O'Brien Shortle Reynolds & Sabotka, PC
Certified Public Accountants in Rutland, VT
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Accounting & Audit
Accounting & Audit Services
You need reliable information to make confident decisions. Trust us to provide accurate information on a timely basis with our complete range of accounting, auditing and business advisory services, including:
Maintaining accounting and sales records
Financial statement preparation
Cash flow statements
General ledgers, and
Balance sheets
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Tax Planning & Preparation
Tax Planning & Preparation Services
Current tax laws are not only extremely complex, but as they continuously change they become even more difficult to keep up with while meeting the day-to-day demands of running your business. Our tax planning professionals create strategies to take advantage of new tax laws and legislation to minimize your current and future tax liabilities.
We provide
complete
tax preparation services for:
Individuals & Families
Corporations
Partnerships
Trusts
Estates
Not-for-Profit Organizations
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Financial Planning
Financial Planning
The world of increasing options makes it challenging to understand and make good choices for safely investing your hard-earned money and other assets for your future. Our advisors make the job easier by helping you make informed choices about your investments, your taxes and your future. Including:
Family Wealth & Estate Planning
Education Planning
Retirement Planning, and
Risk Management
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Accounting for Condos & HOAs
Compliance & Reporting for Condos and HOAs
We are certified compliance and reporting experts in the complexities associated with today’s condominium and homeowner associations including Form 5500 for homeowner associations. Our services include:
Monthly bookkeeping
Payroll and payroll tax preparation
Billing for association dues, and collections.
Compile, review, audit, and file annual financial statements
Prepare tax returns, and offer
Tax advisory services
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Expert Witness Services
Litigation Support & Expert Witnesses
We provide litigation support and expert witness testimony for business valuation matters. Whether a general business valuation, divorce settlement, or some other economic related issue, we can provide expert witness and consulting services — in and out of the courtroom.
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Certified QuickBooks
®
ProAdvisors
Certified QuickBooks
®
ProAdvisors
As Certified QuickBooks ProAdvisors we help businesses get the most out of their QuickBooks software. We provide a wide range of services including:
QuickBooks setup
Training
Payroll
Consulting
We also provide QuickBooks support to in-house bookkeepers through our QuickBooks Certified experts.
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Resources
Tax Center
Tax Center
We have assembled a wide range of links to to provides you with tools and information to complement our tax services.
Track your tax refund
Find useful calculators
Stay current on the latest tax issues affecting individuals and businesses.
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Tax Planning Guide
Tax Planning Guide
Recent tax reform has provided significant savings to individuals, families, investors and businesses. But, many of the opportunities are temporary. To help you make the most of the current tax breaks, our tax guide offers tips for minimizing your tax liabilities and maximizing your potential saving.
View Online, or
Download a Copy
2022-2023 Tax Planning Guide
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Tax Planning Guide
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Careers
Insights & Perspective
Claiming losses on depreciated or worthless stock
Have you bought stock that later became worthless? At least you can claim a deduction on your tax return. You can claim a capital loss equal to your basis in the stock, which is generally what you paid for it. The stock is treated as if it was sold on the last day of the tax year. This date is important because it determines whether the loss is long- or short-term. You may not discover that a stock is worthless until after you’ve filed your return for the year. In that case, you can amend your return for that year to claim a credit or refund due to the loss. This can be done for 7 years from the date your original return was due, or 2 years from the date you paid the tax, whichever is later.
Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances
You generally must pay federal tax on all income you receive but there are some exceptions. For example, compensatory awards and judgments for “personal physical injuries or physical sickness” are free from federal income tax under the tax code. This includes amounts received in a lawsuit or a settlement and in a lump sum or in installments. However, not all awards are tax-free. For example, punitive damages and awards for unlawful discrimination or harassment are taxable. And the tax code states that “emotional distress shall not be treated as a physical injury or physical sickness.” If you receive a court award or out-of-court settlement, consult with us about the tax implications.
There still may be time to make an IRA contribution for last year
If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until this year’s April 18 filing deadline and benefit from the tax savings on your 2022 return. For 2022 if you’re qualified, you can make a deductible traditional IRA contribution of up to $6,000 ($7,000 if you’re 50 or older). To be qualified, you must meet rules involving your income and whether you (or your spouse) are an active participant in an employer retirement plan. If you want more information, contact us or ask about it when we prepare your return.
Child Tax Credit The rules keep changing but it’s still valuable
Over the years, the Child Tax Credit (CTC) rules have changed significantly. For 2022 and 2023, the CTC applies to taxpayers with children under the age of 17 (who meet certain other requirements). The CTC is currently $2,000 for each qualifying child. A $500 credit for other dependents is available for dependents other than qualifying children. You qualify for the full amount of the CTC for each qualifying child if you meet all eligibility factors and your annual adjusted gross income isn’t more than $200,000 ($400,000 if married and filing jointly). Parents with higher incomes may be eligible to claim a partial credit. You must include the child’s Social Security number on your return.
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Monday
9:00 am - 5:00 pm
Tuesday
9:00 am - 5:00 pm
Wednesday
9:00 am - 5:00 pm
Thursday
9:00 am - 5:00 pm
Friday
9:00 am - 5:00 pm
Saturday
Closed
Sunday
Closed
(802) 773-8344
(802) 773-6351
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Lori A. Marcy
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Lori-Marcy
By
kasia
on
December 29, 2020
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Lori A. Marcy
