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Blog

April 26, 2018

Properly planning for incapacity requires specific estate planning strategies

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

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
Tags:

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 short   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
Tags:

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
Tags:

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
Tags:

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
Tags:

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
Tags:

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


September 19, 2017

How profitable are your customers?

Posted By Michael Garofalo in Blog, The JGS Advisor
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“We love our customers!” Every business owner says it. But all customers aren’t created equal, and it’s in your strategic interest to know which customers are really strengthening your bottom line and by how much.

Sorting out the data

If   Read More


September 18, 2017

Tax basis planning worth a look if estate taxes aren’t a threat

Posted By Michael Garofalo in Blog, The JGS Advisor
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For many people today, income tax planning offers far greater tax-saving opportunities than gift and estate tax planning. A record-high gift and estate tax exemption — currently $5.49 million ($10.98 million for married couples) — means that fewer people are subject to   Read More


September 16, 2017

Save more for college through the tax advantages of a 529 savings plan

Posted By Michael Garofalo in Blog, The JGS Advisor
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With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until they’ll be starting their higher   Read More


September 15, 2017

Tax planning critical when buying a business

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

If you acquire a company, your to-do list will be long, which means you can’t devote all of your time to the deal’s potential tax implications. However, if you neglect tax issues during the negotiation process, the negative consequences can   Read More


September 14, 2017

Watch out for potential tax pitfalls of donating real estate to charity

Posted By Michael Garofalo in Blog, The JGS Advisor
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Charitable giving allows you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction. If you’re considering a large gift, a noncash donation such as appreciated real estate can provide additional benefits. For   Read More


September 13, 2017

Find the right path forward with KPIs

Posted By Michael Garofalo in Blog, The JGS Advisor
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From the baseball field to the boardroom, statistical analysis has changed various industries nationwide. With proper preparation and guidance, business owners can have at their fingertips a wealth of stats-based insight into how their companies are performing — far beyond   Read More


September 11, 2017

Estate tax relief for family businesses is available … in the form of a deferral

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

If a substantial portion of your wealth is tied up in a family or closely held business, you may be concerned that your estate will lack sufficient liquid assets to pay federal estate taxes. If that’s the case, your heirs   Read More


September 08, 2017

Have you properly funded your revocable trust?

Posted By Michael Garofalo in Blog, The JGS Advisor
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If your estate plan includes a revocable trust — also known as a “living” trust — it’s critical to ensure that the trust is properly funded. Revocable trusts offer significant benefits, including asset management (in the event you become incapacitated)   Read More


September 07, 2017

5 ways to dance through digital disruption

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

You’ve probably heard the term and wondered whether it could happen to your company. Maybe it already has. We’re referring to “digital disruption” — when new technologies and business models affect the value proposition of existing goods and services.

Perhaps   Read More


September 06, 2017

Larger deduction might be available to businesses providing meals to their employees

Posted By Michael Garofalo in Blog, The JGS Advisor
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When businesses provide meals to their employees, generally their deduction is limited to 50%. But there are exceptions. One is if the meal qualifies as a de minimis fringe benefit under the Internal Revenue Code.

A recent U.S. Tax Court   Read More


August 31, 2017

The ABCs of the tax deduction for educator expenses

Posted By Michael Garofalo in Blog, The JGS Advisor
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At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But let’s not forget about the teachers. It’s   Read More


August 30, 2017

Yes, you can undo a Roth IRA conversion

Posted By Michael Garofalo in Blog, The JGS Advisor
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Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on all earnings and deductible contributions   Read More


August 29, 2017

Could captive insurance reduce health care costs and save your business taxes?

Posted By Michael Garofalo in Blog, The JGS Advisor
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If your business offers health insurance benefits to employees, there’s a good chance you’ve seen a climb in premium costs in recent years — perhaps a dramatic one. To meet the challenge of rising costs, some employers are opting for   Read More


August 28, 2017

Powers of attorney: Springing vs. nonspringing

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


August 23, 2017

Back-to-school marketing ideas for savvy business owners

Posted By Michael Garofalo in Blog, The JGS Advisor
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August is back-to-school time across the country. Whether the school buses are already rumbling down your block, or will be soon, the start of the school year brings marketing opportunities for savvy business owners. Here are some examples of ways   Read More


August 21, 2017

How to determine if you need to worry about estate taxes

Posted By Michael Garofalo in Blog, The JGS Advisor
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Among the taxes that are being considered for repeal as part of tax reform legislation is the estate tax. This tax applies to transfers of wealth at death, hence why it’s commonly referred to as the “death tax.” Its sibling,   Read More


August 18, 2017

Put your audit in reverse to save sales and use tax

Posted By Michael Garofalo in Blog, The JGS Advisor
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It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use taxes, but what are the odds that you’ll be notified if you’ve paid too much? The chances are slim —   Read More


August 16, 2017

Beware the GST tax when transferring assets to grandchildren

Posted By Michael Garofalo in Blog, The JGS Advisor
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As you plan your estate, don’t overlook the generation-skipping transfer (GST) tax. Despite a generous $5.49 million GST tax exemption, complexities surrounding its allocation can create several tax traps for the unwary.

