easy ways to spread the - cpa's and consultants list of business “year-enders” that you...

10 Hacks for Entertaining on a Budget

Don’t Skip These Business Year Enders

Bring on the Bubbly—Festive Drinks for Everyone!

In the Moment: Share the Joy of Experiential Gifts

Bring Back that Holiday Feeling!

Easy Ways to Spread the

November–December 2016

2 | NOVEMBER–DECEMBER 2016

here did the year go? It’s hard to believe that we are already closing in on the final weeks of 2016. Which means only two things: 1) year-end planning time is upon us and 2) the holiday season is also here.

Before you delve too deep into your holiday to-do list, we encourage you to take a little time to consider any year-end financial moves you should make. Doing so can help you get on solid financial ground for the new year. We’ve included some tips to get you started in this issue. Once you’ve reviewed them, consider contacting our team for

additional guidance. With your finances in good shape,

you’re ready to shift into full festive mode. From experiential

gifts that wow friends and family to ideas for how to spread the holiday spirit by giving back and rundowns on budget-friendly entertaining (and the best bubbly beverages!)—we’ve got you covered so you can relax and have your best holiday ever. Wishing you and yours a peaceful holiday season.

Sincerely, Your Trusted Accounting Advisors

Best Holiday Ever

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NOVEMBER–DECEMBER 2016 | 3

Features4 • Easy Ways to Spread the Holiday Spirit | For many of us, giving back takes on increased importance during the holiday season and we find ourselves with the urge to do a few extra good deeds at this time of year. Check out our easy ways to help you spread the holiday spirit.

6 • 10 Hacks for Entertaining on a Budget | The holidays are a time for getting together with family, friends and co-workers, but if you’re hosting these get-togethers, it’s easy to max out your budget buying food, drink and décor to make everyone feel welcome and festive. Use these budget hacks to help you lower the cost of being everyone’s favorite host or hostess.

8 • Don’t Skip These Business Year Enders | Before you dive into the holiday season and relax, it’s important to get your business in good shape for tax season—or you’ll be feeling the pain come January. We offer a list of business “year-enders” that you should tackle now so you can enter 2017 feeling in control and stress-free.

10 • Bring on the Bubbly—Festive Drinks for Everyone! Why wait for New Year’s to break out the bubbly? With so many delicious and effervescent options available, you can start now and enjoy some holiday bubbles all season long. Check out our list of recipes.

Departments2 • From the Firm | Best Holiday Ever It’s hard to believe that we are already closing in on the final weeks of 2016. Which means only two things: 1) year-end planning time is upon us and 2) the holiday season is also here.

12 • Life & Living | In the Moment: Share the Joy of Experiential Gifts It’s the holidays, and many of us buy a multitude of gifts…likely more than we should! If we’re truthful, a lot of us will acknowledge that we have too much “stuff ” already, so why not trade the things on your Christmas list for memorable experiences instead?

14 • Mind Flex | Bring Back that Holiday Feeling Not feeling the holidays this year? It’s okay; sometimes that happens. Try these ideas to get you back in the spirit!In The Loop is published by Rootworks LLC, 1516 S. Walnut St., Bloomington, IN 47401 (rootworks.com) and distributed as a courtesy by professional services firms nationwide. This publication is intended to provide general information only and is not to be construed as providing financial, legal, or other professional advice or services. The information and points of view presented may not be appropriate for your specific financial position or circumstances. Contact a financial or legal professional before making any decisions or plans regarding your financial management.

November–December 2016


Easy Ways to Spread the

For many of us, giving back takes on increased importance during the holiday season, and we have the urge to do a few extra good deeds at this time of year. However, when the time crunch is on, as it often is during the holidays, it doesn’t hurt to have a few shortcuts that will allow you to do-good a little more easily. Try these easy ways to help you spread the holiday spirit:


Look for matching donations. If you work for a company, they may match your donation to a specific charity if it is on their pre- determined list of causes. Even if you are not giving a huge sum of money, don’t underestimate the power of your giving, especially when it is multiplied with a matching gift.

Shop and give back. Here are two easy ways to give while you are shop-ping online (something you have to do anyway…right?): The iGive.com website allows you to register, choose your cause, and then use their iGive button on over 1,500 online stores. When you do, a percent-age of your purchase gets sent to your cause, at no

extra cost to you. Amazon’s AmazonSmile program allows you to support your favorite charitable orga-nization every time you shop, at no cost to you. With millions of Amazon orders being processed over the holidays, we’re betting that at least a few of them are yours. Simply shop at smile.amazon.com, and Amazon will donate a portion of the purchase price to your favorite charitable organization. You can choose from nearly one million organizations to support.

