it doesn’t make sense for them to actually have the celebration before Christmas, so they do it as a type of new-year celebration,” she said.

This happens frequently at restaurants in the area as well, and it’s the reason why Center Square keeps decorations up well into the new year so customers can still feel the holiday spirit even after the holidays are over.

In short, whether businesses are going with a new tradition or sticking with an old one, there is no shortage of options for holiday parties in Western Mass. — and banquet halls and restaurants say they’re happy to oblige.

Kayla Ebner can be reached at [email protected]

Smith Executive Education invites you to leverage your organization’s unique mission and function to align with the growing knowledge base for sustainability practices in the workplace. Four weeks of online learning and a one-hour virtual live session with expert Dano Weisbord, Executive Director of Sustainability and Campus Planning at Smith College. This course is designed for your busy schedule, with four weeks of online learning and a one-hour virtual live session with faculty. Take advantage of this special introductory pricing

Smith Executive Education invites you to leverage your organization’s unique mission and function to align with the growing knowledge base for sustainability practices in the workplace. Four weeks of online learning and a one-hour virtual live session with expert Dano Weisbord, Executive Director of Sustainability and Campus Planning at Smith College. This course is designed for your busy schedule, with four weeks of online learning and a one-hour virtual live session with faculty. Take advantage of this special introductory pricing

Smith Executive Education invites you to leverage your organization’s unique mission and function to align with the growing knowledge base for sustainability practices in the workplace. Four weeks of online learning and a one-hour virtual live session with expert Dano Weisbord, Executive Director of Sustainability and Campus Planning at Smith College. This course is designed for your busy schedule, with four weeks of online learning and a one-hour virtual live session with faculty. Take advantage of this special introductory pricing

Smith Executive Education invites you to leverage your organization’s unique mission and function to align with the growing knowledge base for sustainability practices in the workplace. Four weeks of online learning and a one-hour virtual live session with expert Dano Weisbord, Executive Director of Sustainability and Campus Planning at Smith College. This course is designed for your busy schedule, with four weeks of online learning and a one-hour virtual live session with faculty. Take advantage of this special introductory pricing

Senior Planning

Take care to prepare

What was once a demographic ripple has become a full-blown wave — and it’s getting bigger.

According to the U.S. Census Bureau, in 2000, the number of adults age 65 and older was 35 million, or 12.4% of the total population. In 2016, the number of seniors had risen to 49.2 million or 15.2% of the population.

By 2030, the bureau estimates, more than 20% of U.S. residents will have passed their 65th birthdays, and by 2035, that demographic will outnumber children younger than 18 — an unprecedented swing.


View the PDF flipbook HERE

 

What does all this mean?

It means it’s time to prepare — the sooner, the better.

As the Baby Boom generation continues to march into their retirement years — at the rate of 10,000 per day — Americans are living longer than ever. But what that life will entail, post-65, can wildly vary depending on lifestyle preferences, health status, finances, and more.

The questions are myriad. What levels of care are available, and what do they include? How will I pay for all of this, especially if I, or my parents, live well past 80 or 90? How do I approach mom or dad with my concerns that they might not be able to live alone anymore? What’s an estate plan, and what documents do I need to worry about?

It’s a lot to think about, and no single guide can answer all those questions. But hopefully, this special section will sort through some of the confusion and get those conversations started.

Local Business Advice

The Wealth Technology Group

By: Gary F. Thomas, JD, LLM, CLU, ChFC, AIF, CDFA

Earlier this year I received a call from “Jen”, a concerned client. She had just learned from her older brother that her widowed, elderly mother, who lives in Rhode Island, had fallen a couple of days before and had been admitted to the hospital with broken ribs and several fractures. Even though Jen was in the regular habit of calling her mother once or twice a week, the fall occurred shortly after their last conversation and was a shock.

Jen immediately dropped what she was doing and drove to the hospital. While visiting she perceived that her mother was suffering from more than the fractures, but was also somewhat disoriented, which Jen assumed was because of medications that were administered to alleviate pain.

When asked why she was not notified of the fall immediately she was told that mother and her brother who lived nearby just “didn’t want to worry her”. Of course Jen was worried, not only about her mother’s health but also about her mother’s finances, and whether any plan was in place to prepare for the unexpected. All along she had assumed that her brother, who was a retired comptroller, had everything under control.

When Jen questioned her brother, he said that even though he had dealt with finances for his entire life, he was uncomfortable talking to Mom about money, because it was too close to home. He wasn’t sure what planning their mother had done, whether or not she had even the most basic legal documents, and if so where they were located.

“They learned that their mother, who had lost her husband more than twenty years earlier, had never updated the documents after their father’s death.”

