Tag Archives: long island accountant
6 Ways to Keep Safe When Using Mobile Banking
For the most part, smartphones are your lifeline to the world. You connect with friends and family, shop and update your status on social media. However, you also store all your personal information on them and, these days, use them … Continue reading
Safety vs. Probability: Planning For Retirement
As we progress through life, we find there are certain things we can control and others we cannot. However, even with the things we can’t control, we can exercise good judgment based on facts, due diligence, historical patterns, and a … Continue reading
Why provide your accountant with access to your online business accounts?
February 2020
When entrusting your financial well-being to your accountant(s), you may be asked to provide them with access to your bank accounts, credit cards, and other financial institutions. This request might cause you to pause for a moment to … Continue reading
How to Defer, Avoid Paying Capital Gains Tax on Stock Sales
The markets are hitting all-time highs, so if you are thinking of selling stocks now or in the near future, there is a good chance that you will have capital gains on the sale. If you’ve held the stocks for … Continue reading
How to Get the IRS to Pre-Approve Your Taxes
It might seem odd, but it is possible to get the IRS to give you a straight-forward and binding answer to ambiguous tax positions in advance. How does this happen, you ask? The answer is through an IRS private letter … Continue reading
Trump Tax Law Makes Now the Perfect Time for the Roth Conversion Retirement Trick
April 2019
Converting a traditional IRA to a Roth IRA takes some fortitude and faith in the future numbers because this change can accelerate your tax bill. The current market and tax rate cuts from President Trump’s plan, however, are … Continue reading
Winners and Losers of the Tax Bill
March 2019
In 2018 when President Trump and the Republican Congress rewrote the tax code, everyone knew there would be winners and losers. Exactly how this will play out is just starting to be seen – it closes loopholes while … Continue reading
New York State Will Not Follow New Federal Tax Law
The NYS Department of Taxation and Finance issued a Technical Memorandum on Dec 28, 2018 highlighting the State’s decoupling from certain provisions of the federal Tax Cuts and Jobs Act of 2017. Unlike prior years, your 2018 New York State … Continue reading
Take Your Clients to Dinner
In a notice released on October 3, 2018, the IRS clarifies that taxpayers may continue to deduct 50% of food and beverage expenses associated with their trade or business.
The Tax Cuts and Jobs Act (TCJA) amended IRC Code Section … Continue reading
Estate Planning Essentials You Need to Revisit Due to the New Tax Law
Estate planning is never done. Just like a piece of real estate, it needs periodic maintenance and care to make sure it’s in good shape when you need it most. Provisions in the newly passed GOP tax plan mean it’s … Continue reading