Get to Know Linda Mullucey & Bench Honors Doug Orcutt

Get to Know Linda Mullucey, Corporate Tax Manager

This month we spotlight Linda Mullucey, a Corporate Tax Manager who has been with us for 24 years in September.

Prior to joining the Orcutt team, Linda was a Controller at a small IT firm and she was an Assistant Controller and Credit Manager at a large Cincinnati hotel.

What do you enjoy about your role? I love seeing small businesses grow and become successful! It’s a thrill to play a small part in that success by coming along side them to offer accounting and tax services.

Coffee or tea? Coffee!

What was your first job? Counter sales at Busken Bakery.

What inspires you? Reading and listening to people smarter than me! I’m a bit of a podcast junkie.

Who is someone you look up to? My friend Carol—she is the best at loving others I have ever met.

What’s your favorite vacation destination? I’m a beach person 😊

What’s your favorite snack? Green Pea Snack Crisps! And kettle corn.

What is a book you’d recommend? “Own the Moment” by Carl Lentz

Doug Orcutt Memorial Bench

Nancy and Dick Orcutt donated a bench along the Little Miami State Park’s trail, in memory of Douglas Orcutt, who passed away in 2013.

The Orcutt family has been active on the trail for years, and so this was one way to honor Doug’s memory.

This photo was taken last month when Nancy and Dick surprised members of the Orcutt family with the bench that honors their son, father, husband and brother.

Doug enjoyed biking the trail where he spent months training with his 16 year-old son, Ryan, in preparation for their cross-country bike ride in the summer of 2005. (Their ride began in Seaside, Oregon and ended 59 days and 3400 miles later in Washington, D.C.)

Doug wrote a book about their experience, which included these words of advice:

“Don’t allow yourself to become trapped by seemingly impossible obstacles to obtain your goals. Take the first step forward today, and watch your steps turn into an amazing run! What are you waiting for? Let every day be an adventure.”

You can find the new place to rest that honors Doug .5 miles north of Beech Road, between mile marker 45 and 45.5.

Find the source of this article here.

Benefit Now, Pay Later: Here's What to Know About NQDC Plans

“Qualified” retirement plans include 401(k) and SIMPLE plans. These plans offer tax-advantaged contributions and potential earnings.

On the other hand, “Non-qualified” deferred compensation (also called NQDC) plans don’t typically include those same tax advantages, yet they help companies compete for and retain top employees.

How so?

Here’s one example: imagine an employee has maxed out her 401(k) or 403(b) workplace savings plan. At the same time, she still is in a position where she wants to save more for her retirement.

In this example, a NQDC would allow her to defer a much larger portion of her compensation. That means she would not pay income tax on that portion of her compensation, so it could grow, tax-deferred, until she received it at some point in the future. (She would pay Social Security and Medicare taxes, however.)

In this example, you can see how this would be a benefit to high earners.

Is An NQDC Plan Right For You or Your Company?

If you’re considering offering this within your own business, or you want to learn more because an NQDC plan is available in your company, give us a call at (513) 576-1989.

Source: Keep reading this article here.

July Q&A

Question: I heard the new tax changes affect depreciation on business-owned vehicles. What are the specifics?

Answer: T he new law increased annual depreciation caps on passenger cars.

Depreciation on both new and used vehicles acquired and placed in service during 2018 (with a bonus first year depreciation deduction) is capped at $18,000, $16,000, $9,600 and $5,760 for service years one through four.

The latter cap also applies after the fourth year. Depreciation limits for business vehicles without the bonus deduction are $10,000, $16,000, $9,600 and $5,760 for service years one through four.

“Even though the depreciation limits are higher, buying a vehicle in your business does not always make sense, tax wise. Depending on the cost of the vehicle and the amount of business versus personal use, sometimes the mileage reimbursement option is a better deduction. Feel free to call me, and I’ll crunch those numbers for you!” —Linda Mullucey

Keep reading this month’s Q&A resource here.