November Due Dates
Individual Due Dates November 13 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your…
Home Energy Audit Tax Benefits
Have you been thinking of making home improvements? If so, and they include energy saving improvements, you may qualify for some substantial income tax credits. Even if home improvements aren’t currently on your to-do list, with…
Obscure and Overlooked Tax Deductions, Credits, and Benefits
As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits. Of course, not everything can be included since the tax law has grown…
Streamline Your Business Finances: QuickBooks Online Fund Recording Tips
As the business world becomes increasingly competitive – and increasingly digital – it is essential to maintain meticulous financial tracking and accurate recording of all incoming funds. QuickBooks Online (QBO) is an excellent resource for small…
Yes, We Are Hiring!
WE ARE CURRENTLY LOOKING FOR... EXPERIENCED TAX SENIOR start date: November 1st - January 1st Encino, CA Office, Hybrid, or Remote Opportunity About Us Rose, Snyder & Jacobs is an independently-owned, full-service transdisciplinary tax and accounting…
Business Succession Planning
The Importance of Business Succession Planning Every business – large and small – needs a business succession plan. Just like Warren Buffett and Jeff Bezos prepared for the day that they would step away from the…
Foreign Account Reporting for 2022 Due October 16
All United States entities (including citizens and resident aliens as well as corporations, partnerships, and trusts) with financial interests in or authority over one or more foreign financial accounts (e.g., bank accounts and securities) need to…
October Extended Due Date Just Around the Corner
If you could not complete your 2022 tax return by April 18, 2023 and are now on extension, that extension expires on October 16, 2023. Failure to file before the extension period runs out can subject…
October Due Dates
INDIVIDUAL DUE DATES October 2 - Fiduciaries of Estates and Trusts File a 2022 calendar year return (Form 1041). This due date applies only if you were given an extension of 5½ months. If applicable, provide…
September Due Dates
INDIVIDUAL DUE DATES September 1 - 2023 Fall and 2024 Tax Planning Contact this office to schedule a consultation appointment. September 11 - Report Tips to Employer If you are an employee who works for tips…
Tax Implications of Student Loan Forgiveness
Back in August of 2022, President Biden issued an executive order that would forgive federal student loan debt for lower income individuals. The program would have provided up to $20,000 in loan relief to borrowers with…
Mid-Year Tax Planning Checklist
Waiting until after the close of the tax year to worry about your taxes can result in missed opportunities that could have reduced your tax liability or provided financial benefits. Mid-year is the perfect time for…
Taxation and Sales of Inherited Property Get Beneficial Treatment
If you are the recent beneficiary of an inheritance, you may be wondering if you will need to pay tax on the cash, stocks or real property that you received. Generally, the answer is no, and…
EMPLOYEE OR INDEPENDENT CONTRACTOR – A PRIMER FOR EMPLOYERS AND EMPLOYEES
It is not uncommon for employers to misclassify employees as independent contractors, either to intentionally avoid their withholding and tax responsibilities or because they are not aware of the laws regarding the issue. Misclassifying a worker…
RELIEF FOR SOME 2023 IRA RMDS
On July 14, 2023, the IRS issued Notice 2023-54 announcing that traditional IRA owners who will attain age 72 in 2023 (that is, individuals born in 1951) will have to take their first required minimum distribution…
NEW EMPLOYEE ONBOARDING BEST PRACTICES: FACTORS TO CONSIDER FOR SUCCESS
According to one recent study, replacing an employee who has left your business can cost between 50% to 60% of that person's salary. This is why it's virtually always more expensive to hire a new person…
WHAT’S BEST, FSA OR HSA?
Many employers offer health flexible spending accounts (FSAs) and health savings accounts (HSAs) as part of their employee benefits packages. Both plans allow you to set aside money to pay medical expenses with pre-tax dollars, providing a significant…
AUGUST DUE DATES
Individual Due Dates August 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your…
JULY DUE DATES
INDIVIDUAL DUE DATES July 3 - Time for a Mid-Year Tax Check Up Time to review your 2023 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July…
DID YOU GET A LETTER FROM THE IRS? DON’T PANIC.
Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund check is all but a thing of the past. However, since the IRS…