Kids’ Day Camp Expenses May Qualify for a Tax Credit

Day camps are common during school vacations and the summer months. Many parents enroll their children in a day camp or pay for day care so they can work or look for work. If this applies to you, your costs may qualify for a federal tax credit. Here are 10 things to know about the Child and Dependent Care Credit:

1. Care for Qualifying Persons. Your expenses must be for the care of one or more qualifying persons. Your dependent child or children under age 13 generally qualify.

2. Work-related Expenses. Your expenses for care must be work-related. In other words, you must pay for the care so you can work or look for work. This rule also applies to your spouse if you file a joint return. Your spouse meets this rule during any month they are a full-time student. They also meet it if they are physically or mentally incapable of self-care. Read more

Kim Cabanayan Named Employee of the Quarter

Kim Cabanayan, Senior Bookkeeper and QuickBooks ProAdvisor has been chosen as Employee of the Quarter after receiving nominations from both LMGW Partners and Managers. Kim maintains a close relationship with many of our small and mid-size business clients, keeping abreast of deadlines and communicating their needs to our Partner group. Kim has shown outstanding leadership and continues to be a key member of our bookkeeping and consulting departments. Congratulations to Kim!

LMGW First Annual Ugly Sweater Contest

New Staff Accountant Yesica Morales has been unanimously voted as LMGW’s Ugly Sweater Contest winner. Congratulations to Yesica.

LMGW Employees Give To Charity with Firm Matching In Lieu of Holiday Cards

This holiday season, LMGW is continuing the tradition of making charitable donations in lieu of mailing holiday cards. We allow our employees to choose the charitable organizations to make a donation to. LMGW then matches the employee’s donation, up to $50 per person, to each charity. Below are the charities our employees chose to support this year:

Maybeck High School

Second Harvest Food Bank of Santa Cruz County

Gerson Institute

The Bridge School

Abilities United

Direct Relief

The Cabrillo College Foundation

ChildFund International

David Andrew “Pooh” Maddan Foundation

GreaterGood “Stop the Yulin Dog Meat Festival”

Unity Care Group

George Mason University

The Sankara Eye Foundation USA

If you would like to learn more about any of the organizations listed feel free to ask us about them. Many of the LMGW team are personally involved with the organizations they chose to support and would be happy to share information about the services they provide.

The Overtime Rule: What Employers Need to Know

Approximately 4.2 million employees are expected to benefit from the new overtime rule that goes into effect on December 1, 2016. Here’s what employers need to know about the new overtime regulations.

What is the Overtime Rule?

The final overtime rule raises the salary threshold for overtime eligibility from $455/week to $913 ($47,476 per year). What this means for employers is that if you have an employee that makes less than $47,476 ($913 a week), then he or she automatically qualifies for overtime pay when they work more than 40 hours per week.

In accordance with the FLSA (Fair Labor Standards Act) employers are required to pay at least a minimum wage for up to 40 hours per week and to pay overtime for hours in excess of 40; however, many workers with at least some managerial duties who make between $23,660 and $47,476 are currently considered “exempt” from overtime pay. The Final Overtime Rule is, among other things, intended to make sure that these workers are adequately compensated, ensuring all employees that make less than $47,476 ($913 a week) automatically qualify for overtime pay when they work more than 40 hours per week. Read more