Heated debate ahead on tax reform proposals
President Obama recently said that he wants a tax reform/deficit
reduction package by August and lawmakers have many proposals to
consider. The President has introduced a $3.77 trillion budget for
...
Using your 2012 tax-year return to plan for the future
Did you owe tax on your 2012 tax return? Did you receive a sizeable
refund? Or, conversely, did you receive a smaller refund than you
expected? If so, take another look at your tax return from this...
The new 3.8 percent net investment tax continues to challenge
Questions over the operation of the new 3.8 percent Medicare tax on
net investment income (the NII Tax) continue to be placed on the
IRS's doorstep as it tries to better explain the operation of th...
How do I? Compute the small business health insurance credit
Under the Patient Protection and Affordable Care Act (PPACA), small
employers can claim a credit for providing health insurance for
employees and their families. Health insurance includes not only
...
FAQ: What is "cost of goods sold"?
A business that manufactures products to be sold, or purchases
products for resale, must value its product inventory at the
beginning and the end of each tax year to determine the cost of
goods sol...
May 2013 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for individu...
FAQ: What is a pre-tax benefit?
Most pre-tax benefits are ones that an employee elects to pay for
by using a portion of his or her compensation that would have
otherwise been taxed as salary. Other pre-tax benefits are paid by
y...
How do I?…Pay my payroll taxes electronically
The Electronic Federal Tax Payment System (EFTPS) allows
individuals and businesses to make tax payments by telephone,
personal computer or through the Internet....
Making gifts to minors: How generosity can help ease your tax bill
Making gifts is a useful, and often overlooked, tax strategy.
However, when thinking about whether to make a gift, or gifts, to
your children or other minors, the tax consequences must be
evaluated...
Legal considerations in gifts to minors shouldn't be overlooked
Is a property transfer to your child or other minor a possible
event on your horizon? If it is, just don't cover yourself on the
tax consequences of such transfers. There are important legal
considera...
Lots of cash in your business? Watch out for penalty taxes
It's always nice to have extra cash lying around in your business.
Say you've had a good year, but you want to wait awhile before
plowing the profits back into the business. Are there any
potential...
FAQ: The "nanny - housekeeper" tax
Q. My husband and I have a housekeeper come in to clean once a
week; and someone watches our children for about 10 hours over the
course of each week to free up our time for chores...
How do I? Compute my net worth
How much am I really worth? This is a question that has run through
most of our minds at one time or another. However, if you aren't an
accounta...
Newsletters
Welcome to Gallagher & Associates CPAs, PLC and thank you for visiting our Website. In addition to providing you with a profile of our firm and the services we provide, this Website has been designed to become a helpful resource tool to you, our valued clients and visitors. Our dedication to superior client service has brought us to the Internet as we endeavor to continue to provide the highest quality professional service and guidance.
As you browse through our Website, you will see that not only have we highlighted background information on our firm and the services we provide, but have also included useful resources such as informative articles (in our Newsletter section) and interactive financial calculators (in our Financial Tools section). In addition, we have taken the time to gather many links to external Websites that we felt would be of interest to our clients and visitors (in our Internet Links section).
While browsing through our Website, please feel free to contact us with any questions or comments you may have - we'd love to hear from you. We pride ourselves on being proactive and responsive to our clients' inquiries and suggestions.
Michelle F. Gallagher, CPA/ABV/CFF
Gallagher & Associates CPAs, PLC * Certified Public Accountants
Accounting, Tax, Business Valuation, Expert Witness & Forensic Accounting Services.