Employee of the Quarter: Yuging Guo by Lauren Weidner
Our employee of the quarter is Yuging Guo. Yuging graduated from The National Changchi University in Taiwan with a bachelor of science degree in business administration. Yuging later completed her masters in accounting at Drexel University. She received her CPA designation in 1990. Since joining our firm in February 2000, Yuging has provided accounting and taxation services to a number of clients in an array of industries. Her expertise is in real estate, medical practices, retail, and non-profit organizations.
Yuging is a member of the American Institute of Certified Public Accountants. She is also a member of Alloy's Business Tax Committee. As a part of this committee, Yuging is responsible for staying current and informing staff of business tax changes and issues. Additionally, she provides training to new staff on applicable computer programs. In the past, Yuging served as the treasurer for the South Jersey Chinese School and taught the Chinese language to 12 and 13 year-old students. She also served on the Audit Committee for a local credit union. Currently, she is active in fundraising for the American Diabetes Society.
Yuging was born and raised in Taipei, Taiwan and currently resides in Cherry Hill with her husband, Cojen, and 2 children, Jason age 14 and Wesley age 12. While in college, Yuging was a member of the track team, which was only practice for all of the running around she does with her boys. They are both active with the Temple Music Prep Orchestra, members of the Jersey Wahoos swim team, and part of a local soccer traveling team. When Yuging can find some spare time, she enjoys listening to music and painting.
Alloy Happenings by David Ustunkaya
Ren Cicalese, CPA, PFS Attended the 1st Global Second Annual Circle of Champion Firms Wealth Management Summit in Dallas, TX, September 29-30. Attended the 1st Global National Conference Wealth Management: "The Future is Now" in Orlando, FL, November 9-12. Participated in the Guest Professor Program at Rutgers University School of Business at Camden, November 2.
Bruce Mulford, CPA, ABV Attended the first joint American Institute of Certified Public Accountants/ American Society of Appraisers National Business Valuation Conference in Las Vegas, NV, November 13-16.
Joe Adams, CPA Attended the 1st Global Second Annual Circle of Champion Firms Wealth Management Summit in Dallas, TX, September 29-30.
Tom Adams, CPA Participated in the Homeless Veterans Standown held at the Cherry Hill Armory, September 23. Helped officiate at the presentation of trophies to the winning teams from American Legion Baseball in Camden County, October 18. Participated in the American Cancer Society Fundraising Walk at Cooper River, October 23. Participated with the host organization in the Camden County Veterans Day Observance at Cooper River, November 13.
Upcoming Seminar
Our affiliate, Alloy Silverstein Financial Services, will be conducting a seminar entitled "The Longest Vacation of Your Life" regarding retirement planning, in late May 2006.
Congratulations:
Alloy Silverstein Financial Services, presented with the 1st Global BMS Eagle Award.
Michael Bowen-Ashwin, CPA, on his marriage to Emily Loy, September 17.
Nicole Doerr and Pete Grippi on the birth of their son Angelo Salvatore, September 18.
Duane Miller, on successfully completing the CPA examination.
Brian DiMatessa, CPA, on his marriage to Rebecca Thomas, November 26.
Important annual
report changes
for state of
New Jersey
Form CAR-100-M is no longer applicable for returns ending on or after June 30, 2005. The Annual Report must now be filed on-line and the fee paid electronically. The annual report fee is $50 (or $75 with registered agent/office change).
In the past, our firm has been proud to participate in the Adopt-A-Family Program, and this year is no exception. This program provides holiday meals and gifts for Camden County families in need. St. Joseph's Pro-Cathedral in Camden cosponsors this program with the Public Benefits and Young Lawyers Committees of the Camden County Bar Association. Each family is chosen by St. Joseph's based on certain guidelines, regardless of religion.
We would like to thank all of our clients and friends who participated in the program last year, and we appreciate your continued support!
Planning Ahead by Mike Engleman, CPA
As 2005 draws to a close, there is still time to reduce your 2005 tax liability and plan ahead for 2006. The following highlights several potential tax-saving opportunities for you to consider.
More tax-saving opportunities continue for retirement planning in 2005 than in previous years due to the availability of Roth IRAs, changes that make regular IRAs more attractive, and other retirement savings incentives. Contribution information for various retirement plans is as follows:
Traditional and Roth IRAs " $4,000 Maximum Contribution
" $500 "Catch-up" Contribution if age 50 or older by 12/31/05
401(k) Contribution " $14,000 Maximum Contribution
" $4,000 "Catch-up" Contribution if the plan permits
Simple Plan Contribution " $10,000 Maximum Contribution
" $2,000 "Catch-up" Contribution if the plan permits
Deduction timing is also an important element of year-end tax planning. Remember to keep the following deductions and credits in mind as the end of the year approaches:
Charitable Contributions The Katrina Relief Act removes the 50% of adjusted gross income limitation for contributions made to any charitable organizations on or after August 28, 2005, through December 31, 2005.
Medical and State Deductions For federal purposes, medical expenses are deductible only to the extent that they exceed 7.5% of AGI. In addition, you may deduct medical expenses on your New Jersey income tax return that are in excess of 2% of your New Jersey gross income.
If you anticipate a state income tax liability for 2005 and plan to make an estimated tax payment, consider making the payment before the end of 2005. Keep in mind that state taxes may create an alternative minimum tax (AMT). It would be wise for us to analyze your AMT exposure, because the AMT is very complex.
Qualified Higher Education Expenses Expenses of up to $4,000 are deductible from gross income subject to certain income limitations.
Student Loan Interest A deduction of up to $2,500 is available for interest paid on any qualified education loans. The deduction is phased out at certain income levels.
Investment Gains and Losses You may want to time the sale of assets (stocks) so as to have offsetting capital losses and gains. Capital losses may be fully deducted against capital gains and may offset up to $3,000 of ordinary income.
Business Deduction Your business can elect to expense equipment purchases of up to $105,000 if the equipment is placed in service during 2005 subject to certain income and purchase limitations.
Child Tax Credit A tax credit of $1,000 is available for each child under age 17 subject to certain income limits.
Post Secondary Education Credits Hope credit is $1,500 for qualified tuition and fees paid for the first two years of education for students enrolled at least half-time. Lifetime learning credit of $2,000 is available on tuition and fees of $10,000 at 20%. Credits are phased out at certain income levels.
Credits available for 2006 There are two credits available beginning in the year 2006. The credits are available for the purchase and installation of energy efficient property such as photovoltaic, solar water heaters, natural gas, propane, oil furnaces, and hot water boilers.
Income Phase Out Levels
Married Filing Joint
Single
Traditional IRA
$70,000-$80,000
$50,000-$60,000
Roth IRA
$150,000-$160,000
$95,000-$110,000
Education Credits
$87,000-$107,000
$43,000-$53,000
Educational Expenses
$130,000-$160,000
$65,000-$80,000
Student Loan Interest
$105,000-$135,000
$50,000-$65,000
Child Tax Credit
$110,000-$130,000
$75,000-$95,000
Although this article is informative, each taxpayer's situation is unique. Please call us to make an appointment to discuss your specific tax issues as well as implementation of the ideas and topics enclosed in the letter. We welcome the opportunity to meet with you and determine how to customize a variety of tax strategies to maximize their effectiveness for you.
900 North Kings Highway | Cherry Hill, NJ 08034 | 856.667.4100
165 North White Horse Pike | Hammonton, NJ 08037 | 609.561.1555
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