Ken Coyle, CPA, Managing PartnerLet's CelebrateThanksgiving is approaching, and this year I have something extra special to be thankful for: a little bundle of delight named Emma Elizabeth Coyle – my first granddaughter. She is reason to celebrate, and speaking of celebration, we plan to do that during the upcoming tax season. We want to reward those of you early birds who help us get a jump start on April 15th. Mark your calendars: February 12-14 will be special dates at McCauley Nicolas. The theme for Tuesday and Wednesday will be basketball, with the Cardinals, Wildcats and Hoosiers on the courts. Wear your favorite team colors, and enjoy fresh popcorn and giveaways. On Thursday, we will be celebrating Valentine’s Day with a chocolate fountain and tasty dipping foods.Bring your tax information to us on one of these three days and your name will be entered in a drawing for some great prizes, including a $100 voucher to be applied toward a travel purchase with The Travel Authority. We hope to see you! This issue is packed with valuable information, news and photos, so please take a few moments to gain some tips for your family or your business, and see what’s happening at the firm. Then pick up the phone and give us a call at 288-6621 to schedule a year end tax planning meeting or to speak to a Capital Asset Management investment advisor. Email Ken at Ken_Coyle@mnccpa.com  Our new year-at-a-glance calendar can be a handy resource in planning: Email or call us and we’ll send you one. Tax Tips
Elaine Norton, CPA, CSEP, ManagerWinners and Losers in the New Tax LawDespite its name, the new Small Business and Work Opportunity Tax Act of 2007 is more than a just a package of tax breaks for small businesses. It also includes several revenue-raisers that could have a significant impact on your personal tax return. Thus, the new law contains both "winning" and "losing" propositions for taxpayers.Here are some of the favorable tax provisions in the new law: Section 179 rules: Effective for the 2007 tax year, the new law increases the maximum amount that may be "expensed" (i.e., currently deducted) under Section 179 to $125,000. (It was scheduled to be $112,000 for 2007.) The new law also extends inflation indexing for the Section 179 limit and allows current write-offs for most off-the-shelf software through 2010. Finally, the phaseout threshold for the Section 179 deduction is generally increased from $450,000 to $500,000 for 2007 with indexing through 2010. continue reading...  Estate Planning
Ron Barnes, CPA, PFS, | Roth IRAs for the Younger GenerationHow can you teach your children or grandchildren to save for the future? It’s difficult, especially when their retirement is such a long way off. One idea: Inform them about the benefits of a Roth IRA. In fact, you can have them set up a Roth IRA just as soon as they earn their first full-time wages.Even though the contributions are nondeductible, Roth IRAs have several attractive features not offered in traditional IRAs. Most important, the earnings within a Roth IRA compound tax-free rather than tax-deferred. Also, one can withdraw the funds after age 59½ without paying income taxes as long as the account has been open at least five years. continue reading... |  | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Knight Bytes
James Osborne, II, | Assembling a Computer Backup PlanIn the event you have purchased a new computer for work or home, you are probably excited about getting the machine up and running. At this time, you are not likely to be worrying about the potential for disaster. Yet the dangers should not be ignored. Specifically, you could lose data due to damage caused by viruses, worms or software programs that affect your system. Or you might inadvertently delete files in a botched upgrade. In the worst-case scenario, a hard-drive failure could even destroy a business.Fortunately, you may be able to avoid any dire results by establishing a “backup” strategy for your computer. In this article, I will outline some of the basics. Starting point: If your system did not provide a recovery disk, create a backup of the system in its initial configuration. It is generally recommended to do this before installation of software programs that could slow down the system. continue reading... |  | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial AdviceCapital Asset Management Advisors, from left: Ron Barnes, President; Greg Rogers, Principal; Eric Kyereme, Portfolio Manager; Jay Conner, Investment Advisor. | Do You Let Your Ego Dominate Investment Decisions? Behavioral finance is a fascinating field. Behavioralists could be considered "investment psychologists," whose research can help us understand why investors act the way they do, which is often irrationally. One insight from this field is that individuals allow their egos to influence investment decisions. Let’s explore some of the ways egos can cause irrational decisions.continue reading... | For Important | |||||||||||||||||||||||||||||||||||||||||||||||||||||
People and Events UPCOMING on Dec. 6- Business First's Business of the Year Award Banquet, cosponsored by MNC | ChesscapadesWelcome New Employees and Promotions... Visit our People Page!Congratulations... to Ron Barnes, recently appointed to the Clark County Airport Board to Jason Thompson, recently earned his MCP designation (Microsoft Certified Professional) to Matt Beaven for earning ETS High Achiever recognition to Amanda Smitson for passing the CPA exam! to Dan McCauley, appointed to Greater Louisville Inc. Tax Advisory Committee to Jean Dolan, MNC's Bellarmine scholarship recipient More News on Events | People | Firm | Chocolate Passion See the show! The many winners of the MNC Chocolate Chess Set are featured on our website. Click to see!
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| © McCauley, Nicolas & Company, LLC | Autumn-Winter 2007 Subscribe |Unsubscribe | Industry Ideas | 812-288-6621 |
