e-YWM Alert #23- Year-end Planning

Yanari Watson McGaughey P.C.Financial Consultants/Certified Public Accountants 9250 E Costilla Ave, Suite 450, Greenwood Village, CO 80112 www.ywmcpa.com 303.792.3020

e-YWM Alert #23- Year-end Planning  The letter below was sent to all clients near the end of November. For those of you who have not yet received a copy, or prefer an electronic version the letter has been reproduced below. The planning strategies outlined below are all briefly summarized, and may have additional tax consequences in your specific tax situation that have not been addressed. For information on how any of these strategies can be best utilized by you or your business please contact our office at 303-792-3020.  Year-end planning is a bigger challenge this year than in past years because, unless Congress acts, tax rates will go up next year, many more individuals will be snared by the alternative minimum tax (AMT), and various deductions and other tax breaks will be unavailable. To be more specific, as a result of expiring Bush-era tax cuts, individuals will face higher tax rates next year on their income, including capital gains and dividends, and estate tax rates will be higher as well. The AMT problem arises because, for 2012, AMT exemptions have dropped and fewer personal credits can be used to offset the AMT. Additionally, a number of tax provisions expired at the end of 2011 or will expire at the end of 2012. Rules that expired at the end of 2011 include, for example, the research credit for businesses, the election to take an itemized deduction for State and local general sales taxes instead of the itemized deduction permitted for State and local income taxes, and the above-the-line deduction for qualified tuition expenses. Rules that will expire at the end of this year include generous bonus depreciation allowances and expensing allowances for business, and expanded tax credits for higher education costs. These adverse tax consequences are by no means a certainty. Congress could extend the Bush-era tax cuts for some or all taxpayers, retroactively "patch" the AMT for 2012 to increase exemptions and availability of credits, revive some favorable tax rules that have expired, and extend those that are slated to expire at the end of this year. Which actions Congress will take remains to seen and may well depend on the outcome of the elections. While these uncertainties make year-end tax planning more challenging than in prior years, they should not be an excuse for inaction. Indeed, the prospect of higher taxes next year makes it even more important to engage in year-end planning this year. To that end, we have compiled a checklist of actions that can help you save tax dollars if you act before year-end. Many of these moves may benefit you regardless of what Congress does on the major tax questions of the day. Not all actions will apply in your particular situation, but you will likely benefit from many of them. We can narrow down the specific actions that you can take once we meet with you to tailor a particular plan. In the meantime, please review the following list and contact us at your earliest convenience so that we can advise you on which tax-saving moves to make. We also should schedule a follow-up for later this year to see whether the November election results will require changes to year-end planning strategies. Year-End Tax Planning Moves for Individuals * Increase the amount you set aside for next year in your employer's health flexible spending account (FSA) if you set aside too little for this year. Keep in mind that beginning next year, the maximum contribution to a health FSA will be $2,500. And don't forget that you can no longer set aside amounts to get tax-free reimbursements for over-the-counter drugs, such as aspirin and antacids. * If you become eligible to make health savings account (HSA) contributions late this year, you can make a full year's worth of deductible HSA contributions even if you were not eligible to make HSA contributions for the entire year. This opportunity applies even if you first became eligible in December. In brief, if you qualify for an HSA, contributions to the account are deductible (within IRS-prescribed limits), earnings on the account are tax-deferred, and distributions are tax free if made for qualifying medical expenses. * Realize losses on stock while substantially preserving your investment position. There are several ways this can be done. For example, you can sell the original holding, then buy back the same securities at least 31 days later. It would be advisable for us to meet to discuss year-end trades you should consider making. * If you are thinking of selling assets that are likely to yield large gains, such as inherited, valuable stock, or a vacation home in a desirable resort area, try to make the sale before year-end, with due regard for market conditions. This year, long-term capital gains are taxed at a maximum rate of 15%, but the rate could be higher next year as noted above. And if your adjusted gross income (as specially modified) exceeds certain limits ($250,000 for joint filers or surviving spouses, $125,000 