Greetings!
Welcome to the
Fourth Quarter 2006 issue of Sechrest Financial Services, LLC's enewsletter. It is our intention to keep you informed and up-to-date about the issues that are important to you as you navigate your financial future.This article from the Massachusetts Society of CPAs entitled
Health Insurance Options for the Self-Employed, is an overview of some of the health insurance options available to self-employed workers.Information in this newsletter is for general purposes only and should not be construed as advice. You should consult Sechrest Financial Services, LLC at 978-263-7771, about specific recommendations for your particular situation.
In This Issue
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About UsHealth Insurance Options for the Self-Employed
Massachusetts Society of Certified Public Accountants, Inc.
Monday, August 16, 2004
Finding and paying for health insurance is one of the most pressing concerns for self-employed workers. Although the cost of medical coverage is climbing, there is some good news. According to the Massachusetts Society of CPAs, self-employed individuals can deduct 100 percent of health insurance premiums that you pay yourself, your spouse and dependants, up to certain limits. And since it's an above-the-line deduction, you're eligible even if you don't itemize.
Following is an overview of some of the health insurance options available to self-employed workers. Be aware that insurance laws vary from state to state, so you should start your search by checking with your state insurance department.
Read on...Tax Hint - Standard Mileage Rates
by
Kristin M. Cressman, CPAStandard Mileage Rates
Beginning on 1/1/06 the standard mileage rate that can be used for deducting
business miles driven in a car, van, pickup or panel truck is 44.5 cents per mile. Miles driven for medical purposes or moving can be deducted at a rate of 18 cents per mile. Deductible miles driven for charitable purposes are set at a rate of 14 cents per mile.It should be noted that taxpayers cannot deduct mileage if they have used accelerated depreciation or used a section 179 deduction for that particular vehicle. Taxpayers are also prohibited from deducting mileage if they utilize the car for hire or use five or more cars simultaneously.
Comparatively, the deductible mileage rates for tax years beginning 1/1/07 are as follows:
Mileage Type
2006 2007
Business Management Hint - QuickBooks®
by
Cynthia G. Sechrest, CPA, PFSQuickBooks®
Is your QuickBooks® program running too slowly? If so, here are some hints you might find useful.
Is your hard drive too full?
Once your hard drive is too full, you'll begin to notice that your whole system tends to run slower.
To maintain your hard drive performance, keep at least 10% of the size of the hard drive free. So if you have a 5 GB hard drive, keep at least 500 MB free.
Is the Audit Trail Active?
If you have version 2006 or later, the audit trail is always on, but in earlier versions you can disable the audit trail. However, we do not recommend this.
Are several reports open?
If you have reports open and the Reports & Graphs preference is set to "refresh automatically", the open reports automatically recalculate each time you add new transactions.
To improve the performance, either close all open reports, and/or turn off the "refresh automatically" preference in the Reports & Graphs preferences.
Is the data file too large?
If your data file is too large, performance will suffer. Call us for help with this aspect of checking your QuickBooks® file size. You may need to condense your data or start a new file.
Condensed from "Troubleshooting Slow Performance" by Doug Sleeter; August, 2006.
Let Us Introduce You
by
Jarod J. Bloom, CPA, CFPRapport International
We work with a number of interesting clients in the immediate area. This month, we'd like to spotlight
Rapport International, a company that offers foreign language translation (written) and interpretation (spoken) services. They offer quality language services to companies such as Blue Cross Blue Shield, Wellington Management, the State of MA, the US Federal Government, and The First Years, among others.The company will be celebrating its 20th year in business next year. This growing firm maintains long-term relationships by providing excellent customer service and a willingness to educate clients on language issues. For more information about the many services they provide, please visit their web site at
www.rapportintl.comTell Us What You Think
Copyright 2006 all rights reserved.
Sechrest Financial Services, LLC is a full service financial planning and wealth management firm. We value your input and invite you to contact us with any questions, concerns or ideas you may have. Please feel free to call us at either 978-263-7771 or 978-795-1284.
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