OBrien 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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Individuals & Families
Corporations
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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
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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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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
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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
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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
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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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2023-2024 Tax Planning Guide
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Insights & Perspective
Evaluate whether a Health Savings Account is beneficial to you
A Health Savings Account offers a tax-favored way for eligible individuals (or their employers) to set aside funds to meet medical needs. Among the tax benefits: 1) contributions are deductible within limits; 2) earnings in the HSA aren’t taxed; 3) contributions an employer makes aren’t taxed; and 4) distributions to pay qualified expenses aren’t taxed. An eligible employee must be covered by a high deductible health plan (HDHP). For 2023, an HDHP has an annual deductible of at least $1,500 for self-only coverage or $3,000 for family coverage (for 2024, $1,600 and $3,200). For 2023, an individual can contribute $3,850 ($7,750 for a family). For 2024, these amounts will be $4,150 and $8,300.
Investment swings: What’s the tax impact?
Have your investments fluctuated wildly this year? You may have already recognized gains and losses. But nothing is decided tax-wise until all the gains and losses from 2023 trades are tallied up at year end. If you’ve had swings in the value of a tax-favored 401(k), traditional IRA, Roth IRA or SEP, there are no current taxes. These changes affect the account value but have no tax impact until you take withdrawals. At that point, your account balance(s) will affect your taxes. (Qualified Roth withdrawals after age 59½ are tax-free.) With taxable accounts, the cumulative gains and losses from trades during the year are what matter. Unrealized gains and losses don’t affect your tax bill.
Plan now for year-end gifts with the gift tax annual exclusion
Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax. The exclusion amount for 2023 is $17,000.
Selling your home for a big profit? Here are the tax rules
Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in July of 2023 rose 1.9% over July of 2022 after a couple years of much higher increases. The median home price was $467,500 in the Northeast, $304,600 in the Midwest, $366,200 in the South and $610,500 in the West. Be aware of the tax implications if you’re selling your home or you sold one in 2023. You may owe capital gains tax and net investment income tax (NIIT).
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(802) 773-6351
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Year-end tax planning ideas for individuals
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year-end-tax-planning
year-end-tax-planning
By
Nate Fineberg
on
September 28, 2022
in
Year-end tax planning ideas for individuals