Get to Know #GivingTuesday. After Black Friday and Cyber Monday is #GivingTuesday, which is a day dedicated to

giving back around the globe (it is the Tuesday following Thanksgiving). From retailers offering matching donations to community organizations providing local volunteer opportunities, check out what you can do at givingtuesday.org.

Peruse your pantry. It’s likely that you’re going to be looking in your pantry and cupboards to see what groceries you need to buy for your holiday meals, so why not do double duty by considering what you already have that you can donate to your local food bank?

Clear out the closets. Once you’ve tackled the pantry, move on to your closets and keep the holiday spirit in mind as you weed out things that you can donate to charities such as Goodwill, the Salvation Army or other local orga-nizations that accept used clothing.

Make family time volunteer time. The holidays are a perfect time for you to promote a little togetherness for your clan. Consider volunteer-ing over the Thanksgiving weekend when you have extra days off and take on a true bonding activity such as building a home for Habitat for Humanity or volunteering to serve meals at a church or food pantry. You can also check online community calen-dars or the social media profiles of charities in your area for other opportunities as the holiday season progresses. It’s easy to get caught up in the hubbub of the holi-days…but the ideas above prove that it’s easier than ever to give back and spread the holiday spirit all sea-son. All you really need is the willingness to follow through on your intention to do good!

Amazon’s AmazonSmile program allows you to support

your favorite charitable organization every time you

shop, at no cost to you.

The holidays are a time for getting together with family, friends and co-workers, but if you’re hosting these get-togethers, it’s easy to max out your budget buying food, drink and décor to make everyone feel welcome and festive. Use these budget hacks to help you lower the cost of being everyone’s favorite host or hostess.

10 Hacks for Entertaining on a Budget



Frugal Food HacksPlan a potluck It may seem obvious, but nothing beats a bring-your-own-dish event when it comes to spreading food costs, plus it’s (usually) fun. Use an online tracking tool such as Google Docs, Sign Up Genius or Evite to keep track of what attendees are bringing so you have a balanced spread. Try a brunch buffet Brunch is a great entertaining option compared to a full-course lunch or dinner. Many brunch dishes are cheaper and easier to prepare, so your guests will be happy, too. Plus, aside from a few mimosa’s, you don’t have to feel obligated to serve a lot of booze. Keep it simple (and scrumptious) There’s no rule that says every holiday meal has to be high on the hog with expensive, rich food. In fact, your guests will probably appreciate some lighter fare as a change of pace. Soup, chili, taco and potato bars are all fun and popular—and they won’t break the bank!

Dollar-wise Drink HacksBYO (Fill in the Blank) If you’re serving alcohol, asking your guests to contribute to the in-house bar is perfectly appropriate

and a huge cost saver. You can even ask people to bring their favorites, but also challenge them to keep it cheap and affordable. Punch Nobody says that you have to have a full bar…in fact, a simple, spiked (or virgin) punch is very festive. If you are going to make it alcoholic, it will cost a lot less than stocking a bar. It will also reduce the amount of alcohol that people consume (which can be a very good thing).

Skip single servings While mini bottles of wine, soda and other beverages are cute, they are also way more costly than buy-ing beverages in bulk. Keep that in mind as you shop for beverages.

DIY DecorPlan way in advance If you love to throw seasonal get-togethers, then it pays to shop post-holiday sales to pick up décor at clearance prices. Before you buy anything new (sale or not!), check your existing stash to see if you really need to spend anything extra. Enlist help Just because you’re the hostess, doesn’t mean you have to take on the burden of glitzing up your home alone. In fact, you likely have at least one or two attendees who would love to lend you some of their décor and a helping hand to create a festive scene. Holiday events can be a true highlight of this special time of year, but they can also put a dent in your wallet. Keep them budget-friendly with the hacks above and enjoy frugal, festive fun this season.

While mini bottles of wine, soda and other

beverages are cute, they are also way more

costly than buying beverages in bulk.


It’s a fact, there’s only a few weeks left of the year, and they will likely be hectic for you and your business. Before you dive into the holiday season and relax, it’s important to get your business in good shape for tax season—or you’ll be feeling the pain come January. Here’s a list of business “year–enders” that you should tackle now so you can enter 2017 feeling in control and stress-free.

Don’t Skip These Business YEAR–ENDERS

Determine employee bonus payments and withhold the required tax amounts. If you’re rewarding your employees with bonuses, don’t forget about tax. Bonuses are subject to income tax withholding, FICA and FUTA taxes—just like regular pay.

