Taking Some Personal Time Each Day Enables You to Focus on the “Tough Stuff”

Have you ever pondered over an issue and felt the stress building up only to find that the solution pops into your head while you are in the shower, on a long walk, or sitting in traffic? I was working with a couple on a retirement and relocation plan. During our discovery session, I could practically feel their stress over some very hard decisions they would need to make over…  Read more

The Promise of the 1040 Postcard: A Missed Opportunity

The form 1040 is the form most taxpayers use to file their annual tax returns.  In addition to supplying basic information about the taxpayer and his/her family, it acts as an overview or listing of various types of income, deductions, and exemptions.  It also acts as an index to other necessary schedules which support the items on each line. Of course we CPA’s, other tax professionals and the general public…  Read more

It Takes a Village

I am wearing many hats these days. As the owner of a progressive CPA firm I am responsible to my staff and clients and their financial success. As the president of a chapter of my professional group I am responsible for the vision and leadership of the group and for enabling them to operate successfully while ensuring the wellbeing of the administrative staff and the financial stability of the organization.…  Read more

Prepaying Taxes Will Not Yield a 2017 Itemized Deduction

US Congress Conference Report which has not been voted on or passed yet, refers to the final version of the bill – does not allow a deduction for prepayment of 2018 state income taxes. https://rules.house.gov/conference-report/hr-1 In addition, prior revenue rulings 71-190 and 82-208 also preclude taking a 2017 deduction for payments made in 2017 to be applied to a tax liability in 2018 — notably, a year that has not…  Read more

2017 Tax Proposals Still in Flux: Tax Cuts and Jobs Act

  There has been a buzz throughout the accounting world concerning the new proposed tax laws. I have been scouring the newspapers, speaking to others at conferences and holiday parties and watching the nightly news to see who voted on what and how. What’s a person to do if these changes are implemented? You can visit the following links to read the analysis’ that appeared in the NY Times and…  Read more

5 Tax Highlights: Hurricane Harvey, Irma & Maria Victims

It’s been 2 months since Hurricane Harvey, Hurricane Irma and Hurricane Maria hit, changing lives forever.  The Disaster Tax Relief and Airport and Airway extension Act of 2017 signed into law on September 29th offers specific disaster victims alternative methods of reporting eligible Hurricane Harvey, Irma and Maria disaster losses on their 2017 tax returns.  Remember these are temporary and limited to specifically identified areas and victims. Please visit our…  Read more

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