Tag Archives: Ramsay and Associates

40th Anniversary Celebration

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Ramsay Associates Building 70s 40th Anniversary

This is an exciting time for us at Ramsay & Associates as we celebrate 40 years of providing accounting, tax, and advisory services for our business and personal clients.

Rich Ramsay founded Ramsay & Associates in 1976 with one primary goal – the financial success of our clients. Ten years ago, I joined the firm. Both Rich and I are very involved with the Rotary Club of White Bear Lake, and I serve on several non-profit boards. Ramsay & Associates provides free tax preparation services to a handful of non-profit organizations each year.

Rich Ramsay with Sons 40th Anniversary

We now have a staff of nine, including three CPAs, dedicated to providing the highest level of accounting services. Over the years, we’ve worked with a wide variety of personal and business clients. We have enjoyed getting to know you and to help you meet your financial goals, whatever they might be. We’ve watched as generations of children have grown up, and some of those children have become clients as well.

Ramsay-Associates-Building-Today-40th-Anniversary

It is our pleasure to invite you to celebrate the milestone of 40 years with us. Please join us at our 40th Anniversary Celebration on Thursday, October 20, 2016, for an intimate evening of food, drinks, and friendly conversation.

Ramsay & Associates 40th Anniversary Celebration
Thursday, October 20, 2016
5 pm to 8 pm
Bullard Rainforest Auditorium (Visitor Center, second floor)
Como Park Zoo & Conservatory
1225 Estabrook Drive, St. Paul (see map)

We kindly ask that you RSVP by October 14. Call 651-429-9111 or email Sarah@RamsayCPA.com.

We look forward to seeing you on Thursday, October 20, and we appreciate your business and support.

About the author

Brady is the owner of Ramsay & Associates. He specializes in financial statement preparation and personal, fiduciary and corporate tax and accounting.

His professional experience includes seven years' experience for local and national CPA firms before joining Ramsay & Associates in 2006.

He has a Bachelor of Accounting degree from the University of Minnesota Duluth. He is a Certified Public Accountant, a member of the Minnesota Society of CPA's, an Eagle Scout, as well as an active volunteer in the community.

3 Keys to Mid-Year Retirement Planning Checkup

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Retirement Planning, Retirement Savings Checkup, Retirement Plan, Ramsay CPA, Mahtomedi, MNWith Q2 firmly in the rearview and Q3 of the 2016 calendar year off to a strong start, now is the perfect time to review your retirement savings goals and opportunities.

From contributions to spending and net worth, give your retirement investments a mid-year checkup to make sure your retirement plans are still on track. Here are three keys to any checkup worth its salt.

1. Adjust Your Annual Contributions.

Whether you contribute to a 401(k) or to Roth IRAs, you still have time to fine-tune your annual contributions to maximize your retirement savings. If you don’t already belong to your employer’s retirement plan, join as soon as you can. If the plan allows for contributions, review your contribution amount to take advantage of the opportunity to save for your retirement.

The maximum annual salary deferral contributions allowed for 2016 are $18,000 to 401(k) or 403(b) plans and $12,500 to SIMPLE plans. If you are 50 or older by the end of the year, your plan may allow you to make additional catch-up contributions of $6,000 to 401(k) or 403(b) plans and $3,000 to SIMPLE plans.

If an employer’s retirement plan is not an option, you can still contribute toward your retirement via a traditional or Roth IRA. For 2016, you can contribute a maximum of $5,500 ($6,500 if you are 50 or older) or your taxable compensation for the year, whichever is less.

2. Rebalance Your Net Worth.

From Brexit to the immanent presidential election, this year’s events have resulted in a volatile stock market. If you are near retirement and see a big fluctuation in your net worth in 2016, perhaps you have too much invested in stocks. While the bull has stampeded throughout the US stock market in recent months, an unstable economic climate could quickly curtail the bear’s hibernation.

3. Stick to Your Spending Budget.

Many of us overspend during the holiday season, resolve to be more frugal in the new year and successfully adhere to a stricter budget for the first several months. However, much like diet and exercise resolutions, summertime can throw a wrench in our plans and reset the cycle. Mid-year is a good time to check your budget and see if you are spending too much money. Consider increasing the salary deduction percentage if you aren’t maxed out on your 401(k) contributions yet. Less cash in the bank might take a little getting used to but it will help you achieve your budgetary goals.

Confused about which retirement plan is right for you? Ramsay & Associates can analyze your needs and help you understand which plan makes the most sense for your financial circumstances. Contact us today to learn more!

