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| February 1, 2005 | The
Monthly Newspaper of the NYSSCPA |
Vol.
8, No.2 |
Message From the President
By Patricia G. Wright, Brooklyn Chapter President
To all our members, associates and friends of the Brooklyn Chapter, we hope that everyone had a great holiday season, and that 2005, which started with such glorious weather, promises to be a great year for all.
As we prepare for the new tax season, our goal is to provide the best service to our clients. The beginning of the year is a great time for employees and CPAs providing business management to clients to take a look at the many options open to them through payroll benefits. Here are some of the options available:
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Take advantage of the pretax contributions by participating in your company’s 401(k) plan. The limit in 2005 is $14,000, and for those who have not already done so and who will reach the age of 50 by Dec. 31, 2005, consider electing the “catch-up” contributions. There is an extra $4,000 to be saved.
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Flexible Spending Accounts, such as the Healthcare Spending Account, utilize pretax dollars, which cover unreimbursed expenses by any kind of benefit plan. The annual medical expense limit on this is $2,500.
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Dependent Care Flexible Spending Accounts are used for child or elder care expenses for an eligible dependent. The annual medical expense limit is $5,000 ($2,500 for married individuals filing separately).
The Brooklyn Chapter, in partnership with Long Island University, will once again participate in the COAP program for 2005. As always, the program’s objective is education, which in turns produces CPAs for the future. Please endeavor to reach out whenever possible to those who seek career direction, reminding them that a CPA career is especially rewarding.
Join the chapter’s Young CPAs Committee or the High School Outreach Program, or both, and make a difference. If you are not yet a member, visit us on the web at www.nysscpa.org to get more information about our chapter and the state Society.
Have a great tax season.
Pat Wright can be reached at 212-759-6556, ext 122, or p_wright@starrllc.com.
