Why your Growing Business needs the expertise of an accountant
As your company progresses and expands, relying solely on accounting software might not suffice.
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Virtual Currency and Taxes can be Taxing
A guide to help our clients understand the tax treatment of virtual currency.
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NYS and NYC wants to make sure you really moved before they let you stop paying taxes
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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Tax Free Income with a Backdoor ROTH IRA
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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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.
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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.
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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.
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Navigating Cash Flow Challenges: Tips for Small-Business Owners
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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Hire businesses instead of people as contractors
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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Clean Energy Tax Credits
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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Navigating Cash Flow Challenges in Your 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.
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Making the Most of Your Workspace: A Guide to the Home Office Deduction
Making the Most of Your Workspace: A Guide to the Home Office Deduction
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Save Money With Year-End Tax Planning
Boost your self-employed income with My Fiscal Office's year-end tax planning.
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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.
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