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Blog

August 20, 2018

Contemplating compensation increases and pay for performance

Posted By Michael Garofalo in Blog, The JGS Advisor
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As a business grows, one of many challenges it faces is identifying a competitive yet manageable compensation structure. After all, offer too little and you likely won’t have much success in hiring. Offer too much and you may compromise cash   Read More


August 16, 2018

6 ways to get more value from an IT consultant

Posted By Michael Garofalo in Blog, The JGS Advisor
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IT consultants are many things — experts in their field, champions of the workaround and, generally, the “people persons” of the tech field. But they’re not magicians who, with the wave of a smartphone, can solve any dilemma you throw   Read More


August 15, 2018

Choosing the right accounting method for tax purposes

Posted By Michael Garofalo in Blog, The JGS Advisor
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The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures   Read More


August 09, 2018

An FLP can save tax in a family business succession

Posted By Michael Garofalo in Blog, The JGS Advisor
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One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready   Read More


August 06, 2018

What you can deduct when volunteering

Posted By Michael Garofalo in Blog, The JGS Advisor
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Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not   Read More


August 03, 2018

Is there a weak link in your supply chain?

Posted By Michael Garofalo in Blog, The JGS Advisor
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In an increasingly global economy, keeping a close eye on your supply chain is imperative. Even if your company operates only locally or nationally, your suppliers could be affected by wider economic conditions and developments. So, make sure you’re regularly   Read More


August 02, 2018

Provide for family members with special needs using an SNT

Posted By Michael Garofalo in Blog, The JGS Advisor
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If you have a child or other family member with a disabling condition that requires long-term care or prevents (or will prevent) him or her from being able to support him- or herself, consider establishing a special needs trust (SNT).   Read More


July 26, 2018

Business deductions for meal, vehicle and travel expenses: Document, document, document

Posted By Michael Garofalo in Blog, The JGS Advisor
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Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS.

A critical requirement

Subject to various rules and limits, business meal (generally 50%),   Read More


July 25, 2018

Get SMART when it comes to setting strategic goals

Posted By Michael Garofalo in Blog, The JGS Advisor
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Strategic planning is key to ensuring every company’s long-term viability, and goal setting is an indispensable step toward fulfilling those plans. Unfortunately, businesses often don’t accomplish their overall strategic plans because they’re unable to fully reach the various goals necessary   Read More


July 20, 2018

5 estate planning tips for the sandwich generation

Posted By Michael Garofalo in Blog, The JGS Advisor
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The “sandwich generation” accounts for a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. In some cases, this includes providing parents with financial support. As   Read More


July 19, 2018

Trust is an essential building block of today’s websites

Posted By Michael Garofalo in Blog, The JGS Advisor
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When business use of websites began, getting noticed was the name of the game. Remember pop-up ads? Text scrolling up the screen? How about those mesmerizing rotating banners? Yes, there were — and remain — a variety of comical and   Read More


July 16, 2018

21st century estate planning accounts for digital assets

Posted By Michael Garofalo in Blog, The JGS Advisor
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Even though you can’t physically touch digital assets, they’re just as important to include in your estate plan as your material assets. Digital assets may include online bank and brokerage accounts, digital photo galleries, and even email and social media   Read More


July 10, 2018

Making the right choice about your office space

Posted By Michael Garofalo in Blog, The JGS Advisor
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For many companies, there comes a time when owners must decide whether to renew a lease, move on to a different one or buy new (or pre-existing) space. In some cases, it’s a relatively easy decision. Maybe you’re happy where   Read More


July 09, 2018

Is your inventory getting the better of you?

