Articles & Videos
Employers Offer Incentives for Weight Loss
Employers Offer Incentives for Weight Loss Looking to get some extra cash from the boss? Forget logging long hours, brokering that big deal or sucking up at the company holiday party. Employer weight loss programs Employers have begun dangling big incentives, such as cash bonuses and paid days off, to encourage workers to lose weight.…
“Values-based” Estate Planning
[vc_row][vc_column][vc_column_text] There are many facets of estate planning. Certainly, it’s important to craft a will that delineates how the fruits of years of hard work will be distributed to your loved ones—fairly and harmoniously. And, of course, crafting strategies that will maximize what you pass on at the minimum tax cost is an important goal.…
Passion Investments: Why High-Net-Worth Individuals are Turning to Luxury Collecting
[vc_row][vc_column][vc_column_text]by Alan L. Olsen, CPA, MBA (Tax) Mananging Partner Greenstein, Rogoff, Olsen & Co. Posted: 3/1/11 In times of economic uncertainty, bad news is good news for collectors and sellers. This uncertainty drives capital out of the stock market but at the same time, causes investments like art, wine and fine jewelry (among others) to…
The Human Factor in Mergers and Acquisitions
The Human Factor in Mergers and Acquisitions By Alan Olsen There are a lot of factors of success and failure in mergers and acquisitions that go into a merger or an acquisition. These business deals come in all shapes and sizes and can be massive or rather small. However, they all involve at least two…
Business Plan Basics
[vc_row][vc_column][vc_column_text] Business Plan Basics A business plan precisely defines your business, identifies your goals, and serves as your firm’s resume. The basic components include a current and pro forma balance sheet, an income statement, and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make good business decisions. Because it…
Transferring Your Assets: It’s More Than a Will
[vc_row][vc_column][vc_column_text]The cornerstone of every estate plan is a will. But your will does not necessarily control how all of your assets are distributed to your beneficiaries. You are likely to have designated beneficiaries for specific assets during your lifetime. And just as you review your will, review of your beneficiary choices for these assets is…
Revisiting Your Will
[vc_row][vc_column][vc_column_text] Revisiting Your Will The importance of having a will cannot be overemphasized. It’s not simply the way that you direct the distribution of your financial and personal assets. Your will also enables you to designate an executor (or personal representative) who will act in your stead to meet your obligations and steer your assets…
Tax Tips for New Ecommerce Entrepreneurs
Tax Tips for New Ecommerce Entrepreneurs New ecommerce entrepreneurs can find them confused and confounded by the tax and accounting requirements of their venture. And that’s a shame: If someone’s spotted a great new category and successfully built a web presence, heck, that someone shouldn’t find themselves bogged down with the accounting minutia. The entrepreneur…
HERO Act Expands IRA Options for Military
HERO Act Expands IRA Options for Military Members of the military serving in Iraq, Afghanistan and other combat zone localities can now put money into an individual retirement account, even if they received tax-free combat pay, according to the Internal Revenue Service. Under the Heroes Earned Retirement Opportunities (HERO) Act, signed into law on Memorial…
Dealing with IRS Collections
Dealing with IRS Collections There are times when taxpayers are unable to pay amounts owed the IRS on a tax return or as a result of an audit. Presuming there is no disagreement about the tax liability, just a lack of funds to pay, the taxpayer is best served by avoiding the collection process. There…
Tax Time Tips for Mortgage Holders
Tax Time Tips for Mortgage Holders Tax Time Tips for Mortgage Holders, it’s that time of year again when numbers such as 1040, W-2 and INT-1099 become all too familiar to millions of people. One of the benefits of holding a mortgage on your house is the ability to claim certain deductions that can assist…
CA Credit for New Home Purchase – Fund Running Out
CA Credit for New Home Purchase – Fund Running Out By Ron Cohen, CPA, MST Partner Greenstein, Rogoff, Olsen & Co., LLP California allows a nonrefundable credit against net tax equal to the lesser of 5% (.05) of the purchase price of the qualified principal residence or ten thousand dollars ($10,000). But only a limited amount…
More Work for Accountants! President Obama’s Corporate Tax Proposal
More Work for Accountants! President Obama’s Corporate Tax Proposal By Ron Cohen, CPA, MST Partner Greenstein, Rogoff, Olsen & Co., LLP In the White House summary of corporate tax proposals: http://media.npr.org/documents/2009/may/whitehouse_taxhavens.pdf At “Backgrounder” Article I. Sec. 1, it states: “Current Law Companies Can Defer Paying Taxes on Overseas Profits Until Later, While Taking Tax Deductions…
Deducting “Other” Business Expenses
Deducting “Other” Business Expenses The mysterious “other.” Some tax deductions are not mentioned by name on a tax form but can still be quite valuable to a taxpayer. If you own a trade or business, you can deduct a number of expenses under the broad category of “other.” In general, taxpayers may deduct ordinary and…
Tax Benefits of Owning a Home
Tax Benefits of Owning a Home Deducting mortgage interest In most cases, you can fully deduct your mortgage interest secured by your primary or secondary home. Beginning in 1987, mortgage interest to buy, build, or improve your home (acquisition debt) up to $1,000,000 or home equity loans up to $100,000 became tax deductible. Points (also known…
Popular Tax Credits for First-Time Homebuyers, Students and Those With Childcare
Popular Tax Credits for First-Time Homebuyers, Students and Those With Childcare By Victor Omelczenko 1/26/2009 Whether you’re looking to lower your tax bill or increase your refund, these IRS tips can help your bottom line. Tax credits can help pay the cost of raising a family, going to college, saving for retirement or getting day…
Profit From Your Children
Profit From Your Children Profit from your children? Making maximum use of your dependents can help slash your taxes significantly. “Dependents” generally mean your kids, but many of these gambits also work with low-income parents you might be assisting financially — even if they aren’t your dependents. Here are a few to consider. Hire your…
Myths About Trusts
Myths About Trusts Trusts are a dependable way to arrange for the management of family funds. Yet even financially sophisticated people settle for less satisfactory alternatives. Lack of knowledge isn’t the problem. It’s the assorted myths about trusts handed down over the years. Myth #1. Only the very rich use trusts. Because what the superrich…
Calculating Capital Gains Tax on the Sale of a Collectible
Calculating Capital Gains Tax on the Sale of a Collectible Uncle Sam takes a tax bite out of almost every asset sold and collectibles are no exception. Indeed, collectibles are currently subject to one of the highest rates of federal taxation on an investment property. Long term Capital gain from the sale of a collectible…
Don’t Get Scammed on Your 2015 Tax Return
Don’t Get Scammed on Your 2015 Tax Return By Alan Olsen, CPA, MBA (tax) Managing Partner Greenstein Rogoff Olsen & Co. LLP It’s tax season and for a lot of people that can be a very scary time of year. Some people will attempt to go it alone and use an online tax program, while…