Archive for January, 2014

How long do I need to keep all this paperwork?

Posted on:  January 28th, 2014
By:  Teresa Mason

In this digital age we have become more and more conscientious about the volumes of paper we store.  The question, then is, how long do I need to keep financial records?  If you are planning on a bit of spring cleaning and getting rid of some of that paperwork here are some guidelines to determine Read More

Last Updated by Teresa Mason November 20, 2014

Is Your Board of Directors Efficient and Effective?

Posted on:  January 27th, 2014
By:  Teresa Mason

It is indeed an honor and responsibility to be asked to serve on a company’s board of directors. One of the keys to how well your board functions is making sure that the individuals on the board have a clear picture of their roles and responsibilities. A for-profit company’s board of directors i Read More

Last Updated by Teresa Mason November 19, 2014

Can You Claim an Elderly Family Member as a Dependent?

Posted on:  January 27th, 2014
By:  Teresa Mason

As more baby boomers are moving into retirement and our population continues to age this is a question that may come up in your future. There are several specific tests that need to be passed to determine if someone can be claimed as your dependent.
First test – commonly called the support test. D Read More

Last Updated by Teresa Mason November 19, 2014

Deducting Out of Pocket Expenses as a Charitable Deduction

Posted on:  January 27th, 2014
By:  Teresa Mason

In order to deduct out-of-pocket expenses as a charitable deduction there are several things you need to do to make sure your deduction would stand up in an audit situation.
The first rule of thumb is to ensure that the expenses are specifically related to a particular charity. For example if you us Read More

Last Updated by Teresa Mason November 19, 2014