January - February 2015 Issue
Business Spotlight on Wendy Cassera Owner & Operator of Taxpectations. Coupons & Local Happenings Featured article from Team Thill about what you need to know about real estate Coffee Nerd NEW Business off of HWY 501 is OPEN!
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Singleton Ridge Road Serving HGTC, Coastal Carolina Campus, & Conway Medical Center
Michael Jones 843-655-6787 Just need a touch up? A Quality Paint Repair Solution Scratches Chips Dings Bumpers Headlight Repair Small Body Work
No job is too small!
Tis the Season … No … I mean Tax Season DID YOU KNOW … An average of $4 Billion a year in tax deductions are never claimed because most business owners do not know that they are qualified for them? Doesn’t that just blow you away? Yes, money that should be in your pocket, after all, you work hard for your money, shouldn’t you keep as much of it as possible? What can you do to make sure that you get the best tax bang for your buck? Well there are certainly some things you can do during the course of the year in preparation. There are organizational things you can do: keeping it all in one place. There are tracking things you can do: keep a ledger and mileage log. AND … there are planning things you can do: figure out what works best for you. (Figuring out what works for you is another article for another day) For now, let’s talk about deductions and what they can do for you. One of my favorites is, of course, mileage. Now in the grand scheme of taxes, this one can be one of the biggest deductions that a business can take. Especially if you are a service business, mileage can make a very big difference in your tax liability (how much you owe). For example, let’s say that you drive 500 miles a month back and forth between your home and your clients, including networking events, errands to the post office and bank for your business, and other sundry trips. Supposing that your car gets 15 miles to the gallon, you will put 34 gallons of gas in your car a month. If gas is $2.25 a gallon … that totals $76.50 a month for gas. ($918 for the year). The mileage deduction for 2015 is 57 ½ cents per mile. 500 miles x .575 = $287.50 for the mileage deduction in one month. So you can take $76.50 in actual gas expense OR you can take $287.50 in mileage … difference of $211.00 …. Wouldn’t you rather use the higher deduction? Continued . . .
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Business Spotlight Continued . . . SPOILER ALERT: JUST in mileage, you will get a total deduction of $3,450 when you actually only spent $918. Isn’t that worth taking the time to track it? ((Keep in mind, that if you take the mileage deduction you cannot take actual expenses including gas and repairs. )) So ‌ how do you track mileage? Certainly a mileage log will work. It shows the date, starting and ending mileage, and where you went. However, you can use a small notebook ($1 at any dollar store). If you have one car that you use mostly for business, you can also do a simple calculation. Get your odometer reading at the beginning of the year and then again at the end of the year, subtract, and figure out what percentage you use that vehicle and calculate your mileage that way. So if you use if 75% of the time, multiply that figure times .75 and turn that in to your tax preparer.
For more tips and suggestions, contact Wendy Cassera of Taxpectations, Inc to set up a consultation. Also, on January 11, 2015 Taxpectations is releasing a 3-part webinar series entitled: Basic Business Tax Strategy. This will give business owners a complete breakdown of deductions and will help create a tax strategy that you can implement right away.
Contact Wendy Today! www.taxpectations.com wendy@taxpectations.com (843) 877-5347
LET THE SEARCH FOR YOUR NEW HOME BEGIN! Home shopping can be both exciting and exhausting but doing some preparation before you hit the street to look at homes will help out tremendously. Chances are you’ve already started your search online. In addition to the sites that you’ve already visited, I would suggest you look at: http://www.century21boling.com www.realtor.com www.zillow.com www.trulia.com What sites have you visited in your home search? When you find a listing online that you’re interested in, please send it to me at mthill@century21boling.com. Not only will I arrange a showing time to view the property, I will also search the MLS for similar properties so you can look at other homes like the ones you’ve found. Here are some great tips to keep in mind when you’re home shopping: Don’t view too many properties in one day. Bring a notebook, pen and/or digital camera with you as you search. Keep a folder with flyers or print outs on properties that you’ve viewed. When you find a property you like, visit it at different times of the day. Don’t be put off by interior decorations - they can and will be changed. Questions, Questions: When you find a home you really like, there are some more probing questions you might want to ask. And remember, a professional home inspection will be necessary to completely answer most of these issues. General: 1. When was the home built? 2. How many owners has it had? 3. How does the asking price compare to other houses in the neighborhood? 4. What did the property sell for when the current owner purchased it? What year was it purchased in? 5. Is the existing mortgage assumable? Continued . . .
