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Local Business Scholarship Accepting Applications from College Juniors Gary DellaPosta, CPA & Business Advisors are pleased to announce their 2019 Scholarship for entering college juniors. They will be awarding $1000 to a qualified local student. To qualify, you must be from Falmouth, Bourne, Mashpee or Sandwich and entering your junior year in 2019. Applicant must be enrolled in a program leading to a bachelor’s degree in a business degree field at an accredited college or university. Applicants are invited to download the application off of our website or contact them directly to receive a copy. All applications are due June 1, 2019 and a winner will be announced on July 1, 2019. The winner and their family will be invited to attend a luncheon to receive their honors. Prior winners include: Jacquelyn Grinnell of Falmouth (2016); Ian McKenna of Sandwich (2017); and Hannah Ghelfi of Falmouth (2018). For more information visit their website: http://www.dellapostacpa.com/Scholarship.php 
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Cape Kids Cast News Broadcast January 11, 2019: Taxes & Accountants Check out this week's Cape Kids Cast brought to you exclusively from Cape Cod Moms. This week they interview Gary DellaPosta, CPA all about taxes, how to become a CPA and what happens during a government shutdown! Cape Kids Cast ~ Real Kids, Real Talk! Email us info@capecodmoms.com for advertising and interviewing inquiries. #CapeKidsCast #RealKidsRealTalk #capecodkids #media #screentime4good #journalism #capecod #kids #news #broadcast #accounting #CPA #accountant #taxes Cape Cod Moms Adviser, Gary DellaPosta, CPA was recently awarded a 2017 Breastfeeding – Friendly Employer Award from the Massachusetts Breastfeeding Coalition. This award is given to employers who are supportive to breastfeeding mothers and their children. This is the second time our office has received this award. All award recipients were showcased at the Massachusetts Breastfeeding Coalition annual conference on September 25, 2017 at the Massachusetts Medical Society. The criteria that they look for with employers are: • A private space for employees to pump/express breast milk or nurse their babies. • Flexibility for employees to bring young babies to work with them. • Regular break times or a more flexible work schedule to facilitate pumping/nursing. • Access to an electric breast pump. • A refrigerator for storage of expressed breast milk, and sink area for cleaning equipment. • Services of a lactation consultant. • Information on workplace breastfeeding support services to all employees. Congratulations to Gary DellaPosta, CPA on this award and for helping to support working women.  Gary DellaPosta, CPA explains the latest IRS tax scams circulating. From the "Federal College Tax Scam" to phishing email scams aimed at bookkeepers, to the newest mail scam asking you to send a money order, Gary explains them all and how they are trying to steal your hard earned money. Gary gives his tips for spotting the scam, explains each scam, and then gives you phone numbers and resources for what to do if they contact you.  The Cost of Raising A Child Birth through Infancy
By: Gary M. DellaPosta, CPA Here are the costs you can expect up to birth and during the first year: Note: For a second or third child, you will spend much less on furniture, clothing, and toys, but health care, child care, and food will remain the same. Hospital Costs According to the Transforming Maternity Care Partnership, in 2011, an uneventful hospital delivery, on average, in the United States cost between $10,657 (vaginal birth, no complications) and $23,923 (cesarean section birth with complications). The actual costs you pay, of course, vary depending on your health care coverage. Baby Supplies and Equipment Before you bring the baby home, you'll buy a crib, a changing table, and a swing or bouncy seat. The moderately priced versions of these three things will cost you about $1,200. You'll also need at least one stroller that you can expect to pay about $400 for. A full-size infant car seat will cost you about $150-$200, and a full-size high chair will cost $150. Finally, you will spend several hundred dollars on washcloths, sheets, blankets, towels, undershirts, onesies, and other baby clothes. Also, think about whether you plan to use a diaper service, cloth diapers, or use disposable ones. Feeding and Diapers The American Academy of Pediatrics recommends exclusively breastfeeding your baby for at least 6 months. Many women, of course, choose to breastfeed longer than that. Nursing mothers will have to invest in several good nursing bras and nursing pads (about $50) as well as a nursing pillow (about $25). If you plan to return to work after 3 months, consider investing in a hospital-grade breast pump, which will run you about $400. In comparison, a year's worth of ready mix powder formula costs about $1,350. If you buy the ready-to-serve type of formula the cost, is even more, running well over $2,000. You'll also need a year's supply of bottles, at about $90, and you'll have to add another $40 to replace the nipples at least twice in a year. When your baby is ready for solid foods, you will also need to account for the cost of rice cereal and baby food. Diapers are another expense you need to consider. Cloth diapers are the least expensive option. Disposable diaper costs for the first year run about $850, and a diaper genie costs about $40. Child Care Child care expenses vary widely. Child care in a day care center costs much less than a live-in nanny (unless you have multiples, then a nanny or au pair is the less expensive option), and prices for daycare centers vary widely. Child care in a day care center costs much less than a live-in nanny. A mid-priced day care center charges on average $975 per month for your infant's care, or close to $12,000 per year. Health Care Your infant will visit the doctor about six times during his or her first year, including well-baby check-ups as well as the inevitable colds and fevers of infancy. How much you will spend for doctor visits during the first year depends on your health insurance. Toys and Clothes You will spend about $500-$600 on toys and clothing during the first year (in addition to what you bought for the layette.) Total for the First Year Your total expenses for the first year run about $15,000-$18,000. The biggest variable is the cost of health care.  