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The JGS Advisor

How entity type affects tax planning for owner-employees.

Come tax time, owner-employees face a variety of distinctive tax planning challenges, depending on whether their business is structured as a partnership, limited liability company (LLC) or corporation. Whether you’re thinking about your 2016 filing or planning for 2017, it’s   Read More

Posted in Blog, The JGS Advisor

Want to save for education? Make 2016 ESA contributions by December 31

There are many ways to save for a child’s or grandchild’s education. But one has annual contribution limits, and if you don’t make a 2016 contribution by December 31, the opportunity will be lost forever. We’re talking about Coverdell Education   Read More

Posted in Blog, The JGS Advisor

Build consensus before you buy business software

Business owners get to make executive decisions. It’s one of the perks of the job. But acting unilaterally when buying business software can be a risky move. Because new technology affects the entire team, the entire team (or at least   Read More

Posted in Blog, The JGS Advisor

Get smart when tackling estate planning for intellectual property

If you own intellectual property (IP), such as a patent or copyright, you need to know how to account for it in your estate plan. These intangible assets can be highly valuable, and you’ll want them to be handled according   Read More

Posted in Blog, The JGS Advisor

Take stock of your inventory accounting method’s impact on your tax bill

If your business involves the production, purchase or sale of merchandise, your inventory accounting method can significantly affect your tax liability. In some cases, using the last-in, first-out (LIFO) inventory accounting method, rather than first-in, first-out (FIFO), can reduce taxable   Read More

Posted in The JGS Advisor

COLA Increases for Dollar Limitations on Benefits and Contributions

The tax law places limits on the dollar amount of contributions to retirement plans and IRAs and the amount of benefits under a pension plan. IRC Section 415 requires the limits to be adjusted annually for cost-of-living increases. While most   Read More

Posted in Blog, The JGS Advisor

Charitable IRA Distributions

Sec. 408(d)(8) permits “qualifying charitable distributions” from traditional IRA or Roth IRA accounts to be excluded from gross income. The provision first appeared in the Pension Protection Act, P.L. 109-280, in August 2006, as a temporary measure. In the intervening   Read More

Posted in Blog, The JGS Advisor