Posted By Michael Garofalo in Blog, The JGS Advisor
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On one level, every company’s inventory is a carefully curated collection of inanimate objects ready for sale. But, on another, it can be a confounding, slippery and unpredictable creature that can shrink too small or grow too big — despite   Read More


July 03, 2018

Home green home: Save tax by saving energy

Posted By Michael Garofalo in Blog, The JGS Advisor
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“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three   Read More


June 30, 2018

Finding a 401(k) that’s right for your business

Posted By Michael Garofalo in Blog, The JGS Advisor
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By and large, today’s employees expect employers to offer a tax-advantaged retirement plan. A 401(k) is an obvious choice to consider, but you may not be aware that there are a variety of types to choose from. Let’s check out   Read More


June 25, 2018

Run the numbers before you extend customer credit

Posted By Michael Garofalo in Blog, The JGS Advisor
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Funny thing about customers: They can keep you in business — but they can also put you out of it. The latter circumstance often arises when a company overly relies on a few customers that abuse their credit to the   Read More


June 20, 2018

Fortify your estate plan against undue influence claims

Posted By Michael Garofalo in Blog, The JGS Advisor
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Of course, you expect the declarations in your will to be carried out, as required by law. Usually, that’s exactly what happens with wills. However, it’s possible your will could be contested and your true intentions defeated if someone is   Read More


June 18, 2018

Bookings vs. shippings: A sales flash report primer

Posted By Michael Garofalo in Blog, The JGS Advisor
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Do bad sales months often take you by surprise? If so, don’t forget the power of flash reports — that is, snapshots of critical data for quick, timely viewing every day or week.

One specific way to use them is   Read More


June 15, 2018

A midyear review should go beyond financials

Posted By Michael Garofalo in Blog, The JGS Advisor
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Every year is a journey for a business. You begin with a set of objectives for the months ahead, probably encounter a few bumps along the way and, hopefully, reach your destination with some success and a few lessons learned.  Read More


June 07, 2018

Naming a minor as beneficiary of a life insurance policy or retirement plan can lead to unintended outcomes

Posted By Michael Garofalo in Blog, The JGS Advisor
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A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan. While making your young child the beneficiary of such assets may seem like an excellent   Read More


June 05, 2018

What businesses need to know about the tax treatment of bitcoin and other virtual currencies

Posted By Michael Garofalo in Blog, The JGS Advisor
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Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency.

While most smaller businesses aren’t yet accepting bitcoin or   Read More


May 31, 2018

Putting your child on your business’s payroll for the summer may make more tax sense than ever

Posted By Michael Garofalo in Blog, The JGS Advisor
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If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring your child may make more sense than ever   Read More


May 29, 2018

Use the proper tools to fix a broken trust

Posted By Michael Garofalo in Blog, The JGS Advisor
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An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves your purposes? Is it too late to change it? Depending on applicable state law, you may have options to fix   Read More


May 21, 2018

Blockchain may soon drive business worldwide

Posted By Michael Garofalo in Blog, The JGS Advisor
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“Blockchain” may sound like something that goes on a vehicle’s tires in icy weather or that perhaps is part of that vehicle’s engine. Indeed it is a type of technology that may help drive business worldwide at some point soon   Read More


May 15, 2018

Can you deduct business travel when it’s combined with a vacation?

Posted By Michael Garofalo in Blog, The JGS Advisor
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At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread   Read More


May 14, 2018

Your original will: Does your family know where to locate it?

Posted By Michael Garofalo in Blog, The JGS Advisor
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In a world that’s increasingly paperless, you’re likely becoming accustomed to conducting a variety of transactions digitally. But when it comes to your last will and testament, only an original, signed document will do.

A photocopy isn’t good enough

Many   Read More


May 10, 2018

Do you need to adjust your withholding?

Posted By Michael Garofalo in Blog, The JGS Advisor
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If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan.

