Allan Rolnick's (taxcoach) Blog

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Industry Observer - TriState Tax Resolution LLC



           Aretha Franklin left this world with a musical legacy for the ages. The Queen of Soul started singing for her father's "gospel carnival tours" at 12, cut her first record at 18, and scored her first hit a year later. She went on to record 112 hit singles, including 20 #1s, and won 18 ...
Does your out-of-favor specified service business give you a zero Section 199A tax deduction because your taxable income is more than  $415,000 on a joint return or $207,500 on all other returns?  Let me tell you about Rick. He is in an out-of-favor specified service business, is married, and has...
If you operate an out-of-favor business (known in the law as a “specified service trade or business”) and your taxable income is more than $207,500 (single) or $415,000 (married, filing jointly), your Section 199A deduction is easy to compute. It’s zero. This out-of-favor specified service trade ...
With Hurricane Florence barrelling towards the southeastern United States, I'm reminded (again) about how the unexpected can put a big dent into a well-planned life.And as a planner by nature, these kinds of slow-approaching problems (like hurricanes), are the sort of thing against which I'm alwa...
          Mother Nature knew exactly what she was doing when she made babies cute. In fact, evolutionary biologists at Oxford University recently concluded they evolved that way to survive by encouraging the rest of us to look after them. "This is the first evidence of its kind to show that cuten...
The IRS, in its new proposed Section 199A regulations, defines when a rental property qualifies for the 20 percent tax deduction under new tax code Section 199A. One part of the good news on this clarification is that it does not require that we learn any new regulations or rules. Existing rules ...
 Yes, we're pretty good at coming behind with our magic brushes and cleaning up the mess made by many of our New York Metro clients in their finances and taxes. But there is a much better way to fly.It's called tax planningstrategy, and it's essentially comprised of three parts:1) Strategic revie...


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