March 5, 2018
Have you filed your 2017 taxes yet? If not, you still have the opportunity to make sure that you lower your tax obligation as much as possible. With new tax laws in effect for 2018 and beyond, the following deductions will disappear after this tax season—check them out to see which ones may help you lower your taxable income...
February 15, 2018
When you are super busy running a business, it can be easy to let customer appreciation slide to the bottom of your long to-do list. The problem is, if you don’t show your customers love on a regular basis, they’re going to feel neglected, which can put their continued loyalty at risk.
February 1, 2018
With the occurrence of cybercrimes affecting businesses increasing daily, many companies are looking for outside expertise to help them mitigate their risks. If your company has never engaged a cybersecurity professional before, you may be unsure of what to look for. The IRS suggests businesses use the following four steps when evaluating and selecting a cybersecurity...
January 16, 2018
Even if you are not a New Year’s resolution maker, it’s likely that at some point in your life you’ll want to adopt healthier or more productive habits. When you do want to make a change for the better, consider trying the following tips from lifehack.org to increase your chances of making your new good habits stick:
January 3, 2018
Tax season is approaching quickly. It’s just a few weeks until the IRS officially starts accepting returns, which means now is the perfect time to use the tips below to help you net some last-minute tax-savings and tackle tax season with ease.
December 18, 2017
It’s amazing how much festive fun can be packed into a few weeks. While the holidays truly can be wonderful, they can also feel overwhelming with too much to do and too many temptations that derail us from enjoying what is truly important. To help you make your holidays feel more fulfilling and less frantic, try these suggestions...
December 4, 2017
On November 16, the House passed a new tax reform bill that moves the GOP closer to bringing the legislation to fruition. Now the Senate is preparing its own tax reform package. If passed, it must be reconciled with the House before any final legislation goes to the White House. Here is a snapshot of some of the key changes proposed in the tax reform bill:
November 14, 2017
With just days to go before Thanksgiving, the clock is ticking down to some of the most memorable meals of the year. However, for many of us, the pressure of preparing a perfect Thanksgiving feast can be overwhelming. If this is true for you, consider these tips to simplify your seasonal spread.
November 1, 2017
The end of the year is often hectic, which is why it’s important to take some time now to reduce your tax bill. Our firm can offer additional strategies to further mitigate your tax burden; however, the following 5 tips are an excellent starting point:
October 16, 2017
Whether your business needs temporary workers to get through the holiday season or you hire short-term help on a regular basis, the process of finding the right candidates can be challenging. Try applying these strategies to make seasonal staffing easier:
October 2, 2017
Because stress related to work, family issues and other events is something that affects many of us, it’s important to reset your own stress response to protect your health and productivity. Sharon Melnick, Ph.D., a business psychologist, offers these tips:
September 29, 2017
Tax reform, one of President Trump’s key legislative agenda items, is moving closer to fruition. Based on the outline of his proposed tax reform package, which he unveiled on September 27, 2017, we’ve compiled this brief overview of the President’s major tax proposals:
September 14, 2017
If you were a victim of the recently announced Equifax hack, you need to take action to mitigate any negative impact it may have on your finances and credit. If you’re not sure if you were affected, you can use Equifax’s Potential Impact tool to find out. You will need to input your last name and the last six digits of your social security number to use this tool.
August 30, 2017
Staff retreats can offer companies a lot of value. They can also be expensive and, unless managed effectively, not particularly productive. Before you plan your next (or first) staff retreat, review the following key factors to help you make the most of...
August 15, 2017
There likely aren’t many college students who don’t have a smart phone loaded with helpful apps. However, it is unlikely that any of these apps are dedicated to helping them build their financial fortitude. This is why we created our list below—chock-full of apps designed to make it easier for college students of any age to save money.
August 1, 2017
Did you know that your webcam and even your home or office internet router can be the gateway through which cyber criminals gain access to your most sensitive data? If not, don’t panic—we have helpful tips below from the experts at the National Cyber Security Alliance to ensure that you head off this type of malicious action.