for a married individual filing a separate return, and $200,000 for all others), gains taken next year (along with other types of unearned income, such as dividends and interest) will be exposed to an extra 3.8% tax (the so-called "unearned income Medicare contribution tax"). * If you are in the process of selling your main home, and expect your long-term gain from selling it to substantially exceed the $250,000 home-sale exclusion amount ($500,000 for joint filers), try to close before the end of the year (again, with due regard to market conditions). This can save capital gains taxes if rates go up and can save the 3.8% tax for those exposed to it. * You may own appreciated-in-value stock and you want to lock in a 15% tax rate on the gain, but you think the stock still has plenty of room to grow. In this situation, consider selling the stock and then repurchasing it. You'll pay a maximum tax of 15% on long-term gain from the stock you sell. You also will wind up with a higher basis (cost, for tax purposes) in the repurchased stock. If capital gain rates go up after 2012 and you sell the repurchased stock down the road at a profit, the total tax on the 2012 sale and the future sale could be lower than if you had not sold in 2012 and had just made a single sale in the future. This move definitely will reduce your tax bill after 2012 if you are subject to the extra 3.8% tax on unearned income.   * Consider making contributions to Roth IRAs instead of traditional IRAs. Roth IRA payouts are tax-free and thus immune from the threat of higher tax rates, as long as they are made (1) after a five-year period, and (2) on or attaining age 59-1/2, after death or disability, or for a first-time home purchase.   * If you believe a Roth IRA is better than a traditional IRA, consider converting traditional IRAs to Roth IRAs this year to avoid a possible hike in tax rates next year. Also, although a 2013 conversion won't be hit by the 3.8% tax on unearned income, it could trigger that tax on your non-IRA gains, interest, and dividends. Reason: the taxable conversion may bring your modified adjusted gross income (AGI) above the relevant dollar threshold (e.g., $250,000 for joint filers). But conversions should be approached with caution because they will increase your AGI for 2012. And if you made a traditional IRA to Roth IRA conversion in 2010, and you chose to pay half the tax on the conversion in 2011 and the other half in 2012, making another conversion this year could expose you to a much higher tax bracket. * Take required minimum distributions (RMDs) from your IRA or 401(k) plan (or other employer-sponsored retired plan) if you have reached age 70-1/2. Failure to take a required withdrawal can result in a penalty equal to 50% of the amount of the RMD not withdrawn. If you turn age 70-1/2 this year, you can delay the first required distribution to 2013, but if you do, you will have to take a double distribution in 2013-the amount required for 2012 plus the amount required for 2013. Think twice before delaying 2012 distributions to 2013-bunching income into 2013 might push you into a higher tax bracket or bring you above the modified AGI level that will trigger a 3.8% extra tax on unearned income such as dividends, interest, and capital gains. However, it could be beneficial to take both distributions in 2013 if you will be in a substantially lower bracket in 2013, for example, because you plan to retire late this year or early the next. * This year, unreimbursed medical expenses are deductible to the extent they exceed 7.5% of your AGI, but in 2013, for individuals under age 65, these expenses will be deductible only to the extent they exceed 10% of AGI. If you have a shot at exceeding the 7.5% floor this year, accelerate into this year "discretionary" medical expenses you were planning on making next year. Examples: prescription sunglasses, and elective procedures not covered by insurance. * Consider using a credit card to prepay expenses that can generate deductions for this year. * Increase your withholding if you are facing a penalty for underpayment of federal estimated tax. Doing so may reduce or eliminate the penalty. * If you expect to owe state and local income taxes when you file your return next year, consider asking your employer to increase withholding of state and local taxes (or make estimated tax payments of state and local taxes) before year-end to pull the deduction of those taxes into 2012 if doing so won't create an alternative minimum tax (AMT) problem.   * Take an eligible rollover distribution from a qualified retirement plan before the end of 2012 if you are facing a penalty for underpayment of estimated tax and the increased withholding option is unavailable or won't sufficiently address the problem. Income tax will be withheld from the distribution and will be applied toward the taxes owed for 2012. You can then timely roll over the gross amount of the distribution, as increased by the amount of withheld tax, to a traditional IRA. No part of the distribution will be includible in income for 2012, but the withheld tax will be applied pro rata over the full 2012 tax year to reduce previous underpayments of estimated tax. * You may want to pay contested taxes to be able to deduct them this year while continuing to contest them next year. * You may want to settle an insurance or damage claim in order to maximize your casualty loss deduction this year. * Make gifts sheltered by the annual gift tax exclusion before the end of the year and thereby save gift and estate taxes. You can give $13,000 in 2012 to each of an unlimited number of individuals but you can't carry over unused exclusions from one year to the next. The transfers also may save family income taxes where income-earning property is given to family members in lower income tax brackets who are not subject to the kiddie tax. Savings for next year could be even greater if rates go up and/or the income from the transfer would have been subject to the 3.8% tax in the hands of the donor. Year-End Moves for Business Owners * If your business is incorporated, consider taking money out of the business by way of a stock redemption if you are in the position to do so. The buy-back of the stock may yield long-term capital gain or a dividend, depending on a variety of factors. But either way, you'll be taxed at a maximum rate of only 15% if you act this year. If you wait until next year to make your move, your long-term gains or dividends may be taxed at a higher rate if reform plans are instituted or the Bush-era tax cuts expire. And if your adjusted gross income (as specially modified) exceeds certain limits ($250,000 for joint filers or surviving spouses, $125,000 for a married individual filing a separate return, and $200,000 for all others), gains taken next year (along with other types of unearned income, such as dividends and interest) will be exposed to an extra 3.8% tax (the so-called "unearned income Medicare contribution tax"). Keep in mind that you will need expert help to plan and execute an effective pre-2013 corporate distribution. * If you are thinking of adding to payroll, consider hiring a qualifying veteran before year-end to qualify for a work opportunity tax credit (WOTC). Under current law, the WOTC for qualifying veterans won't be available for post-2012 hires. The WOTC for hiring veterans ranges from $2,400 to $9,600, depending on a variety of factors (such as the veteran's period of unemployment and whether he or she has a service-connected disability). * Put new business equipment and machinery in service before year-end to qualify for the 50% bonus first-year depreciation allowance. Unless Congress acts, this bonus depreciation allowance generally won't be available for property placed in service after 2012. (Certain specialized assets may, however, be placed in service in 2013.) * Make expenses qualifying for the business property expensing option. The maximum amount you can expense for a tax year beginning in 2012 is $139,000 of the cost of qualifying property placed in service for that tax year. The $139,000 amount is reduced by the amount by which the cost of qualifying property placed in service during 2012 exceeds $560,000 (the investment ceiling). For tax years beginning in 2013, unless Congress makes a change, the expensing limit will be $25,000 and the investment ceiling will be $200,000. Thus, if you anticipate needing property in early 2013, you may want to push the purchase into 2012 to gain a higher expensing deduction (if you are otherwise eligible to claim it). The time of purchase doesn't affect the amount of the expensing deduction. You can purchase property late in the year and still get a full expensing deduction. Thus, property acquired and placed in service in the last days of 2012, rather than at the beginning of 2013, can result in a full expense deduction for 2012. * If you are in the market for a business car, and your taste runs to large, heavy SUVs (those built on a truck chassis and rated at more than 6,000 pounds gross (loaded) vehicle weight), consider buying in 2012. Due to a combination of favorable depreciation and expensing rules, you may be able to write off most of the cost of the heavy SUV this year. Next year, the writeoff rules may not be as generous. * Set up a self-employed retirement plan if you are self-employed and haven't done so yet. * Increase your basis in a partnership or S corporation if doing so will enable you to deduct a loss from it for this year. A partner's share of partnership losses is deductible only to the extent of his partnership basis as of the end of the partnership year in which the loss occurs. An S corporation shareholder can deduct his pro rata share of an S corporation's losses only to the extent of the total of his basis in (a) his S corporation stock, and (b) debt owed to him by the S corporation. These are just some of the year-end steps that can be taken to save taxes. Again, by contacting us, we can tailor a particular plan that will work best for you. All information presented above is generic, if you would like to know how this may be applied to your specific situation please give us a call at 303-792-3020 or reply directly to this email.  Additional resources are always available at our website, www.ywmcpa.com.

