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
2019-2020 Tax Planning Guide
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Tax Planning Guide
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Careers
Insights & Perspective
Can Investors Who Manage Their Own Portfolios Deduct Related Expenses?
In some cases, investors have related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Currently, they’re only deductible if you can show that your investment activities rise to the level of carrying on a trade or business. In that case, you may be considered a trader, rather than an investor. A trader is entitled to deduct investment-related expenses as business expenses. A trader is also entitled to deduct home-office expenses if the home office is used exclusively on a regular basis as the trader’s principal place of business. However, be aware that trader status is difficult to achieve. Contact us with questions.
Tax implications of working from home and collecting unemployment
COVID-19 has resulted in many changes in our lives, and some of them have tax implications. For example, many employers have required employees to work from home. Unfortunately, employee business expense deductions (including expenses to maintain a home office) are disallowed from 2018 through 2025. However, if you’re self-employed and work from a home office, you can be eligible to claim home office deductions for your related expenses if you satisfy the strict rules. Another tax-related situation involves people who are laid off and collecting unemployment benefits. Be aware that these benefits are taxable and must be reported on federal income tax returns for the tax year received.
Homebuyers: Can you Deduct Seller-paid Points?
Despite the pandemic, the National Association of Realtors reports that existing home sales and prices are up nationwide, compared with last year. If you’re a homebuyer, you may wonder if you can deduct mortgage points paid on your behalf by the seller. Yes, you can, subject to some important limitations. For example, the rule allowing a deduction for seller-paid points doesn’t apply to points that are allocated to the part of a mortgage above $750,000 ($375,000 for marrieds filing separately) for tax years 2018 through 2025 (above $1 million for tax years before 2018 and after 2025). It also doesn’t apply to points on a loan used to improve (rather than buy) a home and in other situations.
Back-to-School Tax Breaks on the Books
Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or a combination. In any event, parents may be eligible for certain tax breaks to help defray the cost of education. For example, with the American Opportunity Tax Credit (AOTC), you can save a maximum of $2,500 for each full-time college or grad school student. This applies to qualified expenses including tuition, room and board, books and computer equipment and other supplies. But the credit is phased out for moderate-to-upper income taxpayers. This is only one of the tax breaks available for education. Contact us for assistance in your situation.
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Contact Us
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
Closed
Sunday
Closed
(802) 773-8344
(802) 773-6351
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802.773.8344
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Dividends
Dividends
Qualified dividends are taxed at the same rates as long-term capital gains.
Supporting Your Parents
Tax Strategies To Protect Your Future
