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Blog

December 14, 2018

Year-end tax and financial to-do list for individuals

Posted By Michael Garofalo in Blog, The JGS Advisor
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With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends:

Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses,   Read More


December 12, 2018

Getting ahead of the curve on emerging technologies

Posted By Michael Garofalo in Blog, The JGS Advisor
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Turn on your computer or mobile device, scroll through Facebook or Twitter, or skim a business-oriented website, and you’ll likely come across the term “emerging technologies.” It has become so ubiquitous that you might be tempted to ignore it and   Read More


December 07, 2018

Use capital losses to offset capital gains

Posted By Michael Garofalo in Blog, The JGS Advisor
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When is a loss actually a gain? When that loss becomes an opportunity to lower tax liability, of course. Now’s a good time to begin your year-end tax planning and attempt to neutralize gains and losses by year end. To   Read More


November 29, 2018

Buy business assets before year end to reduce your 2018 tax liability

Posted By Michael Garofalo in Blog, The JGS Advisor
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The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end   Read More


November 28, 2018

It’s not too late: You can still set up a retirement plan for 2018

Posted By Michael Garofalo in Blog, The JGS Advisor
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If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. There’s still time to set one up and   Read More


November 27, 2018

Does prepaying property taxes make sense anymore?

Posted By Michael Garofalo in Blog, The JGS Advisor
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Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018?

The answer, for some people, is   Read More


November 26, 2018

Unleash the power of a nonspringing power of attorney

Posted By Michael Garofalo in Blog, The JGS Advisor
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Estate planning typically focuses on what happens to your children and your assets when you die. But it’s equally important to have a plan for making critical financial and medical decisions if you’re unable to make those decisions yourself. A   Read More


November 21, 2018

Mutual funds: Handle with care at year end

Posted By Michael Garofalo in Blog, The JGS Advisor
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As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips.

Avoid surprise capital gains

Unlike with stocks,   Read More


November 19, 2018

Tax reform expands availability of cash accounting

Posted By Michael Garofalo in Blog, The JGS Advisor
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Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Newly   Read More


November 16, 2018

Time for NQDC plan deferral elections

Posted By Michael Garofalo in Blog, The JGS Advisor
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If you’re an executive or other key employee, your employer may offer you a nonqualified deferred compensation (NQDC) plan. As the name suggests, NQDC plans pay employees in the future for services currently performed. The plans allow deferral of the   Read More


November 15, 2018

Buy business assets before year end to reduce your 2018 tax liability

Posted By Michael Garofalo in Blog, The JGS Advisor
Tags:

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end   Read More


November 12, 2018

Review and revise your estate plan to reflect life changes during the past year

Posted By Michael Garofalo in Blog, The JGS Advisor
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Your estate plan shouldn’t be a static document. It needs to change as your life changes. Year end is the perfect time to check whether any life events have taken place in the past 12 months or so that affect   Read More


November 08, 2018

A strong BYOD policy combines convenience with security

Posted By Michael Garofalo in Blog, The JGS Advisor
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It’s easy to understand why more and more businesses are taking a “bring your own device” (BYOD) approach to the smartphones, tablets and laptops many employees rely on to do their jobs. BYOD can boost employee efficiency and satisfaction, often   Read More


November 07, 2018

How to reduce the tax risk of using independent contractors

Posted By Michael Garofalo in Blog, The JGS Advisor
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Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income taxes and   Read More


November 02, 2018

Intellectual property requires careful estate planning

Posted By Michael Garofalo in Blog, The JGS Advisor
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If your estate includes forms of intellectual property (IP), such as patents and copyrights, it’s important to know how to address them in your estate plan. Although these intangible assets can have great value, in many ways they’re treated differently   Read More


November 01, 2018

Consider all the tax consequences before making gifts to loved ones

Posted By Michael Garofalo in Blog, The JGS Advisor
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Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime   Read More


October 31, 2018

Donate appreciated stock for twice the tax benefits

Posted By Michael Garofalo in Blog, The JGS Advisor
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A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you   Read More


October 30, 2018

Reduce insurance costs by encouraging employee wellness

Posted By Michael Garofalo in Blog, The JGS Advisor
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Protecting your company through the purchase of various forms of insurance is a risk-management necessity. But just because you must buy coverage doesn’t mean you can’t manage the cost of doing so.

Obviously, the safer your workplace, the less likely   Read More


October 29, 2018

Take caution when including employees in your estate plan

Posted By Michael Garofalo in Blog, The JGS Advisor
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If you’re the owner of a small business, you may think of your tight-knit group of employees as a family. If you wish to include them as beneficiaries in your estate plan, it’s critical to be aware of possible unintended   Read More


October 23, 2018

Could “bunching” medical expenses into 2018 save you tax?