Unfortunately, they were forced to have the difficult conversation about money with their mother while she was still in the hospital, admittedly, not an ideal time. They learned that their mother, who had lost her husband more than twenty years earlier, had never updated the documents after their father’s death. Mom said that the lawyer who had prepared them had retired long ago, and she wasn’t sure where the originals were. More than that, she was not quite certain of her banking and financial accounts because the names of the institutions had changed so many times over the years, and she found it difficult to keep track of what she owned. Mom said she had just been assuming that, because of her son’s financial background “he would take care of things” should any health or financial issues arise.

Fortunately since her accident, Mom has returned home and appointments were made for the whole family to meet with a local attorney to complete some basic estate and elder law planning. Now, both Jen and her brother have located Mom’s insurance policies, financial accounts, and credit cards, and keep track of accounts monthly. They have updated the beneficiaries on life insurance and retirement accounts, which are now set up to avoid probate. For the first time, they have a clear picture of their mother’s assets, income and expenses.

Unfortunately, many incidents like this don’t quite turn out as well. Lack of planning and lack of time can cause a financial disaster. Often costly financial decisions are made in the heat of the moment and without full knowledge of the resources available, tax consequences, or the affect of the parent’s ongoing needs.

Our advice: Broach the conversation about money after you have completed your own estate and financial plan, then share with your parents what you have done, which may make it easier to begin the conversation.

 


Gary F. Thomas

JD, LLM, CLU, ChFC, AIF, CDFA

“Because it’s not what you make … it’s what you keep!”

Gary is the President of The Wealth Technology Group, with offices in Pittsfield and Westfield. His company serves over a thousand individuals and businesses in Massachusetts, Connecticut, and across the country, helping them reduce taxes, diversify their portfolios, and keep more of what they have.

Gary is a native of Pittsfield and is a graduate of the Massachusetts College of Liberal Arts and Western New England University Law School. He is a member of the Massachusetts Bar and holds the prestigious Master of Laws in Taxation degree from Boston University Law School. Gary is a Chartered Life Underwriter and a Chartered Financial Consultant. He is also certified as an Accredited Investment Fiduciary, having met the ethical and education standards of a prestigious network of forward-looking investment professionals dedicated to advancing fiduciary responsibility.

Gary has conducted courses on retirement planning, financial management, and estate planning at General Dynamics Corporation, Tubed Products, the Massachusetts Nurse’s Association, Plumbers and Pipefitters Locals 4 and 104, Westfield State University, Berkshire Community College and the Massachusetts College of Liberal Arts, and has lectured financial planning and insurance professionals throughout the U.S. and internationally on best practices and customer service. He specializes in education about safe money management and the maximization of pension and Social Security benefits, so that his clients enjoy a stress-free retirement.

Gary is a member of the Massachusetts Bar Association, the Financial Planning Association, the National Association of Insurance and Financial Advisors, and the International Association of Financial Planners; he sits on the Board of Directors of the MCLA Foundation. Last year, Gary was honored to be appointed a member of the Board of Trustees for Western New England University. He also underwrites programming for WHMP, Channel 57, and is a member of the Westfield Chamber of Commerce and the Better Business Bureau. He was chosen Outstanding Philanthropist of the Year for 2013 by the Western Mass Association of Fundraising Professionals.

Gary is a presence on local media and is sometimes called upon to comment on financial news. Every few weeks Gary also has some fun talking about financial topics with Bax & O’Brien on Rock102. His programs are available on the station websites, and are podcast on iTunes and at www.wealthtechnology.com. He has appeared nationally on Fox Business News, and has been quoted on the Forbes and CNN Money websites.

(800) 266-6793

[email protected]

www.wealthtechnology.com

Local Business Advice

The Wealth Technology Group

By: Gary F. Thomas, JD, LLM, CLU, ChFC, AIF, CDFA

A couple of weeks ago I spoke with a potential client on the phone who had recently purchased some trusts through an online service, and had questions about them. To create the trusts he spoke with an individual on the phone and filled out a short questionnaire listing his wishes, assets and beneficiaries. A short time later received the documents. He was told that the trusts would accomplish his three primary objectives:

Probate Avoidance

Estate Tax Reduction

Asset Protection

I responded that without reading the trusts carefully as well as knowing more about his current financial situation, it would be impossible for me to answer his concerns. We agreed to meet.

Bill arrived carrying a handsome, two-inch thick leatherette folio with his family name embossed in gold lettering on the cover. The binder included two trusts: a Revocable Living Trust and an Irrevocable Asset Protection Trust. Neither trust was funded. In addition, there was a “pour-over” will, designed to fund the Living Trust with probate assets at the time of Bill’s passing.

