Private Company Employees
Taxes are always becoming more and more complex. Individual mployees. “W-2 earners” are no exception. Notably, recent legislation has made accountable plans more attractive.
Accountable plans may include reimbursement for a number of different employee-related expenses, including
- Employee travel expenses, including meals
- Purchase of tools and equipment
- Employee home office expenses
- Mileage costs
- Required uniforms not suitable for ordinary wear;
- Dues and subscriptions; and
- Job search expenses for employees who have been laid off.
Therefore, wage earners can avail themselves to a wide range of planning as well as avoiding tax pitfalls. Employee stock ownership plans, tax-deferred investments, and avoiding large capital gains are all be opportunities to plan.
Individual Tax Services
Tax planning include the timing of income, purchases and other expenditures, selection of investments and types of retirement plans. The goal of tax planning is to arrange your financial affairs in order to minimize taxes.
The best way to help is by realizing opportunities. For instance, the Tax Cut and Jobs Act limits the total state and local tax deduction to $10,000. However, if you rent space in your home, a portion of the real estate taxes will be apportioned to the rental activity.
I love helping short term rental tax hosts. Every day that your home is rented is another day of mortgage interest or real estate tax apportionment. Many of my Airbnb hosts were surprised to learn that the more days they have, the more they can apportion from personal itemized deductions to rental income.
David Weinstein MBA CPA
Professionals
I love helping professionals. Notably, I like negotiating an equity interest in a professional partnership. In addition I like aiding in continuation plans or getting the most for a lifetime’s work.
Lastly, often professional clients get unexplained phantom income. Sometimes these situations lead to fraud investigations.
Freelancers
I work with a variety of fine artists, musicians, design professionals and other creative businesses.
Many of these clients want a financial professional who can be both friendly and patient. I love playing a small role in their success and like to hear what their dreams are, no matter big or small.
Contact Us
For inquiries or requests which require a more personal response, I will make every attempt to respond.