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day now, why not be prepared? Head out to Whiting,. N.J. for an intense training camp to prepare you for the swarms of u
July–August 2016

Summer Camp for Grown-Ups Help Your Small Business Survive the Summer Slowdown Slash Your Grocery Bill with Seasonal Foods

Hiring Your Kids This Summer? Know the Tax Implications Cool and Healthy Treats Test Your Sunscreen Savvy

Go at your own speed this summer…

A

lull as productive as possible.

If a major vacation isn’t in your

If you’re taking your kids to the

plans and you’re staying close

the summer season is your busy

office with you and putting them

to home this summer, you can

time and you’re gearing up for

to work, you’ll want to check out

still enjoy a taste of summer by

long days and a packed schedule?

the information in this issue about

including seasonal produce and

Whether summer is typically a bit

the related tax implications.

the tasty, healthy hot weather

hhh, the lazy, hazy days of summer are here. Or maybe

snack recipes we’ve included

slower for you and your business

in this issue.

or it’s the time of year when you

Looking for a unique and fun

need to, “Make hay while the sun

vacation destination? See our

shines,” this issue of In the Loop

feature “Summer Camp for

We also encourage you to use safe

has something for you.

Grown-Ups.” Even if you don’t

sun practices while enjoying the

Heading to the office in the

go to one of these adult-oriented

great outdoors this season. Start

summer can be tough when the

adventures this year, they’re worth

by taking our Sunscreen Savvy

weather is beautiful and business

checking out for a future vacation,

Quiz.

is typically slower. Check out our

or even to inspire a DIY camp

tips to help you make the summer

experience of your own.

Sincerely, Your Trusted Accounting Advisors

2 | JULY–AUGUST 2016

July–August 2016

Features 4 • Strategies to Help Your Small Business Survive the Summer Slowdown | Before you shrug off the summer business lull

as a fact of life, consider the following tips to improve your business outlook now—and to optimize your operations this fall.

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6 • Summer Camp for Grown-Ups | Why let the kids have all the

fun this summer? There are plenty of ways that you can relive your childhood camp experiences, or create a whole new set of memories, by indulging in one of these summer camps for adults only.

8 • Hiring Your Kids This Summer? Know the Tax Implications | Your kids want to earn some extra cash this summer, and you need extra help for your business, so you decide to hire them. This can be an ideal tax-saving strategy as long as you follow our tips.

10 • Slash Your Grocery Bill with Seasonal Foods | Following a

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healthy meal plan is possible even if you are on a tight budget. The key is to make the most of what’s in abundant supply during each growing season because prices tend be lower (and the flavor is delicious!).

Departments 2 • From the Firm | Go at Your Own Speed This Summer…

Whether summer is typically a bit slower for you and your business or it’s the time of year when you need to, “Make hay while the sun shines,” this issue of In the Loop has something for you.

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12 • Life & Living | Cool Off with These Healthy Treats!

Go beyond popsicles with these chill snacks made for an adult palate.

14 • Mind Flex | Test Your Sunscreen Savvy…

While the sun feels glorious and you don’t want to hide in a cave, you also need to practice sun safety to ensure that you don’t “feel the burn” in terms of a bad sunburn or face the long-term consequences of dangerous sun damage. Take the quiz and test your sun savvy.

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In The Loop is published by osity LLC, 1516 S. Walnut St., Bloomington, IN 47401 (osity.com) and distributed as a courtesy by professional services firms nationwide. This publication is intended to provide general information only and is not to be construed as providing financial, legal, or other professional advice or services. The information and points of view presented may not be appropriate for your specific financial position or circumstances. Contact a financial or legal professional before making any decisions or plans regarding your financial management.

JULY–AUGUST 2016 | 3

STRATEGIES

to Help Your Small Business Survive the Summer Slowdown Unless you run a business that has a strong summer season, the months of July and August are typically slower than the rest of the year. Before you shrug off this business lull as a fact of life, consider the following tips, which may help to improve your business outlook now and optimize your operations this fall.

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Make your website mobile. If you don’t already have a mobile website, there’s no time like the summer to get the job done. Consider that two-thirds of all Americans access the Web from their smartphone, and about 40% use their phone as their preferred or only method of using the internet. This means that your site needs to work well when people view it on a mobile device.