After chatting with Bill, I learned that he was seventy-three years old, and had two adult sons who were comfortable financially. Up until the creation of his trusts, he had a simple Will leaving all his assets to Martha, his wife of 40 years. She had recently passed after a lengthy illness, motivating Bill to reconsider his estate planning options.

Bill’s major assets included a sizable conservatively invested 401k which listed his children as beneficiaries. Bill’s other assets consisted of a couple of CDs, a modest checking account and a three-bedroom ranch built in the 1960s. Although Bill would be considered to be financially comfortable, his combined assets were only slightly above the one million dollar threshold for Massachusetts estate taxes, with no likelihood of approaching the Federal limits.

The trusts would not serve to avoid probate or to protect Bill’s assets. His major asset, the 401k, was already set up to avoid probate as it had named beneficiaries. As a retirement account it is protected from creditors under both Massachusetts and Federal law. Transferring his 401k to the Irrevocable Trust would necessitate cashing it out, resulting in an income tax disaster.

Bill asked what course he should take regarding the CDs and his home. He could, if he chose, transfer his CDs into either trust but as they were only a modest portion of his assets, the net effect of doing so would be marginal. And although he could transfer his home to the Irrevocable Trust in the hopes of protecting it from the high cost of long-term care, he would still be required to spend down his other assets to qualify for care.

Properly structured, drafted and funded, trusts are valuable tools for probate avoidance, asset protection and estate tax avoidance, but they are not needed by everyone. Basic estate planning documents such as a Will and a Durable Power of Attorney, with careful selection of beneficiaries plus proper insurance planning often produces the desired outcome.

Please consult a qualified professional who can assess your situation and guide you properly through your estate planning journey.

Social Security Informational Workshop: June 11, 13, 18, & 20th • 6:30 pm

Wealth Technology Conference Center – 130 Southampton Rd, Westfield, MA

 


Gary F. Thomas

JD, LLM, CLU, ChFC, AIF, CDFA

“Because it’s not what you make … it’s what you keep!”

Gary is the President of The Wealth Technology Group, with offices in Pittsfield and Westfield. His company serves over a thousand individuals and businesses in Massachusetts, Connecticut, and across the country, helping them reduce taxes, diversify their portfolios, and keep more of what they have.

Gary is a native of Pittsfield and is a graduate of the Massachusetts College of Liberal Arts and Western New England University Law School. He is a member of the Massachusetts Bar and holds the prestigious Master of Laws in Taxation degree from Boston University Law School. Gary is a Chartered Life Underwriter and a Chartered Financial Consultant. He is also certified as an Accredited Investment Fiduciary, having met the ethical and education standards of a prestigious network of forward-looking investment professionals dedicated to advancing fiduciary responsibility.

Gary has conducted courses on retirement planning, financial management, and estate planning at General Dynamics Corporation, Tubed Products, the Massachusetts Nurse’s Association, Plumbers and Pipefitters Locals 4 and 104, Westfield State University, Berkshire Community College and the Massachusetts College of Liberal Arts, and has lectured financial planning and insurance professionals throughout the U.S. and internationally on best practices and customer service. He specializes in education about safe money management and the maximization of pension and Social Security benefits, so that his clients enjoy a stress-free retirement.

Gary is a member of the Massachusetts Bar Association, the Financial Planning Association, the National Association of Insurance and Financial Advisors, and the International Association of Financial Planners; he sits on the Board of Directors of the MCLA Foundation. Last year, Gary was honored to be appointed a member of the Board of Trustees for Western New England University. He also underwrites programming for WHMP, Channel 57, and is a member of the Westfield Chamber of Commerce and the Better Business Bureau. He was chosen Outstanding Philanthropist of the Year for 2013 by the Western Mass Association of Fundraising Professionals.

Gary is a presence on local media and is sometimes called upon to comment on financial news. Every few weeks Gary also has some fun talking about financial topics with Bax & O’Brien on Rock102. His programs are available on the station websites, and are podcast on iTunes and at www.wealthtechnology.com. He has appeared nationally on Fox Business News, and has been quoted on the Forbes and CNN Money websites.

(800) 266-6793

[email protected]

www.wealthtechnology.com

Accounting and Tax Planning

Looking Back — and Ahead

April 15 has come and gone, and many people are not looking back on the recent tax season with fond memories. Indeed, for many there were surprises and refunds lower than expected. One of the keys to not being surprised or disappointed is planning, as in year-round planning.

By Danielle Fitzpatrick, CPA

Many taxpayers think about taxes only once a year, and that one time is when they are filing their income-tax return. However, taxpayers should be thinking about their taxes year-round.

Many people do not consider how a change in their life may affect their taxes until they see the outcome the following year. Surprises may be avoided if they were to seek the advice of their tax professional ahead of time.