That’s   Read More


May 09, 2018

Tax record retention guidelines for individuals

Posted By Michael Garofalo in Blog, The JGS Advisor
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What 2017 tax records can you toss once you’ve filed your 2017 return? The answer is simple: none. You need to hold on to all of your 2017 tax records for now. But it’s the perfect time to go through   Read More


May 08, 2018

IRS Audit Techniques Guides provide clues to what may come up if your business is audited

Posted By Michael Garofalo in Blog, The JGS Advisor
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IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and fringe   Read More


May 07, 2018

Provide for your spouse, then your kids, with a QTIP trust

Posted By Michael Garofalo in Blog, The JGS Advisor
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If you want to preserve as much wealth as possible for your children, but you leave property to your spouse outright, there’s no guarantee your objective will be met. This may be a concern if your spouse has poor money   Read More


May 03, 2018

A review of significant TCJA provisions affecting small businesses

Posted By Michael Garofalo in Blog, The JGS Advisor
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Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly   Read More


April 26, 2018

Properly planning for incapacity requires specific estate planning strategies

Posted By Michael Garofalo in Blog, The JGS Advisor
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Most estate plans focus on what happens after you die. But without arrangements for what will happen in the event you become mentally incapacitated, your plan is incomplete. If an accident, illness or other circumstances render you unable to make   Read More


April 17, 2018

Individual tax calendar: Important deadlines for the remainder of 2018

Posted By Michael Garofalo in Blog, The JGS Advisor
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While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you   Read More


April 11, 2018

Haven’t filed your 2017 income tax return yet? Beware of these pitfalls

Posted By Michael Garofalo in Blog, The JGS Advisor
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The federal income tax filing deadline is slightly later than usual this year — April 17 — but it’s now nearly upon us. So, if you haven’t filed your individual return yet, you may be thinking about an extension. Or   Read More


April 09, 2018

A net operating loss on your 2017 tax return isn’t all bad news

Posted By Michael Garofalo in Blog, The JGS Advisor
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When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside: tax benefits. But beware —   Read More


April 06, 2018

Should you file Form SS-8 to ask the IRS to determine a worker’s status?

Posted By Michael Garofalo in Blog, The JGS Advisor
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Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to avoid taxes and employee benefit obligations.

To find   Read More


April 04, 2018

You still have time to make 2017 IRA contributions

Posted By Michael Garofalo in Blog, The JGS Advisor
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Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. The deadline for 2017 contributions is April 17, 2018. Deductible contributions will lower your 2017 tax bill, but even nondeductible   Read More


April 02, 2018

Could your next business loan get “ratio’d”?

Posted By Michael Garofalo in Blog, The JGS Advisor
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We live and work in an era of big data. Banks are active participants, keeping a keen eye on metrics that help them accurately estimate risk of default.

As you look for a loan, try to find out how each   Read More


March 30, 2018

Apply for a waiver if you’ve missed the 60-day IRA rollover deadline

Posted By Michael Garofalo in Blog, The JGS Advisor
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IRAs and employer-sponsored plans such as 401(k)s are powerful retirement savings tools, but they also provide valuable estate planning benefits. If you hold a traditional IRA for life, for example, your children or other heirs can stretch out distributions over   Read More


March 27, 2018

2018 Q2 tax calendar: Key deadlines for businesses and other employers

Posted By Michael Garofalo in Blog, The JGS Advisor
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Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. 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


March 26, 2018

Home vs. away: The company retreat conundrum

Posted By Michael Garofalo in Blog, The JGS Advisor
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When a business decides to hold a retreat for its employees, the first question to be answered usually isn’t “What’s our agenda?” or “Whom should we invite as a guest speaker?” Rather, the first item on the table is, “Where   Read More


March 23, 2018

Don’t overlook securities laws when planning your estate

Posted By Michael Garofalo in Blog, The JGS Advisor
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For a variety of estate planning and asset management purposes, many affluent families hold their assets in trusts, family investment vehicles or charitable foundations. If assets held in this manner include interests in hedge funds, private equity funds or other   Read More


March 19, 2018

Casualty losses can provide a 2017 deduction, but rules tighten for 2018

Posted By Michael Garofalo in Blog, The JGS Advisor
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If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends   Read More


March 16, 2018

Power of attorney abuse: What you can do about it

Posted By Michael Garofalo in Blog, The JGS Advisor
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A financial power of attorney — sometimes called a “power of attorney for property” or a “general power of attorney” — can be a valuable estate planning tool. The main disadvantage is that it’s susceptible to abuse by scam artists,   Read More


