Meet Hope Mintzer Igdalsky, CPA

I met Hope Mintzer Igdalsky for the first time at a Manchester Chamber of Commerce information session co-sponsored with the Town of Manchester on the topic of local personal property tax on business equipment. I was impressed with Hope's vast knowledge of taxes of all types. I asked Hope to talk about her business and to share some of her advice on income tax preparation.

Timothy Becker: Hope, how did you become a CPA?

Hope Mintzer Igdalsky: I earned a degree in accounting from the University of Hartford and worked for local accounting firms. I then passed the CPA exam. I really was interested in taxation as a specialty, and returned to the University of Hartford for a Master of Science in Taxation. I started Igdalsky & Company, CPA’S in 1989 and my husband Alan, also a CPA, joined the practice in 1990.

Timothy Becker: What do you like about being a CPA?

Hope Mintzer Igdalsky: I like the idea that I can help people. I work with individuals and businesses. I provide input to help them make choices and explain how those choices affect their income and taxes. I try to help business owners run a more profitable business.

Timothy Becker: What common mistakes do you see individuals and businesses making on their tax returns?

Hope Mintzer Igdalsky: When people do their own taxes, they may lose benefits that they are entitled to because they do not know what tax law changes have been made. Unincorporated business owners often forget about the self-employment tax.

Timothy Becker: If someone receives a letter from the IRS, what should they do?

Hope Mintzer Igdalsky: The first thing to do is not to panic. Do not assume that the IRS is correct. The IRS may have made a mistake. Sometimes the IRS is just looking for additional documentation. You may need to seek the advice of a tax professional.

Timothy Becker: Are accounting firms still offering refund anticipation loans?

Hope Mintzer Igdalsky: I have never been aware of a CPA firm that offered refund anticipation loans. This was a product of some tax preparation firms. If someone is considering a refund anticipation loan, they should find out what the charges are for that service. With electronic filing, refunds do not take as long as they used to.

Timothy Becker: Are there any new tax breaks coming in the 2012 tax year?

Hope Mintzer Igdalsky: For employers of less than 50 employees, there is a tax credit at the state level that is available for the creation of a brand new job. The credit has to be approved in advance by the Connecticut Department of Economic and Community Development. The social security payroll tax break expires in February, but it could be extended. There are many things on the table in Congress, but nothing is certain.

Timothy Becker: With the retroactive tax increase enacted by the state of Connecticut, will many wage earners be short of their state withholding amounts?

Hope Mintzer Igdalsky: That is hard to predict. People should have reviewed their CT-W4s and amended them if necessary. The property tax credit has been reduced to a maximum $300 from $500 and the maximum Connecticut tax rate is now 6.5%.

Timothy Becker: How many tax preparers do you employ and how busy do you expect to be until April 15?

Hope Mintzer Igdalsky: There are four of our accounting staff that work on tax returns. We are going to be very busy. We work long hours this time of year. The deadline is April 17 this year. Extensions are available. It is more important that your return is done right, rather than just done. If more time is needed you can get a six month extension, but any tax that is due must be paid by April 17.

Timothy Becker: In general terms what are you seeing with your business client's outlook for 2012?

Hope Mintzer Igdalsky: I'm not one to make predictions. What I am seeing is that businesses that have survived will continue to have the opportunity to survive. We have seen businesses continue to grow despite the recession. They were properly capitalized businesses. As they made money, they set reserves aside so that they could make it through tough times.

Timothy Becker: What does the future hold for Igdalsky & Company?

Hope Mintzer Igdalsky: We enjoy what we are doing. We hope to continue serving our current clients and obtain new clients who wish to work with us to help them grow their businesses.