Obama Signs 2014 Tax Extenders

President Barack Obama has signed H.R. 5771, The Tax Increase Prevention Act of 2014, and individual taxpayers will benefit from the list of 50-plus tax extenders. 

There’s tax relief for teachers, commuters, home renovators who go green and those who live in no-income-tax states.  They’ll all see the breaks on their 2014 tax returns and the filing season is just around the corner.

These are the major individual tax extenders, now good through December 31, 2014:  

• The deduction for state and local sales taxes.
• Above-the-line deduction of up to $4,000 for higher education expenses.
• A $250 above-the-line deduction for school teachers for supplies.
• Parity for employer-provided mass transit and parking benefits ($250 a month, up from $130 a month).
• The ability to exclude up to $2 million in discharge of residential mortgage indebtedness from gross income.
• The deduction for mortgage insurance premiums.
• Energy-efficient home improvements tax credit.
• Tax-free distributions from an Individual Retirement Account for charitable purposes (the IRA charitable tax rollover) for taxpayers over 70 ½.
• Enhancements to the rules for donating real property for conservation that encourage farmers, ranchers and other modest-income landowners to increase the pace of land conservation.

For more information and to read the entire article, please visit www.forbes.com.

Project Management is Essential for Small Businesses

Project management isn’t just for big businesses.  Every small business owner has to manage projects at one time or another.  

A few of the common problems facing small business owners when undertaking a project is knowing where to start and a lack of available resources to get the task finished on time and within budget; this is where project management tools can help small businesses.

How does it help? 

Organization and Collaboration

The number one benefit of using a project management app is everyone is on the same page, literally.  There are no lost emails, papers, multiple copies of documents, or misunderstandings due to communication breakdown.

Reach Objectives Faster

Understanding the processes behind a certain action means it gets finished either on time or earlier, saving both time and money. Nearly all project management apps available for small businesses have task-assignment options. 

Cost Tracking

This is of enormous benefit for small businesses where bottom line is of vital importance.  Project management apps allow you to keep a close eye on your budget and make adjustments where necessary.

Time Tracking

Without a doubt, this is one of the most important aspects to take into account when planning and executing a project. Not setting deadlines means the project drags on and, as we know, time is money.

Evaluation

The beauty of using a project management app is you have everything documented.  What this means is, you have a complete reference for future projects, you are able to determine where mistakes were made, where you went over budget, delays and what caused them, where improvements can be made and so on.

As a small business owner, project management will help you reach your business goals faster and more efficiently.

1st Global Honors Purk Advisors, LLC as a Diamond Eagle Firm for 2014

Purk Advisors, LLC, headquartered Saint Louis was recognized for its outstanding achievements at 1st Global’s annual National Conference, November 19-21, 2014, at the Omni Hotel in Nashville, Tennessee.

“Diamond Eagle firms set the standard of excellence in our business by creating meaningful outcomes for the individuals, families and businesses these firms serve,” says 1st Global founder and CEO Tony Batman. “Diamond Eagle firms are more than successful – they are significant because of the dedication of their people to this noble purpose.”

1st Global is proud to celebrate Purk Advisors for achieving Diamond Eagle status. We admire Purk Advisors’ commitment to serving its clients through comprehensive financial advice, and congratulate Purk Advisors on its continued growth and success.

Amid a flurry of bad news that seems to fill our airwaves, news feeds and inboxes, this year’s agenda called on attendees to see The Big Picture – Economic Optimism in the Global Mosaic. To deliver this important message, 1st Global gathered an acclaimed and dynamic group of bestselling authors, innovators, businesspeople, geopolitical strategists, CPA chief executive officers and sharp-wit economists to describe their “Big Picture.”

These speakers included Steven Kotler, co-author of Abundance: The Future is Better Than You Think and author of The Rise of Superman; The Economista, Marci Rossell; Peter Zeihan, author of The Accidental Superpower; and four-star general and American hero Gen. Tommy Franks (Ret.).  In addition, Batman led a lively roundtable discussion on the future of CPAs and the accounting profession with Carl George, CPA, former CEO of CliftonLarsonAllen and member of 1st Global’s strategic advisory council, and Greg Anton, CPA, chairman and chief executive officer of Anton Collins Mitchell, LLP. The latter also gave a spirited overview of America’s fiscal responsibility and the role CPAs can play in balancing our country’s budget.

Another conference highlight was a vivacious conversation on economic principles and applying them to America’s current state with Dr. Arthur B. Laffer and senior lecturer in economics at Vanderbilt University Stephen Buckles, which was moderated by Daniel Gross. 1st Global President and Chief Operating Officer David Knoch also spoke from the main stage, introducing the audience to the power of Conscious Capitalism.

“We’re living in a world that is healthier, smarter, safer and wealthier than ever before – that’s the important message we want our financial advisors and wealth management assistants to take home to their clients,” says Knoch. “By stepping back and looking at the ‘Big Picture,’ clients and financial advisors will be better positioned to identify opportunities on the horizon.”

About 1st Global

1st Global was founded in 1992 by CPAs who believe that accounting, tax and estate planning firms are uniquely qualified to provide comprehensive wealth management services to their clients. 1st Global provides CPA, tax and estate planning firms the education, technology, business-building framework and client solutions that make these firms leaders in their professions through dedicated professional client relationships built around wealth management.

More than 400 firms have chosen to affiliate with 1st Global, making us one of the largest financial services partners for the tax, accounting and legal professions.

The Diamond Eagle award is given to firms based on the criterion of the firm’s production volume across all product lines.

1st Global Capital Corp. is a member of FINRA and SIPC and is headquartered at 12750 Merit Dr., Suite 1200 in Dallas, Texas, 75251; 214-294-5000. Investment advisory services offered through 1st Global Advisors, Inc., an SEC-Registered Investment Adviser. Additional information about 1st Global is available via the Internet at 1stGlobal.com