March 12, 2018

Make sure repairs to tangible property were actually repairs before you deduct the cost

Posted By Michael Garofalo in Blog, The JGS Advisor
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Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed   Read More


March 09, 2018

Don’t forget: 2017 tax filing deadline for pass-through entities is March 15

Posted By Michael Garofalo in Blog, The JGS Advisor
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When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year   Read More


March 07, 2018

7 ways to prepare your business for sale

Posted By Michael Garofalo in Blog, The JGS Advisor
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For some business owners, succession planning is a complex and delicate matter involving family members and a long, gradual transition out of the company. Others simply sell the business and move on. There are many variations in between, of course,   Read More


March 06, 2018

Size of charitable deductions depends on many factors

Posted By Michael Garofalo in Blog, The JGS Advisor
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Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate.

Type of gift  Read More


February 27, 2018

Tax credit for hiring from certain “target groups” can provide substantial tax savings

Posted By Michael Garofalo in Blog, The JGS Advisor
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Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC). If you made   Read More


February 22, 2018

A joint home purchase can ease estate tax liability

Posted By Michael Garofalo in Blog, The JGS Advisor
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If you’re planning on buying a home that you one day wish to pass on to your adult children, a joint purchase can reduce estate tax liability, provided the children have sufficient funds to finance their portion of the purchase.   Read More


February 19, 2018

Families with college students may save tax on their 2017 returns with one of these breaks

Posted By Michael Garofalo in Blog, The JGS Advisor
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Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was   Read More


February 16, 2018

Follow IRS rules to ensure you receive your charitable tax deductions

Posted By Michael Garofalo in Blog, The JGS Advisor
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If reducing your taxable estate is an important estate planning goal, making lifetime charitable donations can help achieve that goal and benefit your favorite organizations. In addition, by making donations during your lifetime, rather than at death, you can claim   Read More


February 14, 2018

Use benchmarking to swim with the big fish

Posted By Michael Garofalo in Blog, The JGS Advisor
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You may keep a wary eye on your competitors, but sometimes it helps to look just a little bit deeper. Even if you’re a big fish in your pond, someone a little bigger may be swimming up just beneath you.   Read More


February 13, 2018

Small business owners: A SEP may give you one last 2017 tax and retirement saving opportunity

Posted By Michael Garofalo in Blog, The JGS Advisor
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Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. A   Read More


February 09, 2018

TCJA temporarily lowers medical expense deduction threshold

Posted By Michael Garofalo in Blog, The JGS Advisor
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With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and   Read More


February 02, 2018

State and local sales tax deduction remains, but subject to a new limit

Posted By Michael Garofalo in Blog, The JGS Advisor
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Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales taxes, as well as property taxes —   Read More


February 01, 2018

If you made gifts last year, you may (or may not) need to file a gift tax return

Posted By Michael Garofalo in Blog, The JGS Advisor
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Gifting assets to loved ones is one of the simplest ways of reducing your taxable estate. However, what may not be as simple is determining whether you need to file a gift tax return (Form 709). With the April 17   Read More


January 25, 2018

Life insurance can be a powerful estate planning tool for nontaxable estates

Posted By Michael Garofalo in Blog, The JGS Advisor
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For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses. It’s been particularly valuable for business owners, whose families might not have the liquid assets they   Read More


January 23, 2018

Big data strategies for every business

Posted By Michael Garofalo in Blog, The JGS Advisor
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You’ve probably heard or read the term “big data” at least once in the past few years. Maybe your response was a sarcastic “big deal!” under the assumption that this high-tech concept applies only to large corporations. But this isn’t   Read More


January 22, 2018

Meals, entertainment and transportation may cost businesses more under the TCJA

Posted By Michael Garofalo in Blog, The JGS Advisor
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Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act   Read More


January 19, 2018

Have you taken state estate taxes into account?

