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The JGS Advisor

Claiming a federal tax deduction for moving costs

Summer is a popular time to move, whether it’s so the kids don’t have to change schools mid-school-year, to avoid having to move in bad weather or simply because it can be an easier time to sell a home. Unfortunately,   Read More

Posted in Blog, The JGS Advisor

Leaving specific assets to specific heirs is an estate planning no-no

Planning your estate around specific assets is risky and, in most cases, should be avoided. If you leave specific assets — such as a home, a car or stock — to specific people, you could end up inadvertently disinheriting someone.  Read More

Posted in Blog, The JGS Advisor

Seasonal business? Optimize your operating cycle

Every business has some degree of ups and downs during the year. But cash flow fluctuations are much more intense for seasonal businesses. So, if your company defines itself as such, it’s important to optimize your operating cycle to anticipate   Read More

Posted in Blog, The JGS Advisor

Are income taxes taking a bite out of your trusts?

If your estate plan includes one or more trusts, review them in light of income taxes. For trusts, the income threshold is very low for triggering the:

  • Top income tax rate of 39.6%,
  • Top long-term capital gains rate of 20%,
  Read More
Posted in Blog, The JGS Advisor

2017 Q3 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to   Read More

Posted in Blog, The JGS Advisor

Tax highlights from the 2017 and 2018 New York state budget

The Cuomo administration rolled out the 2017 / 2018 state budget in early April. Here are a few of the most important highlights to know according to Rob Tannini, CPA at Judelson, Giordano & Siegel.

  • For years 2018 through 2024,
  Read More
Posted in Blog, The JGS Advisor

Gov. Cuomo announces policy for paid family leave

Update: More detailed information about exceptions and eligibility was added to this article on July 29, 2017.

The Cuomo administration has announced its plan for paid family leave, which will take effect on January 1, 2018 and continue to be   Read More

Posted in Blog, The JGS Advisor

You don’t have to take business insurance costs sitting down

Adequate insurance coverage is, in many cases, a legal requirement for a business. Even if it’s not for your company, proper coverage remains a risk management imperative. But that doesn’t mean you have to take high insurance costs sitting down.  Read More

Posted in Blog, The JGS Advisor

Dot the “i’s” and cross the “t’s” on loans between your business and its owners

It’s common for closely held businesses to transfer money into and out of the company, often in the form of a loan. However, the IRS looks closely at such transactions: Are they truly loans, or actually compensation, distributions or contributions   Read More

Posted in Blog, The JGS Advisor

Is now the time for a charitable lead trust?

Families who wish to give to charity while minimizing gift and estate taxes should consider a charitable lead trust (CLT). These trusts are most effective in a low-interest-rate environment, so conditions for taking advantage of a CLT currently are favorable.   Read More

Posted in Blog, The JGS Advisor

Pay attention to the details when selling investments

The tax consequences of the sale of an investment, as well as your net return, can be affected by a variety of factors. You’re probably focused on factors such as how much you paid for the investment vs. how much   Read More

Posted in Blog, The JGS Advisor

Videotaping your will signing may not produce the desired outcome

Some people make video recordings of their will signings in an effort to create evidence that they possess the requisite testamentary capacity. For some, this strategy may help stave off a will contest. But in most cases, the risk that   Read More

Posted in Blog, The JGS Advisor

Business owners: Put your successor in a position to succeed

When it comes time to transition your role as business owner to someone else, you’ll face many changes. One of them is becoming a mentor. As such, you’ll have to communicate clearly, show some patience and have a clear conception   Read More

Posted in Blog, The JGS Advisor

Coverdell ESAs: The tax-advantaged way to fund elementary and secondary school costs

With school letting out you might be focused on summer plans for your children (or grandchildren). But the end of the school year is also a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if the   Read More

Posted in Blog, The JGS Advisor

Are your retirement savings secure from creditors?

A primary goal of estate planning is asset protection. After all, no matter how well your estate plan is designed, it won’t do much good if you wind up with no wealth to share with your family.

If you have   Read More

Posted in Blog, The JGS Advisor

Donating a vehicle might not provide the tax deduction you expect

All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction.

Take vehicle   Read More

Posted in Blog, The JGS Advisor