Make a plan to contact your top prospects. When you’re busy, it’s hard to set aside time for business development. So when things slow down, take the opportunity to create or update your list of top customers and top prospects. Then make a plan to contact them to make sure you’re serving their existing needs and to propose new ways that you can help them.

Plan ahead for your fall marketing plan. While your marketing effort should not wane in the warm

weather, it’s natural (and smart) to wait to spend the bulk of your promotional resources when clients and prospects will be the most receptive. This is usually after summer vacation season. Spend some time now to do some strategic planning and create a marketing plan that supports your objectives and can be rolled out once autumn arrives.

When things slow down, take the opportunity to create or update your list of top customers and top prospects. Update or create marketing materials. While you’re focused on marketing, summer is a great time to freshen up and review your promotional materials. Conduct a brand and communications

review to see if there are gaps that you need to fill and take advantage of the slow season to get all of your marketing collateral and other needs fulfilled.

Tackle a long-term project. If you have an important (but not urgent) project that has been on your to-do list forever, you will feel so much better if you get it done over the summer. Plus, it will likely make your business run better or make more money—or both! Whether it’s clearing out old inventory, cleaning out your files, or researching a new service or product, now is the perfect time to just do it. Of course, no one expects that you’re going to fill every waking moment of the summer being productive. Taking time to recharge is a great way to boost the productivity of your business. However, if you’re going to be at the office anyway, why not use the time to help your business not just survive—but thrive—during the summer slowdown.

JULY–AUGUST 2016 | 5

Summer Camp for Grown-Ups Why let the kids have all the fun this summer? There are plenty of ways that you can relive your childhood camp experiences, or create a whole new set of memories, by indulging in one of these summer camps for adults only. Don’t worry—there’s still time to register for a late summer camp getaway! 6 | JULY–AUGUST 2016

Camp No Counselors campnocounselors.com Head off for an all-inclusive nostalgic adventure at one of many Camp No Counselors locations across the country. You’ll relive all of your favorite childhood camp memories, but this time there are co-ed dorms and adult drinks.

Camp Grounded campgrounded.org With camp locations in California, New York, North Carolina, and Texas, Camp Grounded offers a summer camp experience full of all the classics such as archery, stargazing, music shows, campfires, plus the opportunity to make a ton of new friends.

Moab Under Canvas moabundercanvas.com If you’re an extreme adventurer, head on out to Moab, Utah for mountain climbing, white water rafting, mountain biking, hiking, and more. Take part in the adventures that were too dangerous to be allowed at summer camp when you were a kid.

Zombie Survival Camp ZombieSurvivalCamp.com With the zombie apocalypse bound to happen any day now, why not be prepared? Head out to Whiting, N.J. for an intense training camp to prepare you for the swarms of undead enemies. Although registration is closed now, this one might be something to put on your list for next year...just in case!

Camp Wandawega wandawega.com For those looking for a classic, albeit “no-frills” adult retreat to summer camp, look no further.

Immerse yourself in culinary adventures (i.e. cook your own fare), sports, art camps, and even adultthemed band camp.

The Rock ‘N Roll Fantasy Camp rockcamp.com Head out to Las Vegas for a three- to five-day summer camp that immerses you in the rock ’n roll lifestyle, complete with a “Rock Star Counselor” who will guide you along your journey to become the next big rock legend. Write, record, and perform among the stars for the ultimate rock star experience.

Wine Camp winecamp.org How about a trip to Long Island for a four-day wine-centered experience? Learn the process of making wine, participate in wine tastings, and of course learn how to pair your favorite wines with the best food around. You’ll take a dozen bottles of wine home with you along with a much greater understanding of the wine-making process.

Soul Camp soul.camp Channel your inner hippie at Soul Camp, where you’ll embark on a four-day “mind and soul” experience. Located in either New York or California, the camp includes yoga classes, meditation sessions, and arts/crafts classes that are totally groovy. The above list represents just a few of the potential camps that you may be interested in attending this summer. Go online and do some of your own research to find the camp experience that speaks to you—and your inner camp enthusiast. Source: Chive.com

JULY–AUGUST 2016 | 7

Hiring Your Kids This Summer?