Posted By Michael Garofalo in Blog, The JGS Advisor
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Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your   Read More


October 16, 2018

Educate your children on wealth management

Posted By Michael Garofalo in Blog, The JGS Advisor
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If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your   Read More


October 15, 2018

4 pillars of a solid sales process

Posted By Michael Garofalo in Blog, The JGS Advisor
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Is your sales process getting off-balance? Sometimes it can be hard to tell. Fluctuations in the economy, changes in customer interest and dips in demand may cause slowdowns that are beyond your control. But if the numbers keep dropping and   Read More


October 12, 2018

Turn down an inheritance using a qualified disclaimer

Posted By Michael Garofalo in Blog, The JGS Advisor
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If you are about to receive an inheritance from a family member, you can use a qualified disclaimer to refuse the bequest. The assets will then bypass your estate and go directly to the next beneficiary in line. It’s as   Read More


October 10, 2018

529 plans offer two tax-advantaged education funding options

Posted By Michael Garofalo in Blog, The JGS Advisor
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Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid tuition plans, and 2) savings plans. And one of these plans got even better under the Tax Cuts and Jobs   Read More


October 02, 2018

Retiring abroad? Review your estate plan before making the move

Posted By Michael Garofalo in Blog, The JGS Advisor
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If you dream of spending your golden years in a tropical paradise, a culture-rich European city or another foreign locale, it’s important to understand the potential tax and estate planning implications. If you don’t, you could be hit with some   Read More


September 28, 2018

Keeping a king in the castle with a well-maintained cash reserve

Posted By Michael Garofalo in Blog, The JGS Advisor
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You’ve no doubt heard the old business cliché “cash is king.” And it’s true: A company in a strong cash position stands a much better chance of obtaining the financing it needs, attracting outside investors or simply executing its own   Read More


September 26, 2018

Tax planning for investments gets more complicated

Posted By Michael Garofalo in Blog, The JGS Advisor
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For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year end to   Read More


September 24, 2018

Businesses aren’t immune to tax identity theft

Posted By Michael Garofalo in Blog, The JGS Advisor
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Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity thieves have become more sophisticated, knowing filing practices, the tax code and the best ways   Read More


September 21, 2018

Prepare for valuation issues in your buy-sell agreement

Posted By Michael Garofalo in Blog, The JGS Advisor
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Every business with more than one owner needs a buy-sell agreement to handle both expected and unexpected ownership changes. When creating or updating yours, be sure you’re prepared for the valuation issues that will come into play.

Issues, what issues?   Read More


September 19, 2018

You might save tax if your vacation home qualifies as a rental property

Posted By Michael Garofalo in Blog, The JGS Advisor
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Do you own a vacation home? If you both rent it out and use it personally, you might save tax by taking steps to ensure it qualifies as a rental property this year. Vacation home expenses that qualify as rental   Read More


September 13, 2018

Are you ready to expand to a second location?

Posted By Michael Garofalo in Blog, The JGS Advisor
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Most business owners want to grow their companies. And one surefire sign of growth is when ownership believes the company can expand its operations to a second location.

If your business has reached this point, or is nearing it, both   Read More


September 12, 2018

2018 Q4 tax calendar: Key deadlines for businesses and other employers

Posted By Michael Garofalo in Blog, The JGS Advisor
Tags:

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth 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


September 04, 2018

Assessing the S corp

Posted By Michael Garofalo in Blog, The JGS Advisor
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The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not all businesses are eligible • and, with the new 21% flat income tax rate that   Read More


August 31, 2018

Business tips for back-to-school time

Posted By Michael Garofalo in Blog, The JGS Advisor
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Late summer and early fall, when so many families have members returning to educational facilities of all shapes and sizes, is also a good time for businesses to creatively step up their business development efforts, whether it’s launching new marketing   Read More


August 28, 2018

Back-to-school time means a tax break for teachers

Posted By Michael Garofalo in Blog, The JGS Advisor
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When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their   Read More


August 27, 2018

Keep it SIMPLE: A tax-advantaged retirement plan solution for small businesses

Posted By Michael Garofalo in Blog, The JGS Advisor
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If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and help you attract and retain employees. For a   Read More


August 23, 2018

At your own risk: The pitfalls of DIY estate planning

Posted By Michael Garofalo in Blog, The JGS Advisor
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There’s no law that says you can’t prepare your own estate plan. And with an abundance of online services that automate the creation of wills and other documents, it’s easy to do. But unless your estate is small and your   Read More


August 22, 2018

Play your tax cards right with gambling wins and losses

Posted By Michael Garofalo in Blog, The JGS Advisor
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If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact.

Wins and taxable income

You   Read More


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
Tags:

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