July 13, 2017
The IRS has identified several new variations of standard tax scams involving fake tax bills and demands for payments. Many of these scams involve purchasing and transferring information using a gift card or iTunes card. Other scams to be aware of include:
June 29, 2017
Now that summer/vacation season is here, your business may be enjoying a more relaxed vibe with employees taking time off or leaving early. If you’ve ever thought about implementing a flexible work program, now may be the time to pilot one, especially if your business is a bit slower this time of year. To help, we offer the following tips...
June 15, 2017
It’s almost exactly the mid-point of the year, which makes it prime time for a mid-year financial review. If you need some monetary motivation for evaluating your financial progress so far this year, you may want to think of mid-year planning as a series of potential money-saving opportunities, for example:
June 1, 2017
The recent “Wanna Cry” ransomware attack that paralyzed several large organizations in the U.S. and Europe is a solemn reminder that the risk of cyber security breaches is real. Every business owner should take steps...
May 16, 2017
Whether from heavy rains or hurricanes, this time of year can bring with it the risk of floods across many parts of the United States. While you may not be able to predict the likelihood of a flood in your area, with these tips you can help to mitigate physical and financial damage if a flood occurs where you live.
- Treat structural damage seriously. In any...
May 4, 2017
This time of year is when you often see yard sale signs popping up. For some, holding a yard sale is a means of clearing out unwanted items. For others, it’s an opportunity to get some great “finds.” Whichever side of the yard sale fence you’re on, these tips can help you “clean up”:
Choose your timing carefully. Research continues...
April 19, 2017
Window washing, carpet cleaning, garden grooming—these are all popular spring cleaning chores for homeowners. However, with year-end and tax season behind you, this time of year is also perfect for spring cleaning at the office. These tips will help you and your staff get—and keep—that “just cleaned my office” feeling:
Start with a clean sweep of...
April 3, 2017
With just a few weeks to go until Tax Day on April 18, it’s time to make sure that you’re on track to get your individual return filed. If you haven’t already engaged our firm to help you with your taxes and you need assistance, don’t delay…it’s time to let us know!
While tax season can be stressful, Tax Day itself can be quite rewarding if you...
March 20, 2017
The average American sits a lot. Many of us sit while we work, while we relax and while we learn. Over the long term, this sedentary way of life can have a negative impact on our health, increasing the risk of diabetes, heart disease and cancer—in addition to shortening life spans. To counteract these negative effects, it’s important to get up, get active and get...
March 1, 2017
Spring is in the air...which means peak home-selling season isn’t far away. In fact, according to recent market data, 60 percent of all home sales in the United States will occur in the spring and summer months. If you’re thinking about putting your home on the market, now is the time to get prepared—which includes considering how you will “stage” your home to...
February 17, 2017
For sports fans, this time of year is an exciting one. First the Super Bowl, and then the buildup toward the NCAA March Madness tournament. While tax season isn’t quite as exciting as these events, you’ll still want to make the effort to get ahead of the game—and the April 18 deadline—to score the benefits of early filing.
February 1, 2017
Although the fate of the Affordable Care Act (aka Obamacare) is not yet clear, thanks to the passing of the 21st Century Cures Act at the end of 2016, employers with fewer than 50 employees can now start funding stand-alone health reimbursement accounts (HRAs) again. Employees can use HRAs to pay for medical expenses, including health insurance coverage on the Obamacare health insurance...
January 17, 2017
You need only tune into the news to see that cybercrimes are a very real threat. From viruses to malware, everyday computer use and online browsing can leave you vulnerable to hackers who want your valuable information. If you have a small business, your risk of a cyberattack is likely even higher, especially if you do not have the resources or know-how to enact effective security policies....
December 28, 2016
There’s a reason why the regular New Year’s resolutions like losing weight, exercising more and sticking to a budget are popular—so many of us need to do them! There’s also a common reason why so many of us fail to meet our goals in these areas: we haven’t developed the mindset to support the changes that we want to make.
Instead of setting a big,...
December 14, 2016
The holiday season can be wonderful, but they can also be one of the most stressful times of the year. Fortunately, the experts at Psychology Today also offer these simple stress relievers to put the joy back in this special time of year:
- Take a time-out. Time-outs aren’t just for toddlers who have a tantrum. In fact, rather than being a...
