Given that every penny withdrawn from an inherited traditional IRA is counted as taxable income you need to be strategic in how you will time your withdrawals,
Author Archives: Ken Rogers
A New Federal Overtime Rule and What is Different in New York
Eligibility for overtime expanded to include more white-collar workers. Now more of your workers might be eligible for overtime pay.
Big Changes in Taxes are Coming
I’m sure you’ve enjoyed the lower tax brackets introduced by the Tax Cuts & Jobs Act in 2017. However, many people aren’t aware that the rules of the TCJA will potentially sunset at the end of 2025.
Navigating Cash Flow Challenges in Your NY Small Business: A Practical Approach
Cash flow woes – they can be a real headache, right? Through my years of working with clients, I’ve noticed that these problems usually boil down to two main issues. Either there’s a fundamental flaw in the business model, or it’s a matter of timing. Whenever I step in to assist clients, these are the key areas I focus on. And let me tell you, I always keep debt as the last resort.
Why you should hire businesses instead of people as contractors in New York
Hiring folks on an ad hoc basis might seem convenient, especially because it is less costly as there are no payroll systems, additional taxes like social security, medicare, workers comp, and disability insurances. It’s a bit of a headache, especially in the costly realm of New York State.
When does a child need to file a return?
Did you know that the IRS treats everyone equally when it comes to taxes, regardless of age? So, if your child is making some cash from their summer gig, crushing it on Roblox, gaining traction on YouTube, or even exploring the stock market with a youth trading account, it’s crucial to keep the taxman informed if they cross certain income thresholds.
What to do when You Can’t Pay Your Taxes
Discover practical solutions for unpaid taxes in our blog, “What to do when You Can’t Pay Your Taxes.” Learn about IRS programs, including installment agreements and offers in compromise, with real-life client stories. Explore online payment plans and negotiation strategies for a fresh start. Subscribe for free monthly tips and checklists, ensuring financial confidence in the face of tax challenges.
Understanding Gift Taxes: A Simple Guide for Generous Hearts
Understanding Gift Taxes: A Simple Guide for Generous Hearts. Even if you probably will never have to pay gift taxes, it’s worth getting the answer to common questions we get about this widely misunderstood IRS provision.
Demystifying the R&D Tax Credit
There have been many updates to the Research and Development (R&D) tax credit. And with that comes more internet articles, more R&D Tax Credit marketing and more just plain wrong Tic-Toc-Tax advice. Our clients are not immune to this noise, so we put together this R&D tax credit post to provide the real information.
Save Money With Year-End Tax Planning
Boost your self-employed income with My Fiscal Office’s year-end tax planning.