CPA Services Blog

Innovative Strategies for Maximizing Roth IRA and 401(k) Contributions Before 2025

Understanding New Avenues for Tax-Advantaged Accounts

Exploring less conventional strategies can be key to overcoming common obstacles for those looking to maximize their Roth IRA or Roth 401(k) contributions. These methods are increasingly valuable for those aiming to shift more funds into Roth accounts before the anticipated tax rate hikes in 2025 following the potential expiration of the 2017 tax cuts. Continue reading

When It Pays to Hire a CPA


Marty Horick never had trouble doing his own taxes, but for tax year 2023, he found himself in need of an old-school CPA. That year, he faced the complexities of selling his New York home, working remotely for a Florida-based corporation, and resolving a notice from the IRS about a mistake in his 2022 child tax credit payment. “Life got more complicated. Taxes got more complicated,” Mr.  Horace said. In January, he turned to a CPA recommended by a friend. Continue reading

Tax Update: What’s New in 2022

We’re happy to share some relatively good news for 2022, as the IRS schedule for federal tax rates and income brackets for 2022 provide some tax breaks for the substantial inflationary impact we’ve all experienced in 2021. While the tax rates themselves remain unchanged, you’ll be able to pocket some extra cash as each of the seven income brackets have been increased for inflation. Continue reading

Home Office Deductions for Small Businesses

If you are a small business owner or you’re self-employed and work from home, you will likely be able to take advantage of the home office deduction in 2020. According to the IRS, small business owners are leaving money on the table each time they file their taxes. Of the 23.4 million returns filed by sole proprietors for tax year 2011 (the latest year for which statistics are available), 7.6 million filers claimed a home office deduction. Continue reading

How to Prepare for Potential Tax Increases in 2021


The economic turmoil of 2020 has many worried about their savings. COVID-19 has lead to the second-highest unemployment rate in American history, with about one in five people collecting unemployment benefits. State governments are reportedly experiencing extreme budget problems, and the US GDP was down 32.9%, the largest quarterly drop since the Great Depression. 

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How to Maximize Your Social Security Retirement Benefits

As you get closer to retirement, you may start to think about collecting social security. According to the Social Security Administration, 68 million US citizens collected Social Security benefits in June 2019. Many people, however, plan to keep working at least part-time after they can begin collecting Social Security benefits. This can impact your taxes significantly – here’s what you need to know about the financial consequences of working during retirement. Continue reading

How To Plan for Retirement Financially

For many Americans, retirement feels like a far-off and distant dream. The most common age to retire in the US is 62 years old, which is also the minimum age to collect Social Security.

However, as demographics change in the US, Social Security will become less and less of a dependable, viable source of full income for future generations of retirees. It is of paramount importance that young people begin to plan and save for retirement sooner, rather than later.

There are several ways to predict and budget for the money you will need in retirement. Here’s how to estimate how much you need to save to live comfortably in your later years.

How much money do you need to live on after you retire?

The first step is establishing what your general living costs are and trying to adjust how much you will need to live on in retirement. The overall goal is to get a clear picture of how much you need, and then finding the sources of retirement income to match that result. Continue reading