November 30, 2016
Just days before it was scheduled to be implemented on December 1, a federal judge in Texas has blocked the implementation of the new Department of Labor (DOL) federal overtime rule, which would have doubled the Fair Labor Standards Act’s (FLSA’s) salary threshold for exemption from overtime pay. According to an NPR report, this extension of overtime eligibility would have...
November 15, 2016
As a result of the highway funding extension bill signed into law by President Obama in 2015, there are important changes coming in 2017 to deadlines for business tax filings including:
- W-2 and 1099 filings are due January 31 in 2017 instead of March 31. These forms are still due employees and contractors by January 31, so it’s important to prepare and...
Rosenberg & Company, P.C. is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.
Take a moment to look...
July 29, 2016
First off, everyone needs a will. If you want to control who will inherit your assets, you need a will and possibly a revocable living trust. Without at least a will in place, the laws of your state will dictate who will inherit those assets that are not transferred by other means, such as beneficiary designations.
Beneficiary designations trump a...
July 28, 2016
Your home may well be the best tax shelter you could possibly own. In addition to current income tax savings while you own your home, any gain you realize as the result of an increase in the value of your home will most likely be excluded from taxes. For those of you who are considering the purchase of a home, it might be helpful to know some of the tax-related benefits of home...
July 28, 2016
Where to find missing money.
Whatever happened to your old savings account? Or that rental security deposit? Your state may be holding the funds for you. State laws generally require businesses and financial institutions to turn over cash and property to the state after there has been no activity on the account or contact with the owner for a number of years. You can...
July 26, 2016
AGI, or adjusted gross income, is your gross income minus certain adjustments to your income, such as your deductible IRA contributions, moving expenses, and alimony you paid. Your AGI, or a modified version of it, affects your eligibility for and the value of some tax credits, deductions, and exemptions.
Tax credits and deductions
July 25, 2016
The fastest way to get your refund. According to the IRS, there are two things you can do to speed up access to your refund: file your tax return electronically and have your refund directly deposited into your financial account. Refunds are usually issued within three weeks if you use these methods in contrast to six to eight weeks if you file a paper tax...
July 24, 2016
1. The appropriate asset allocation for you at age 40. How you divide your portfolio among stocks, bonds, and cash investments can have a big impact on your returns—and the asset allocation percentages you chose years ago may no longer be right for you as your investment time frame shortens or your financial goals change. Your financial advisor can help you determine an...
July 22, 2016
1. Saving may cost less than borrowing. Think of an amount that your child may need to attend college. If you save or invest for it, the potential returns on your savings or investments may add up over time so that you may not need to contribute as much money yourself to reach your goal. If you borrow the full amount, you will need to repay it in full plus interest. Please note: All investing...
July 21, 2016
1. What to do if your credit, ATM, or debit card is lost, stolen, or used fraudulently. If you lose a card or if you notice a fraudulent charge on your statement, call your card issuer immediately to let them know. The Federal Trade Commission recommends that you also write a letter to the card issuer to confirm when you reported the problem by phone. Send your letter by certified mail...
July 20, 2016
Although you may not retire for another twenty or thirty years, estimating how much money you may need to support the retirement you envision can help you determine how much you may need to save each month. While we have calculators on our site that can provide rough numbers, the better approach is to consult your financial advisor, who can review your financial situation and goals, help...
July 19, 2016
To learn how much you may receive in benefits when you retire, take a look at your Social Security Statement. You can review it at any time by creating a “my Social Security account” on the Social Security Administration’s website, www.ssa.gov. If you prefer not to create an account, the Social Security Administration will...
July 18, 2016
1. Why your credit reports matter. The information in your credit reports, such as your payment history, how much you owe, and how long you have used credit, is used to calculate your credit score, a gauge that lenders use to judge whether you are a good credit risk. A higher credit score improves your chances of qualifying for credit and may result in a better interest rate.
