From all of us at the Accounting Firm of David M. Muldowney, Jr., CPA, we wish you a very Merry Christmas and a Happy, Healthy, and Prosperous New Year! We would also like to take this time to thank everyone that we've been able to serve over the past year. I feel like a broken record, one I don't mind hearing over and over, but this year has been our best yet and it's all

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When most people think about improving their financial position and focus on cutting expenses they typically only think about excesses – going out to eat, going on vacation, buying elaborate gifts, etc.  Rarely do people think about the not-so-obvious but everyday ways to reduce expenses, mainly by reducing their household overhead.   Some of these include turning out the lights when no one is in the room, turning off the TV when no one is watching

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IRS suspected a fishing boat owner wasn't paying proper wages to his deckhand and sent an agent to investigate him. IRS AUDITOR: "I need a list of your employees and how much you pay them". Boat Owner: "Well, there's Clarence, my deckhand, he's been with me for 3 years. I pay him $1,000 a week plus free room and board. Then there's the mentally challenged guy. He works about 18 hours every day and does

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Let’s refresh the definition of Budget according to Miriam-Webster: Budget:  1)  an amount of money available for spending that is based on a plan for how it will be spent  (“How much did you budget for your new kitchen?”); 2) A plan used to decide the amount of money that can be spent and how it will be spent (“We have $x,xxx in our marketing budget this year.  How much should we budget for internet? 

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According to Miriam-Webster: Budget:  1)  an amount of money available for spending that is based on a plan for how it will be spent  (“How much did you budget for your new kitchen?”); 2) A plan used to decide the amount of money that can be spend and how it will be spent (“We have $x,xxx in our marketing budget this year.  How much should we budget for internet?  Direct mail? Other?”) While the word

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“A person who is required to file an information return with the IRS must obtain your correct taxpayer identification number (TIN) to report, for example, income paid to you, payments made to you in settlement or payment card and third party network transactions, real estate transactions, mortgage interest you paid, acquisition or abandonment or secured property, cancellation of debt, or contributions you made to an IRA.” (http://www.irs.gov/pub/irs-pdf/fw9.pdf) So what does that mean?!   Essentially the W-9

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The Masters; Super Bowl week; Marathon weekend. What do all of these events have in common?   They are all top events that draw a lot of spectators to an area.  They also demand high occupancy rates at hotels and/or condos.   They also last less than 15 days.   Why does that matter and why is an accountant mentioning it? "In most cases, you must include in your gross income all amounts you receive as rent.  Rental income

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Search “goal setting” on the Internet and you’ll find pages upon pages of results – definition of goals; blog posts related to goal setting; worksheets created to help you set your goals; videos of business/athletic/life coaches explaining the importance of goals, and the list goes on and on.   The reason for this is because the process of setting goals is so important.   Merriam-Webster defines a goal as “something that you are trying to do or

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For most individuals, the federal income tax rates for 2013 will be the same as last year.  However, the Taxpayer Relief Act, passed early this year, increased the maximum rates for higher-income individuals to 39.6% (up from 35%) on ordinary income and 20% (up from 15%) on capital gains and dividends.  These increases will hit married filing joint (MFJ) couples with taxable income above $450,000 ($400,000 for singles).  In addition, the new 0.9% Medicare tax

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Just a little financial humor... A young boy enters a barber shop and the barber whispers to his customer, “This is the dumbest kid in the world. Watch while I prove it to you.” The barber puts a dollar bill in one hand and two quarters in the other, then calls the boy over and asks, “Which do you want, son?” The boy takes the quarters and leaves. “What did I tell you?” said the

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