Know the Tax Implications It seems like a win-win: Your kids want to earn some extra cash this summer, and you need extra help for your business, so you decide to hire them. This can be an ideal tax-saving strategy as long as you are aware of the following issues when you employ your children during their time off from school.

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Payroll and unemployment taxes may not apply. If your children are under 18 and you’re a sole proprietor or single-member LLC, or run a spousal partnership, they won’t have to pay Social Security or Medicare taxes if you employ them. In addition, if they’re under 21, the IRS doesn’t require that you pay unemployment taxes on their behalf, either, which all adds up to significant tax savings.

Lower tax brackets for kids = more tax savings. Wages that you pay your children are a tax-deductible business expense, which lowers your company’s net income and your total tax liability. Plus, your dependent children are likely in a lower tax bracket than you are. If their income doesn’t exceed the standard deduction, it’s possible they won’t have to pay any income tax on their wages at all.

Prepare for IRS scrutiny. As you can see from the above examples, the tax benefits for hiring your children can be substantial, which means there’s a lot of potential for abuse. As such, you may face additional scrutiny from the IRS if you do put your kids on the payroll. That’s why it’s

important that you maintain payroll documentation and records to prove that your children are doing meaningful work for a reasonable pay rate.

Be aware that minors may have to file tax returns. If your children are still dependents and their earned income exceeds the standard deduction, they will have to file income tax returns. Even if they aren’t required to file, it is a good idea for minors to do so anyway because if they elected to have federal or state taxes withheld from their paycheck, a tax refund is the only way to collect any tax refund owed to them.

Don’t Miss These Tax Deadlines

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Keep these dates handy to avoid paying penalties: Business Tax Deadlines • March 15, 2016 Filing Deadline • September 15, 2016 Extension Deadline

Estimated Quarterly Tax Payment Deadlines 1st Quarter: April 18, 2016 2nd Quarter: June 15, 2016 3rd Quarter: September 15, 2016

Even if they aren’t required to file, it is a good idea for minors to do so anyway.

4th Quarter 2016: January 15, 2017

The real key to creating a win-win situation for hiring minor children is to ensure that your small business has meaningful work for them to perform. If that’s the case, it makes perfect economic and experiential sense to do so. And bonus, if your kids are gainfully employed in your business, it’s less likely that you will hear the all-tofamiliar whine: “I’m bored!”

October 17, 2016 Extension Deadline

Individual Tax Deadlines April 18, 2016 Filing Deadline

IRA Contribution Deadline: April 18, 2016

Please visit www.tax.gov/calendar for additional information

Source: www.quickbooks.intuit.com

JULY–AUGUST 2016 | 9

Slash Your Grocery Bill with These Seasonal Foods Following a healthy meal plan is possible even if you are on a tight budget. The key is to make the most of what’s in abundant supply during each growing season because prices tend be lower (and the flavor is delicious!). There’s no time like the summer to start eating seasonally, which can help you improve your diet and save money at the grocery store.

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elow you’ll find a list of fruits and vegetables that are readily available in July and August. Stock up now and enjoy!

There are many ways that you can save money and still eat healthfully. Start by incorporating the foods above into your menu plans this summer. You may even want to freeze or can some of these fruits and veggies to enjoy later in the year—another smart way to save money! Source: Diabetes.org

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Life & Living

Cool Off with These Healthy Hot Weather Treats Go beyond popsicles with these chill snacks made for an adult palate.

Cranberry Slushy 12 | JULY–AUGUST 2016

W

hen the temperature soars, we all look for ways to cool down and avoid slaving away in the kitchen. The downside to many classic cool treats (i.e. ice cream, popsicles and frozen drinks) is that they are packed with empty calories. Try these single serving treats instead so you can feel refreshed and benefit from the extra vitamins these lower-calorie indulgences offer:

Cranberry Slushy

Chilled Cucumber Soup

Ingredients: • 1/2 cup cranberry juice cocktail • 1 tsp fresh lime juice

Ingredients: • 1 cup peeled, chopped cucumber • 1/2 cup plain nonfat yogurt • 1 Tbsp chopped fresh mint • Pinch of salt

Blend above ingredients with 1 cup ice cubes. Pour into a glass and sip for instant refreshment.