Posted By Michael Garofalo in Blog, The JGS Advisor
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The Tax Cuts and Jobs Act has doubled the federal gift and estate tax exemption, with inflation-adjustments projected to raise it to $11.18 million for 2018.This means federal estate taxes are a concern for fewer families, at least in the   Read More


January 16, 2018

Your 2017 tax return may be your last chance to take the “manufacturers’ deduction”

Posted By Michael Garofalo in Blog, The JGS Advisor
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While many provisions of the Tax Cuts and Jobs Act (TCJA) will save businesses tax, the new law also reduces or eliminates some tax breaks for businesses. One break it eliminates is the Section 199 deduction, commonly referred to as   Read More


January 11, 2018

Don’t be a victim of tax identity theft: File your 2017 return early

Posted By Michael Garofalo in Blog, The JGS Advisor
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The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for   Read More


January 09, 2018

New tax law gives pass-through businesses a valuable deduction

Posted By Michael Garofalo in Blog, The JGS Advisor
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Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t   Read More


January 03, 2018

Most individual tax rates go down under the TCJA

Posted By Michael Garofalo in Blog, The JGS Advisor
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The Tax Cuts and Jobs Act (TCJA) generally reduces individual tax rates for 2018 through 2025. It maintains seven individual income tax brackets but reduces the rates for all brackets except 10% and 35%, which remain the same.

It also   Read More


December 28, 2017

Tax Cuts and Jobs Act: Key provisions affecting individuals

Posted By Michael Garofalo in Blog, The JGS Advisor
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On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and Jobs Act” (TCJA), the new law means substantial changes for individual taxpayers.

The following is a   Read More


December 27, 2017

Tax Cuts and Jobs Act: Key provisions affecting businesses

Posted By Michael Garofalo in Blog, The JGS Advisor
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The recently passed tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will have a major impact on businesses.  Read More


December 26, 2017

From the Cuomo administration: Important info for New York tax filers

Posted By Michael Garofalo in Blog, The JGS Advisor
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The following is a letter from the Cuomo administration, regarding an executive order that will allow New Yorkers to pre-pay next year’s property taxes now. Taxpayers are required to act before January 1.


Dear Fellow New Yorker,

This week, Congress   Read More


December 21, 2017

Congress Approves Sweeping Tax Overhaul

Posted By Michael Garofalo in Blog, The JGS Advisor
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The Tax Cuts and Jobs Act was passed on December 20, 2017. Click this link to view a PDF with the details of this new legislation.  Read More


December 18, 2017

Retirement savings opportunity for the self-employed

Posted By Michael Garofalo in Blog, The JGS Advisor
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Did you know that if you’re self-employed you may be able to set up a retirement plan that allows you to contribute much more than you can contribute to an IRA or even an employer-sponsored 401(k)? There’s still time to   Read More


December 14, 2017

Who should own your life insurance policy?

Posted By Michael Garofalo in Blog, The JGS Advisor
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If you own life insurance policies at your death, the proceeds will be included in your taxable estate. Ownership is usually determined by several factors, including who has the right to name the beneficiaries of the proceeds. The way around   Read More


December 11, 2017

Should you buy a business vehicle before year end?

Posted By Michael Garofalo in Blog, The JGS Advisor
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One way to reduce your 2017 tax bill is to buy a business vehicle before year end. But don’t make a purchase without first looking at what your 2017 deduction would be and whether tax reform legislation could affect the   Read More


December 08, 2017

How to maximize deductions for business real estate

Posted By Michael Garofalo in Blog, The JGS Advisor
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Currently, a valuable income tax deduction related to real estate is for depreciation, but the depreciation period for such property is long and land itself isn’t depreciable. Whether real estate is occupied by your business or rented out, here’s how   Read More


December 05, 2017

4 ways to get (and keep) your business data in order

Posted By Michael Garofalo in Blog, The JGS Advisor
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With so much data flying around these days, it’s easy for a company of any size to get overwhelmed. If something important falls through the cracks, say a contract renewal or outstanding bill, your financial standing and reputation could suffer.   Read More