e-YWM Alert #21- How to Shift Income

One of the most commonly used methods of tax planning revolves around the shifting of revenue recognition between years. A taxpayer who on the basis of income projections, marital status, etc., for 2011 and 2012 will be better off taxwise by deferring income from this year to next should consider acting along the lines explained in the following paragraphs. Under current law, tax rates in 2012 will remain the same as they are this year. Therefore deferring income from 2011 to 2012 will not cause it to be taxed at a lower rate, but will only delay its recognition, unless the taxpayer expects to be in a lower tax bracket in 2012. (Note that while tax rates will be the same in 2012, the point at which each of the higher tax brackets begins generally will be slightly higher for 2012 than for 2011 as a result of inflation adjustments.) High income taxpayers should be wary of deferring income past 2012, because of the danger of being subject to a higher bracket. Without Congressional intervention, after 2012 the tax brackets above the 15% bracket will revert to their pre-2001 levels. That means the top four brackets will be 39.6%, 36%, 31%, and 28%, instead of the current top four brackets of 35%, 33%, 28%, and 25%. The Administration has proposed to increase taxes only for wealthier taxpayers, but it is difficult at this point in time to predict who will get hit by higher rates.   Income-shifting by cash basis taxpayers.   A cash basis taxpayer can postpone income to the next year as long as it isn't actually or constructively received this year. Income is constructively received if there is no substantial restriction on the time or manner of payment. Income the taxpayer earns by rendering services isn't taxed until the client, patient etc., pays. If the taxpayer holds off billing until next year-or until so late in the year that no payment can be received in 2011-he won't have taxable income this year. In some cases, income can be deferred by arranging to have payment of a bonus earned in 2011 delayed until 2012. Income-shifting by accrual-basis taxpayers.   The mere fact that the receipt of cash is delayed doesn't defer taxable income for an accrual-basis taxpayer. As soon as an accrual-basis taxpayer's right to the income is fixed, and its amount can be determined with reasonable accuracy, it's taxable. Because of this, generally the only way an accrual-basis taxpayer can postpone income (other than by using the installment sale method) is to defer the actual right to payment for the services or merchandise delivered. One way to do that would be to postpone completion of a job until 2012 so as to have the right to income arise only in 2012, even though most of the actual work is done in 2011. (Note, however, that some special rules apply to certain long-term contracts for the manufacture, building or construction of property, which often require the recognition of income on a percentage-of-completion basis.) Another way would be to hold up deliveries where that would defer accrual. This would be the case where the seller's right to payment is contingent on delivery of the property to the buyer. In fact, delaying delivery until 2012 can defer accrual even where an advance payment for the merchandise is received in 2011. Advance payments against the sale of merchandise generally don't give rise to income until the payments are otherwise properly accruable under the taxpayer's own method of accounting. Other ways to defer income are by postponing the closing of a sale, or by delaying the settlement of a pending dispute over an item of income.   Special accounting rule defers employee recognition of taxable fringe benefits.   The value of taxable fringe benefits (e.g., the personal use of a company car) must generally be included in the employee's income for the tax year in which the benefit is received. However, employers may treat fringe benefits provided in the last two months of the calendar year as having been provided to the employee in the following year. Thus, if the employer makes the election, the employee can defer paying taxes on two months' worth of benefits received in 2011 until 2012. If an employer uses this rule, it must notify each affected employee between the time of the employee's last pay check and at or near the time that the Form W-2 is provided. Employers can allow employees to shift FSA funds to 2012.   A flexible spending arrangement (FSA) is a form of a cafeteria plan that allows employers to offer their employees a choice between cash salary and nontaxable benefits without being subject to the principles of constructive receipt. FSAs are commonly used, for example, to reimburse employees for medical expenses not covered by insurance. However, FSAs may be used to provide other qualified benefits, such as dependent care or adoption assistance. At one time, FSAs were required to operate on a strict use-it-or-lose it basis. Employees were required to forfeit any amount contributed to the plan for a 12-month coverage period that exceeded reimbursable expenses actually incurred during the coverage period. However, employers now have the option of having their FSA documents provide for a 2 1/2 month grace period immediately following the end of the plan year. Qualified expenses incurred during the grace period may be paid or reimbursed from funds remaining in an employee's FSA at the end of the prior plan year. IRS says an employer can adopt a grace period for the current plan year (and for subsequent years) by amending the cafeteria plan document before the end of the plan year. Thus, a calendar year plan that wants to extend the deadline for using 2011 FSA contributions until Mar. 15, 2012, must have a plan amendment in place by Dec. 31, 2011. Adoption of the grace period will obviously be beneficial for employees who participate in FSAs. However, there are some drawbacks for employers. FSA administration will be more complicated since an employer will have to monitor carryover amounts during the grace period and keep them segregated from current year contributions. In addition, many employers count on forfeitures to offset part or all of their administration costs. If the grace period reduces forfeitures, an employer will have to pay for these costs from other funds.   Some taxpayers may want to accelerate income.   While most taxpayers look to defer income recognition at year-end, others may be in situations where the opposite strategy is advantageous. This could be the case, for example, for taxpayers who expect to be in a higher tax bracket in 2012 than in 2011 or to have fewer deductions, or whose filing status will change to their detriment. These taxpayers should do the opposite of those who are acting to defer receipt of income, e.g., move up the closing date for asset sales, bill clients as early as possible, etc. Accelerating installment sale gain. If a taxpayer has unrealized profit on obligations arising out of installment sales made in prior years and finds it desirable taxwise to accelerate income into 2011, he should consider selling part or all of the obligations, or negotiating with the buyer for accelerated payments. Recognizing savings bond interest. A taxpayer who wants to accelerate income into 2011 can do so by redeeming U.S. Saving Bonds. Or, for unmatured Series EE or I bonds, he can elect to report interest each year as it accrues. That way, he has all of the income accrued through the end of 2011 (including interest that accrued in earlier years) taxed in 2011. But note that this election can't be reversed without IRS consent. In the future, the taxpayer must pay tax annually on the income as it accrues, and not in the year the bonds mature or are redeemed.

