Rosillo & Associates, P.A.

There's still time to lower this year's tax bill with these ideas, plus some tax surprises to be on the lookout for. All this plus a fun holiday quiz to impress family and friends!

Client Update Newsletter: December 2023 The temperature isn’t the only thing falling this time of year. Your 2023 tax bill can also be falling with a little bit of proactive planning, but time is running out! To help you make the most of potential tax saving moves before the end of the year, this month's newsletter features several...

Another late law change impacts what the IRS will see regarding small business activity for individuals that often don't think they are in business. Here is what you need to know.

Late Breaking News: New 1099-K Requirements Delayed - You will be surprised how many are impacted If you sell concert or sporting event tickets, sell items on Amazon or eBay, or accept payments using digital tools like Venmo...READ THIS!

The window to lower your taxes is quickly closing. Here are tips to know when you need a review.

Tax Planning Triggers - When to know to conduct a tax review There is still time left in the year to impact your tax obligation, but only if you act soon. Here are some key triggers that mean a planning session might be in order.

Sales to related parties, like children, grandchildren and siblings can cause tax trouble if you aren't careful. Before you act, call to discuss the specifics of your transaction.

Selling Property to Family Creates Tax Complications Selling property to family is a common practice, but these transactions can have some unfavorable consequences if not planned for in advance. Here are four common related party situations and tips to help you avoid tax trouble.

The key to business success is understanding cash flow. Here are three great tips.

Tax & Business Newsletter: November 2023 This month's newsletter focuses on two topics critical for your business: cash flow and raising prices. The cash flow article presents three ideas you can immediately implement to help your business's cash situation, while the raising prices article provides some thoughts to consider as you approach...

As year-end approaches it's important to understand the transaction trends within your mutual funds. Taxable dividends and distributions from mutual funds can bring surprising additional taxes.

Surprise! The Mutual Fund Tax Trap Year end moves by mutual fund managers often cause tax obligations for their fund owners. These surprises come in the way of 1099 DIV and 1099 B tax forms. Here are some ideas to help manage the problem.

Here are several ideas for cutting your tax bill as 2023 comes to a close.

Tax Planning Insights: November 2023 If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter. Call if you would like to discuss how any of this information relates to you. If you know someone that can benefit from this newsletter, feel free....

IRS audits are about to become more common place. Your best defense, be prepared. Here are some great ideas.

Audit Proof Your Deductions - Your best audit defense Taking valid deductions on your tax return is your right. Defending your deductions is going to be more common place as the IRS hires more staff. Here are some tips.

There's still time to lower your tax bill this year. But you need to act now! Find out more here.

Client Update Newsletter: November 2023 This month's newsletter outlines Social Security’s cost-of-living adjustment for 2024, plus some basic information on how Social Security works. And there is still time to take action to reduce this year's tax bill. Please review the tax planning articles to bring some ideas top of mind for yo...

Do you know the benefits of municipal bonds? Here is what you should know.

Time to Reconsider Municipal Bonds With the rise in interest rates, it is time once again to consider investment alternatives versus parking your money in a low interest savings account or in higher risk stocks. Here is a summary of the tax benefits of municipal bonds.

Consider withdrawing money from tax-deferred retirement accounts as soon as you turn 59 to reduce future tax risk on your Social Security benefits.

Tax Efficient Retirement Requires Planning - Large retirement account balances can cause tax problems A big surprise can occur when you see your Social Security Retirement Benefits being subject to income tax. This additional tax is often triggered by Retirement Account distributions. Are you prepared for this?

Cash is king for small businesses. Here are some tips to make sure you have enough cash to pay your bills over the next 12 months.

Tax & Business Newsletter: October 2023 Cash is key to running a successful small business. But how to manage cash can sometimes be a challenge. In this month’s newsletter, find out why working capital is important to your cash flow and how it can help pay your short-term bills. Also read about why keeping meeting minutes might be a...

$8,400 more of your income is subject to Social Security taxes in 2024. Here are the details.

Hike in Social Security Benefits Announced for 2024 - How much you pay and checks received are all going up! 2024 Cost-of-Living Adjustment (COLA) changes are here. This is what you need to know.

Turn selling something at loss into a positive - at least on your tax return. Here are some examples of how losses could potentially help cut your tax bill.

Tax Planning Insights: October 2023 If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter. Call if you would like to discuss how any of this information relates to you. If you know someone that can benefit from this newsletter, feel free....

You can start receiving Social Security benefits when you turn 62, but you can give yourself a raise of 8% per year if you put it off.

How to Maximize Your Social Security - What every taxpayer should know When you decide to start taking your Social Security Benefit can have a big impact on the monthly amount you receive. Plan now to maximize your payments.

The IRS is NOT always right. Here are tips to help defend yourself in an audit. Plus great tips from recent tax court cases!

Client Update Newsletter: October 2023 Powerful. Always right. Intimidating. These are some of the descriptions used to describe our nation's tax collection agency, the IRS. But believe it or not, the IRS is wrong more often than you think. In this month's newsletter, read about several recent tax court cases, including one where the IRS...

Take advantage of all tax-free ideas. Many of them come from your employer. Here are a few to consider.

Employee Tax-Free Income Not everything is taxed. This is especially true of many employee benefits. Here is what you should know.

Here's an area of the tax code that surprises many with a larger tax bill.

