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.
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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
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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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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.
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2022-2023 Tax Planning Guide
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Insights & Perspective
Questions you may still have after filing your tax return
If you’ve filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up. 1) When will your refund arrive? Go to irs.gov and click on “Get Your Refund Status” to find out. 2) How long should you save tax records? In general, save them for three years after filing although you should keep the actual returns indefinitely. However, there are exceptions to this rule. 3) If you overlooked claiming something on your return, can you still claim a refund for it? You can generally file an amended return to claim a refund within three years after the date you filed the original return or two years from the date you paid the tax.
The IRS clarifies what counts as qualified medical expenses
If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions addressing when certain costs are qualified medical expenses for federal income tax purposes. For example, the costs of over-the-counter (non-prescription) drugs generally don’t count as qualified medical expenses. However, the cost of insulin is eligible. The cost of a weight-loss program is a qualified medical expense only if it treats a specific disease diagnosed by a physician such as obesity, diabetes, hypertension or heart disease
Tax news for investors and users of cryptocurrency
Two developments for crypto users and investors: 1) Taxpayers must now check a box on their returns indicating whether they received digital assets as payment for property or services or whether they sold, exchanged or transferred digital assets that were held as capital assets. If “yes” is checked, taxpayers must report income related to the transactions. 2) A 2021 law extended reporting rules, similar to those required by stockbrokers, to crypto exchanges, custodians and platforms and to digital assets. The new rules were scheduled to be effective for 2023 transactions. But the IRS has postponed the effective date until it issues final regs that provide instructions.
There’s a favorable “stepped-up basis” if you inherit property
Have you inherited assets or are you planning your estate? You may not understand how tax “basis” works. Under the tax code “step-up” rules, an heir receives a basis in inherited property equal to its date-of-death value. For example, if your grandfather paid $500 for shares of an oil stock in 1940 and it’s worth $5 million at his death, the basis is stepped up to $5 million for your grandfather’s heirs. That means all that gain escapes federal income tax! If your grandfather instead made a gift of the stock during his life (rather than passing it on at death), the “step-up” in basis (from $500 to $5 million) would be lost. Contact us for tax guidance with estate planning or inheritances.
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Monday
8:00 am - 4:00 pm
Tuesday
8:00 am - 4:00 pm
Wednesday
8:00 am - 4:00 pm
Thursday
8:00 am - 4:00 pm
Friday
8:00 am - 4:00 pm
Saturday
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Sunday
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(802) 773-8344
(802) 773-6351
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Tax-wise ways to save for college
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Saving for College
Saving for College
By
kasia
on
January 24, 2023
in
Tax-wise ways to save for college
