It usually takes a while, but seasoned business owners tend to know the strategy of just saying “No”. You’ve probably heard this before, but here is what it really means: Say “No” to Giving Away Your Time Your time is one of the most valuable assets you have so why would you not protect it? […]
Investments
Blame the Billionaires & Tax Them
A few weeks ago while driving, I saw a large banner on the overpass of Route 4 in Paramus with a bunch of people behind it, and it looked like a party. It’s possible I didn’t read the sign correctly because I didn’t want to crash, but found the “Tax Them” part of the sign […]
Tax Planning for Your Kids Now?
Did you know your child may be able to convert some of their 529 plan assets into a Roth IRA? Here’s how it works: General Rules Benefit The main benefit is for your child to get a jump start on saving for retirement by using one of the most tax efficient accounts. Questions Still Lingering […]
Does the IRS Think Your Business is a Hobby?
Are you sure your business isn’t considered a hobby in the eyes of the IRS? If so, then your expenses are very limited or disallowed. Here are some factors to help determine if you operate a business or hobby. Factors According to the IRS Safe Harbor According to the Code There is a safe harbor […]
Rookie Business Owner Mistakes (Sometimes Made by Established Owners Too)
What are some mistakes the rookies make with their business? And sometimes veteran business owners make the same ones. Choosing the Wrong Business When choosing which business to start, your success increases if you have experience in that particular industry. Can you be successful in an industry you are not familiar with? Of course, but […]
Ways to Make the Tax Filing Process Smoother
Tax season is now upon us. To make the process as smooth as possible and to prevent issues down the road, here are some tips: Create an Online Tax Account One of the most common issues I see has to do with estimated tax payments. An easy way to fix this is to pay all […]
Some Year-End Tax Moves for Your Business
Looking to make a few tax moves before the year is over? See if these apply to your situation. Review Your Entity Structure How is your entity structured? It is a sole proprietorship, LLC, s-corp, or c-corp. Now is the time to review it to make sure you are using the correct entity to protect […]
What Percentage of Individuals Will Now Itemize?
Under the OBBBA, what percentage of individuals will itemize starting with the year 2026? Take a guess. In recent years the percentage of itemizers has been around 10%. Now, that number will jump to approximately 14% according to the Tax Foundation for the year 2026. Make sure to subscribe to our weekly emails to receive […]
Don’t Diversify Your Business
Diversifying your investments is a good idea, which virtually every financial advisor recommends doing. But what about diversifying your business? Adding More Products or Services If you add more products or services to your business then you can reach more customers, correct? That may seem to be the likely scenario, but this is what is […]
1099 Reporting Changes
The One Big Beautiful Bill Act changed reporting thresholds for 1099 reporting as follows: 1099-NEC & 1099-MISC The threshold changed from $600 to $2,000 for payments made after December 31, 2025. This amount will be indexed for inflation thereafter. 1099-K The 1099-K reporting threshold has been increased from $600 to $20,000 and more than 200 […]