With recent tax law changes shifting how different entities are taxed, reviewing your business structure now is essential to make sure you’re not missing out on savings or exposing yourself to unnecessary risk. Choosing the right entity could dramatically impact taxes, liability, and opportunity.
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Filing a tax extension isn’t procrastination—it’s strategy. Discover how extensions can maximize deductions, reduce errors, improve cash flow, and unlock powerful tax-saving opportunities for business owners and individuals.
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At its core, a trust is an estate planning tool, not a tax loophole. It’s a legal arrangement where one person (the trustee) holds and manages assets on behalf of another (the beneficiary). Trusts can be used to control how and when your assets are distributed, avoid probate, protect privacy, and provide for minor children or family members with special needs.
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The SALT CAP deduction has been getting a lot of airtime. Is the temporary increase in the CAP from $10,000 to $40,000 going to reduce your taxes? The short answer is it depends.
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We have been getting a lot of calls from clients asking if we can change there payroll to pay them overtime or tips so they can earn tax free income under the new tax law. The short answer is no. Here is why the new rules on overtime and tips credits don't help business owners
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Running your own business (including 1099 work) introduces different elements that aren’t always easy to factor into your personal financial plan.
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If you sold a home, part of your profit could be subject to capital gains taxes.
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Leasing a car for your business can be a smart move both operationally and financially. By understanding the rules around tax deductions and keeping thorough records, you can reduce your tax burden while keeping your business on the move. Ready to hit the road? Just make sure your paperwork is as smooth as your ride!
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Filing taxes doesn’t have to be stressful! With a little preparation and guidance, gathering your documents can be a much smoother process, having a clear plan helps you ensure nothing gets overlooked.
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Tax season brings plenty of decisions, and if you’re married, one big question might be: Should we file jointly or separately?
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If you’ve ever heard of the Profit First method by Greg Michalowicz or Simple Numbers by Greg Crabtree you know they emphasize creating separate bank accounts for different business purposes.
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The new year is a great time to start new habits. One new habit is building an emergency fund.
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Filing taxes can feel overwhelming, especially when life’s twists and turns make it hard to hit the April deadline. Luckily, the IRS offers a helpful solution: filing for a tax extension. While some might see an extension as just kicking the can down the road, there are actually several strategic reasons why it could be the right choice for you.
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If you’ve been catching bits and pieces about IRS funding cuts but feel a bit lost in the details, you’re in good company. Let’s break it all down in plain, friendly terms—because taxes are complicated enough without the drama.
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In the past, we strongly recommended that clients obtain an IRS Identity Protection (IP) PIN. This year, as part of our mandated Written Information Security Plan (WISP), we are now requiring all clients to have an IRS IP PIN.
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To avoid criminal & civil penalties, businesses must file a report with the Financial Crimes Enforcement Network (FinCEN)
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When meal and entertain expenses are nondeductible, 50% deductible, or 100% deductible?
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Navigating the opportunities and challenges that come with significant appreciated investments or large pre-tax retirement accounts. While this growth is fantastic, it can bring up important considerations around managing portfolio risk, protecting gains, and addressing potential future tax burdens.
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We have few clients who have inherited their childhood home. And in some of these cases, a large tax bill as well.
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At My Fiscal Office we started using the term “zombie expenses” to refer to those expenses our clients don't realize they are paying month after month.
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It’s election year, which means we’re seeing a lot of tax proposals. In the current highly charged political environment, it’s important to remain informed about potential tax changes that could affect your finances.
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Political Donations: Unfortunately, these aren’t deductible on your taxes. - Tax Deduction Specifics: We’ll go over what’s deductible and what isn’t. - Donations Through Your Business: We’ll explain why this might not be the most tax-efficient method. - Donor-Advised Funds (DAFs): Discover how DAFs can help you maximize your donation deductions.
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This checklist is really helpful for navigating a recession or market correction. It includes strategies that are especially useful when market valuations are low, like Roth conversions and gifting strategies. Plus, it offers ways to handle tighter cash flow. By focusing on these strategies, you can steer the conversation away from concerns about the future and towards opportunities to make the most of the current market conditions.
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Businesses in New York must clearly state the higher credit card price of an item and limit their surcharge amounts after an updated law goes into effect.
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Remote work has become more popular in recent years. While remote work is nothing new, the rise in the number of people working remotely has become an issue when it comes to collecting taxes. As a result, some states have adopted the convenience of the employer rule or something similar. We’ll cover everything you need to know about the convenience of the employer rule as it continues to take shape
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If you’ve been on social media or tuned into the news lately, you may have heard about Project 2025, a 900-page policy blueprint from the Heritage Foundation. This includes everything from public education and the Federal Reserve to the IRS and the United States tax system.
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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,
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Eligibility for overtime expanded to include more white-collar workers. Now more of your workers might be eligible for overtime pay.
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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.
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When starting a business, it is important to ask the right questions up front and to identify issues that are likely to arise.
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As your company progresses and expands, relying solely on accounting software might not suffice.
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A guide to help our clients understand the tax treatment of virtual currency.
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In the last few years, we have had clients think they moved out of NYS or NYC and want to obtain the related tax savings. But the cost, time and effort of the audit was not pleasant.
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The Roth IRA is a way to earn tax-free income. Using Roth IRA accounts allows you to withdraw your investment gains completely tax-free in retirement.
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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.
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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.
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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.
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At My Fiscal Office, we've seen many business owners struggle and identified recurring themes that might sound all too familiar.
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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.
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We are already getting a lot of questions about the various energy related tax credits. Below you will find a summary to help you complete your tax portals this year.
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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.
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Making the Most of Your Workspace: A Guide to the Home Office Deduction
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Boost your self-employed income with My Fiscal Office's year-end tax planning.
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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.
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