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About SL+Co

We are Washington area’s CPA firm for premiere businesses, professional service firms, not-for-profit organizations, and individuals. SL + Co is committed to our core values of mutual respect, open communication, professional excellence, responsibility and interdependence. Contact us today to learn how we can help you.
 

Announcements

Effective January 1, 2014, we are pleased to announce the promotion of Kathryn K. Nelson, CPA and Audrey W. Impara, CPA to Director. 

Bart Lanman has been appointed as our new managing partner effective January 1, 2014.

Sara Baker has been promoted to Senior Accountant and Billy Coulter to In-Charge Accountant.

SL+Co - 2013 Year-End Tax Letter

Year-end tax planning could be especially productive this year. Timely action could nail down a host of tax breaks that won't be around next year unless Congress acts to extend them, which, at the present time, looks doubtful. For individuals, these include:
  • the option to deduct state and local sales and use taxes instead of state and local income taxes;
  • the above-the-line deduction for qualified higher education expenses;
  • and tax-free distributions by those age 70 — or older from IRAs for charitable purposes.
For businesses, tax breaks that are available through the end of this year but won't be around next year unless Congress acts include:
  • 50% bonus first-year depreciation for most new machinery, equipment and software;
  • an extraordinarily high $500,000 expensing limitation;
  • the research tax credit;
  • and the 15-year write off for qualified leasehold improvements, qualified restaurant buildings and improvements and qualified retail improvements.
High-income-earners have other factors to keep in mind when mapping out year-end plans. For the first time, they have to take into account the 3.8% tax surtax on unearned income and the additional 0.9% Medicare (hospital insurance, or HI) tax that applies to individuals receiving wages with respect to employment in excess of $200,000 ($250,000 for married couples filing jointly and $125,000 for married couples filing separately)...

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Squire, Lemkin + Company, LLP
111 Rockville Pike
Suite 475
Rockville, MD 20850

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Squire, Lemkin + Company, LLP · 111 Rockville Pike · Suite 475 · Rockville, MD 20850 · USA

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