taxplanningdoctor: 5 Things That Can Unexpectedly Raise Your Taxes - 07/18/21 04:30 PM
 
 
Proper tax planning is a year-round proposition. You cannot afford to wait until April to start planning your taxes and assessing your tax liability.
 
Knowing which factors can raise your taxes is one of the best ways to keep more money in your pocket. These five factors can unexpectedly raise your taxes owed at the end of the year.
 
Note: If you owe back taxes, our firm can help negotiate with the IRS and potentially settle your tax debt. Call us today, at (718) 841-7317.  Our tax resolution specialists can navigate the IRS maze so that you have nothing to worry about.
 
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taxplanningdoctor: Overstuffed - 07/18/21 04:12 PM
 
Back in 1997, Delaware Senator Bill Roth sponsored a new kind of retirement savings account with a back-end benefit. In contrast to traditional IRAs, which let you deduct your contributions and defer tax until you pull money out, the Roth IRA lets you contribute after-tax dollars in exchange for tax-free withdrawals. Roth designed his new account to help "hard-working, middle-class Americans" save. So there was a $2,000/year contribution limit. And you could convert a regular IRA into a Roth by paying the tax on your balance, but only if your income was under $100,000.
Since then, contribution limits have gone up to … (0 comments)

taxplanningdoctor: Where Angels Fear to Tread - 07/06/21 09:13 AM
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taxplanningdoctor: The Price of Fame - 05/10/21 04:39 PM
 
This is a story about a boy, a dream, a voice, and a legend. It has no beginning or end but opens under the boundless California sky on a June afternoon in 2009. There's an ambulance speeding down the mansion-lined streets of LA's "Platinum Triangle." In the ambulance, about to be pronounced dead, is Michael Jackson.
When we think of Jackson, we remember the sheer beauty of his sweet, childlike voice belying the beatings he suffered at the hands of his father. Talent and hard work helped him redefine fame. Billions of dollars in tour revenue. Hundreds of millions of records sold. … (0 comments)

taxplanningdoctor: Let's Be Honest - 04/27/21 07:57 AM
 
Americans love holidays — so much that if we see a blank spot on the calendar, someone is ready to fill it. Usually, it's someone with something to sell: would it shock you to learn that something called the National Retail Federation was behind Cyber Monday? (No, Virginia, there is no Cyber Santa.) Friday, April 30, is a huge day for the so-called "Hallmark holidays." It's National Bugs Bunny Day, National Adopt a Shelter Pet Day, and National Hairball Awareness Day. (If that's not harmonic convergence, then nothing is.)
April 30 is also National Honesty Day. Author Hirsch Goldberg says he created … (0 comments)

taxplanningdoctor: Penny for Your Thoughts - 03/29/21 04:12 PM
In 2017, country singer Luke Bryan scored a #1 hit with "Most People Are Good." Certainly, most people consider themselves good. Of course, "illusory superiority bias" (also known as the "better than average" effect) means most of us to think we're better than we really are at most everything. One survey showed 64% of drivers rating themselves "excellent" or "above average" — something that's plainly impossible to anyone who's spent time on the road. Most Americans rate themselves more attractive than average, too, as anyone who's spent time on Tinder can tell.
But some people, well, they're such treasures you just want … (2 comments)

taxplanningdoctor: O Canada! - 03/22/21 05:55 PM
 
Time to play a word association game: what jumps into your mind when you hear the word "Canada"? If you're like most Americans, it's ice hockey or curling. Maybe it's poutine, that irresistibly savory shotgun marriage of french fries smothered in cheese curds, and gravy that gives Canadians a helpful layer of belly fat to insulate against the winter cold. Or maybe you picture Dudley Do Right, the cartoon Mountie. Whatever your answer, it probably fits into the cliche of Canadians as "nice."
Unfortunately, all those nice Canadians live right across the world's longest unguarded border from (*checks notes*) us. Former Prime Minister … (1 comments)

taxplanningdoctor: Laboratories of Democracy - 03/15/21 03:01 PM
 
In 1787, the founding fathers gathered in Philadelphia to fix the weak Articles of Confederation, and wound up adopting the first written national constitution on earth. ("A republic, if you can keep it," Ben Franklin said. The jury's still out.) The framers sought to achieve a perfect balance of power between federal and state governments. Among other roles, the states would become "laboratories of democracy," free to experiment with different policies to see which worked best. We see that today with states' varying approaches to lockdowns and masking to defeat Covid.
Now those federal and state laboratories are all looking for revenue … (0 comments)

taxplanningdoctor: Moonlighting - 03/08/21 01:53 PM
 
Over the years, we've written a fair number of stories about frustrated taxpayers choosing to cut their bill the old-fashioned way: by cheating. In today's America, which seems more divided than at any time since the Civil War, tax cheats truly cut across all lines — political, racial, religious, and socioeconomic. (Last year, the Justice Department indicted two Forbes-certified billionaires for tax fraud). Some of their schemes are so clever you really wonder why they didn't just go legit.
We've also written about tax professionals breaking the rules for clients. You probably don't think of tax nerds as a bunch of bad … (0 comments)

taxplanningdoctor: Monkey Business - 02/08/21 01:00 PM
 
Walk into any suburban supermarket, and you'll find entire aisles of food you wouldn't have seen when you were a kid. What the heck is quinoa, anyway? Who invented kombucha? And if mom had served kale, you might have appreciated broccoli more. But there's one whole category that delights millions, and that's the case full of milk made from soybeans, almonds, cashews, or anything else but classic "moo juice." They're popular enough that dairy interests have sued producers for using the word "milk." (The case prompted former FDA Commissioner Scott Gottlieb to declare, "an almond doesn't lactate, I will confess.")
This week's … (1 comments)