Watermelon-Feta Skewers Ingredients: • 5 watermelon balls, • 5 (one-half inch) feta cheese cubes • 5 mint leaves Thread one of each ingredient onto a plastic or wooden mini-skewer. Chill and enjoy.

Blend all ingredients with three ice cubes, pour into a bowl and savor the cool flavor.

Banana Split Makeover Ingredients: • 1 cup fresh strawberries • 1 banana • 8 Tbsp sweetened whipped cream

Chilled Cucumber Soup

Slice strawberries and banana. Put in a bowl and top with whipped cream. Mmm. Recipes courtesy of Health.com and SparkPeople.com

JULY–AUGUST 2016 | 13

Mind Flex

Test Your

Sunscreen Savvy It’s that time of year again when, in most places around the country, Americans are getting far more sun exposure than what they’re used to. While the sun feels glorious and you don’t want to hide in a cave, you also need to use sun smarts to ensure that you don’t “feel the burn” of a bad sunburn or face the long-term consequences of sun damage. Take our quiz to test your sunscreen savvy, then be sure to use it (and plenty of sunscreen) when you head outside this summer.

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I can’t get skin cancer, because my normal routine (such as drive to work, hobbies, and vacations) doesn’t include a lot of time outdoors. a) True b) False

I should use sunscreen at football games, even though I only go (and get burned) once or twice a year. a) True b) False

If I’m wearing sunscreen, I can stay in the sun as long as I want. a) True b) False

A sunscreen labeled SPF 15 blocks more UV radiation than one labeled SPF 30. a) True b) False

How often do I need to reapply water-resistant sunscreen? a) Every 2 hours or sooner b) After sweating or swimming c) After I towel dry d) All of the above

What are some of the most common (and painful!) sunscreen mistakes? a) Choosing an SPF below 30 b) Using too little c) Waiting too long to reapply d) All of the above

Check your answers: 1. False Brief sun exposures all year round can add up to major damage for people with fair skin. Plus, the sun’s ultraviolet (UV) rays can even pass through windows, so driving or even sitting by a window during peak sun hours, 10:00 a.m. to 4:00 p.m., can expose your skin to damaging UV rays if the sun is shining directly on you. 2. True Many people think it's OK to get a sunburn now and then, but studies show that even occasional exposure to strong sunlight seems to increase the risk of the most deadly type of skin cancer, melanoma. 3. False It's not smart to stay in the sun for several hours, even if you are wearing sunscreen. The American Cancer Society recommends that people seek shade and limit time in the sun at midday. Also, cover up with a shirt, wear a widebrimmed hat, use a broad-spectrum sunscreen rated SPF 30 or higher, and reapply it about every 2 hours. Lip balm with sunscreen is a wise choice. And don't forget sunglasses to protect your eyes. 4. False The Sun Protection Factor (SPF) describes how well a sunscreen protects against UVB rays (it says nothing about protection from UVA rays). SPF 15 sunscreens filter out about 93 percent of UVB rays, while SPF 30 sunscreens filter out about 97 percent. Choose a broad spectrum product that blocks both UVB and UVA light. It’s also important to use enough sunscreen and reapply it often, especially if you are sweating or swimming. 5. All of the above. For best results, most sunscreens need to be reapplied about every 2 hours or sooner, but be sure to check the label for how long the protection will last. Sunscreens labeled “water resistant” are made to protect you from burning when you swim or sweat, but may only last for 40 minutes. Also, remember that sunscreen usually rubs off when you towel dry. 6. All of the above. Sunscreens with broad spectrum protection (against both UVA and UVB rays) and SPF values of 30 or higher are recommended. About 1 ounce of sunscreen (a palm full) should be used to cover the arms, legs, neck and face of the average adult. For best results, sunscreens must be reapplied at least every 2 hours and even more often if you are swimming or sweating. Products labeled "waterproof" may provide protection for at least 80 minutes even when you are swimming or sweating. To be safe as possible when in the sun, use a lot of sunscreen and use it often. Source: The American Cancer Society

JULY–AUGUST 2016 | 15

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TRUST?

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