About the author

Brady is the owner of Ramsay & Associates. He specializes in financial statement preparation and personal, fiduciary and corporate tax and accounting.

His professional experience includes seven years' experience for local and national CPA firms before joining Ramsay & Associates in 2006.

He has a Bachelor of Accounting degree from the University of Minnesota Duluth. He is a Certified Public Accountant, a member of the Minnesota Society of CPA's, an Eagle Scout, as well as an active volunteer in the community.

Happy Fourth of July!

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Happy Fourth of July from everyone at Ramsay & Associates. We hope you have a safe and wonderful Fourth!

Happy Fourth of July, Ramsay and Associates, CPA, Mahtomedi, MN

About the author

Brady is the owner of Ramsay & Associates. He specializes in financial statement preparation and personal, fiduciary and corporate tax and accounting.

His professional experience includes seven years' experience for local and national CPA firms before joining Ramsay & Associates in 2006.

He has a Bachelor of Accounting degree from the University of Minnesota Duluth. He is a Certified Public Accountant, a member of the Minnesota Society of CPA's, an Eagle Scout, as well as an active volunteer in the community.

LLC vs S Corporation

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LLC Benefits List Check Marks Boxes ClipboardPeople always ask me, “Should I be an LLC or an S corporation”, and my answer is always the same, “It depends”. It’s as simple as that, it does depend on each individuals unique situation. LLC’s and S corps are similar in that they both provide limited liability protection to the members or shareholders. Both entities are also what’s called a “pass-through” entity, meaning the income is passed through to the owners and reported on the owners’ personal income tax return. This eliminates the double taxation issue incurred by C corporations.

An LLC offers ease of creation and flexibility down the road.  There are less restrictions on ownership, structure and reporting. An LLC allows for profits and losses to be split in a manner other than by ownership units.  But you may end up paying more in employment taxes as an LLC. A single-member LLC is also permitted to not file a separate tax return, but to rather report the activity on the owner’s personal income tax return.

An S corporation has restrictions as to who can be an owner and how many owners there can be. There can also be only one class of stock. An S corporation has no flexibility as to money distributed to shareholders, it is on a per share basis.

The biggest consideration in deciding between an LLC and an S corp is employment taxes.

An LLC owner is considered to be self-employed and as such all profits are subject to employment taxes. S corporation owners do not pay self-employment taxes on the profits, but rather on the wages paid to the shareholders. The company will pay it’s half of social security and Medicare and the employee, or shareholder, will pay the other half.  But herein lies the rub. The company MUST pay a reasonable wage first, and then profits may be distributed to owners. The IRS does not define what a “reasonable” wage is and it is up to the taxpayer to determine this.

So in the end, there is no single right answer to the question of whether to be an LLC or an S corp. Consult your tax advisor for the best fit for you.

About the author

Brady is the owner of Ramsay & Associates. He specializes in financial statement preparation and personal, fiduciary and corporate tax and accounting.

His professional experience includes seven years' experience for local and national CPA firms before joining Ramsay & Associates in 2006.

He has a Bachelor of Accounting degree from the University of Minnesota Duluth. He is a Certified Public Accountant, a member of the Minnesota Society of CPA's, an Eagle Scout, as well as an active volunteer in the community.

Summer Is Passing Quickly

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Winter this year seemed to hold on extra hard, then we had a month of torrential rain, and just as the weather is getting nice, it’s already time for the State Fair.

This also means that corporate, partnership, trust and estate tax returns that are on extension are due in a mere three weeks. If you’ve not gotten started putting that information together, now is the time to start.

As fall approaches, this is also a good time to consider tax planning for the year. With more than half the year passed, projections now can provide great insight both into how your taxes will look come next April, as well as reveal tax saving possibilities with time to get them implemented.

Lastly, if you have kids going off to college this fall, know that there can be some great tax breaks to dull the pain of college expenses. Keep your receipts for required books and fees, and those, along with a 1098-T that the college will send in January, will allow your CPA to get the most out of education tax savings.

About the author

Brady is the owner of Ramsay & Associates. He specializes in financial statement preparation and personal, fiduciary and corporate tax and accounting.

His professional experience includes seven years' experience for local and national CPA firms before joining Ramsay & Associates in 2006.

He has a Bachelor of Accounting degree from the University of Minnesota Duluth. He is a Certified Public Accountant, a member of the Minnesota Society of CPA's, an Eagle Scout, as well as an active volunteer in the community.