Articles & Videos
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…
Sales Tax Deduction Option, State and Local
[vc_row][vc_column][vc_column_text] Sales Tax Deduction Option, State and Local The Tax Relief and Health Care Act of 2006 extended the election to deduct state and local general sales taxes for 2006. The act was enacted after Schedule A (Form 1040), Itemized Deductions, and its instructions were printed. Because we were not able to include the instructions…
California Unitary Group of Corporations; Intercompany Distributions; Deferred Gain Tracking
California Unitary Group of Corporations; Intercompany Distributions; Deferred Gain Tracking New Form 3726 – Deadline Extended to 10/15/09 Unitary Groups must do more tracking in some cases. The Franchise Tax Board wants to make sure deferred intercompany gains don’t get lost over the years (and therefore, never taxed), so they are forcing taxpayers to provide…
2010 Tax Relief Act creates a 100% writeoff for heavy SUVs used entirely for business: HISTORY REPEATS ITSELF
[vc_row][vc_column][vc_column_text]OLD RULE: A calendar year taxpayer bought a $50,000 heavy SUV in June of 2010 and used it 100% for business in 2010. It may write off $40,000 of the cost of the vehicle on its 2010 return, as follows: … $25,000 expensing deduction (Sec. 179(b)(6) Limit, see below under “History”), plus … $12,500 of…
Tax-wise Gifts for Loved Ones
Tax-wise Gifts for Loved Ones One of the great joys of parenting (or grand parenting) is watching your youngsters reach milestones, large and small. Nurturing these loved ones. Offering them the emotional and financial support that they need in order to thrive. From an estate planning perspective, making gifts is an excellent way to accomplish…
10 Things Every Taxpayer Needs to Know About the Pension Law
10 Things Every Taxpayer Needs to Know About the Pension Law The Pension Protection Act, signed into law on August 17, 2006, is designed to address the nation-wide problem of under-funded pension plans. The law penalizes noncompliant companies and encourages employee contributions, but many of the changes directly impact taxpayers of all ages, regardless of…
Planning for Retirement
Planning for Retirement Unfortunately, Social Security’s assets are being rapidly consumed and the number of workers supporting it is shrinking. For us, this means we will have to rely heavily on our personal savings when the time for retirement finally comes. While there are a number of options to help each of us create a…
Ten Tax Tips for Individuals Selling Their Home
Ten Tax Tips for Individuals Selling Their Home The Internal Revenue Service has some important information for those who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may be able to exclude all or part of that gain from your income.…
Multitasking – Productivity Killer Or Time Saver?
Multitasking – Productivity Killer Or Time Saver? Multitasking can simply be defined as the ability to do more than one thing at a time. I often ask at my workshop if anyone in attendance prides themselves in being a great multitasker. This question is usually met with a few enthusiastic hands up. To be truthful,…
Steps to Prepare for Retirement
Steps to Prepare for Retirement U.S. Companies Can’t Continue Offering Adequate Pensions, AICPA Survey Reveals by Joel Allegretti April 27, 2006 The vast majority of CPAs serving as corporate CEOs, CFOs, Controllers and in other executive positions believe American companies can’t continue providing pensions that adequately cover their employees’ retirement years, according to the results…
Understanding the Importance of Time Management
Understanding the Importance of Time Management By Victor Ghebre Updated: 12/12/12 One of the most non-renewable resources most of us have in our lives is time. No matter how hard we work or how much we strive to accomplish time is always our enemy. However, learning to get a handle on time can be one…
Valuations
A business valuation determines the estimated market value of a business entity. A valuation estimates the complex economic benefits that arise from combining a group of physical assets with a group of intangible assets of the business as a going concern. The valuation, which is part art and part science, estimates the price that hypothetical…
Disclaimer
Disclaimer The information made available through this site is provided for informational purposes only and should not be construed as rendering financial, tax, accounting, legal, consulting, investment or other professional advice on any matter. Your use of the site does not create a client, advisory, fiduciary or professional services relationship between you and Greenstein, Rogoff,…
College Funding: Investing Versus Borrowing
College Funding: Investing Versus Borrowing If something is worth $1, would you rather pay $1.46 for it, or would you prefer a price of $0.66? That, in a nutshell, is a choice that families must make as they prepare to pay for the cost of college education for their children. Saving and investing for college…
What Real Estate Investors Need To Know About Property Management
What Real Estate Investors Need To Know About Property Management By James Kobzeff Once you purchase a real estate rental property, you virtually become the CEO of your own small business. Sure, you feel good about becoming a landlord and owner of your own private money-maker, but unless it’s raw land, your work has just…
Rent Vs. Buy Your First Home
Rent vs. Buy Your First Home Should you rent or should you buy your home? It takes more than looking at your mortgage payment to answer this question. This calculator helps you weed through the fees, taxes, and monthly payments to help you make a good financial decision. Click the “View Report” button for a…
How to Use Three Bootstrap Financing Techniques to Get Your New Business Up and Running Now!
How to Use Three Bootstrap Financing Techniques to Get Your New Business Up and Running Now! It’s a well known fact that Uncle Sam reserves a portion of your paycheck every pay period. However, there is good news! Listed below are seven types of your income that are generally excluded from U.S. federal income taxation:…
Established Small Businesses Need to Have a Succession Plan
Established Small Businesses Need to Have a Succession Plan There are millions of companies in the United States, both big and small, and every size in between. Many of these businesses – somewhere in the neighborhood of about four million – are owned by baby boomers. Baby boomers have been an integral part of our…
Player Salaries Could Be Huge Tax Break for New NBA Owner
Player Salaries Could Be Huge Tax Break for New NBA Owner The ultra-wealthy have a lot of options when it comes to spending their money. Lavish houses, huge properties, remote islands, expensive yachts and exotic cars are just a few of their choices. Of course, like most anyone, the extremely wealthy are always looking to…
§1031 Exchanges Combined with Seller Carryback Notes
§1031 Exchanges Combined with Seller Carryback Notes By Steve Chacon Occasionally sellers are approached with the request they carry back an installment note to finance the purchase. Not a bad idea from a “big picture” perspective, as seller financing has been effective in environments where credit is a concern and interest rates are rising. But…