/Tag: Valerie Colin

Gumbiner Savett Inc. Announces a New Departmental Leader

By |2020-01-15T22:26:54+00:00January 15th, 2020|Blog, News|

Gumbiner Savett Inc., a full-service public accounting firm based in Southern California, has a new leader for its tax department. Valerie Colin, a senior tax shareholder in the firm, will now hold the position. David Thaw, CPA, MST, also a tax shareholder, steps down after seven years at the helm.   Thaw is also the co-leader [...]

Understanding the Home Office Deduction

By |2017-05-24T13:42:25+00:00March 19th, 2014|Articles, Business Advice, Tax Planning|

The deduction for expenses related to a home office can be attractive, but the rules can be confusing and often leave taxpayers wondering if they should bother with the deduction.  Understanding the rules is key.  Here we explain what you need to know, so that if you truly have a home office that meets the [...]

“Basis” is an Important Tax Concept

By |2017-05-24T13:42:26+00:00March 10th, 2014|Articles, Business Advice, Tax Planning|

Did you buy property for your business in 2013? Sell stocks or mutual funds? Receive an inheritance? In all of these events, your total investment in the property – known as basis – can affect your tax return. For instance, say you purchased a copy machine for your business during 2013. The amount of depreciation [...]

Give, Give, Give in 2012

By |2017-05-24T13:42:41+00:00August 20th, 2012|Articles, News, Tax Planning|

For 2012, the gift and estate tax exemption is $5.12 million and the maximum gift and estate tax rate is 35%. Absent additional legislation, for 2013 the exemption will drop to $1 million and the top tax rate will increase to 55%. It’s difficult to predict what Congress will do between now and then, so [...]

Key Charitable Donation Rules

By |2017-05-24T13:42:42+00:00July 30th, 2012|Articles, Tax Planning|

I recently wrote about the strict tax rules around charitable contributions. See Charitable Contributions and Tax Deductions. Below is a synopsis of the most frequently encountered charitable donation rules: Cash Contributions. No matter how small the amount, you need: A canceled check, credit card statement, or other banking record; or A receipt or other written [...]

Surviving an IRS Audit

By |2017-05-24T13:42:42+00:00July 5th, 2012|Articles, Tax Planning|

One word that can make taxpayers cringe is “audit.” Fortunately, chances are slim that you’ll experience an audit: In 2011, the IRS audited just over 1.5% of returns. However, certain triggers can boost the likelihood that your return is among those targeted. How do you get chosen for an IRS audit? There are several red [...]

Predicting Product Cycles

By |2017-05-24T13:42:43+00:00May 18th, 2012|Articles, Business Advice|

Managing Seasonal Product Inventory Distributorships in the business of handling seasonal merchandise know that correctly managing supply and demand can be the difference between being left with an empty warehouse (ideal) or the burden of leftover inventory (the result of poor planning) after peak season. Accurately forecasting the demand for seasonal merchandise isn’t easy, because [...]

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