Blog

How Do I Begin Creating a Financial Budget Based on My Lifestyle?

{8 minutes to read}  In an era of so many uncertainties, individuals and companies are becoming more mindful of their bottom lines. The question is, are we addressing these concerns wisely? We often talk about how much we need to save, but how closely are we monitoring our spending? Swiping that card and clicking on […]

NYS Cut the Cord with the IRS: You May Be Able to Itemize on Your NYS Tax Return

By now most of us are aware that the new tax rules will impact our Federal tax returns; a large portion of expenses have been reduced OR disallowed under the new tax law (known as TCJA). Since the law has been enacted, lawmakers of various states with personal income tax obligations have continued to lobby […]

Considering the New Tax Laws, Is Starting a Business the Right Choice for Me?

{6 minutes to read}  During tax season we are often questioned about starting a small business. However, throughout 2018, the two most asked questions we received were: I have been freelancing for some time now; do I incorporate or form an LLC? Since I will lose most or all of my deductions as an employee, […]

How Will the “TCJA” Affect Me or My Business?

{7 minutes to read}  This October the curtain came down on the 2017 tax year. Now, all eyes are focused on how the Tax Cuts and Jobs Act (TCJA) will impact the 2018 tax year, and How will I be affected?

All Pass-Through Entities: Tax Planning is Imperative This Year

The focus of this article is to highlight how the owners of pass-through entities are impacted under the new tax rules. Though the intent of the law is to simplify your tax reporting requirement, this has not yet been achieved for businesses with pass-through entity income. Before we get into the details, this year planning […]

Don’t Wait! Get the Tax Guidance You Need Before It Is Too Late!

{5 minutes to read}  We are already in the heat of summer; yet the atmosphere surrounding the unknown impact of the new tax law still creates a chilly feeling. While you may just want to wait to see, that is, be more reactive in nature, we don’t suggest you do that as the new tax […]

2017 Tax Year is Almost Behind Us. How Will the New Tax Laws Affect You and Your Business in 2018?

{8:24 minutes to read}  The chatter seems to have decreased regarding the new tax laws, but the uncertainty still seems rather high. The Tax Cuts and Job Act (H.R.1), which is now enacted, affects each of us and our businesses. The intent of the law is explicit in its title, however, in practicality some areas […]

Welcome to 2018 Tax Season!

{7:12 minutes to read}  ​It has been said this is the biggest tax overhaul of the last seven decades; most of us may not have experienced the last one. From a high level overview, notwithstanding the fact that certain individual itemized expenses will be increased, combined & capped, or eliminated, lower income individuals will have […]

2017 Year-End Tax Guide for Businesses

*Due to the weekly changes and updates to the proposed tax law, some of this article’s content may have changed. Once the law is passed, we will update you. {7:06 minutes to read} Now that each chamber of Congress has met, i.e. the House and the Senate, we now await the final verdict regarding how they […]

Year-End Tax Planning for Employees and Families

{8:48 minutes to read} There’s something different about entering the month of November, in my opinion. I believe it is due to how close November is to the end of the year. It’s that penultimate month. November allows us to pause and rethink where we have been and where we would like to be before […]