A letter from SJG Founding Partner and CEO, Stacey Gorowitz

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In 1991, I opened shop. I left the world of the Big Four to launch S.J. Gorowitz Accounting & Tax Services, P.C. with the goal of offering executive level accounting, tax and business advisory support to emerging, growth-oriented companies. Since that time, SJG has evolved as much as the clients we support. We’ve built a team of strong accounting and tax professionals, and supported clients in countless industries. We’ve earned awards and a reputation among clients and partners as a boutique CPA firm that provides the highest level of care. Some things haven’t changed. We were founded on – and continue to be – a firm built on strong values. At SJG, clients know they will be served with the highest standards of integrity and authority. They rely on us for a commitment to building and sustaining genuine relationships. We work every day to help the owners of emerging companies to meet their financial and business goals. As we look toward our 25th year of taking care of … [Read more...]

Driving Deductibles with IRS Standard Mileage Rates

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If you’re a small business, knowing how, what and when to deduct for business use of your company vehicles can make a big difference in your tax rates at the end of the year. The Internal Revenue Service has issued its 2015 optional standard mileage rates for business, charitable, medical or moving uses. Here’s what you need to know now to make the most of the deductions. Every year, the IRS sets standard mileage rates for business based on an annual study of fixed and variable costs of operating an automobile, including depreciation, insurance, repairs, tires, maintenance, gas and oil. Rates for medical and moving purposes are based on variable costs like gas and oil. You need to keep in mind a few points when considering whether deductions apply to you: Business miles are miles you’ve driven specifically for business (e.g., to meet with a client or your accountant) Business miles are NOT miles driven between home and your workplace – those are commuting miles, and are not … [Read more...]

Five Questions to Ask to Put Your Financial Books in Order for 2015

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As we approach the end of 2014, many small businesses are looking eagerly at the potential in 2015. Knowing how to close out the year at hand is vital to starting your businesses off on the right foot in the new year. With five simple questions, you can make sure your financial books are in order, helping you to gauge the health of your business and plan with confidence. Here are the five questions to ask as you plan toward a successful 2015. Do you have multiple businesses? Is your accounting and record keeping set up separately for each company, and kept separate from your personal finances? Making sure you have a clear picture of operations is Step One to good financial management for your business and your personal finances. Are your records current? Do your financial statements show, with certainty, where you stand in terms of cash, accounts receivable, accounts payable, net income and gross profit? Keep all records current and formatted in a clear, usable document that … [Read more...]

How to Handle 2014 Tax Planning in a Lame Duck Congress

November ushered in the 2014 lame duck session of the 113th Congress. It has implications for everything from Ebola, to immigration, to tax breaks. While all of these issues are pressing, for expanding and emerging businesses and their owners, it is those pieces of tax legislation that imply direct, material impact. What is a lame duck?  Let’s start from the top. What is a lame duck? It’s a funny term for a not-so-amusing situation. A lame duck is a politician who is on his or her way out of office (currently, there are 85) and who therefore is unable to effect change. A lame duck session is the window of time during which one Congress meets after its successor is elected, but before the new Congress convenes the following January. The 2014 lame duck session is significant because Democrats are the sitting members of the existing Congress, and the new Congress has a Republican majority. Change is afoot, and there is real concern about whether they will be able to get anything … [Read more...]