RECENT BLOG POSTS
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Every year, New York Metro taxpayers like you venture into the wild frontier known as tax season.And if today's "wild frontier" is outer space (sure seems the case), then I want you to view the Internal Revenue Service as the bright shining star in our solar system: the sun.Simply put, the IRS he...
03/15/2019
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Now we're cooking with gas. After weeks of reports that refunds were down, last week's data from the IRS shows a new trend. Although overall quantity of refunds are down, now the average refund is up 1.9%. After so many headlines to the contrary, I suppose that qualifies as good, national tax n...
03/13/2019
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Word on the tax professional "street" is that tax filing numbers are down across the board so far. That is from data released by software providers (though this year, of all years, I simply don't understand why somebody would use software), as well as overall numbers from the IRS, AND those who a...
03/11/2019
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Premiums for Medicare health insurance can add up to a substantial sum. That’s especially true if you have high income, and you’re married and both you and your spouse are paying premiums. Fortunately, the premiums can potentially help your tax situation. The dollar benefit of Medicare tax d...
03/08/2019
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Oscar night is the biggest night in Hollywood. The stars shine just a little bit brighter. The red carpets stretch just a little bit farther. And the bloated egos get just a little bit bloatier, if that's possible. (Here's looking at you, Bradley Cooper.) Ironically, fewer and fewer of...
02/27/2019
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Would anyone in their right mind sit down from scratch and develop the tax withholding system we have today? The IRS publishes tables telling employers how much to take out of everyone's paycheck, depending on their income, their filing status, and the amount they guesstimate they'll b...
02/22/2019
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By Allan J Rolnick, CPA, CTC It’s the thick of tax season 2019. And I don't like to crow about other's mistakes, but this needs to be said. It may be self-serving, but it’s true. In our line of work, much of what we get to do is to *fix* or alleviate those mistakes, at least when it comes to the...
02/20/2019
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Just a couple of generations ago, it just wasn't polite to discuss money. We mostly knew who was rich and who wasn't. But it wasn't until about 1984, when crack investigative journalist Robin Leach launched Lifestyles of the Rich and Famous, that Americans began following celebrity hous...
02/15/2019
Get ready. You may be about to experience another encounter with the law of unintended consequences. The Tax Cuts and Jobs Act gives you a possible 20 percent tax deduction on your rental property income. But that’s only if your rental property is a trade or business, and that comes with its own...
02/13/2019
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Not only are we entering into the thick of tax season, but based on our political situation, we could be staring at another federal government shutdown on Friday.Which means, well ... we don't know exactly what it will mean except that God bless you if you are trying to get help directly from the...
02/11/2019