taxplanningdoctor: Tax Strategies for the Grinch - 12/22/20 08:47 PM
 
Despite the 2020 malaise, the holiday season is in full swing, and we expect you're on your best behavior to make Santa's nice list. But there's one famous guy who works harder than anyone else to be naughty this time of year, even in 2020 — and that's everyone's favorite Dr. Seuss anti-hero, the Grinch.
We don't care if you prefer the original animated cartoon, Jim Carrey's 2000 live-action remake, or NBC's execrable live-action performance. When you think about the Grinch, you think about what he steals. But have you ever thought about what he pays? You can be sure the Whos … (1 comments)

taxplanningdoctor: You Can't Keep a Good Man Down - 12/07/20 04:20 PM
 
"If at first, you don't succeed, try, try again." That was Thomas Edison's motto — and it's a good thing, considering it took him 10,000 tries to perfect the incandescent light bulb. The Jedi Master Yoda might disagree ("Do, or do not. There is no try"). But trying, over and over until you succeed, is the key to countless triumphs, successes, and origin stories, from Edison to the Rebel Alliance to The Little Engine That Could. This week's story is yet another tale of effort in the face of adversity, of sheer grit and determination in the face of unyielding obstacles.
Abdel Soliman … (1 comments)

taxplanningdoctor: Have a Coke and a Tax - 11/30/20 01:59 PM
 
In 1886, a chemist named John Pemberton concocted a sweet, carbonated "brain and nerve tonic" made with coca leaves and cola nuts. Six years later, he sold his recipe for $2,300 to the druggist Asa Candler, who spun it into multinational gold. While the current product has just half the caffeine and none of the Bolivian marching powder of the original, Coca-Cola remains one of the world's most popular beverages. The formula remains so secret that, according to company lore, only two employees know it — and they're not allowed to travel together.
(Fun fact one: in 1935, after the company swapped … (1 comments)

taxplanningdoctor: Sure, Marcia - 11/23/20 09:04 AM
 
Here in our United States, our government is sliced and diced between Uncle Sam, 50 states, 3,141 counties, and 89,000-odd cities, towns, and villages. You would think that 244 years of independence, along with a dollop of Yankee ingenuity, would produce a crisp, streamlined system for paying for it all. Instead, we've got a janky assemblage of income taxes, property taxes, sales taxes, and tariffs, sutured together like Frankenstein's monster. Seriously, isn't it time for the villagers to start climbing the mountain with pitchforks and torches?
Naturally, some of the brightest minds in public policy are working to come up with new ways to … (1 comments)

taxplanningdoctor: To Boldly Tax Where No Man Has Taxed Before - 11/15/20 12:59 PM
   
Cross-border tax questions present some of the thorniest issues in tax. For example: when an American company like Apple takes components from 43 different countries, assembles them into an iPhone in China, and sells it in London or Paris, who gets the income tax on that profit? The day-to-day work of answering that question is about as exciting as watching paint dry. International tax attorneys may not spend their days giving dramatic court arguments like Atticus Finch. But when they pack up for the day, they drive expensive cars home to expensive houses in expensive neighborhoods.
Now, though, the … (0 comments)

taxplanningdoctor: Billionaires! Rock Stars! They're Just Like Us! - 11/02/20 12:56 PM
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taxplanningdoctor: Teach Your Children Well - 10/19/20 01:55 PM
 
"If you are truly serious about preparing your child for the future, don't teach him to subtract — teach him to deduct." Fran Lebowitz
Here in the United States, we spend about $1.3 trillion on education, including early childhood programs, K-12th grade, the whole college-industrial complex, and adult learning and continuing education. This is obviously crucial for training the next generation of Americans to lead and make responsible choices. But how much of that $1.3 trillion do we spend on the sort of truly practical wisdom that makes the day-to-day challenges of life easier to navigate? For example — how much do we … (0 comments)

taxplanningdoctor: How To Find a Tax Preparer For Folks With IRS Problems - 10/07/20 11:49 AM
  The autumn leaves are changing, and “the most wonderful time of the year” is right around the corner…
I’m guessing tax season isn’t exactly at the front of your mind.
But it should be! (At least in the top five things at the front of your mind.) Because as long as you’re getting paid by someone or something, taxes don’t stop. And when it comes to getting your taxes together, who is on your side?
This is one (of many) reasons that you shouldn’t trust your tax problems to the heavy advertising agencies — because that is exactly what they are — who pound your … (0 comments)

taxplanningdoctor: Crypto-Compliance - 10/05/20 10:56 AM

 
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taxplanningdoctor:  Hairy Tax Questions - 10/02/20 05:47 AM
  Sunday night, the New York Times released a bombshell story analyzing 18 years of what they characterized as Donald Trump's "tax return information." We're not going to touch the substance of the article — that's what Twitter and Facebook are for. But one specific deduction stuck out like an unruly cowlick, and we couldn't help but say a few words. Donald Trump has probably taken more grief for his hair than for anything else about him. He doesn't seem to have enjoyed a good hair day since his salad days partying at New York's Studio 54. His former fixer, Michael Cohen, claims it's a … (2 comments)

 
Allan Rolnick, Small Business Tax Strategist (TriState Tax Resolution LLC)

Allan Rolnick

Small Business Tax Strategist

Sunnyside, NY

More about me…

TriState Tax Resolution LLC

Address: 45-12 41st Street, Sunnyside, NY, 11104

Office: 718-841-7317

Mobile: 917-391-8467

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