- Realize losses on stock while substantially preserving your investment position. There are several ways this can be done. For example, you can sell the original holding, then buy back the same securities at least 31 days later. It may be advisable for us to meet to discuss year-end trades you should consider making.
- Businesses should buy machinery and equipment before year-end and, under the generally applicable "half-year convention," secure a half-year's worth of depreciation deductions in 2015.
- Unless retroactively changed by legislation, property expensing is greatly reduced in 2015; making qualifying expenditures can still reap thousands of dollars in current deductions that you wouldn't otherwise receive. Beginning in 2015, the expensing limit is $25,000, and the investment-based reduction for the dollar limitation starts to take effect when property placed in service in the tax year exceeds $200,000.
|Jeff Bowman, Ag Team Leader|
- Don't avoid "The Talk" because it is a touchy or fight-triggering subject.
- Obstacles like greed, family disharmony, control freaks, self-interest, and lack of contribution are tricky topics to air. Speak candidly and nip them in the bud with new solutions.
- Write down both small and major goals that every person can agree on.
- Schedule regular meetings with the entire family during the year and be sure that notes or recordings are taken at every meeting.
- Commit and execute the plan!
Our team specializes in succession planning, please watch the video to learn why this is so important for ag families.
Adriane Reams, Manager, CPA and Construction Team Member
Ian Grimbleby, CPA, Principal and Team LeadIan has been working with construction clients for over 10 years. He specializes in financial statements (audit, review or compiled) and tax returns, but he is also adept at contract/WIP review, accounting software consulting, and financial literacy education for owners and managers. "I enjoy working with construction clients because their work - structures, buildings, roads - is tangible," he says. "It takes discipline to accomplish the job. I like bringing a different perspective to the table and helping clients make better business and financial decisions."
Adriane Reams, Construction Team Manager and Co-Leader
Adriane has been working with construction clients for more than eight years. She provides software consultations, income tax planning and preparation, financial statement preparation, and job schedule preparation. "I enjoy the complexity involved in completing job schedules," she says. "There are always quirks that need to be figured out, just like solving a puzzle. I grew up in my dad's machining business, so I have a strong understanding of family-owned organizations."
Javier worked in the real estate industry (commercial lending, residential lending and sales) for more than 15 years. Since joining Grimbleby Coleman two and a half years ago, he has worked specifically with construction companies. His main role is to provide services to construction companies through the preparation of their tax returns and financial statements (compiled, review, or audit)."Working in the construction niche allows me to do the three things that I thoroughly enjoy: work with people, work with numbers, and work in the real estate industry," he says. "I've enjoyed learning the intricacies of how our construction clients get the project from bare dirt to a house or commercial building, as well as having the opportunity to work with clients that specialize in certain phases of construction projects."
Amanda has been working with construction clients for nine years, including payroll, certified reporting, bookkeeping (accounts receivable and accounts payable), job costing, billing, progressive billing, invoicing, and purchase orders. "I enjoy working with construction companies because every client is so different," she says. "Learning what clients need in order to be successful and to run their businesses efficiently is a continuous learning process for me and I feel like we both take something from each other."
Karen has been working closely with construction clients for six years to help with accounting services and setup with classifications and costing of jobs through payroll and direct labor costs. "It's like working a puzzle," she says. "I gain satisfaction when I'm able to get all the pieces to fit together correctly and the clients are happy. I love working with my clients and assisting with their accounting needs."
- Project Management Recommend Operational Processes
- Construction Software
- 1031 Tax Exchange for Construction