Maximizing Tax Savings for Families with Children: Your Comprehensive Guide

Raising children can be very expensive.

Luckily, there are deductions available for some families with children could help reduce your taxable income, putting more money back in your pocket — at least until it’s time to pay for daycare, anyway!

In our latest blog post, we provide an overview of the various tax deductions available for families with children and some strategies for maximizing those deductions.

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Reverse Mortgages: What Retirees Need to Know

If you are considering a reverse mortgage, it’s essential to understand how it works.

This article will answer some common questions about reverse mortgages and examine some risks and potential disadvantages to help you make the wisest decision for your circumstances.

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The QBI Deduction: What Real Estate Businesses Need to Know

According to the IRS, qualified business income, or QBI, is “the net amount of qualified items of income, gain, deduction, and loss from any qualified trade or business.”

To explain it more simply: Qualified business income refers broadly to your business’s net profit.

To learn more about the qualified business income (QBI) deduction, and discover what it means for your real estate business or rental property, continue reading.

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Business Use of Vehicles: Maximize Your Tax Deduction

If you drive for work, use your car for your job, or even use car-for-hire services or rideshare programs for business purposes, you might be able to deduct expenses related to your vehicle.

To discover how you can maximize your tax deduction for the business use of vehicles, continue reading below. 

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What is a Like-Kind Exchange, and What Does It Mean for Your Taxes?

The most common way to profit from owning a piece of real estate is by selling the property for more than you paid, often because the property’s value has appreciated or increased over time.

Fortunately, there is a way to cash out on a property and avoid a hefty capital gains tax bill: Section 1031, or a “like-kind exchange,” allows you to defer or postpone capital gains tax liability on the transaction.

To learn more about 1031, or like-kind exchanges, and what they mean at tax time, continue reading below.

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Casualty and Theft Losses: What’s Deductible in 2022?

Nobody wants to think about the potential destruction of their personal property due to a disaster or loss due to theft.

However, casualty loss rules are complicated, so there are some things you should know beforehand should the worst happen. Of course, we sincerely hope that you will never need this information. But as the Scout motto goes: Be prepared.

To learn more about what personal casualty or theft losses may be deductible on your tax returns, how to calculate your loss, and when to deduct such losses, continue reading.

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Identity Theft and Your Taxes: What You Need to Know

In today’s digital world, cybercriminals are constantly developing new ways to get personal information and use it to their advantage, which means identity theft is a risk for everyone. 

Having your identity stolen in a tax-related scam can be particularly demoralizing. Fortunately, an ounce of prevention is worth a pound of cure.

To discover how tax identity theft can happen, how it may affect your tax refund, and what to do next if you are the victim of tax-related identity theft, read on.

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Early Retirement Distribution: How to Get the Most Out of Yours

It’s becoming more and more common for American workers to access their retirement funds earlier than the IRA withdrawal age of 59 ½.

Fortunately, there are some steps you can take to optimize your tax planning strategy and get the most out of your early retirement distribution.

Read on to learn about early retirement distributions, how a SEPP plan can help you avoid penalties, and how to make your withdrawals more tax-efficient.

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Corporation Meeting Requirements: Your Essential Guide

Corporation meeting requirements are different depending on the type of corporation and the state in which you incorporated it; state law and the corporation’s own bylaws set the rules by which the corporation holds valid meetings, takes proper actions, and keeps appropriate records and documentation. 

To discover more about general meeting requirements for all corporations and corporations with a single shareholder, two shareholders, or three or more shareholders, continue reading. 

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Received an IRS Notice? Here’s What to Do

When you receive a notice from the IRS, your first response might be to assume you’re in trouble. 

Read on to discover what you need to understand and what you should do and not do if a notice from the IRS turns up in your mailbox. 

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What Is Nexus?

Nexus can be a confusing term. However, it can directly affect an entity’s tax liability and, therefore, the bottom line. 

In general, if your business has tax nexus in another state, you need to be aware of some additional rules and obligations. This guide will help you understand what tax nexus is and how it applies to your company.

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Short-Term Rentals: 3 Tips to Avoid Tax Traps

Short-term rentals have become a popular way to earn extra cash.

Before you invest your money in a short-term rental property, take the time to consider these 3 tips that will help you avoid falling into common tax traps as a result of your investment.

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The Small Business Healthcare Tax Credit: Do You Qualify?

Is your small business booming? If so, you may be considering offering your employees a group healthcare plan. A group healthcare plan ensures your great team stays healthy and happy as they continue to help the business succeed.

Read on to learn more about the small business healthcare tax credit, including what it is, how it works, whether or not your small business may qualify, and how to claim the credit.

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Jeff Coyle, CPA

Jeff Coyle, CPA, Partner of Rosenberg Chesnov, has been with the firm since 2015. He joined the firm after 20 years of business and accounting experience where he learned the value of accurate reporting, using financial information as a basis for good business decisions and the importance of accounting for management.

He is a diligent financial professional, able to manage the details and turn them into relevant business leading information. He has a strong financial background in construction, technology, consulting services and risk management. He also knows what it takes to create organizations having built teams, grown companies and designed processes for financial analysis and reporting.

His business experience includes:

Creating and preparing financial reporting, budgeting and forecasting.
Planning and preparation of GAAP and other basis financial statements.
Providing insight on financial results and providing advice based on those results.

Jeff also has a long history of helping individuals manage their taxes and plan their finances including:

Income tax planning and strategy.
Filing quarterly and annual taxes.
Audit support.
General financial and planning advice.
Prior to joining the firm in 2015, Jeff was in the private sector where he held senior financial and management positions including Controller and Chief Financial Officer. He has experience across industries, including construction, technology and professional services which gives him a deep understanding of business.

Jeff graduated from Montclair State University, he is a CPA and member of the American Institute of Certified Public Accountants, New York State Society of Certified Public Accountants and New Jersey State Society of Public Accountants.

Jody H. Chesnov, CPA

Jody H. Chesnov, CPA, Managing Partner of Rosenberg Chesnov, has been with the firm since 2004.  After a career of public accounting and general management, Jody knows the value of good financials.  Clarity, decision making, and strategy all start with the facts – Jody has been revealing the facts and turning them into good business results for more than three decades.

He takes a pragmatic approach to accounting, finance and business. His work has supported many companies on their path to growth, including helping them find investors, manage scaling and overcome hurdles.  His experience and passion for business reach beyond accounting and he helps businesses focus on what the numbers mean organizationally, operationally and financially.

He has a particular expertise in early-stage growth companies.  His strengths lie in cutting through the noise to come up with useful, out of the box, solutions that support clients in building their businesses and realizing their larger visions.

Prior to joining the firm in 2004, Jody was in the private sector where he held senior financial and management positions including General Manager, Chief Financial Officer and Controller.  He has experience across industries, which gives him a deep understanding of business.

Jody graduated with a BBA in Accounting from Baruch College, he is a CPA and member of the American Institute of Certified Public Accountants and New York State Society of Certified Public Accountants.

In addition to delivering above and beyond accounting results, Jody is a member of the NYSCPA’s Emerging Tech Entrepreneurial Committee (ETEC), Private Equity and Venture Capital Committee and Family Office Committee.  

He is an angel investor through the Westchester Angels, and has served as an advisor for many startup companies and as a mentor through the Founders Institute.