Monday, August 27, 2007

I love accounting!

Thursday, August 23, 2007

4th Annual Pennewell Invitational

The 4th annual Pennewell Invitational (PI) will be played on October 6th at the challenging Walden Lake Golf Club in Plant City, Florida.
The PI will have a diverse group of contestants coming to play this year, with some familiar faces along with some "rookies" who will be new to the event. Last year's champions returning to defend their title are big hitting Scott Carter and level headed Tom Dorsch. It is expected that Charlie Jeromine and his hot shot partner, who came in a close 2nd last year, will be back seeking the title. Jay Allen and his partner, Ben, are preparing to make a run at the title with the expectation of winning back what they once held. Wayne Pennewell and Carl Walls, last year's 3rd place finishers are desperately hoping to maintain their position as #3 in an ever deepening field of contestants. Also expected back are long hitting Johny Groubert and his dad, John. Danny Reynolds and Terry Zipprer could make a run at the title this year, barring any medical injuries or rumors of such injuries. Plant City's own Larry Sellars will team with a new participant only known as "The Professor" in an attempt to keep the PI Title in Plant City. Long hitter Mark Pennewell will be paired with the tournament organizer, Nick Pennewell and the two plan on making a serious run at the tournament title.
Newcomers from Pinehurst are possible this year. Rumor has it that Emerson Rudicil and his partner are hot to take on the Pennewell and Walls team and knock them out of their #3 position. There is even talk of a 2nd group from the Pinehurst tournament, the Team of Larry and Luvell are planning on making a run at the title, if Emerson makes the drive. Other new groups invited to play this year are Mike Dejesus and Willie Tims and Taylor and Dennis. Whatever the outcome, the tournament will be a great time for all involved!

Monday, August 20, 2007

Gift Tax

Gift Taxes

IRS Guidelines-If you gave any one person gifts in 2006 that valued at more than $12,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts. The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value. It is the person who gives the gift that is liable for the tax.
Gifts include money and property, including the use of property without expecting to receive something of equal value in return. If you sell something at less than its value or make an interest-free or reduced-interest loan, you may be making a gift.

There are some exceptions to the tax rules on gifts. The following gifts do not count against the annual limit:
Tuition or Medical Expenses that you pay directly to an educational or medical institution for someone's benefit
Gifts to your Spouse
Gifts to a Political Organization for its use
Gifts to Charities
If you are married, both you and your spouse can give separate gifts of up to the annual limit to the same person without making a taxable gift.

Tuesday, August 07, 2007

Summer Tax Items

MOST taxpayers don’t think about their taxes until the start of the filing season in January. The other day I was asked by a rather astute business person if we could set up a meeting in January to give him some tax options for the current year? The time to evaluate tax stratgies is now, not next year. Steps such as getting the proper receipts from charities, adjusting your withholding or pursuing a tax strategy to increase your deductions are most effective if they are done well before year’s end.
Possible topics of personal interest are: how parents can get credit for sending their kids to day camp or reassessing your federal withholdings, charitable contributions, back-to-school advice, and the saver's credit amoung others.
There is also a vast array of possiblities available to the tax concerns of small business owners.