December 01, 2017

A Crummey trust can preserve the annual gift tax exclusion

Posted By Michael Garofalo in Blog, The JGS Advisor
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Traditionally, taxpayers have looked for ways to make the most of the $14,000 annual gift tax exclusion, and using a Crummey trust is one way to do that. But with the federal gift and estate tax exemption currently at an   Read More


November 30, 2017

Thorough due diligence can protect your acquisition from fraud

Posted By Michael Garofalo in Blog, The JGS Advisor
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In today’s rough-and-tumble world of mergers and acquisitions (M&As), buyers need to get to know business sellers and their executives, test their representations about asset condition and financial performance, and screen for common fraud schemes. Here’s why.

Whose side are   Read More


November 28, 2017

Accelerate your retirement savings with a cash balance plan

Posted By Michael Garofalo in Blog, The JGS Advisor
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Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper retirement-planning   Read More


November 21, 2017

Getting around the $25 deduction limit for business gifts

Posted By Michael Garofalo in Blog, The JGS Advisor
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At this time of year, it’s common for businesses to make thank-you gifts to customers, clients, employees and other business entities and associates. Unfortunately, the tax rules limit the deduction for business gifts to $25 per person per year, a   Read More


November 20, 2017

Critical connection: How costs impact pricing

Posted By Michael Garofalo in Blog, The JGS Advisor
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As we head toward year end, your company may be reviewing its business strategy for 2017 or devising plans for 2018. As you do so, be sure to give some attention to the prices you’re asking for your existing products   Read More


November 16, 2017

Update your estate plan to reflect your second marriage

Posted By Michael Garofalo in Blog, The JGS Advisor
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If you’re in a second marriage or planning another trip down the aisle, it’s vital to review and revise (if necessary) your estate plan. You probably want to provide for your current spouse and not inadvertently benefit your former spouse.   Read More


November 15, 2017

Why you may want to accelerate your property tax payment into 2017

Posted By Michael Garofalo in Blog, The JGS Advisor
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Accelerating deductible expenses, such as property tax on your home, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying property tax may be especially beneficial this year, because proposed tax   Read More


November 13, 2017

Investors: Beware of the wash sale rule

Posted By Michael Garofalo in Blog, The JGS Advisor
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A tried-and-true tax-saving strategy for investors is to sell assets at a loss to offset gains that have been realized during the year. So if you’ve cashed in some big gains this year, consider looking for unrealized losses in your   Read More


November 09, 2017

Tax law uncertainty requires an estate plan that can roll with the changes

Posted By Michael Garofalo in Blog, The JGS Advisor
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Events of the last decade have taught us that taxes are anything but certain. Case in point: Congress is mulling abolishing gift and estate taxes as part of tax reform. So how can people who hope to still have long   Read More


November 08, 2017

Fortifying your business with enterprise risk management

Posted By Michael Garofalo in Blog, The JGS Advisor
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Hundreds of years ago, prosperous towns managed the various risks of foreign invaders, thieves and wild animals by fortifying their entire communities with walls and towers. Today’s business owners can take a similar approach with enterprise risk management (ERM).

Assessing   Read More


November 07, 2017

2017 might be your last chance to hire veterans and claim a tax credit

Posted By Michael Garofalo in Blog, The JGS Advisor
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With Veterans Day on November 11, it’s an especially good time to think about the sacrifices veterans have made for us and how we can support them. One way businesses can support veterans is to hire them. The Work Opportunity   Read More


October 31, 2017

Minimize inventory, services to make your financials shine

Posted By Michael Garofalo in Blog, The JGS Advisor
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Your business financials — where they stand currently and where they might be going next year — are incredibly important. Obviously, sales and expenses play enormous roles in the strength of your position. But a fundamental and often-overlooked way of   Read More


