Allan Rolnick's (taxcoach) Blog

  by Allan J. Rolnick Well, we did it. You did it. We made it through the tax busy season. Every year, when I shut our New York Metro office door on April 15th (the 17th this year — er, the 18th, because of the IRS “issues”), I feel a huge weight lift off of my shoulders. Going home that day is ...

            Tax Day 2018 has come and gone. Have you cleaned up the mess from the celebration? Has your hangover faded into memory? Now all that's left is to box up those records and store them somewhere safe, for . . . how long? Storing tax records is lots of fun, said no one ever, but it is im...

by Allan J. Rolnick Well, our primary work for this tax season in New York Metro has just about wrapped up. But notice I said “primary”, there … you see, unlike some professional tax services in New York Metro, we make it a point to do a bit more than simply “fill out forms” on your behalf. I’ll...

  by Allan Rolnick | Blog Now, let’s talk debt… because I hate seeing, when I sit down with a New York Metropolitan Area business owner, that they got in over their head with financing. Unfortunately, it’s sometimes too late when I do — and the potential solutions end up being moot. It’s true, I...

  by Allan J. Rolnick There are less than two weeks remaining before the tax deadline of April 17th.  Does that startle you? If you’re filing late on taxes this year, let’s talk. We can easily file an extension on your behalf, and make sure  that your return is handled as advantageously as possi...

  by Allan J. Rolnick With the tax deadline bearing down on us, I thought I’d touch base today, to give you some thoughts on what could get you into hot water THIS tax season. And, well, really any tax season. Now … sometimes, New York Metro clients come to us from other New York Metro professio...

Fringe benefits are usually a good thing—but there’s a catch when you own more than 2 percent of an S corporation. The good news? Federal tax law allows the cost of these fringes as deductible expenses for your S corporation. The bad news? You, the shareholder-employee who owns more than 2 percen...

The recent tax reform, known as the Tax Cuts and Jobs Act (TCJA), added some good benefits to your real estate rentals, both commercial and residential. Notably, your qualified business income from your real estate rentals creates a possible 20 percent tax deduction with no effort on your part. A...