SJG Accounting & Tax Named 2014 Best of Alpharetta

Best of Alpharetta Accountant

S.J. Gorowitz Accounting and Tax Services P.C. was selected as a finalist for the 2014 Best of Alpharetta Award in the Accountants category. The annual Alpharetta Award Program identifies companies that have achieved business and community success. To qualify, finalists must enhance the positive image of small business through exceptional service to their customers and contribute to making Alpharetta a great place to live, work and play. “This award is such an honor because I call Alpharetta home,” said Stacey Gorowitz, CEO and President of SJ Gorowitz Accounting and Tax Services. “It’s exciting to be recognized as a leader in this community because we have provided outstanding service for more than 20 years and we plan to keep being a resource for a long time to come.” Various sources of information are gathered and analyzed to choose the winners in each category. The 2014 Alpharetta Award Program focuses on quality, not quantity. Winners are determined based on the … [Read more...]

Driving Deductibles with IRS Standard Mileage Rates

mileage, deductible

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

SJG Business Advisory Alpharetta

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...]

Good News about Allowable Contribution Limitations

Tax Year 2015 Allowable Contributions

Between 2013 and 2014, business owners and wage-earning employees saw almost no increases in allowable contribution and elective deferral limitations. Tax year 2014 was characterized by increased tax rates, increased wage limits for social security tax and numerous other indexed items. These limitations effectively took more out of tax payers take home pay, and did not increase the amount someone could save for retirement, tax deferred. We’re due for some good news, and it has arrived. Uncle Sam is helping us keep a little more of our earnings. In October, the Internal Revenue Service announced cost‑of‑living adjustments for tax year 2015. These changes impact the dollar limitations for pension plans and other retirement plan contributions. The change comes as a result of the cost-of-living index, which met statutory thresholds, triggering the adjustment. Some limitations will remain unchanged because the increase in the index did not meet the statutory thresholds that trigger … [Read more...]

Stacey J. Gorowitz Awarded Accounting and Estate Planning Professionals Award

Five Star Accounting and Estate Planning Professionals Award

Stacey J. Gorowitz, CPA, MBA is CEO of  S.J. Gorowitz Accounting & Tax Services, P.C., a boutique CPA firm supporting expanding and emerging businesses and their owners. In October, Atlanta Magazine and the Five Star Professional Organization awarded Stacey with the 2014 Atlanta Five Star Accounting and Estate Planning Professional Award. This honor was bestowed upon less than one percent of Certified Public Accountants who satisfied the ten eligibility and evaluation criteria, which included years in practice, an excellent client retention rate and favorable regulatory review. We exist to help companies and their owners to meet their immediate financial and business goals, and help them to lay a groundwork for success going forward. We provide consistently excellent service and current, reliable CPA focused knowledge that takes into account the goals of our clients, the specific nuances of their industry and the economic climate as a whole. This award is wonderful recognition … [Read more...]