Understanding Tax Terms: Depreciation Recapture Too many taxpayers using a home office or having rental property are surprised by their tax bill when they sell their property. A little understood area of the tax code called depreciation recapture is often the culprit.

How much should you pay yourself as a business owner? Here are some things to consider. Also find out why the IRS halted processing new Employee Retention Credit claims.

Tax & Business Newsletter: September 2023 Deciding how much to pay yourself as a business owner can be challenging. You need a certain amount to be able to pay your monthly personal bills, but you may also want to leave as much money as you can in your business to help it grow. In this month’s newsletter, read about three ideas to hel...

Did you know that business meals are deductible but business entertainment isn't? Make sure you keep a detailed expense log distinguishing the two.

Deduct Business Meals the Right Way If you own your own business, are self-employed or run a side business, can you deduct the cost of client meals? The answer is not so clear after the passage of the Tax Cuts and Jobs Act. Here are some tips to stay on the right side of the new rules.

Here are some ways that you can still cut your tax bill in 2023, but you need to act by December 31st. Also uncover some ideas to help your assets outpace inflation.

Tax Planning Insights: September 2023 If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter. Call if you would like to discuss how any of this information relates to you. If you know someone that can benefit from this newsletter, feel free....

Reminder: 3Q estimated taxes are due Friday, September 15. Here are some things to consider.

Reminder: Third Quarter Estimated Taxes Due - Now is the time to make your estimated tax payment If you have not already done so, please plan to make your third quarter estimated tax payment. The due date is Friday, September 15th.

With rising interest rates, the art of 0% financing is making a comeback. But buyer beware! Here is what you need to know.

Client Update Newsletter: September 2023 With interest rates continuing to increase, what could be better than making a purchase with 0% interest? In reality, financing a purchase with a 0% interest rate may be more trouble than it’s worth, as we explain in this month’s newsletter. Also discover the hidden tax benefits of ownin...

Understanding unearned income can be a great benefit in reducing your taxable income, but only if you understand what it is.

Understanding Tax Terms: Unearned Income - Not all income is the same in the eyes of the tax code What's in a name? If it is defining different types of income, it can mean more income tax obligations. Here are some things to know.

Oops. You donated too much to your IRA. What do you do. Follow these tips.

Oops. An IRA Contribution Error The IRS is beginning to tackle the problem of taxpayers contributing too much to their IRA accounts each year. Here is what you need to know.

Here's a tip to avoid unwanted tax penalties.

A Tip to Avoid Late Payment Penalties - What to do if you miss a quarterly estimated tax payment Here is a simple idea to avoid late payment penalties if you miss a quarterly estimated tax payment (form 1040 ES). While it might not apply to everyone, it could save you some money come tax time.

The Employee Retention Credits are now under the microscope at the IRS. Here is what is happening now.

Tax & Business Newsletter: August 2023 The Employee Retention Credit was a valuable tool for millions of businesses to financially make it through the COVID-19 pandemic. But now it's being looked at under the microscope by the IRS. Learn what is being said by the IRS and understand now is the time to be prepared for a review. This month....

The only group happier than you when you a win a prize is the IRS. Most prizes are taxable. Make sure you fully understand the value of the prize and how it's taxed before you accept it.

The Taxability of Prizes - What everyone should know Prizes received are to be recorded on your tax return as income. Unfortunately, there are many pitfalls. Here are some tips.

A recent Supreme Court ruling creates good AND bad news for taxpayers. Here is what you need to know.

Tax Planning Insights: August 2023 If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter. This month's edition recaps a recent Supreme Court decision that impacts anyone with foreign bank accounts or assets. There is also a review of don...

Be prepared. The moto of the boy scouts AND your motto when in comes to an IRS audit. Here's what to do.

Save Those Receipts! - These tips are money in your pocket Too often during the course of an audit, the auditor throws out valid deductions. Not because they did not occur, but soley because you did not provide adequate documentation. Here are tips to help solve this problem.

A tax planning session may be a good idea if you find yourself in these 3 situations. Also read about mastering your credit card & tips to lower your car insurance.

Client Update Newsletter: August 2023 Preventing unwanted tax surprises starts with proper planning. And there’s no better time than now to begin looking at how you can cut next year’s tax bill. In this month’s newsletter, we’ve included several situations when it makes sense to schedule a tax review so you can t...

The IRS is eliminating most unannounced revenue officer visits. This is what that means for you.

IRS Ends Unannounced Revenue Officer Visits The IRS recently announced a major policy change that it will end most unannounced agency revenue officer visits to taxpayers. Here are the details.

To amend or not amend. That is the question...and the answer is not always obvious. Read on.

Amending a Tax Return - Not always needed or wise Filing an amended federal tax return is never fun. Sometimes it is necessary. But not always. Here are some thoughts on the subject.

Banks are tightening their purse strings. Here's an idea to help get your loan or line of credit approved!

Tax & Business Newsletter: July 2023 This month's lead article is about building a fortress balance sheet. The benefits of doing this are many, the least of which is making your business very appealing to bankers who will want to lend you money. Included in the article are key measures to building a strong balance sheet that bankers wi...

Zero tax when selling a stock for a gain? Please tell me more!

Cash in on 0% Capital Gains Tax Rate Think all your stock sales will be subject to capital gains tax? Think again. With proper planning some of your gains may not be taxed at the federal level. Here is what you need to know.