Blog

The answer:  Yes and No.  My post ideas often come from recent discussions with tax clients; this week we spoke with 2 clients about planning/saving for college tuition for their children.. The questions were important (and we were glad to help): One long-time tax client and partner in a law firm who moved from NYS which did offer a “good” current tax benefit (approximately $600 of tax savings from a $10,000…  Read more

IR-2026-49 released April 10th with the IRS final regulations on the “No Tax on Tips” provision from the One Big Beautiful Bill (OBBA) originally passed in July 2025.  We were in “extension mode” here in our office, but had seen the updates and confirmed they did not affect any of the previously completed and filed 2025 tax returns for our clients.  Of course there are no free rides, but we …  Read more

Many tax outcomes are determined long before a return is prepared. By the time filing season arrives, most financial decisions affecting that year’s tax liability have already been finalized through hiring choices, compensation adjustments, investments, operational changes made months earlier, or NO tax planning or NO tax minimization strategy implementation. For businesses experiencing growth,  operational change, or just continuing on the same path, tax planning that occurs only once a…  Read more

As you read today’s blog post, I will have already taken a short barefoot walk 👣on the beach 🌊… happily on the other side of April 15, 2026, arrived at JFK, and boarded my flight to Snowbird, Utah ✈️🏔️ Stay tuned for next week’s blog — I may even include a photo of the mountains! 📸 I want to share an important tip for next tax season — one I…  Read more

Tis a few days before the 2026 tax deadline and all through the office… keyboards are clicking, phones are ringing, and our coffee maker is working overtime ☕.  Thank goodness my husband David brings in coffee and bagels in the morning then shows up around 1 PM with pizza, salads, gyros or Chinese food from our favorite Brooklyn eateries. Our team is busy finalizing tax returns, preparing extensions, requesting e-file…  Read more

Every week, we see more headlines about how AI can do everything — write emails, summarize books, create images, and even answer tax questions in seconds.  And yes… AI can be helpful.  But AI is NOT your CPA or trusted advisor. When it comes to tax law, context matters. Interpretation matters. Strategy matters. And most importantly… experience matters. 💼 AI is a Tool… Not a Decision-Maker 🔧 AI can scan…  Read more

As April 15th approaches, many taxpayers feel pressure to finalize their return — even when key information is still outstanding. The good news? Filing an extension can provide valuable breathing room without losing control of your tax position. An extension can give you additional time to file your 2025 tax return, while still allowing you to make a timely payment toward: any estimated balance due for 2025, and your first…  Read more

Let’s clear something up right away… Filing an extension is not a failure—it’s a strategy ✔️ In fact, when done correctly, it’s often the smartest and most cost-effective move you can make during tax season. The Myths vs. The Truths 👇 ❌ Myth: A tax extension lets me file and pay later (with no consequences). ✅ Truth: An extension gives you more time to file, not more time to pay.…  Read more

Choosing a business entity is often one of the earliest structural decisions an owner makes. At the start, the priority is typically practicality: launching operations quickly, limiting liability, and keeping administrative complexity manageable. In that context, the initial entity choice usually serves its purpose, however… when we consider a business’s entity choice, we discuss both the legal and tax entity AND choose based upon current and future expectations. Recently several…  Read more

Many small business owners, medical practitioners, law firm owners and visionary start-up entrepreneurs, treat their business structure like it’s just paperwork.  Even those businesses that have been successful for many years may benefit from a review of their tax entity.   This is NOT a form to sign, a box to tick, something you set once and never look at again, something you chose because you thought it was the right choice…  Read more

Are there thoughts running through your head at the end of the day😔, when you are desperately trying to sleep💤, something you have heard from other small business owners, other medical practitioners at conferences? You are not alone, this rings true for many small businesses, even those that may be or appear to be hugely successful.  Running a medical practice (YOU CAN SUBSITIUTE small business, law firm, start-up HERE) may…  Read more

I tell clients this often, usually while we talk over coffee ☕💬 or zoom 💻 “strong businesses don’t grow by accident, they grow because you design and maintain them that way”. I believe that’s true for our small business owners, medical practitioners, law firm owners and our visionary start-up entrepreneurs as well. And design matters even more when markets, laws, and conditions keep moving.  If you’ve been in business long…  Read more

As a Certified Public Accountant (CPA) and Certified Tax Coach (CTC), I get asked this question all the time: “Can I deduct my business travel?” And—no surprise here—the answer is: it depends 😉But let’s break it down in a practical, real-life way. Next week, I’ll be traveling to San Diego, CA for a tax conference that’s integral to my work as a tax advisor and coach. I already have: ✈️ A…  Read more

The answer, of course, is “it depends”—and it’s neither quick nor easy.  As with most tax questions, the real answer depends on your specific facts, your goals, and the tax law itself. And in this case, the law is the One Big Beautiful Bill Act (OBBBA), Public Law 119-21 passed in July 2025. Under the One Big Beautiful Bill Act (OBBBA), Congress introduced a new deduction for qualified overtime compensation. While often referred to as…  Read more

The answer, of course, is “it depends”—and it’s neither quick nor easy. As with most tax questions, the real answer depends on your specific facts, your goals, and the tax law itself. And in this case, the law is the One Big Beautiful Bill Act (OBBBA), Public Law 119-21 passed in July 2025. Since its passage, our office has spent countless hours ⏰ attending in-depth seminars devoted entirely to the…  Read more

As 2025 draws to a close, we have been working through 2025 tax minimization plans, growth plans, exit strategies, and looking towards 2026 and future years as well.  We get so much satisfaction from helping our clients achieve their goals; current, future, imagined as we work with “strategic partners”.  When they follow this model we see success with small business owners, medical practitioners, law firm owners and our visionary start-up…  Read more

Another great question! 🎯 and of course we say “it depends” and “it’s not quick or easy”  when you do things right, we may find opportunities during our tax planning strategy meetings.  As we head toward the end of 2025, charitable giving deserves a second look 👀 — especially for taxpayers who itemize deductions and consistently support charitable organizations. Here’s the key takeaway upfront:👉 The charitable contribution rules for 2025 remain unchanged.👉 But the…  Read more

Another great question! 🎯 and of course we say “it depends” and “it’s not quick or easy”  when you do things right, we may find opportunities during our tax planning strategy meetings to help you work through your exit strategy in the most tax advantaged way. isn’t just for Silicon Valley startups — Section 1202 Qualified Small Business Stock (QSBS) can also be a high-impact planning tool for small business owners, medical practices…  Read more

Another great question! 🎯 One I asked myself just a week ago, as I considered my purpose for attending the 23rd ATS Tax and Accounting conference, a three (3) day tax symposium held on Long Island.  Spoiler alert:  I am the current Co-President of the N/S Chapter of NCCPAP Educational Foundation and a member of the ATS executive committee so I don’t really have much choice, but I “got\get” so…  Read more

Great question: and we always say “it depends” and “it’s not quick or easy”  when you do things right you may find opportunities within your business, maybe smoother operations, better cash flow, identify tax benefits, tweak product lines for better profits, these things can make a big difference. If the phrase “financial reporting” makes your eyes glaze over, you’re not alone. I get it, it sounds like paperwork. Something your accountant nags…  Read more