Stubbins, Watson, Bryan, & Witucky Co. - March 2020

THE LEGAL NAVIGATOR MARCH 2020

FROM THE DESK OF

Mike Bryan

Happy St. Patrick’s Day! Not only that, but we will soon have March Madness in full swing as well. I look forward to all the games beginning. Hopefully, my bracket does not “bust” as bad as it did last year! This month, I’m featuring American Nursing Care. I had the opportunity to interview Jason Cramblett, Client Relations Executive and Diana Phelps, Area Director of Operations. American Nursing Care provides nursing services, physical/occupational/ speech therapists, social services, home health aides, and homemaker services. Jason and Diana provided a great deal of information about the company, the types of services offered, and what to expect when working with them.

DEDUCTING TO ZERO How to Thrive This Tax Season

If you’re a small-business owner, tax season may feel daunting. The federal tax code and supporting documents are nearly 70,000 pages long, and you just want to make sure you’re saving as much money as possible. But how likely is it that you’ll do so? Over 93% of small- business owners overpaid their taxes in the past decade, according to Forbes. “The best taxes are the ones you don’t have to pay,”writes Garrett B. Gunderson, the financial advisor who reported the statistic. Most small-business owners are unaware of the many deductibles and strategies they can use to make the most of their money this year. Keep Every Receipt During the year, receipts can create clutter and disorganization, which discourages most people from keeping track of them. However, you can earn plenty of deductibles by keeping each and every receipt, whether personal or business. Without spending any extra money, you can make sure the savings you’ve already earned don’t vanish. The app 1tap receipts makes it incredibly easy. Just take photos of your receipts (even if they’re double-sided!), and it’ll automatically import the information to the app. It can sync with most bookkeeping and tax-filing software and makes your life incredibly easy during tax season. Deduct, Deduct, Deduct Are you aware of all your available tax deductions? All of the following are a 100% tax-deductible: salaries and benefits, telephone and internet expenses, education, depreciation, home office, interest, legal and professional feeds, moving expenses, rent expenses, business meals, business insurance, business interest and bank fees, business use of your car, and advertising and promotion. Finally, any personal expenses you can link to your business can also be deducted.

Please click the link below to watch our interview.

www.SWBWLawFirm.com/american-nursing- care

If you have any further questions about American Nursing Care, please contact them at 740-452-0569. Have a great month!

–Mike

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cleaners. Visit UnderATinRoof.com and read the blog post “Zero Waste Cleaning Supplies + Recipes” to get started. 2. Explore alternative laundry detergents. If you’re used to using a plastic jug of liquid laundry detergent, it’s time to step out of your comfort zone. This spring, try exploring greener alternatives like plant- based bulk laundry powder (Molly’s Suds is an excellent source). Or, if you’re feeling really adventurous, you can even try adding all-natural cleaners like soap nuts or English ivy to your laundry loads. For more on the former, search “soap nuts” on 1MillionWomen.com, and read up on ivy detergent at Permacrafters.com/English- Ivy-Laundry-Detergent. the federal tax code to help you determine the largest savings option. Deduct Startup Costs As long as you created your business, any expenses tied to starting your company can be deducted up to $5,000 along with up to $5,000 in organizational costs — but only if your total startup costs are $50,000 or less. Tax software or an expert can easily help you file for typical costs associated with setting up a business. Spend Money to Save Money Within the right profit margin, spending money on your business can reduce your taxes to zero. It’s not news to most entrepreneurs, but the more you spend on the business, the more tax deductions you earn. Don’t spend $10 to save $3, but don’t be too stringent on savings; keep in mind that buying new equipment, hiring new employees, creating an advertising campaign, and more can lead to cheaper taxes. Track Carryover Tax Deductions Don’t forget to keep tabs on past capital losses, net operating losses, home office deductions,

