Weekly Update–June 7th 2024-Proactive Tax Planning for Smaller Quarterly Estimates?

I heard and felt the “POP”, it was my left knee and really the last (ski) run of the day and vacation!  The ski patrol and medical clinic at Snowbird Ski Resort were wonderful.  I was wheeled out wrapped in a huge knee brace and instructed to rehab via spin bike and other leg strengthening exercises and wear that brace non-stop for the 6-8 weeks my MCL injury would take to heal.  The…  Read more

Weekly Update–May 31st 2024-Employee Benefits & IRS Penalty Relief Benefits

It’s officially bar-b-q season; time to get together with family and friends. My husband and I started a new routine this season, we invite friends over mid-afternoon so they can miss beach traffic and we can start our visit with a walk on the beach. Most importantly our bar-b-q starts with dessert, and when we return home from the beach we pick our salad greens, then relax over appetizers. We…  Read more

Weekly Digest–May 10th 2024-Silver Linings 🩶🌤️🌦️🌈or Reminders of Why 🎓😇😄🙌🏻

Congratulations to the new graduates 🎓and their families.  I’ve been hearing about the great trips up to school for celebrations and packing marathons.  I remember those days and how we helped empty the dorm rooms of all that “stuff”.   I am sure more trips and celebrations are planned for this weekend and the rest of May, enjoy! Some weeks and days the weather just doesn’t cooperate but it’s nice to…  Read more

Weekly Update-May 3rd 2024 Silver Linings🌪️🌤️🩶🌈Tax Season is Over, It’s Tax Planning Season

I am just back from a much-needed vacation and elbow deep in work once more.  In our office we hold weekly huddles where we discuss ongoing tax planning projects, tax resolution work, and those ever-present upcoming deadlines. Just yesterday we worked up our 90 Day action plan which focused on completing all in-house business, trust and personal tax returns so we can file for refunds for our clients AND clear…  Read more

Weekly Update–March 29th 2024-The Unintended Consequences of Independent Dependent Childern🚸👧🏻👧🏽👦🏻👦🏽

It’s tax season and as we accounting professional head into our even crunchier time where we are balancing our time between finalizing those returns which can be completed and those which are being extended, we are spending even more hours sitting at our desks.  I am also spending time balancing on my ” classic balance ball office chair” which I rotate onto from 2 other chairs throughout the day to literally…  Read more

Weekly Update-March 22nd 2024-It’s Spring 🍃🍀🐕‍🦺 & Time to Organize Your Tax Paperwork ✏️📝😔

We survived the first major tax deadline day of tax season 2024 and were able to celebrate a bit last weekend even with the rain on St. Patrick’s Day.  It’s amazing what some dogs will put up with for a bisket or photo opp.  At least they were able to stay inside and pose for “St Patrick’s Day Dog’s on Parade”… Winston Such a Good Sport Mitchie, Service Dog in…  Read more

Weekly Update December 29th, 2023🕛10-9-8-7-6-5-4-3-2-1 HAPPY NEW YEAR 🎆🎊🥳🥂IRS EV Tax Credit Update News & Final Days for Some 2023 Tax Minimization Planning

I look forward to holiday season as a time when we come together as friends and family to celebrate our accomplishments, enjoy each other’s company and favorite dishes, create new memories, recount anecdotes from past holidays and watch a series of favorite classic movies.  I hope everyone enjoyed the 2023 Hanukkah🕎and Christmas 🎄holidays as much as I did.  Some of us had some stormy weather⛈️ and others had a white…  Read more

Weekly Update: December 1st, 2023, Winter’s Here ❄️🕎🎄🥂- Consider Bunching Medical Expenses

December 1st, how did this happen, I feel like it was just summer a week or two ago and I was working in my garden.  I guess the holiday decorations 🕎🎄that have sprung up this past week are a sure sign that it’s holiday time, even if we here in NYC are experiencing “warm” 37–48-degree weather. It’s winter somewhere, certainly in Michigan where we spent last week.  It is certainly…  Read more

Weekly Update–November 10th, 2023: Are You Liable for BOI Reporting…

Sending best wishes and our thanks to our veterans and their families this Veteran’s day 2023.  We salute you and appreciate your courage and service to our country. Thank You Veterans I am loving the beautiful photos that I have been receiving and am happy to share.  This is an actual photo from my friend Renee’s back porch (she is a show off)… Fall Sunrise Weaverville, North Carolina Added benefit when…  Read more

Weekly Update–November 3rd, 2023: Tax Minimization & Retirement Planning

It’s official, LIPA has accepted our application and paperwork, we are now banking our exported KWH.  That means that not only can we “withdraw” KWH when our panels are not producing, we can now report our solar panel project on our 2023 personal income tax return and receive tax credits from the IRS and NYS.  As NYC residents we also qualify for a real estate tax reduction over 4 years. …  Read more

Weekly Update: October 20th 2023 Consider Tax Planning for 2024 “No More Missed Opportunities”

Tax season 2023 officially ended on Monday the 16th, so we will be able to relax a little before working through some of those returns that did not make the deadline cut off.  I did take a break over last weekend to take a walk on the beach… Amazing Sunrise on Rockaway Beach this Weekend Reports are in, the stiped bass are running.   This fish is not camera shy, even…  Read more

Weekly Update – October 13th 2023 – Earn Interest on Your Tax Refunds With Series I US Savings Bonds

Any tax deadline time is stressful and demanding for accounting firms and staff, but as we approach our final deadline for the 2023 tax season the stress of completing returns and receiving e-file and other documents can really take a toll.  I am glad to be able to live and work so close to Rockaway Beach, Queens and to be able to take a break or short walk on the…  Read more

Weekly Update–September 8th 2023: Tax Deadlines Loom

This morning I was feeling a bit frustrated as I worked on my weekly take away so I “popped” it into ChatGPT.  I wasn’t asking for advice and didn’t give it any parameters, but it totally picked up on my mood.  “It sounds like you and your team are facing a challenging situation as you approach the tax filing deadline, and I can understand how stressful it must be to…  Read more

Weekly Update – September 1st 2023: Proper Planning/Documentation For Tax Minimization

It’s labor day weekend and I can imagine that many families are planning a long weekend as the kids will be heading back to school next week.   We often talk about planning, tax planning, vacation planning, retirement planning, etc.  I never reccomend doing something “just for tax purposes” but with proper planning you just might take a partial business deduction for a portion of your trip expenses.  Summer travel  plans can…  Read more

Weekly Update – August 18th, 2023 -Learn How Tax Planning Starts at Home

Another busy week with some exciting news.  We all yearn to help make a difference in our environment; I have been composting for over 20 years, creating “black gold” for my vegetable garden, flowers and shrubs. Just last night my husband and I started the process to install solar panels on our house.   The US Tax Code is influencing my behavior while enabling me to reduce my carbon footprint.  We…  Read more

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