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Welcome to Reinhart

Reinhart is a boutique CPA firm based in Saratoga Springs, New York leading the charge in the new era of accounting services through real partnerships with clients. In the complex business environment of today, you need a dedicated financial team. Whether you’re a multi-million dollar business or a local shop, we become a key component in navigating your successful future through our innovative service bundles.

Bundled Accounting Services

Our long-term partnerships have grown from our experience crafting hand-tailored bundled service packages that contain all of the components you need to make smart business decisions. Our bookkeeping, accounting, tax, and financial strategies or business consulting services are carefully pieced together to fit your current and future business needs.

See what bundling can do for you.

Boutique Accounting Approach

Our people are energetic and offer intelligent solutions and resolutions for your business. From opening your doors for the first time, to sitting at the table with executives in an acquisition, our breadth and flexibility allows us to act as your CFO, controller, tax director, and staff accountant…all at the same time.

Read more about our approach

Expect Something Different Here

We’re a little outside the norm of the expected accountant. Our clients are more likely to comment on the impact we’ve had on their lives than the work we do for them on a monthly basis. We show up in a suit when it’s important, but more than likely we will look and talk just like you. Because, we know that meaningful partnerships grow from authenticity.

Watch our client testimonials

Latest Blog Posts

Ski Your Way Into Tax Savings: Top 5 Tax Savings Myths

December 31st, 2015|0 Comments

Ski Your Way Into Tax Savings: Top 5 Tax Savings Myths

Myth #1 – You can avoid taxes by purchasing a new set of skis (or equipment)

Business owners often purchase new equipment in hopes of saving money during tax time. But what many forget is that you have to spend money to actually save money. For example, if you are in the 30% tax bracket, you will only save 30 cents for every dollar you spend on equipment. So if you really need the new skis or computer, then it’s fine to spend the money, but don’t buy unnecessary equipment and overwhelm the business with additional debt just to save a few dollars at tax time. Ask yourself if it’s really worth it to spend $1,000 on those new skis to save $300 at tax time?

Myth # 2 – Business meals are fully deductible

Did you know that business meals and entertainment are only 50% deductible? The following is a list of the type of expenses that are allowed for meals and entertainment:

  1. Taxes and tips relating to a business meal or entertainment;
  2. Cover charges to a club or venue;
  3. Rent paid for a room used for a business event;
  4. Parking;
  5. Meals and entertainment while traveling away from home for business;
  6. Entertaining customers at a restaurant, and
  7. Convention costs.

So you may want to reconsider how much you spend on those business meals and ski trips as you can only claim half of the expenses and be sure to keep those receipts.

Myth #3 – Home office deduction

The home office deduction does not increase your risk of audit and the IRS has made it much easier to claim this deduction. In addition, business owners often believe that the home office deduction will yield a huge deduction, most likely it will not. The home office deduction can only be claimed for the portion of the house that is used regularly for business and it is your principal place of your business. There are two methods in which to calculate the home office deduction; the regular method, and since 2013, the simplified method. With the regular method you determine actual expenses related to the home office; these would include mortgage interest, utilities, real estate taxes, repairs (only if they directly benefit the business) and depreciation. The amount you are allowed to deduct is based on the portion of the home that you use for business. So if you use 25% of your home for business, then you would be able to deduct 25% of those expenses. Under the simplified method, you don’t need to determine those expenses, you just need to know the square footage of the office space and multiply it by a predetermined rate issued by the IRS. The amount per square footage is $5 for 2014. The home office deduction is almost as easy as coming down the bunny slope!

If you are an employee that receives a W2 and you have a home office that you use regularly for business purposes, the home office deduction is reported as an itemized deduction on Schedule A and is limited to 2% of your adjusted gross income. As a result, most employees with a home office receive a very small benefit from the home office deduction.

Myth #4 – Automobile expenses

As a business owner you use your car for business purposes, perhaps driving to the slopes for that business meeting and you want to deduct the auto expenses for that trip. Well it might not be as easy as the slope you were looking at on the trail map yesterday. First of all, a car is defined by the IRS as a four wheeled vehicle with a gross weight less than 6,000 pounds. In addition, you have to take a look at it, is it a mixed use vehicle, business and personal use? If it’s a mixed use vehicle, you will have to keep track of the miles you drive in total and then how many of those miles are for business. Now the question is, how much can you deduct? There are two methods to calculate the automobile expense deduction, the standard mileage rate or actual car expenses. The standard mileage rate for 2014 is 56 cents per mile and this amount changes each year. You simply take the number of miles you drove for business purposes and multiple it by 56 cents and deduct the result. The actual car expense method is a little more cumbersome, kind of like the black diamond you don’t really want to ski down. You must divide your expenses between business and personal use and track the actual expenses you paid for your car. Those expenses include gas, oil, tolls, lease payments, insurance, repairs, registration fees, tires and deprecation.

Myth #5 – You can avoid taxes by using independent contractors versus employees

When you use independent contractors, it’s true that you don’t have to pay payroll taxes, but there are very specific tests which determine whether or not someone is an independent contractor or employee. The business owner must review the relationship between the business and the worker and how much control the owner has over the worker. As the business owner, do you have the right to control what work is done and how it’s done? Does the business tell the worker what time to show up and how long they need to stay? If the answer is yes to both of these, the worker is an employee. An independent contractor usually has multiple clients and uses their own tools and supplies to complete the work. They also set their own hours and bill the clients with an invoice. There are filing requirements for both employees and independent contractors; quarterly payroll reports are required by the IRS and state taxing authorities for employees and for contractors the business will need to issue 1099’s in January of each year.