October 30, 2017

A dynasty trust keeps on giving long into the future

Posted By Michael Garofalo in Blog, The JGS Advisor
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With a properly executed estate plan, your wealth can be enjoyed by your children and even their children. But did you know that by using a dynasty trust you can extend the estate tax benefits for several generations, and perhaps   Read More


October 26, 2017

Bridging the divide with a mezzanine loan

Posted By Michael Garofalo in Blog, The JGS Advisor
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In their efforts to grow and succeed, many companies eventually reach the edge of a precipice. Across the divide lies a big step forward — perhaps the acquisition of a competitor or the purchase of a new property — but,   Read More


October 24, 2017

Two ways spouse-owned businesses can reduce their self-employment tax bill

Posted By Michael Garofalo in Blog, The JGS Advisor
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If you own a profitable, unincorporated business with your spouse, you probably find the high self-employment (SE) tax bills burdensome. An unincorporated business in which both spouses are active is typically treated by the IRS as a partnership owned 50/50   Read More


October 19, 2017

Valuation often affects succession plans in hard-to-see ways

Posted By Michael Garofalo in Blog, The JGS Advisor
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Any business owner developing a succession plan should rightfully assume that regular business valuations are a must. When envisioning the valuation process, you’re likely to focus on its end result: a reasonable, defensible value estimate of your business as of   Read More


October 16, 2017

Thorough due diligence can protect your acquisition from fraud

Posted By Michael Garofalo in Blog, The JGS Advisor
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In today’s rough-and-tumble world of mergers and acquisitions (M&As), buyers need to get to know business sellers and their executives, test their representations about asset condition and financial performance, and screen for common fraud schemes. Here’s why.

Whose side are   Read More


October 12, 2017

“Bunching” medical expenses will be a tax-smart strategy for many in 2017

Posted By Michael Garofalo in Blog, The JGS Advisor
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Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction.  Read More


October 11, 2017

2017 Q4 tax calendar: Key deadlines for businesses and other employers

Posted By Michael Garofalo in Blog, The JGS Advisor
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Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth 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


October 04, 2017

ABCs of HSAs: How an HSA can benefit your estate plan

Posted By Michael Garofalo in Blog, The JGS Advisor
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One health care arrangement that has been soaring in popularity in recent years has been the pairing of a high-deductible health plan (HDHP) with a Health Savings Account (HSA). The good news is that not only does an HSA provide   Read More


October 03, 2017

Philanthropy seminar to answer the question: “How can I maximize the impact of my charitable giving?”

Posted By Michael Garofalo in Blog, The JGS Advisor
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FOR RELEASE ON OCTOBER 3, 2017

In the aftermath of Hurricane Harvey, news outlets picked up on an unfortunate story: Many charitable donations fail to reach their intended recipients in a timely manner, or at all – and some gifts   Read More


September 27, 2017

Don’t let “founder’s syndrome” impede your succession plan

Posted By Michael Garofalo in Blog, The JGS Advisor
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Are you the founder of your company? If so, congratulations — you’ve created something truly amazing! And it’s more than understandable that you’d want to protect your legacy: the company you created.

But, as time goes on, it becomes increasingly   Read More


September 25, 2017

Why you should boost your 401(k) contribution rate between now and year end

Posted By Michael Garofalo in Blog, The JGS Advisor
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One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step.

If you’re not already contributing   Read More


September 21, 2017

Should your business use per diem rates for travel reimbursement?

Posted By Michael Garofalo in Blog, The JGS Advisor
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Updated travel per diem rates go into effect October 1. To simplify recordkeeping, they can be used for reimbursement of ordinary and normal business expenses incurred while employees travel away from home.

Per diem advantages

As long as employees properly   Read More


September 20, 2017

Charitable giving pièce de résistance: Artwork donations

Posted By Michael Garofalo in Blog, The JGS Advisor
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Charitable giving is a key part of estate planning for many people. If you’re among them and own valuable works of art, they may be ideal candidates for charitable donations during your life.

Generally, it’s advantageous to donate appreciated property   Read More