Pay your vendors and contractors in full by year end. For contractors, you may have to submit a W-9 form, and you’ll also need to give each contractor a 1099-MISC form by January 31.

Prepare your records for local, state and federal payroll. Make sure you have everything up-to-date and comply with all payroll regulations, including any recent changes.

Review your balance sheet and profit and loss statement. Taking a look at your assets, lia-bilities and equities will give you an idea of how well your business performed this year and help you identify any areas that you need to improve. In addition, your income statement will list each revenue- generating item, along with your tax-deductible expenses. This is a useful way to look at your profit and loss for the year.

Analyze your cash flow. Use cash reports to understand how much cash you have on hand. Cash flow is crucial, so if you’re

having trouble controlling it, please reach out to our firm for help.

Tally up your estimated tax payments for the year. If your business is like most small businesses, you’ve paid quarterly estimated tax payments through-out the year. Keep track of what you’ve paid, so that you have those numbers ready for your taxes and so you know how much you’ll owe after year end.

Review all of your payroll information. Now’s the time to make sure that you have all of your employee information current and securely stored. In addition, make sure that you have the people who work for you correctly classified to avoid a payroll audit and penalties.

Take stock of how well you met your goals for the year. Take some time to consider if you achieved everything you intended to last year. If so, great. If not, try to find out why. Making goals for the coming year can help keep you motivated as your business grows. Review them regularly to stay on track. These “year-enders” are important steps to help you prepare to close out 2016 and look ahead to the coming year. Once you’ve checked off the list, enjoy some well- deserved downtime. Source: Xero.com

Don’t Miss These Tax Deadlines Keep these dates handy to avoid paying penalties:

Business Tax Deadlines

• March 15, 2016 Filing Deadline

• September 15, 2016 Extension Deadline

Estimated Quarterly Tax Payment Deadlines

1st Quarter: April 18, 2016

2nd Quarter: June 15, 2016

3rd Quarter: September 15, 2016

4th Quarter 2016: January 15, 2017

Individual Tax Deadlines

April 18, 2016 Filing Deadline

October 17, 2016 Extension Deadline

IRA Contribution Deadline:

April 18, 2016

Please visit www.tax.gov/calendar

for additional information


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Bring on the Bubbly Festive Drinks for Everyone


Razzle Dazzle• 1 oz. red berry vodka

• 3/4 oz. creme de cacao dark liqueur

• Pour first two ingredients into a champagne

glass then top with champagne.

Billie Holiday• 3 oz. Soju

• 2 dashes Rose water

• 5 fresh raspberries

• 2 fresh lime wedges

• 3-4 fresh rose petals

• 2 oz. champagne

In a tall glass with ice, add Soju, rose water, raspberries

and lime wedges. Top with Champagne and stir gently.

Garnish with rose petals. (Recipe courtesy of MJ Chung

of Mono + Mono).

Non-Alcoholic Sparkling Breakfast Punch• 3 cups orange juice, chilled

• 2 cups pineapple juice, chilled

• 3 cups pomegranate juice, chilled

• 1 liter ginger ale, chilled

• 1 liter club soda, chilled

In a large bowl, combine orange juice,

pineapple juice and pomegranate juice.

Cover and refrigerate for at least 2 hours.

Just before serving, stir in ginger ale and

club soda. Serve punch over ice.

Non-Alcoholic White Grape Spritzer• ½ cup green grapes, frozen

• ½ cup red grapes, frozen

• 1 orange, thinly sliced

• 1 lemon, thinly sliced

• 4 cups bottle ginger ale, chilled

• 4 cups white grape juice

Fill a 64 ounce pitcher with grapes, orange slices and

lemon slices. Top with ginger ale and grape juice.

Serve immediately.

Perky Poinsettia (Alcoholic and Non-alcoholic)• Champagne

• 1/2 oz. Cointreau

• 3 oz. cranberry juice

Put the Cointreau and cranberry juice in a chilled

champagne flute. Stir them and top the rest of the

way with champagne. You can create a “harder”

version by adding an ounce of gin. For non-alcoholic

drinkers, replace the alcohol

with ginger ale and a

half-ounce to an ounce

of orange juice.

hy wait for New Year’s to break out the bubbly? With so many delicious and effervescent options available, you can start now and enjoy some holiday bubbles all season long. We’ve even included a few non-alcoholic options so you can enjoy something sparkly in your favorite champagne glass anytime you like. Check out the delicious recipes we’ve put together for you:

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Sources: abc.com, myrecipe.com, tablespoon.com and mixthatdrink.com

Life & Living


In the Moment: Share the Joy of Experiential Gifts

Life & Living


Museum memberships No matter where you live, there’s likely a museum close by. Many museums offer discounted gift memberships. A family member-ship is often a particularly appre-ciated gift for families with young children.