Keep in mind that there are certain conditions for accounting things like business meals. You can only deduct 50% of the cost from regular meals, while you can deduct 100% from office parties. While it may take extra time to calculate every deductible, tax software can make it easy. It’s in your best interest to take no shortcuts. All these small savings can put more money in your pocket for the upcoming quarter.

or large charitable donations. If these deductions aren’t fully used in one year, they can carry over and apply to the next. Remember the Tax Cuts and Jobs Act of 2018 While this act did cut out deductibles available in previous years, such as travel expenses, you can still benefit from the change in many ways. If you file as a pass-through entity for your business, you may already be aware that your standard deduction has been doubled. This can even mitigate the benefit of keeping track of your receipts if your spending was modest in the past year. However, this is only if your business taxes are filed individually. Be sure to double-check the recent changes before filing to make the most of your deductions. Without spending any extra money, you can track all your deductibles and tie any personal income or home office expenses to your business to save as a small-business owner. If you do spend extra money —with tactful awareness of the profit margin — you can still make your tax season easier and less stressful.

Don’t Sell Unused Property Do you have old equipment that’s not

providing ROI to the business anymore? You should weigh your options. Donating it, so long as you’ve owned it for over a year, is fully deductible. Selling it would make it a capital loss, which is not deductible. Find your property classification under Section 1231 of

YOUR GUIDE TO SPRING- GREENING 3 Eco-Friendly Home Swaps to Make When You Declutter

It takes a special kind of person to enjoy spring- cleaning. For most of us, the satisfaction of a clean house doesn’t quite outweigh the hours of scrubbing, sorting, and slogging through heaps of unnecessary stuff. If you’re struggling to find the motivation to start your spring-cleaning, try flipping the paradigm: Instead of spring-cleaning, think of what you’re doing as spring- greening , and make some eco-friendly swaps along the way. Here are a few ideas to get you started. 1. Swap your plastic spray bottles for bulk or DIY cleaning products. According to a Statista report, in 2019, the household cleaners market was worth more than $31 billion, and it’s continuously growing. You can save money on cleaning supplies by taking the green route. When your current stock runs out, try buying bulk cleaners or making your own. Both options will save plastic because you can reuse your bottles, and they can help you avoid the harmful chemicals found in most

a good old-fashioned rag can do the job? According to the Ocean Conservancy, 13 billion pounds of paper towels are tossed in the U.S. each year! This spring, quit paper towels and keep a stash of dish rags under the sink to do your dirty work. When you’re cleaning out your closet, you can even cut up old T-shirts and add them to your rag stash! If you’re brave, try giving up tissues, too — an old-school hanky does the trick. If you’ve made all three of these swaps, don’t stop there! To continue your green journey, visit any of the blogs mentioned above and start browsing.

3. Say goodbye to paper towels.

Paper towels are a mainstay in American homes, but do we really need them when

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Practice Pain Relief The Benefits of Meditation

Meditation has different meanings for different people. Traditionally, the act of focusing one’s mind has been used in religious and spiritual practices around the globe. More recently, it’s become a popular method of relaxation. Now, new research shows that this ancient practice may have yet another benefit: pain management. In 2008, the Medical Expenditure Panel Survey found that over 100 million adults in the U.S. suffer from chronic pain due to conditions like arthritis and debilitating injuries. Because of this, care providers have become focused on finding ways to help patients manage these persistent aches. The sensation of pain is caused by a complex interaction of biological and cognitive factors, leading scientists to study how mental exercises like meditation can aid in pain relief. Anecdotal evidence regarding meditation’s ability to reduce pain has existed for as long as the practice itself. However, modern technology has given researchers the means to accurately measure the effectiveness of this age-old tradition. The Department of Health and Human Services has cited MRI brain scans as proof that meditation can lead to moderate pain reduction. These scans revealed that the same areas of the brain stimulated by painkillers are activated when the mind is in a meditative state. This supports the accounts of those who have reported better functionality after meditative sessions.

