Tag: strategic tax planning

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. Since its passage, our office has spent countless hours ⏰ attending in-depth seminars devoted entirely to 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.  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

It’s December and we are deep into strategic tax planning mode. As I work with small business growth-focused entrepreneurs and medical practitioners  here in New York and  across the country, I see a pattern.  As your business and personal income increase, the shape of your financial life shifts: your taxes shift, your assets shift, and your estate tax exposure shifts. As we work on current tax planning we look at…  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! While there are no quick answers — and we always say “it depends” and “it’s not quick or easy” — you may find opportunities where a business event can be both fun 🥳 and deductible 🏢. We’ve all heard the phrase “don’t mix business with pleasure,” but why not? Sometimes mixing the two leads to stronger business relationships, new opportunities… and yes, a legitimate business deduction. This week,…  Read more

When you’re running a practice, long-term goals & even short-term goals are not always top of mind. Between patients, paperwork, payroll, insurance chaos, and family obligations it’s easy to feel like your immediate finances call the shots. 😅 I believe a thriving practice depends on financial stability; just like you tell your patients “Prevention beats cure every time”. Let’s check your business health and make sure no financial symptoms are…  Read more

Great question — and one I have been discussing with my clients and prospective clients more and more lately. The good news? If you’re asking this, you’re already ahead of the curve. Thinking about growth, succession, and strategy means you’re not just running a medical practice — you’re running a business too. Here are some key considerations as you look toward expansion, transition, and tax-smart planning: 🔹 1. Keep the…  Read more

By now you know your quick questions take a minute to ask and our quick answer is “It depends”.  We already know, in order to get a valuable, actionable answer/plan we need to determine several things, including short-term and long-term goals and expected exit strategy. Starting a new business, or expanding your existing business is exciting 🎉, but one of the first steps—choosing your business structure—is often confusing, and working…  Read more

The answer, of course, is “it depends” — and it’s not quick or easy. Like most things tax and/or business related, the answer is tailored to each client’s circumstances and goals and of course your goals📈🌈💡 and the tax law! 📚⚖️ Running a medical practice is more than just patient care—it’s also about navigating billing, payroll, compliance, staffing, and vendor contracts. For many physicians, these responsibilities can become overwhelming. That’s…  Read more

Ever found yourself thinking, “My accountant just files my taxes, right?”—you’re not alone. But let’s clear the air: today’s accountants are no longer just the “bean counters” in the back room crunching numbers. We’ve evolved. 📈 Advisory services are how we help small business owners like you move from asking “What happened?” to “What should I do next?” and even “Thanks for bringing this to my attention, yes please can…  Read more

One of our client’s shared a recent article he read in the Wall Street Journal, his question:  should I still continue with the Roth Conversions, and should I now place a large amount of money in a charity donor advised fund The answer, of course, is “it depends” — and it’s not quick or easy. Like most things tax-related, the answer is tailored to each client’s circumstances and goals and of course…  Read more

The answer, of course, is “it depends” — and it’s not quick or easy. Like most things tax-related, the answer is tailored to each client’s circumstances and goals and of course the tax law! 📚⚖️ Since it’s passing, our office has spent 30+++ hours attending seminars focused entirely on the newly passed One Big Beautiful Bill Act (OBBBA), Public Law 119-21. We’ve been learning the law and discussing how to…  Read more

The answer, of course, is “it depends” — and it’s not quick or easy. Like most things tax-related, the answer is tailored to each client’s circumstances and goals and of course the tax law! 📚⚖️ Over the past few weeks, our office has spent 20+++ hours attending seminars focused entirely on the newly passed One Big Beautiful Bill Act (OBBBA), Public Law 119-21. We’ve been learning the law and discussing…  Read more

The answer, of course, is “it depends” — and it’s not quick or easy. Like most things tax-related, the answer is tailored to each client’s circumstances and goals.  Over the past few weeks, our office has spent 20++ hours attending seminars focused entirely on the newly passed One Big Beautiful Bill Act (OBBBA), Public Law 119-21. We’ve been learning the law and discussing how to educate our clients (and ourselves). Working…  Read more

The answers to these “quick and not so quick questions are never quick or easy.  Our answers are always based upon the situation, tailored to each client, their circumstances, and their goals AND of course the tax law!🙃 Over the past few weeks, our office has spent 20+++ hours attending seminars focused entirely on the newly passed One Big Beautiful Bill Act (OBBBA), Public Law 119-21.  We’ve been  learning the…  Read more

The answer is of course not quick or easy and is always tailored to each client — your circumstances, your goals, your timeline. 💡 Just this week and last, our office spent over 20 hours attending tax seminars focused entirely on the newly passed One Big Beautiful Bill Act (OBBBA), Public Law 119-21  — yes, it’s BIG and so are the opportunities for tax savings, even as early as tax…  Read more

Just last week, our office received a call from one of our clients who had a “quick question” about selling the air rights attached to their investment rental property. The answer? 👉 Yes, we can calculate basis and estimate the tax bite 💸. But let’s be real for a second—this is the classic “putting a Band-Aid on a bullet hole” scenario. 🩹💥 The real question—and the meaningful discussion that followed—centered…  Read more

🔍 Yes, it’s that time again—time to review your year-to-date income and profitability results as we calculate 2025 estimate #2 due Monday June 16th.  Let’s put a positive spin on this exercise. 😊 It’s an opportunity to determine your 2025 tax liability, schedule an appointment with us so we can help you create or update your tax plan. Don’t forget to include a cash flow review and a business operations…  Read more