Tag: Taxes

Hanukah, also known as the festival of lights, how nice to have a holiday that lasts over a week with so many ways to celebrate, food, friends, games, presents and candle lighting.  We were happy to be invited to our good friends’ home for Friday night, the second night of Hanukah and the commute (just across the street made it a no brainer).  With eight days and nights, this week’s…  Read more

A common criticism of the various safety precautions to reduce the spread of COVID-19 is that none of them is 100% perfect. But, as this article in the Wall Street Journal explains, maybe a “Swiss cheese model” made up of various imperfect layers will be enough to keep us safe. Even the best vaccines aren’t perfect, and it may be as long as a year before one is widely available…  Read more

To all veterans of all branches, we thank you for your sacrifice, your bravery, and the example you set for us all. In short, thank you for your service! To all those who have served, and those who continue to serve… Happy Veterans Day! The pandemic hasn’t hit everyone equally economically, as this article in the Wall Street Journal explains. Manufacturing has largely recovered, but occupations that require face-to-face interaction, such…  Read more

On Tuesday, March 17, the Treasury Department announced that taxpayers will be able to defer paying their taxes for 90 days past April 15th. BUT…there are some things you need to know: The filing deadline has not changed, it is still April 15, 2020. An extension is required to extend the filing of your 2019 tax return. Income tax payments for returns with a due date of April 15, 2020,…  Read more

It’s been exciting to see how several of our clients were able to save some serious dollars and reduce or eliminate their fourth quarter corporate and individual tax estimates by instituting Year-End Micro Tax Minimization Plans. We will be rolling up our sleeves again in January to start working on full blown plans for the 2020 tax year. Click through to see a blog and video on the process and……  Read more

We have worked with several of our clients to set up tax minimization plans which have saved them thousands of dollars.  As the year-end approaches, many strategies are no longer a good option, but there is still time to set up your “MICRO Tax Minimization Plan” which will certainly minimize your taxes and possibly eliminate your fourth quarter tax estimate. This video will help you understand the difference between tax…  Read more

Remember your software, like your workout equipment, is just a tool or piece of equipment.  My recommendation, when working towards your goal with your accountant who is a well-trained and knowledgeable accountability coach you will be more successful reaching your maximum profitability.  Compare this to working with your training coach or with a piece of exercise equipment which keeps you on track.  Watch my short video about my after tax…  Read more

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

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

  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

I have returned from an amazing 3 day tax and accounting symposium on Long Island sponsored by my professional group. Bad news – there were so many great sessions, it was hard to choose. Good news – most of the sessions were taped, giving me a chance to listen to those I may have missed during some down time in my office. No one believes that their education ends when…  Read more

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