Tag: strategic tax planning

We celebrated Valentine’s Day 2025 💝last Friday and my post focused on several key issues for owners of small businesses with some specifics for medical practitioners who own their medical practices.  One related specifically to the end goal of the tax minimization strategies we design and implement with/for our clients:  it’s not just the savings, it’s what you do with those funds that matters.  I also “hinted” that implementing better…  Read more

On Friday my post reminded business owners that there are some great tax savings out there, but it’s important to be aware of what they are and to understand the advantages and limitations. This excerpt is copied and pasted from my tax research software:  “Pass-through entity-level tax elections pose significant opportunities and risks for pass-through entities and their owners across the states. As of the first of the year, thirty-six…  Read more

Our Labor Day weekend has stretched through this upcoming weekend, end of summer…not yet please.  Even with the unofficial last day of summer, the first few days of the school year, and the last few days until our major deadline, I am not ready to give up yet.  Just this morning, I skipped my walk to sleep in a bit so I could continue to enjoy our guests over a…  Read more

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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