July 16, 2016
1. Figure out whether you need life insurance. Not everyone does. You may not need it if you do not have a spouse or young children or if you have saved enough to provide for your loved ones. But if you have people who depend on you financially and who would struggle without your income, life insurance can be a good solution.
2. Understand how long your disability insurance will pay...
July 15, 2016
There are special tax breaks for those serving in the Armed Forces. For example, some types of pay are not taxable. Certain rules apply to deductions or credits that you may be able to claim that can lower your tax. In some cases, you may get more time to file your tax return. You may also get more time to pay your income tax. Here are some tips to keep in...
July 14, 2016
The IRS normally sends correspondence in the mail. They mail millions of letters to taxpayers every year. Keep these important points in mind if you get a letter or notice:
- Don’t Ignore It. You can respond to most IRS notices quickly and easily.
- Follow Instructions. Read the notice carefully. It will tell...
July 9, 2016
The IRS offers many safe and easy ways to pay your taxes. These tips explain many of them:
- Mailed tax bills. The IRS sends bills in the U. S. mail. Try to pay soon and in full to avoid any extra charges. If you can’t pay in full, you’ll save if you pay as much as you can. The more you can pay the less interest and penalties you will owe for...
July 8, 2016
Many companies pay dividends to their shareholders on a regular basis. Here’s an introduction to this potential source of investment income.
WHAT IS A DIVIDEND?
A dividend is a distribution (usually in cash, occasionally in stock) made by a corporation to its shareholders. Not all corporations pay dividends. Those that do tend to be mature companies that believe they can...
July 7, 2016
Let’s say you are over age 50, receive $100,000 in compensation from your corporation, and want to contribute the most you can to your retirement account.
INDIVIDUAL 401(k): $49,000
You can make a salary-deferral contribu- tion of $24,000 (the maximum amount for someone age 50 or older). Plus, you can make a profit-sharing contribution of $25,000 (25% of your...
July 5, 2016
Day camps are common during the summer months. Many parents enroll their children in a day camp or pay for day care so they can work or look for work. If this applies to you, your costs may qualify for a federal tax credit. Here are 10 things to know about the Child and Dependent Care Credit:
1. Care for Qualifying Persons. Your expenses must be for...
July 4, 2016
We just wanted to wish everyone a happy Independence Day. We are so proud to be working and living in a country where we have so much freedom. Have a great
July 2, 2016
If you own a business, hiring your child for the summer may provide him or her with a great work experience and your family with a few tax breaks.
1. You can deduct the wages that you pay your child as a business expense.
2. Your child may not have to pay income tax if his or her annual income is less than the standard deduction amount, which is $6,300 for 2016.
July 1, 2016
If your company has not had the unpleasurable experience of a state sales tax audit within the last two or three years, it may be time to batten down the hatches!
Across the nation, state sales tax audits have increased significantly over the last few years and that trend is likely to accelerate. The reason is simple – sales tax audits are proven revenue generators for the...
June 30, 2016
At some point in almost everyone’s life, it seems, we will receive greetings from the IRS which includes a penalty. The penalty could result from filing or paying your taxes late or misstating your income or deductions on your return. Penalties can range from just a few dollars to quite a substantial sum if the error is considered grossly negligent or even fraudulent.
June 25, 2016
Last will and testament.
A will is a key part of every estate plan. In it, you name the beneficiaries that you want to receive your assets after your death. Your beneficiaries might include family, friends, and charities. You also name a guardian for your young children on the chance that you and the other parent die while the children are young. And you name someone...
June 24, 2016
AMERICAN DEPOSITARY RECEIPTS
Want to own a piece of Toyota (or other foreign-based company)? It’s easier than you may think. Many foreign-based companies trade on U.S. exchanges. But instead of shares of stock being traded, it is typically American Depositary Receipts (ADRs). Each ADR represents ownership of a specific number of underlying shares in the foreign company. The...
June 21, 2016
The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning July 1, 2016. The rates will be:
- four (4) percent for overpayments [three (3) percent in the case of a corporation];
- four (4) percent for underpayments;
- six (6) percent for large corporate underpayments; and
- 1 and one-half (1.5)...