Membership to a zoo or botanical garden More than 200 botanical gardens nationwide participate in the American Horticultural Society program, which provides mem-bers of a certain garden free or discounted admission to others. Many zoos also participate in a program that offers discounted or free admission to other zoos in the United States, Canada and Mexico. This is a gift that recipi-ents can enjoy in many places.

Season tickets to a theater or concert series At this time of year, you can find gift deals and holiday promotions at local theaters. If you don’t want to buy a full season, you could buy someone tickets to a single show or several upcoming shows.

Hobby classes Has your significant other or best friend always wanted to learn to dance or to make stained-glass creations? You can buy a series of classes from a local dance studio, art studio or cooking school. Not sure what they’d like? Get a gift card or gift certificate so the recip-ient can choose a class that fits his or her schedule. Maybe you could even join them for some quality together time.

A video streaming service subscription Not sure what to get that teen or college-age relative? A sub-scription to Netflix, Hulu Plus or another video-streaming subscrip-tion service is likely to make you very popular (just clear it with their parents first). You can pay for the subscription with your credit card for a year or buy a gift card for the respective service.

A hot air balloon ride If you have someone on your gift list who is not afraid of heights or being elevated in a small basket by an oversized balloon, then this is a great idea—hot air balloon rides! They are usually very peaceful and a great way to get a birds-eye view of the landscape.

A night out at a truly great restaurant What is the best place to eat where your intended gift recipient lives? Find it and get them a gift certif-icate so they can enjoy a leisurely meal on you with happy gastro-nomic memories to boot.

These are just a few ideas to get you started on your own list of experiential gifts (and don’t forget the old standby of a spa treat-ment). If you’re looking for an experience to give a recipient who lives far away, all you need is Google to find an adventure that is local to them. Start your holiday-experience gift shopping soon…and maybe you’ll find one to put on your own wish list! Source: U.S. News & World Report, ohhappyday.com

t’s the holidays and many of us buy a multitude of gifts…likely more than we should! If we’re truthful, a lot of us will acknowledge that we have too much “stuff” already, so why not trade the things on your Christmas list for memorable experiences instead? In fact, research indicates that experiences make us happier than things do. With that in mind, here are some experiential gifts that are bound to create more joy and make it last longer for their lucky recipients.

Get a gift card or gift certificate so the recipient can choose a class that fits his or her schedule.

I

Mind Flex


Not feeling the holidays this year? It’s okay, sometimes that happens. Try these ideas to get you back in the spirit.

Bring Back that Holiday Feeling

Turn on the holiday tunes Nothing gets you in the holiday spirit faster than music. Once you hear those familiar notes, the warm and fuzzy feelings come rushing back. For maximum effect listen to the classics and sing along. Do some good One of the best ways to feel more festive is to help in the community, volunteer and share the true spirit of the season. See the “Easy Ways to Spread the Holiday Spirit” article in this issue for inspiration. Watch some holiday classics From cartoons and movies to special televised events, there’s bound to be something you love to watch at the holidays. With YouTube and a multitude of video-on-demand services avail-able, you’ll find something that makes it feel like a special time of year. Bake some happiness Whatever occasion you celebrate at this time of year, there’s likely a traditional dish or baked good that you can make and enjoy with a friend or family for some instant holiday- inspired gratification.

Decorate Pure and simple, a little bit of glitter does your heart and mind good! You don’t have to go crazy, just start with a few of your favorite holiday decorations and see if it does the trick. Let the retailers lift your spirit We’re not advocating a shopping spree to make you feel more festive, but if you enjoy seeing holiday lights and decorations on a grand scale, hitting the mall can help you get into the holiday mood without spending a dime. Continue a favorite tradition One of the most special things about the holidays is that they hold so many memories and traditions. Recreating a treasured tradition can help you rekindle that holiday spirit and spark, which can help you make the most of the present holiday season. Source: theartofmanliness.com

Mind Flex


The end of the year is bearing down, and there’s no stopping it—do you have a plan in place to minimize your tax obligations? Visit us online today. But hurry—time is short!

easy ways to spread the - cpa's and consultants list of business “year-enders” that you...

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