Posts Tagged ‘ryan hodell’

CPA Celebration Honorees

INCPAS honors

Tom Sponsel, Emily Campbell and Ryan Hodell (l-r) were honored at the 2017 INCPAS CPA Celebration on May 12.

The Indiana CPA Society (INCPAS) held their annual CPA Celebration on May 12th. Sponsel CPA Group had several team members recognized for their accomplishments.

Emily Campbell and Ryan Hodell were recognized for successfully passing the rigorous CPA Examination!! Tom Sponsel was recognized for reaching his 40th anniversary of INCPAS membership.

We would also like to congratulate Brandon Hoge, who has also successfully passed the CPA Exam. He will be recognized at next year’s CPA Celebration after attaining two years of public accounting experience.

We are very proud of all our team members, but want to congratulate those that were recognized at this annual INCPAS event!

Questions to Ask When Beginning College Planning

Ryan HodellBy Ryan Hodell
Staff, Tax Services

It’s no secret that the cost of a college education continues to skyrocket, with no ceiling in sight. According to the College Board, the average cost of tuition and fees for the 2015-2016 school year was $32,405 at private colleges and $9,410 at public colleges.

As a result, millions of young people are starting their professional lives with tens of thousands of dollars in student debt, which hampers their ability to pursue independence and fulfillment.

If your family is starting the process of saving for college, it can seem very daunting. Here are three questions you need to ask that will help you start down the road of planning for college.

Where are you today?

You can’t know where you’re going, or how to get there, until you know where you are now. Take a comprehensive view of your family’s financial situation and create a balance sheet to help you better understand it.

Begin by calculating your net worth, which is Assets (cash, property, investment accounts, retirement accounts, etc.) minus Debt (mortgage, loans, credit cards, taxes owned, contract obligations, etc.). This is your starting point.

Where do you want to go?

The next step is to envision a goal, and forecast how much it will cost. This can obviously be a challenging task. If you’re starting as early as possible, your kids probably won’t know what school they want to attend, or if they will be accepted. You also must factor in inflation and the expanding cost of college. But you can at least start setting rough goals.

You may want to have a high-end institution goal and a low-end institution goal. Your child may opt for an in-state public university where costs are lower, or earn an athletic or academic scholarship to a private university. But it’s better to aim too high than too low.

Where do I save the money?

529 Plans are a very popular avenue for college saving today and have several attractive benefits.  For starters, earnings in a 529 plan grow tax-free and will not be taxed if the money is taken out to pay for qualified college expenses. In addition, the Indiana College Choice Savings Plan provides a 20% state tax credit (up to annual contributions of $5,000) against the taxpayer’s Indiana adjusted gross income tax liability for the year.

You can use 529 plans for part of the cost of education and use other tools for additional savings to maximize your tax and interest benefits. And 529 plans don’t have much impact on your child’s ability to qualify for financial aid under the Free Application for Federal Student Aid (FAFSA).

Remember, if you have younger kids, 529 Plans can roll over to them without tax implications if you don’t use all the funds saved in an older child’s account.

Another option is a Coverdell Education Savings Account, or ESA. These are treated more as a contribution to the child as opposed to 529s, which are considered as assets of the parents. So ESAs have more of a negative effect on the student’s ability to qualify for student aid.

ESA accounts can only be opened if your adjusted gross income is less than $220,000 if filing jointly, or $110,000 if single. Total contributions cannot exceed $2,000 a year, and contributions grow tax-free until distributed. Distributions from an ESA are tax-free if used for qualified education expenses.

There are different tax implications for college savings plans at the state and federal level, so it pays to do your research and obtain good advice.

Saving for a child’s college education is a major financial commitment. It’s never too early to start, and how you invest your money can have a huge impact on the amount of student loan debt they will carry as they begin their professional and personal journey.

If you’re starting your plan to save for college and need counsel, call Ryan Hodell at (317) 613-4868 or email RHodell@sponselcpagroup.com.

Employee Spotlight: Ryan Hodell

Ryan HodellRyan Hodell joined the firm in January as a Staff accountant in the tax department. He mainly focuses on tax returns and tax planning/projections for individuals and businesses. Ryan graduated from Marian University with a bachelor’s degree in accounting and finance, and is currently studying to take the CPA exam later in 2015.

Born in Newport Beach, Calif., Ryan moved to Jasper, Ind., when he was five. He grew up playing plenty of sports, especially baseball and tennis, and played tennis competitively while at Marian University. He has one younger brother who just graduated from 8th grade.

In his spare time Ryan enjoys playing golf, watching Angels baseball and Chargers football – on TV or live when they play in the Midwest – movies and travel, especially to the West coast.

Cangany, Hodell, Nickell join firm

Three new Staff accountants have joined Sponsel CPA Group in the tax department, and will be a big boost for us as we begin another busy tax filing season. Brandon Cangany is a familiar face as he served internships with us the last two years. He is a graduate of the Kelley School of Business at IUPUI with a double major in finance and accounting. Brandon will focus on personal and business tax returns and planning/projections. Ryan Hodell is a graduate of Marian University with a bachelor’s degree in accounting and finance. He is working on tax returns for individuals, partnerships and S-Corporations. Mike Nickell will mainly work on tax return preparation for individuals and corporations. He also graduated from IUPUI’s Kelley School of Business with a degree in accounting and finance.

Hodell joins Sponsel CPA Group

Ryan HodellRyan Hodell has joined Sponsel CPA Group as a Staff accountant with the Tax Services team.

Hodell is a recent graduate of Marian University with a bachelor’s degree in accounting and finance. His duties will primarily focus on tax compliance and planning services for individuals, partnerships and S-Corporations.

“We are continuing to grow an already strong tax team. Ryan is just the type of dedicated young accountant we seek to help Sponsel CPA Group deliver the best service possible to our clients,” said Nick Hopkins, Partner and Director of Tax Services.

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