The core of our business is our clients.
We strive to exceed your stated goals by delivering comprehensive accounting solutions and innovative financial strategies. Our results accounting services are tailored to meet individual and business objectives based upon a combined platform of accounting, finance, and tax preparation, plus an array of development, advisory, and consulting services.
As Trusted Advisors, Hodges & Hart navigates the rapidly shifting landscape of marketplace opportunities. We build rewarding client relationships by offering advice, experience, and knowledge.
As trusted advisors, we work with a wide variety of clients-entrepreneurs to managers-from a wide variety of businesses, successful and challenged.
Transforming risk into opportunity
As a business, we experience many of the same issues our clients face every day; from assessing financial risk, evaluating costs, to retention of a quality team. In successfully meeting each short term issue, our firm prospers thereby driving growth and operating efficiencies into the future. From our vantage point, we’re able to make objective evaluations and considered suggestions that build a competitive business advantage.
No matter the size of your business or organization, we provide the experience and expertise to ensure a clear, fair and reliable presentation of your financial position.
Highly skilled in preparing a complete range of financial statements, you can rely on us to thoroughly review controls, systems and procedures.
We deliver innovated accounting strategies consistent with achieving our client’s stated goals and objective. We offer consultation in planning your next step, address current and evolving legal and regulatory concerns.
Whether a business, corporation or an individual, our dedicated team seeks to optimize tax savings, leverage tax structures and minimize risk.
Appropriately reducing or positioning the payment of federal, state, and local income taxes is a critical component of assembling and retaining capital from which wealth grows. Although income taxes may seem hopelessly complex, effective planning is a critical element in capitalizing on tax benefits.
Yearend Tax Considerations
Time sensitive and important issues
As the year quickly comes to a close the following is a reminder of vital yearend tax issues. It’s important to address these concepts early as they are time sensitive and will impact individual wages and preparation of W-2’s. All wage adjustments should be identified by mid-December and included in a payroll before yearend.
Personal use of an employer provided vehicle - auto inclusion: Where an employee or business owner is allowed use of an employer sponsored vehicle, the value of the vehicle must be calculated and added to the W-2. As such, the use of an auto is considered a fringe benefit subject to payroll taxes. Should your company use an outside payroll service, the business must provide the payroll provider with the computed auto inclusion amount by a particular date.
Hodges & Hart is available to assist in computing the correct auto inclusion amount.
Company Paid Health Insurance: “S” Corporation shareholders who are covered by company paid health insurance must include the total amount paid during the year to the business owner’s W-2 as federal and state wages, however the cost is not subject to social security and Medicare taxes.
Other Fringe Benefits: There are other items required to be included on an employee’s W-2 that must be communicated to the payroll provider. The most common items are Group Term life insurance over $50,000 per employee and moving expense reimbursement. For complete details click the following link IRS.gov or contact Hodges & Hart.
Personal Property Tax Return: The 2011 Personal Property Tax return is due March 1, 2012. The return is based on assets owned by the company at December 31, 2011. In January 2012 the company should receive a tax return from the County in which the business resides. Review the list and perform the following:
- Cross-out any items that have been sold or discarded and list the date of disposal.
- Write-in all new equipment purchased on or before December 3, 2011, report date acquired and cost.
- Third party financing arrangements, such as leasing, may collect the personal property tax throughout the year; therefore, those assets need to be listed separately on the return.
Hodges & Hart is available along the way to assist in answering questions, computing auto inclusion and guiding your business through the process.
Authored by: Brian Tanz, AVA, CBA & Director
IRS Circular 230: To ensure compliance with IRS Circular 230, any U.S. Federal tax advice contained in this communication (including any attachments, enclosures, or other accompanying materials) is not intended or written to be used, and cannot be used, by the recipient or any other taxpayer for the purpose of avoiding penalties that may be imposed on the recipient or any other taxpayer; furthermore this communication was not intended or written to support the promotion, marketing of any of the transactions or matters it addresses. The underlying provisions put forth in IRS Circular 230 are also applicable to all state and local taxing jurisdictions.
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