​by Jay Reiner, CPA, Jay E. Reiner CPA, PLLC
A CPA walks into a bar…what, did you think that CPAs are funny?  I’ll be funny later, but for the next five hundred words or so (and I’ll keep track on my calculator), let me talk about tax planning.
Over the many tax seasons that I’ve been through, there have been countless times when I’ve had to tell first time clients about the enormous balances due on their tax returns.  Once they’ve had the chance to pick their jaws up from the floor, the first two questions invariably are “why?” and “what can I do to not have this happen again?”  The short answer to the first question is lack of tax planning, and the short answer to the second question is…you guessed it, tax planning.
I’ve had a number of client consultations recently with people who have had “life changes” (marriage and switching from W-2 employee to 1099 independent contractor are two common ones), and they want to know what they can do to minimize their tax bite and not have surprises on April 15th.  Being proactive and thinking about this stuff (i.e. tax planning) while there’s still time to make adjustments before year end is a smart thing to do. 
Much as I may like to think that I’m the great and powerful Oz (making tax miracles happen from behind a curtain), in reality there isn’t a lot of mystery behind tax planning.  When I look at a tax return, I look at the dollar amounts on the various lines of the 1040 form (and also the blank lines) and think “what can be done on these lines that will save taxes?”  For example, if you’re a W-2 employee, you get your paycheck every other week and that’s that.  Not much you can do there.  But do you get a bonus at the end of the year?  If you do, perhaps you can defer it until next year, which will push the tax on that income off a year.  Alternatively, you can use some of that bonus to max out on your 401k deduction (if you haven’t yet done that); that’ll knock your taxable income down.  Also, are you taking advantage of all of the pre-tax or nontaxable benefits that your employer is offering?  These would include flex spending and health savings accounts, and dependent care benefits, among others.  These can all help reduce taxable income. 
Another area to consider is investment income, such as interest, dividends, and capital gains.  Remember that interest and short-term (under a year) capital gains are generally taxed at your top (marginal) tax rate, which can be as high as 39.6%.  Municipal bond interest is federal tax free and possibly state tax free, so changing your source of interest income could save money.  Qualified dividends and long-term capital gains are generally taxed at 15%, so if you’re holding a security that you’re thinking of selling at a gain, hold it for at least a year and a day to get the long-term tax rate and not your marginal (up to 39.6%) rate.  The other thing to consider with investment income is that if your adjusted gross income is above $200K single/$250K married filing jointly, there’s an additional “net investment income tax” of 3.8% to pay on that investment income.  With proper planning, your investment income can be shifted around to minimize both income and net investment income taxes.
I could write a couple of thousand words about tax planning, and I just barely scratched the surface here.  One of the basic tax planning tenets is to accelerate deductions and defer income (when possible), so when you’re giving your 1040 a top to bottom scan, think of what you can do to accomplish that.  There are plenty of ways to keep a few extra tax bucks in your pocket!
Why did the CPA cross the road?  To count the chickens on the other side.  See, that’s why lawyer jokes are so much more fun!
Practice safe tax every day! 

​by Jennefer Witter, CEO/Founder, The Boreland Group Inc.
It’s the holidays, and many businesses consider this period a good time of the year to engage in cause-related marketing (CRM). Giving back is always a good thing, but it can also be part of an ongoing strategy, not just one limited to the weeks between Thanksgiving and the New Year.
Why? According to a Nielson 213 “Consumers Who Care” study, 50% of global consumers said they “would be willing to reward companies that give back to society by paying more for their goods and services….” That should be more than enough of an incentive to consider incorporating CRM into your 2016 planning. Here are a few tips to creating and implementing a successful CRM program:
Tip 1 – Determine your objectives. Do you want build greater awareness of your company to existing audiences? Do you want to attract new customers? Take time to consider your goal and then plan accordingly.
Tip 2 – Be authentic. CRM isn’t just about you – it’s about helping a cause. As with networking, it’s a give and get relationship. So, when looking for a cause, select one that you truly care about – not one based solely on the anticipated returns.
Tip 3 – Time dedication. Be practical about how much time you can realistically commit. If you can only devote a few hours a month, look for causes that have programs where that time will be used to maximum effort. It can be a soup kitchen, where you donate an hour each week handing out food. Or it can be a children’s program. I served on the board of the Pajama Program, a charity that provides new pajamas and books to children in need. Volunteers can spend time simply reading to and with youngsters. It may only be an hour a week, but I have seen first-hand how much of an impact that sixty minutes can make with a child.
Tip 4 – Try it out first. Before you commit to a cause, take a couple of months before publicizing the relationship. You need time to ensure that the partnership is working to the satisfaction of all involved.
Tip 5 – Announce the relationship. As mentioned, a priority in CRM – aside from giving back – is to grow your business. You can subtly leverage your cause-marketing program to your publics via several avenues:
-- Include your activities in your company newsletter.
-- Ask the organization if they will include mention of your relationship in their marketing collateral. Offer to write the copy – this gives you more control about what is said. Remember, they have final approval over the content, so don’t make the copy a commercial for your company. Highlight what you’re doing; why you chose the charity to work with; and say what you hope to accomplish. Selling yourself softly is the best route to take.
-- Send a press release to the local media announcing  the relationship. Include a quote from the charity’s chief executive officer in the document. Trade publications are especially good targets for these types of announcements. Send the information to the Chamber for possible consideration in the monthly newsletter. Let reporters know you and the organization’s CEO are available for interviews – this helps to increase attention from the media outlet.
When done correctly - defining your objective; taking the time to choose a charity that resonates with you; dedicating the time to work with it; sharing the information with your audiences; and always being authentic in your relationship and commitment – cause-related marketing can be a year-round and rewarding business-building tool for your organization.

​by Karen Bate and Maritza Lizama, Co-Chairs, Communications Council
'Tis the season to shop and dine. That's why in December we spotlight Chamber members in the Retail and Restaurant industries as part of the ShopChamber initiative.
A quick intro for those new to ShopChamber: each month the Chamber highlights members within a particular industry, and shares and promotes them on the Chamber website, blog posts, weekly e-newsletter, monthly Arlingtonian, and social media using the hashtag #ShopARL. The goal: to create excitement and buzz around these focused industries to promote members, encourage member-to-member business and referrals, and support shopping local. 
This marks the end of the first full year of this effort, and we want to hear from you. We're taking stock of how ShopChamber has fared and what more we can do to increase member participation. So how are we doing?
Be on the lookout for a brief electronic survey this month as well as a printed version that will be distributed at the Chamber Annual Meeting on Friday, December 11. Please take a moment to fill it out, via email or in person, and share your thoughts about ShopChamber.
Your feedback will be invaluable in guiding us as we improve our efforts to raise awareness and increase participation in 2016.
Check out the Chamber website for the ShopChamber calendar showing your industry's month, and start planning now for how you'll take advantage of the ShopChamber program next year.
​In the meantime, snap a picture when you shop ​or dine ​at a member business this month and tag the Chamber using #ShopARL. Grow your business, connect with your community, and strengthen our local economy with ShopChamber!