All information presented above is generic, if you would like to know how this may be applied to your specific situation please give us a call at 303-792-3020 or reply directly to this email.  Additional resources are always available at our website, www.ywmcpa.com.

e-YWMnews-November 2011 Website Update

Newsletter Updates- The following articles can be found at our website at http://www.ywmcpa.com/newsletter . This month our articles include: 

• Inflation adjustments may generate tax savings in 2012
• The tricky distinction between employees and independent contractors
• Year-end charitable giving can benefit your 2011 tax bottom-line
• How do I? Avoid pitfalls within a flexible spending account?
• FAQs: When can I deduct job-hunting expenses?
• November 2011 tax compliance calendar

If any of these articles are of interest to you be sure to visit our site during the month of November as these articles change monthly.

As always, if you have any questions or comments to make our site even better, please don't hesitate to contact us. All information on our website is generic, to determine how this affects your specific situation please give us a call at 303-792-3020 or reply directly to this email.

Yanari Watson McGaughey P.C.

e-YWM Alert #19- Year End Retirement Planning Moves

Over the next few weeks we will be sending a series of emails regarding different tax planning strategies that can be implemented before year end. These emails are overviews of often complicated strategies. If you feel one of these may be of use to you or you have questions about any of them please contact us.    Below please find a number of strategies related to the use of Retirement Plan's as a tax strategy. Additional information on Roth to IRA conversions can be found at our e-alert archives at http://thegrossprophet.blogspot.com/  in E-Alert #5 sent in November of 2010.     Roth Conversion:   Taxpayers may convert funds in traditional IRAs to Roth IRAs regardless of their income level. Individuals considering whether to roll over or convert for 2011 should keep in mind that unlike the usual IRA rollover, a switch from traditional IRA or qualified plan to a Roth IRA is not income tax free. Instead, it is subject to tax as if it were distributed from the traditional IRA or qualified plan and not recontributed to another IRA.  However this rollover to a Roth IRA is not subject to the 10% premature distribution tax. Why make a traditional IRA-to-Roth IRA conversion? Roth IRAs have two major advantages over traditional IRAs: (1) Distributions from traditional IRAs are taxed as ordinary income (except to the extent they represent nondeductible contributions). By contrast, Roth IRA distributions are tax-free if they are "qualified distributions". (2) Traditional IRAs are subject to the lifetime required minimum distribution (RMD) rules that generally require minimum annual distributions to be made commencing in the year following the year in which the IRA owner attains age 70 ½. By contrast, Roth IRAs aren't subject to the lifetime RMD rules that apply to traditional IRAs (as well as individual account qualified plans). There are other tax advantages: Because distributions from Roth IRAs are tax-free such distributions: may keep a taxpayer from being taxed in a higher tax bracket that would otherwise apply if they were withdrawing taxable distributions, don't enter into the calculation of tax owed on Social Security payments, and have no effect on AGI-based deductions.   Allow the benefits of a Roth IRA to flow through to beneficiaries of Roth IRA accounts, who also can make tax-free withdrawals from such accounts (they are, however, subject to the same annual post-death minimum distribution rules that apply to beneficiaries of traditional IRAs). Who should make traditional IRA-to-Roth IRA conversions? The consensus view is that the conversion route should be considered by taxpayers who: 1. Have a number of years to go before retirement (and are therefore able to recoup the dollars that are lost to taxes on account of the conversion); 2. Anticipate being taxed in a higher bracket in the future than they are now; and 3. Can pay the tax on the conversion from non-retirement-account assets (otherwise, there will be a smaller buildup of tax-free earnings in the depleted retirement account). Timing of