Roth IRAs tend to get a lot of hype, and for good reason: because you pay the taxes up front, your eventual withdrawals (assuming you meet the age and holding-period requirements—more on these below) are completely tax-free. While we like “tax-free” as much as the next person, there are times when a traditional IRA will […]
Roth IRA versus Traditional IRA: Which Is Better for You? Read More »
Here’s a heads-up on mortgage insurance. Personal Residence Mortgage Insurance The deduction for mortgage insurance on a qualified residence ended on December 31, 2017. But don’t give up on the deduction. The personal residence mortgage insurance deduction is part of what is called “tax extenders,” and it’s highly possible that lawmakers will reinstate the deduction
Beware: IRS Error in Rental Property Deduction Publication Read More »
Do you claim your business miles at the IRS optional rate? If so, imagine you are now being audited by the IRS for your business mileage. The IRS has requested odometer readings for your vehicle. You might wonder if the IRS can do this. The answer is yes. The tax code says that you must
Can the IRS Require Odometer Readings with the Mileage Rate? Read More »
We’re paying all of our attention to Medical Professionals You’ll notice we’ve made some big changes around here. We’re saying goodbye to Gallati Professional Services and coming back stronger as Cerebral Tax. GPS has served us well over the past 5 years. It’s our family name. It means something personal to us. But we decided
The Brains Behind Our Rebrand Read More »
One of the most frequent comments I receive from potential clients is “I am really surprised by your higher prices. It is not what I am used to but then again, you are different from my current tax advisor. Can you please explain how your services vary from my current advisor to justify the higher
Our Pricing: The Cerebral Difference Read More »
In our Facebook live episode, we’ve covered the “7 Deadly Sins of Small Business Owners.” I discuss the ways small business owners get in trouble with the IRS and how they can correct those mistakes. Deadly Sin #1: Commingling Personal and Business FundsMany small business owners are in the habit of commingling both their personal and
The Seven Deadly Sins of Small Business Owners Read More »
We hosted a Facebook live event on Tax Reform Changes. You can watch the whole video here. Here are my Top 3 Tax Reform Changes to save you money. Tax Reform Change #1: Lower Individual Tax RatesThe Tax Cuts and Jobs Act is the biggest tax bill in 31 years and while it may look like 503 pages
3 Tax Reform Changes To Save You Money Read More »
On our “Kids And Why They Are Awesome for Tax Savings” Facebook Live session, I discuss tax planning strategies and some of the ways your kids can be a benefit for saving money during tax time. Effects of Tax Savings Over Time Let’s take a look at how structuring your finances for tax efficiencies can
Why are kids so awesome for tax savings? Read More »
There’s an old Morgan Stanley slogan that says “You must pay taxes. But there’s no law that says you’ve gotta leave a tip.” That’s a great attitude to keep in mind as we work through all of this material. Self Employment TaxesLet’s start with the problem we’re looking to solve, and that problem is too
The Basics of S-corps Read More »
A separate service from tax preparation, tax planning is the key to successfully and legally reducing your tax liability. By making tax planning part of your yearly strategy, you can use our experience and access to the most current new developments in the tax laws. We help you customize the best possible plan for you
Tax Planning with a Certified Tax Coach Read More »
