Ken Coyle, CPA, Managing PartnerBusy Season Ends with a Boom!Could we have been blessed with a more incredible day for Thunder Over Louisville this year? The festivities offered a perfect way to relax with friends and family and celebrate the wrap up of another busy season.With the arrival of Spring, our awareness of the importance of time increases. Not only do we seek the most efficient use of time, but we also plan around the passage of time (deadlines). In this issue, we offer information that can help you to maximize the benefits of time, from taking advantage of a one-time opportunity for tax-free rollover of funds from a traditional IRA to a health savings account (HSA), to making timely elections regarding the special use valuation of business property, to saving time through convenient online access to estimated tax information. Also inside are tips on selecting a financial advisor you can trust, which will free up your valuable time, increase your investment portfolio and minimize your risk –all at the same time. And as you’ve come to expect, we’ve included plenty of colorful photos and interesting tidbits. Our thanks to The Evening News for the incredible fireworks photo at right. The deadline to file nearly coincided with Thunder Over Louisville. Email Ken at Ken_Coyle@mnccpa.com  What a difference a view can make.This photo of the Thunder fireworks was taken from atop the McCauley Nicolas Centre. As an individual or business owner, it’s important to step back and take a rooftop look at your business or financial picture. We can help you do that, and there is no better time to get started than now! Give us a call, 288-6621.Tax Tips
Misty Schraer, CPAHealth Savings Accounts: Better than Ever?The new Tax Relief and Health Care Act of 2006 may give Health Savings Accounts (HSAs) a much-needed shot in the arm. Effective for 2007, the new law revises the rules in an attempt to open up HSAs to more of the general public.Background: An HSA is like an IRA for medical expenses. Your contributions can be deducted above-the-line or your company may make tax-deductible contributions on your behalf—or both. There’s no current income tax on the earnings within your account. continue reading...  Estate Planning
Ron Barnes, CPA, PFS, | Special Use Valuation: A Special Estate BreakYour business may be your most valuable asset. But it could end up costing your family a pretty penny in estate tax. In fact, your heirs may even be forced to sell the business to cover the estate-tax liability.However, with proper planning, your family may benefit from “special use valuation.” If this election is made by your executor, it can reduce the value of the estate by hundreds of thousands of dollars. The lower the value of the estate, the less estate tax your family has to pay—if any. continue reading... |  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Knight Bytes
James Osborne, II, | Four Ways to Reduce Computer RiskYou can improve the security of your systems—and peace of mind—by following four basic steps.1. Take initial precautions. When a new computer is brought online, you should apply operating systems updates, install an antivirus program and reset default passwords (e.g., the password for the administrator’s account). Consider the use of a firewall program, but check with your information technology personnel or computer advisor first. continue reading... |  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax News | Indiana’s Online Tax ViewIndiana individual and corporate taxpayers may now verify state estimated tax payments and balances online. This new feature saves time, helps to avoid delayed refunds, and identifies estimated discrepancies prior to filing. To access your estimated tax information, visit www.in.gov/dor/epay.continue reading... | For Important | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Advice | Selecting an Advisor You Can TrustOne of the most important decisions an investor can make is the choice of a financial advisor. When making this selection, surveys show that along with the financial expertise of the advisor, investors look for someone they can trust. However, trust is an intangible quality; it cannot be quantified in the same way that one would measure the skills of an advisor. Fortunately, several criteria can help you with this decision. In addition, using them can help minimize the risks of potential conflicts of interest.continue reading... | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
People and Events | ChesscapadesWelcome New Employees and Promotions... Visit our People Page!Congratulations... to Ron Barnes, recently appointed to Republic Bank’s Board of Directors to Mike Grinnan, recently earned his CITP designation which distinguishes CPAs with expert technology proficiency, certifies their credibility, and establishes them as premier providers of IT services. to Kevin Lippe for earning his CMA (Certified Management Accountant) designation More News on Events | People | Firm | Chocolate Passion When we sponsor a community event, we hope to be remembered. Our signature giveaway is a chocolate chess set. After giving away many chess sets, we finally got to sample our own at our after-tax bash. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| This is an advertisement | We at McCauley, Nicolasare eager to assist you with your business and personal accounting and consulting needs. Give us a call at812-288-6621 or contact Delene_Murray, 288-6621. |
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| © McCauley, Nicolas & Company, LLC | Spring 2007 Subscribe |Unsubscribe | Industry Ideas | 812-288-6621 |