The Cloud, Your New CFO

September 2nd, 2015|0 Comments

The Cloud, Your New CFO

Gone are the days of collecting your receipts in a shoe box and turning them over to your accountant in January, biting your nails until you hear the outcome of your year. Even the smallest of businesses tends to rely on QuickBooks or a similar user friendly bookkeeping and accounting software to keep more up to date records and a handle on their finances. Although this change in recordkeeping may help the average business owner to efficiently track and pay bills, and receipt customer payments, it still doesn’t aid in a true understanding what is going on with their business and how they can help it to succeed. While keeping more up to date records will keep your accountant or tax preparer much happier than that old shoe box ever did, you are still limiting their ability to provide any real value to you and your business.

The value you need and the value that we as accountants and advisors, want to provide is in the “real time” arena. We don’t want to see what happened six or twelve months ago and just analyze it and plug the numbers into a tax return. We want to be able to see what is going on month to month, to spot trends both good and bad, and help you to create better margins, or efficiencies, in layman’s terms we want to help you earn more money!

Might seem like a complicated and costly relationship, but it doesn’t have to be. With the evolution of cloud hosted accounting software’s, with dual user accessibility, the concept of an affordable and effective part-time CFO is born. With cloud platforms we can share access to your QuickBooks file, along with other documents and spreadsheets that may be utilized to track trends and convey information back and forth. We become available anytime, regardless of physical location, able to assist and advise.

Utilizing the technology available allows for us to become true “partners” in your business. It leads to a cost effective and mutually beneficial relationship geared for success. It’s not just about making sure your bank account is reconciled and your bills are paid, it’s about keeping your company, your livelihood, healthy and profitable.

5 Reasons a Tax & Financial Planning Team is a Must

June 3rd, 2015|0 Comments

5 Reasons a Tax & Financial Planning Team is a Must

It used to be that if you worked hard and saved reasonable amounts into retirement throughout your working years, it would grow to provide you with a comfortable living in retirement. If you were retired you could count on a steady revenue stream from bonds and interest bearing accounts. The new economy has changed this and people are now starting to plan earlier and become more knowledgeable about their money in their retirement years. With so many changes in today’s financial environment the approach your financial and tax planning professionals take must also change.

Retirement Strategies

Retirement is about using the money that you have saved to earn enough income through investments to live comfortably without drastic changes to your lifestyle. The key component is earning income off of your investments which used to be fairly simple. Today with record low interest rates, smart investment advisors are using investments other than bonds to insure a reasonable income can be earned. With new strategies to bolster earnings come tax consequences that have to be analyzed to insure the investments are a good overall strategy. Your investment and tax advisor now have to become a team.

Business Strategies

With the burden of saving for retirement being ever shifted away from the government and onto the individual, business owners have to keep retirement in the forefront of their mind. Regardless of age, for many business owners their business will be their largest asset when it comes time to retire. As a part of their financial planning every business owner needs to know how they can convert their business into retirement savings without adverse tax consequences. Your business advisor needs to work with your financial advisor to determine the best course of action.

Tax Law Changes

The tax laws over the past 15 years have changed so many times it is impossible to even count. And lawmakers continue to change the tax laws to raise additional revenues. Each time a tax law changes your overall financial planning strategies need to be reviewed. What may have been the best strategy last year could be obsolete this year. You have to have professionals that are experts in both fields to have a team that fully understands the pitfalls and opportunities.

Estates & Trusts

Many people find it is necessary to seek legal counsel to draft a will or trust to insure that in the case of a tragedy they can fully take care of their loved ones. The problem with this is that most people seek legal advice without a strategy in mind. It does no good to spend your hard earned money on drafting documents if you don’t have a team that understands your overall intent to implement your wishes. It is essential that the members of this team take tax, investing and law into account.

Communication

It is not uncommon to come across people who are currently getting good advice from their lawyer, financial advisor and CPA each time they go and see them but still have problems in one or all of these areas. It comes down to communication. You have to be the intermediary who diligently takes notes and passes information from one professional to the next. Sometimes it just doesn’t get passed on at all because of uncertainty. One firm that can communicate internally about your tax and financial needs and can quarterback all of your financial strategies leads to thing getting done and getting done properly.

Cloud Computing, An Important Business Tool

April 30th, 2015|0 Comments

Cloud Computing, An Important Business Tool

Have you heard the terms “cloud computing” or “software as a service (SAAS)” and wondered what exactly it all means?

Many small businesses have moved away from the traditional server sitting in the back closet. These on premise servers mean you have to hire a computer tech, make sure your customers information is secure and worry about cyber hacking and viruses. Many business owners simply want to do what they do best and not lose sleep over a server they never pay attention too. Over the last 10 years software companies have met this challenge and made their programs available to use online without having to load the program, take backups or update the software. Using this software online is what has been termed “cloud computing” or “SAAS”.

In addition to software programs some businesses have moved their entire server to the cloud handing over the responsibility to a specialized server company to maintain and secure the server. These subscription services are not always cost effective but they do significantly reduce your business risk of a catastrophic failure.

These cloud based software packages have made things like tax and accounting more efficient. For example, it allows a CPA and a client to use the same accounting software, at the same time, so that they can discuss items or simply just work simultaneously. Business owners can access their information anytime, anywhere with a simple internet connection.

Our clients all have access to a full version of their QuickBooks on a cloud based server. Gone are the days of burning backups and passing them back and forth. In addition, we can deliver reports, tax returns and other sensitive client information directly to our clients through their client login.

Cloud computing is paving the way for more secure information, efficient work and effect team communications. These efficiencies have allowed the time for more effective services such as strategic business planning for the same price.

As we embrace the evolving technologies of the future, we invite you to join us.

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