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Business Spotlight Continued . . . 6. What are the annual property taxes? 7. Will the taxes increase with the transfer of deed and a new market price? 8. Is there a builder’s warranty on the property? What are the details of that warranty? 9. Will there be additional structures built around the property that could distort the view? Outside: 1. What is the level of ground maintenance that will be required? 2. Are there any structural anomalies or problems with the outside area of the property? Inside: 1. Are the appliances built in? 2. Is there adequate insulation? 3. What improvements/additions has the homeowner made to the property since purchase? 4. What appliances is the seller offering in the sale? Major Systems: 1. What is the age and condition or each major system in the home (plumbing, electrical, heating and cooling)? 2. What type of fuel is the home heated with? 3. What are the average monthly utility costs? What are the winter and summer highs and lows? 4. Are there any major repairs that will need to be made before someone can live in the home? There are many questions to ask, and answers to obtain. Your trusted real estate advisor can guide you with inspections and referrals to the people that can assist in the process. By: Martha Thill
Karen Swenson An Independent Associate Representing Aflac
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I help entrepreneurs who are struggling with their finances to find simple and easy ways to manage and understand their finances, so that they can make more money. Wendy Cassera wendy@taxpectations.com (843) 877-5347
Call now for a FREE consultation! Mention that you found her here and get 10% off your first service.
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King’s Pizza & Southern Sunrise Pancake House are a family run business located in the Windy Hill section of North Myrtle Beach, South Carolina
Locations Serving The Grand Strand Since 1982 Grande Dunes Marketplace 980 Cipriana Drive Unit A11 (Near Lowes Foods Behind Indio Restaurant)
Carolina Forest Store 4999-2 Carolina Forest Blvd. Myrtle Beach, SC 29579 843.903.1719
Myrtle Beach, SC 29572 843.449.3536 Longs Store 2395 Watertower Road Longs, SC 29568 843.399.8550
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3600 Hwy 17 South North Myrtle Beach, SC 29582 843-249-4380
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1020 Sea Mountain Hwy North Myrtle Beach, SC 29582 (843) 663-1056
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Featured Listing
Team Thill $315,000 The Woodlands #214 At Barefoot
New Listings: The Woodlands at Barefoot #214 $315,000 5004 Weatherwood Drive, Barefoot $263,000 4536 Farm Lake Drive, Carolina Forest $185,000 Pending: #527 Broadway Station, Myrtle Beach 146 Woodlyn Avenue, Little River 27 Longcreek Drive, Prince Creek, Murrells Inlet Sold: 5714 Coquina Pointe Drive, Barefoot $250,000 1505 Haven Drive, North Myrtle Beach $165,000 5005 Weatherwood Drive, Barefoot $275,000 408 Dunes Drive, The Dunes Club, $820,000 5505 Whistling Duck Drive, Barefoot $260,000 4901 Tall Grass Drive, Barefoot $310,000
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4808 BRAMBLEWOOD DR. MYRTLE BEACH, SC 29579 Local Postal Customer
Located at Barefoot Landing on the Water! (843) 361-2000 www.castanosrestaurant.com
Special Events Calendar
Back by popular request is Tropical Jammers. They will have their steel drum band and be playing all the Caribbean favorite tunes. So wear your flip flops and tropical shirt for a night of fun, music and drink and food specials like mojitos and coconut shrimp, etc. playing on 1/16 and 1/28 from 5-8 pm. Check our website for their February dates too!! January 7th-17th : Join us for Restaurant Week! Enjoy a lovely 3 course dinner for $30/pp! February 7th: Super Bowl and what a better way to spend it than at Castanos while watching the game on our 4 large screen HD TVs. There will be food and drink specials as well as happy hour! February 9th: Annual Mardi Gras party starting at 5 pm. There will be live entertainment, party favors, food and drink specials like the hurricane drink, gumbo, jambalaya and much more. We'll have the lounge all decorated for this special night. Prize for best costume and free kings cake to all!! February 14th: Valentines Day. We will have our limited special menu as well as our Romance Dinner Package all weekend. There will be special drinks and martinis too! Please visit our website for our menu and package special. Live entertainment 5 nights a week Sunday and Wednesday is Harlequin, Monday is Johnny Cobb, Tuesday is Marsha Morgan and Friday is Dale Mosler. All entertainment starts at 5 pm. .
Daily fish specials - Happy hour daily from 4-7. Also come try our new delicious brick oven pizza!
Buy One Dinner EntrĂŠe get 2nd EntrĂŠe up to $15 OFF w/ Purchase of 2 Beverages Cannot combine - Does not include happy hour, early bird, or lounge menu Expires 02/29/16 Code: shout