Seeking the advice of a tax professional throughout the year is very important. Certified public accountants (CPAs) who specialize in tax are not just tax preparers. CPAs can be trusted advisors who can help meet your personal wealth-creation, business-management, and financial goals.

Danielle Fitzpatrick

Danielle Fitzpatrick

The 2018 tax-filing season brought some of the biggest tax-law changes that we’ve seen in more than 30 years, and left many taxpayers surprised with their tax outcome. Perhaps you were pleasantly surprised by the additional money you received because you have children, or maybe you were one of the many who were shocked because of the reduced refunds or liability that you owed for the very first time.

If you were unhappy with the results of your 2018 tax return, you now have an opportunity to plan for the future. Review your 2018 income-tax return and determine if changes need to be made. Did you owe money for the first time because your withholdings decreased too much, or because you are now taking the standard deduction due to the loss of several itemized deductions?

Consider this — if your income and deductions were to remain relatively the same in 2019 as they were in 2018, would you be happy with your results, or do you wish they were different?

“If you were unhappy with the results of your 2018 tax return, you now have an opportunity to plan for the future.”

After you have looked at your 2018 income-tax return, you should then consider what changes may need to occur in 2019. Your tax accountant can help you determine how an expected change can impact your tax liability and try to ensure that you are safe-harbored from potential underpayment penalties.

Individuals may be subject to underpayment penalties on both their federal and state returns if they do not meet specific payment requirements each year through withholdings and/or estimated tax payments. Your accountant can also help you determine if a change in withholdings at work or through your retirement is necessary, or whether there is a need to adjust or make estimated tax payments.

These changes can help you avoid, or reduce, any potential underpayment penalties.

There are so many changes in a person’s life that could impact their tax return. Some changes include, but are not limited to, getting married or divorced, having a baby, sending a child to college, retiring, or starting a new job.

Maybe you have decided to start your own business and now are responsible for self-employment tax. Or maybe you have decided that you need to sell that rental property or second home you have had for many years. Perhaps you are a beneficiary of an estate for a loved one who passed away or have decided to sell stock through your investments. These are all examples of changes that could significantly impact your taxes.

Businesses also experience changes that could have an impact on their business returns. These changes include, but are not limited to, purchasing or selling a business, investing in a new vehicle or piece of equipment, or maybe the company has grown and you want to start providing benefits to your employees.

All the above examples could have a major impact on your individual or business income-tax returns, and that impact could be reduced if you were to reach out to a tax professional for advice before the next tax season. Besides the changes briefly mentioned above, here are two lists of questions (personal and business) that may be helpful in your next discussion with your tax professional.

First, some questions to ask your accountant in relation to your personal taxes:

• How much should I be contributing to my retirement, and which type of retirement best suits my needs?

• Am I adequately saving for my children’s education, and should I consider an education savings plan?

• Do I have adequate health, disability, and life insurance?

• When should I start taking Social Security benefits?

• When do I sign up for Medicare?

• Have I properly planned for Medicaid?

• Do I need a will, or when should my existing will be updated?

• Should I consider a living trust?

• Are my bank accounts, retirement accounts, and investment accounts set up appropriately so they avoid probate if I pass away?

• Are my withholdings and/or estimated tax payments adequate?

• When should I sell my rental property, and how much should I expect to pay in taxes?

• Can I still claim my child as a dependent even though they are no longer a full-time student?

• I’m inheriting money from a loved one who passed away; will this affect my taxes?

• I’m thinking about starting my own business; how will this impact my taxes going forward?

• My financial advisor told me I would have significant capital gains; how will this affect my tax liability?

Here are some questions to ask your accountant in relation to your business:

• What business structure is most appropriate for my circumstances?

• How do I know if my business is generating a profit?

• Am I pricing my products and services properly?

• How would my business function if my bookkeeper left tomorrow?

• What controls should I have in place to prevent employees from misusing company funds?

• Should I upgrade my accounting software?

• Do I need compiled, reviewed, or audited financial statements?

• Are my withholdings and/or estimated tax payments adequate?

• Can I claim a deduction for an office in my home?

• Should I buy a new truck or equipment before year-end?

• Should I buy or lease a vehicle?

• Should I implement a retirement plan before year-end?

• What is the overall value of my business?

• What should my exit strategy be?

• What are the tax consequences of selling my business?

Whether you are experiencing a major change in your life or want to plan for your future, do not forget to reach out to your tax professional to determine how it may affect your income taxes. u

Danielle Fitzpatrick, CPA, is a tax manager at Melanson Heath. She is part of the Commercial Services Department and is based out of the Greenfield office. Her areas of expertise include individual income taxes and planning, as well as nonprofit taxes. She also works with many businesses, helping with corporate and partnership taxes and planning