Cape Cod Moms Advisor, Gary DellaPosta, CPA is pleased to announce Jacquelyn Grinnell as the winner of the 2016 Gary DellaPosta, CPA Business Scholarship for $1,000. Jacquelyn is a local 2014 Falmouth High School graduate who has excelled in her studies at University of New Hampshire while majoring in Business Administration Accounting and Marketing. She has received excellent grades in her accounting classes, has earned high honors twice and currently holds a cumulative GPA of 3.58. Jacquelyn is a first generation college student in her family attending the University of New Hampshire. Her parents Robert & Nanette both work within our community and her younger brother, Robert attends Lawrence Jr. High School. She has grown up learning that nothing is handed to you in the real world and that one must work hard for what you want in life. As a result she has paid her own way through college working full time as a manager in the summer in Falmouth at Jimmy’s of Woods Hole and the Surf Drive Snack Bar. She is a valued employee who is trusted to help operate the business responsibly and takes ownership of her job. She also works at the Dimond Library at the college during the school year. In addition to working and going to school, Jacquelyn also volunteers at a therapeutic art club. Jacquelyn has demonstrated passion and dedication to her studies, her job, her family and to our community. It is because of her strong work ethic and devotion to her all these that proves just how far in life this young woman will go. She is a true asset to our community and we are extremely pleased to offer her this opportunity to help her finish her college education. Congratulations Jacquelyn!   Financial Friday
Tax Tips for Children with Investment Income By: Gary M. DellaPosta, CPA Special tax rules may apply to some children who receive investment income. The rules may affect the amount of tax and how to report the income. Here are five important points to keep in mind if your child has investment income this year: 1. Investment Income. Investment income generally includes interest, dividends and capital gains. It also includes other unearned income, such as from a trust. 2. Parent's Tax Rate. If your child's total investment income is more than $2,100 then your tax rate may apply to part of that income instead of your child's tax rate. See the instructions for Form 8615, Tax for Certain Children Who Have Unearned Income. 3. Parent's Return. You may be able to include your child's investment income on your tax return if it was more than $1,050 but less than $10,500 for the year. If you make this choice, then your child will not have to file his or her own return. See Form 8814, Parents' Election to Report Child's Interest and Dividends, for more information. 4. Child's Return. If your child's investment income was $10,500 or more in 2016 then the child must file their own return. File Form 8615 with the child's federal tax return next April. 5. Net Investment Income Tax. Your child may be subject to the Net Investment Income Tax if they must file Form 8615. Use Form 8960, Net Investment Income Tax, to figure this tax. Visit our website for more great information and free tax calculators! Gary DellaPosta is a CPA and founder of the firm. A graduate of Bryant University, he is a member of the American Institute of CPA's as well as the Massachusetts Society of CPA's. In addition to providing accounting, tax and advisory services to individuals and businesses, he also provides litigation support to attorneys and has been recognized as an expert in numerous Massachusetts' courts. Mr. DellaPosta serves on the Board of the Barnstable County Mutual Insurance Co., where he serves on the audit, investment and employee benefit committees. He is a Director at The Cooperative Bank of Cape Cod, where he serves on audit, governance, and personnel committees, and is a former director of Eastern Bank and Plymouth Savings Bank. He is also the former Treasurer of the Community Health Center of Cape Cod and is a former trustee of Heritage Museum & Gardens. Visit his website for more info  Financial Friday: The Individual Shared Responsibility Provision By: Gary M. DellaPosta, CPA The individual shared responsibility provision requires that you and each member of your family have qualifying health insurance, a health coverage exemption, or make a payment for any months without coverage or an exemption when you file. If you, your spouse and dependents had health insurance coverage all year, you will indicate this by simply checking a box on your tax return. In most cases, the shared responsibility payment reduces your refund. If you are not claiming a refund, the payment will increase the amount you owe on your tax return. Here are some basic facts about the individual shared responsibility provision. What is the individual shared responsibility provision? The individual shared responsibility provision calls for each individual to have qualifying healthcare coverage--known as minimum essential coverage--for each month, qualify for an exemption, or make a payment when filing his or her federal income tax return. Who is subject to the individual shared responsibility provision? The provision applies to individuals of all ages, including children. The adult or married couple who can claim a child or another individual as a dependent for federal income tax purposes is responsible for making the shared responsibility payment if the dependent does not have coverage or an exemption. How do I get a health coverage exemption? You can claim most exemptions when you file your tax return. There are certain exemptions that you can obtain only from the Marketplace in advance. You can obtain some exemptions from the Marketplace or by claiming them on your tax return. You will claim or report coverage exemptions on Form 8965, Health Coverage Exemptions, and attach it to Form 1040, Form 1040A, or Form 1040EZ. You can file any of these forms electronically. For any month that you or your dependents do not have coverage or qualify for an