rollover/conversion. A conversion from a traditional IRA to a Roth IRA is taxed in 2011 if it takes place before the end of the year. As far as rollovers are concerned, even though a distribution in 2011 from a traditional IRA is taxed in that year, the distributee has 60 days to roll over the distribution to a Roth IRA even if the rollover isn't completed until 2012 Backing out. A taxpayer who rolled over or converted from a traditional IRA to a Roth IRA earlier in 2011 may find that the move wasn't wise after all because the Roth IRA account has declined in value. The taxpayer can back out of the transaction by recharacterizing the rollover or conversion, i.e., transferring the converted amount (plus earnings, or minus losses) from the Roth IRA back to a traditional IRA via a trustee-to-trustee transfer. This must be done by the due date of the return (including extensions) for the year of conversion.  So for 2011, you have until October 15, 2012 if you extend your return to redo the conversion. Losses on Investments held by Roth IRAs. Losses on investments held within a Roth IRA aren't recognized when the losses are incurred. However, if the taxpayer liquidates all of his Roth IRAs, a loss is recognized if the amounts distributed are less than his unrecovered basis, namely his regular and conversion contributions, all of which are nondeductible contributions. The loss is an ordinary loss but it can only be claimed as a miscellaneous itemized deduction subject to the 2%-of-AGI floor. Example: Early in 2011, Anne, a single taxpayer who is age 60, converted her traditional IRA with a $50,000 balance into a Roth IRA and invested the money in an aggressive growth fund. The traditional IRA was funded entirely with deductible contributions. Now the Roth IRA is worth only $25,000. A rough estimate for the year shows that Anne will have $100,000 of AGI and taxable income of $80,000 without factoring in the loss, putting her in the 25% tax bracket for 2011. Anne sees little hope for a recovery of the investment in the near future. She has no other Roth IRAs. If Anne liquidates her Roth IRA (and has no other miscellaneous itemized deductions), she can claim $23,000 of the loss as a miscellaneous itemized deduction on Schedule A, Form 1040 ($25,000 less $2,000, which is 2% of her $100,000 AGI). The deduction will mean $5,750 in tax savings for Anne (25% of $23,000). In essence, that cuts her economic loss to $19,250 ($25,000 loss less $5,750 tax savings). Caution: The tax savings may diminish (or even disappear) if the taxpayer is subject to the alternative minimum tax (AMT). That's because miscellaneous itemized deductions can't be claimed for purposes of calculating the AMT. Additionally Taxpayers who are thinking of liquidating their Roth IRAs should keep in mind that they will be giving up the opportunity to eventually withdraw any future gains tax-free. Unexpected tax trap for Roth IRA owners. For IRA owners that made a traditional-IRA-to-Roth-IRA a 10% premature withdrawal penalty tax applies if the owner withdraws converted amounts within the five-tax-year-period beginning with the tax year in which the conversion took place. Because the penalty tax applies to a distribution to the extent that the converted amount was taxable when the conversion took place, a taxpayer could wind up paying a penalty tax even though none of the distribution is includable in income. Self-employeds should establish a retirement plan before year-end. A self-employed person who wants to contribute to a Keogh plan for 2011 must establish that plan before the end of 2011. If that is done, deductible contributions for 2011 can be made as late as the taxpayer's extended tax return due date for 2011. However, a self-employed person who misses the year-end deadline to establish a Keogh plan has until his extended 2011 return due date both to establish and to make deductible contributions to a Simplified Employee Pension (SEP) for 2011. Keogh plans, however, can be designed to provide more flexibility for a self-employed business owner than a SEP can provide.  All information presented above is generic, if you would like to know how this may be applied to your specific situation please give us a call at 303-792-3020 or reply directly to this email.  Additional resources are always available at our website, www.ywmcpa.com.