Blog - Rose Snyder & Jacobs LLP

November Due Dates

INDIVIDUAL DUE DATES November 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in…

How to Prepare for Your Year-End Financial Review: A Guide for SMBs

As the year draws to a close, it’s time to take stock of your business’s financial health. A year-end financial review isn't just a box…

Navigating the Tax Complexities of Hiring Household Employees

Household employees play a crucial role in many homes, providing essential services such as childcare, eldercare, housekeeping, and gardening. However, employing household help comes with…

Maximizing Your Retirement Savings: Strategies for Late Starters

As a baby boomer, you may find yourself approaching retirement with less savings than you'd hoped. Whether due to economic fluctuations, personal circumstances, or simply…

Don’t Leave Money on the Table: Essential Tax Credits You Might Be Missing

Tax preparers often encounter clients who are confused about the various tax credits available to them. Understanding these credits can significantly impact your tax liability…

Navigating the Corporate Transparency Act: Essential Insights and Compliance Reminder for SMBs

As the deadline for compliance with the Corporate Transparency Act (CTA) approaches, small and medium-sized businesses (SMBs) must remain vigilant. This legislative milestone, aimed at…

Surprising Tax Impact of Converting Your Traditional IRA to a Roth IRA

Taxpayers are limited in the annual amount they can contribute to a Roth IRA. The maximum contribution for 2024 is $7,000 ($8,000 if age 50…

IRS Highlights New Warning Signs for Businesses Regarding the Employee Retention Credit

In the wake of the COVID-19 pandemic, the Employee Retention Credit (ERC) emerged as a vital financial lifeline for businesses. However, as the IRS intensifies its scrutiny…

October Due Dates

INDIVIDUAL DUE DATES October 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in…

September Due Dates

INDIVIDUAL DUE DATES September 1 - 2024 Fall and 2025 Tax Planning Tax Planning Contact this office to schedule a consultation appointment. September 10 -…

Unlock Cash Flow and Profits: The Power of Installment Sales when Selling Your Rental

The installment sales method is a significant tool for taxpayers selling a rental property at a gain, offering a way to spread tax liability over…

Education Savings: How a Sec 529 Plan Can Transform Your Family’s Future

Funding a child's education can be a daunting task for many parents and guardians. With the rising costs of post-secondary education, finding a tax-efficient way…

IRS Offers Second Chance to Resolve Employee Retention Credit Claims with New Voluntary Disclosure Program!

The Internal Revenue Service (IRS) has introduced a second Employee Retention Credit (ERC) Voluntary Disclosure Program as outlined in Announcement 2024-30. This initiative is designed to…

Essential Tax and Financial Planning Strategies for Boomers and Gen Xers Approaching Retirement

As Boomers and Gen Xers approach retirement, effective financial planning becomes crucial to ensure a comfortable and secure future. This article outlines essential tax and…

Understanding the Types of IRS Audits: Why Professional Help is Essential

Dealing with the IRS can be a daunting experience, especially when you receive an audit notice. Understanding the different types of IRS audits and what…

Breaking News: The IRS Has Just Updated Their Position Related to Denying or Paying Employee Retention Credit (ERC) Claims

The Employee Retention Credit (ERC) was introduced as a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in 2020 to help businesses…

August Due Dates

Individual August 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during…

5 Steps You Should Take Every Time You Open QuickBooks

When it comes to managing your small business finances, establishing a consistent routine is important. This is especially true when using QuickBooks, a powerful accounting…

Proving Noncash Charitable Contributions

Tax legislation passed in late 2017 nearly doubled the standard deduction for years 2018 through 2025, and now about 90% of individuals filing a tax…

Is It Better to Have a Tax Credit or a Deduction?

People often say that an expense is “a tax write-off”; most everyone interprets this to mean that the expense will have a tax benefit. Generally,…