GST basics

The GST tax is a flat, 40%   Read More


August 14, 2017

Will Congress revive expired tax breaks?

Posted By Michael Garofalo in Blog, The JGS Advisor
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Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there are a few other potential tax developments for individuals to keep   Read More


August 11, 2017

Material participation key to deducting LLC and LLP losses

Posted By Michael Garofalo in Blog, The JGS Advisor
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If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages. But they once also had a significant tax disadvantage:   Read More


August 10, 2017

Use a noncharitable purpose trust to achieve a variety of goals

Posted By Michael Garofalo in Blog, The JGS Advisor
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Generally, trusts must have one or more human beneficiaries, but there’s an exception for certain “purpose” trusts. One type of purpose trust that you may be familiar with is the charitable trust. But don’t overlook the noncharitable purpose (NCP) trust   Read More


August 09, 2017

4 tough questions to ask before expanding to a new location

Posted By Michael Garofalo in Blog, The JGS Advisor
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Is business going so well that you’re thinking about adding another location? If this is the case, congratulations! But before you start planning the ribbon-cutting ceremony, take a step back and ask yourself some tough questions about whether a new   Read More


August 07, 2017

A refresher on the ACA’s tax penalty on individuals without health insurance

Posted By Michael Garofalo in Blog, The JGS Advisor
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Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have   Read More


August 03, 2017

6 ways to control your unemployment tax costs

Posted By Michael Garofalo in Blog, The JGS Advisor
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Unemployment tax rates for employers vary from state to state. Your unemployment tax bill may be influenced by the number of former employees who’ve filed unemployment claims with the state, your current number of employees and your business’s age. Typically,   Read More


August 02, 2017

Don’t overlook tax apportionment when planning your estate

Posted By Michael Garofalo in Blog, The JGS Advisor
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If you expect your estate to have a significant estate tax liability at your death, be sure to include a well-thought-out tax apportionment clause in your will or revocable trust. An apportionment clause specifies how the estate tax burden will   Read More


August 01, 2017

Listening to your customers by tracking lost sales

Posted By Michael Garofalo in Blog, The JGS Advisor
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“Sorry, we don’t carry that item.” Or perhaps, “No, that’s not part of our service package.” How many times a year do your salespeople utter these words or ones like them? The specific number is critical because, if you don’t   Read More


July 31, 2017

3 midyear tax planning strategies for individuals

Posted By Michael Garofalo in Blog, The JGS Advisor
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In the quest to reduce your tax bill, year end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies that can be more effective if you begin executing   Read More


July 27, 2017

ESOPs offer businesses tax and other benefits

Posted By Michael Garofalo in Blog, The JGS Advisor
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With an employee stock ownership plan (ESOP), employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some potential tax breaks, an extra-motivated workforce and potentially a   Read More


July 24, 2017

The stretch IRA: A simple yet powerful estate planning tool

Posted By Michael Garofalo in Blog, The JGS Advisor
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The IRA’s value as a retirement planning tool is well known: IRA assets compound on a tax-deferred (or, in the case of a Roth IRA, tax-free) basis, which can help build a more substantial nest egg. But if you don’t   Read More


July 20, 2017

Does your business have too much cash?

Posted By Michael Garofalo in Blog, The JGS Advisor
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From the time a business opens its doors, the owner is told “cash is king.” It may seem to follow that having a very large amount of cash could never be a bad thing. But, the truth is, a company   Read More


July 19, 2017

Nonqualified stock options demand tax planning attention

Posted By Michael Garofalo in Blog, The JGS Advisor
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Your compensation may take several forms, including salary, fringe benefits and bonuses. If you work for a corporation, you might also receive stock-based compensation, such as stock options. These come in two varieties: nonqualified (NQSOs) and incentive (ISOs). With both   Read More


July 18, 2017

ABLE accounts can benefit loved ones with special needs

Posted By Michael Garofalo in Blog, The JGS Advisor
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For families with disabled loved ones who are potentially eligible for means-tested government benefits such as Medicaid or Supplemental Security Income (SSI), estate planning can be a challenge. On the one hand, you want to provide the most comfortable life   Read More