With the ongoing tragedy of the opioid crisis, there is a dire need for pain management strategies that are noninvasive and not habit- forming, such as physical therapy. Meditation is easily accessible and can be used in conjunction with other pain relief strategies. Whether you sign up for guided meditation sessions, download one of the many mindfulness apps on the market today, or simply make time to sit and clear your mind for 30 minutes, it’s easy to add meditation to your normal routine.

Take a Break!

EASY IRISH SODA BREAD

Inspired by AllRecipes.com

Ingredients

• • • •

1/2 cup margarine

• • • • •

4 cups all-purpose flour 4 tbsp white sugar 1 tsp baking soda 1 tbsp baking powder

1 1/4 cups buttermilk, divided

1 egg

1/4 cup butter, melted

1/2 tsp salt

Directions

5. In a small bowl, combine melted butter and remaining 1/4 cup buttermilk. 6. Brush the raw loaf with this mixture and cut an“X”into the top. 7. Bake loaf for 45–50 minutes,

1. Heat oven to 375 F, and lightly grease a large baking sheet. 2. In a large bowl, combine flour, sugar, baking soda, baking powder, salt, andmargarine. 3. Stir in 1 cup buttermilk and egg, andmix until dough comes together. 4. Knead dough on a lightly

or until a toothpick comes out clean after being inserted into center of loaf. Youmay need to continue brushing the loaf with the butter mixture while it bakes.

RAIN REBIRTH SPRING SPROUT

GROWTH LUCKY MELT PUDDLE

ARIES BLOOM BUD FLOWERS

floured surface. Formdough into a round before placing it on baking sheet.

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INSIDE THIS ISSUE From the Desk of Mike PAGE 1 Making the Most of Small-Business Tax Deductions PAGE 1 3 Eco-Friendly Home Swaps to Make During Spring-Cleaning PAGE 2 Meditation and Pain Relief PAGE 3 Take a Break PAGE 3 Easy Irish Soda Bread PAGE 3 Stay Stateside With These Little-Known St. Patrick’s Day Celebrations PAGE 4

STAYING STATESIDE FOR ST. PADDY’S? Celebrate With These Little-Known Festivities

floats, and Miss Arkansas glide by. The event also features a Blarney stone kissing contest and a parade king and queen. A Little Luck in America’s Heartland O’Neill, Nebraska, is home to the world’s largest shamrock and more unique St. Patrick’s Day traditions. This Irish community doubles down on its heritage every March with a traditional parade, music, and Irish dancing. But the town also hosts a popular dodgeball tournament and donkey basketball. What could be better than pummeling your opponents in dodgeball and outpacing the competition while riding a donkey in the school gymnasium? Perhaps enjoying a pint or two with your teammates afterward. And O’Neill is just the spot to do it.

There’s no place quite like Ireland on St. Patrick’s Day. What was once a purely religious holiday to honor the legend of St. Patrick chasing all the snakes out of the country has turned into a global celebration. But if a trip to Ireland isn’t in the budget, check out these three little-known stateside destinations that are just as festive. Short and Sweet in Arkansas Thanks to the clever thinking of some Irish friends meeting for a pint at a bar on one of the shortest streets in the world, Bridge Street in Hot Springs, Arkansas, the First Ever 17th Annual World’s Shortest St. Patrick’s Day Parade will travel 98 feet once again this year. Don’t assume the turnout isn’t robust just because the distance is staggeringly low. The parade lasts for hours, drawing thousands of people to watch celebrities, musicians, bands,

Ohio’s Little Piece of Ireland

You may not be able to fly to Ireland, but you can visit a little piece of it right in the U.S. Head to Dublin, Ohio, this St. Patrick’s Day for a traditional celebration sure to put a wee bit o’ pep in your step. Partake in a traditional Irish breakfast or enjoy a parade complete with bagpipers and Irish dancers. Boasting one of the largest celebrations in the U.S., Dublin is an affordable alternative for those looking to celebrate the Irish way.

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