exemption, you will have to make a shared responsibility payment What do I need to do if I am required to make a payment with my tax return? If you have to make an individual shared responsibility payment, you will need to use the worksheets found in the instructions to Form 8965, Health Coverage Exemptions, to figure the shared responsibility payment amount due. You only make a payment for the months you did not have coverage or qualify for a coverage exemption. If you need assistance, please call. What happens if I owe an individual shared responsibility payment, but I cannot afford to make the payment when filing my tax return? The law prohibits the IRS from using liens or levies to collect any individual shared responsibility payment and they routinely work with taxpayers who owe amounts they cannot afford to pay. However, if you owe a shared responsibility payment, the IRS may offset that liability against any tax refund that may be due to you. Visit our website for more great information and free tax calculators! Gary DellaPosta is a CPA and founder of the firm. A graduate of Bryant University, he is a member of the American Institute of CPA's as well as the Massachusetts Society of CPA's. In addition to providing accounting, tax and advisory services to individuals and businesses, he also provides litigation support to attorneys and has been recognized as an expert in numerous Massachusetts' courts. Mr. DellaPosta serves on the Board of the Barnstable County Mutual Insurance Co., where he serves on the audit, investment and employee benefit committees. He is a Director at The Cooperative Bank of Cape Cod, where he serves on audit, governance, and personnel committees, and is a former director of Eastern Bank and Plymouth Savings Bank. He is also the former Treasurer of the Community Health Center of Cape Cod and is a former trustee of Heritage Museum & Gardens. Visit his website for more info
Gary DellaPosta, CPA & Business Advisors are pleased to announce our 2016 Scholarship for entering college juniors. We will be awarding $1000 to a qualified local student. To qualify, you must be from Falmouth, Bourne, Mashpee or Sandwich and entering your junior year in 2016. Applicant must be enrolled in a program leading to a bachelor’s degree in a business degree field at an accredited college or university. Applicants are invited to download the application off of our website or contact us directly to receive a copy. All applications are due June 1, 2016 and a winner will be announced on July 1, 2016. The winner and their family will be invited to attend a luncheon to receive their honors. To view and download our College Scholarship Application please select below: College Scholarship PDF Version College Scholarship Word Version  In honor or our Annual Festivus Holiday Giveaways, Cape Cod Moms will be featuring all the participating businesses in a dedicated blog post to help our community get to know the owners, their passions and their favorite holiday events! Be sure to purchase a calendar beginning 11/23/15 for your chance to win any or even all of the 32 prizes donated by local Cape Cod Small Businesses! Remember by supporting local small businesses, you keep the money here, which in turns allows the business to support all local communities and fundraisers #ShopLocal #SaveLocal #SupportLocal Festivus Grand Prize: NIVRE Hawaiian Beach Bike with basket Value: $600 Awarded Christmas Day!   Meet Gary DellaPosta, owner of Gary DellaPosta CPA & Business Advisers. Gary is a local Cape Cod Dad & Grandparent, who between preparing taxes for local families and businesses as well as giving financial advice, can be found spending quality time with his family and getting involved with the community within various organizations including Cape Cod Moms. Beginning in 2016, Gary and his office will be awarding a scholarship to a local Falmouth resident that is a college junior, majoring in business. By offering this scholarship, Gary and his team hope to financially help this student as well as continue to support and foster a love for our community and supporting small business. There will be more information on their website starting in January so make sure that if you have a child who is interested to come on back to his website and apply! Read more below for how Gary gets into the holiday season! Get in the Cape Cod Festivus Spirit with Gary from Gary DellaPosta, CPA & Business Advisers Follow him on: or by signing up for our monthly financial newsletter! How do you and/or your business get into the spirit of giving? We hang Christmas and holiday cards up in our office. We have joined with Cape Cod Moms the past few years to offer a prize for their annual Festivus Giveaway including this year offering the grand prize. To get in the festive spirit, we have also decided to offer a college scholarship for 2016 to a local student. There will be more information on our website in the new year! What is your favorite part about this time of year? The festive spirit of the season which includes family, community and everyone coming together. What is your local family “must attend” holiday event? We love attending the Christmas POPS in Boston every year. Locally we love watching the Falmouth Christmas parade as well! Would you share with us a family tradition? My children are all grown now, but each year our family gets together the weekend before Christmas with all of our grandchildren to celebrate. We do this the weekend prior to the holiday because we believe strongly that children should be home on Christmas Day. When my children were young they would each get a giant stocking. Now we have continued that tradition to the grandchildren and their presents always include matching Christmas pajamas. If you could have one wish this holiday season, what would it be? Peace & Harmony What are your festive words of advice for our families during this special time? Spend time just being with your children with no time limit. The moments you spend now will create memories and a foundation of family and support for your children. Enjoy the magic of the season and teach them the spirit of giving. What is your favorite holiday dessert? Homemade Christmas Fudge  |
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