Siegelaub Rosenberg P.A.

Siegelaub Rosenberg P.A. A Professional Full Service Accounting & Consulting Firm. See how our Payroll Service works! http:/ We believe in the value of relationships.

We view every client relationship like a partnership, and truly believe that our success is a result of your success. We are committed to providing close, personal attention to our clients. We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training, technical experience and financial acumen. Our continual investment of time and resource

s in professional continuing education, state-of-the-art computer technology and extensive business relationships is indicative of our commitment to excellence. Our firm offers a wide range of services to our individual and business clients. Because our firm is relatively small, our clients benefit by getting personalized, quality service that is beyond comparison. Please visit our website to see the full list of our services. Our services include:

Condominium Association Accounting

Financial statement & General Ledger Preparation

Bookkeeping (Monthly/Quarterly/Annual)

Business Entity & Accounting System Setup

Business Tax Return Preparation (Sales & Use/Business Property)

Personal Financial Statements

Payroll Service

See how our Payroll Service works! http://ow.ly/o6piJ

Please visit our website to see the full list of our services.

954-753-2222

www.siegelaub.com

03/16/2021

Responsible for handling the fundamental aspects of financial record keeping.

Responsibilities to includes but not limited to customer service, AR, AP, reconciliations, sales tax, payroll and more for multiple clients.

Must have Quickbooks experience

09/23/2020

Preparing for a Successful Retirement

As you approach retirement, it's vital that you pay attention to several important financial matters to ensure a smooth transition. Here are five of them:
1. Health Insurance

Are you among the lucky few who will continue to be covered after retirement? If not, then you'll need to replace your health coverage.

If you will be eligible for Medicare at the time of your retirement, then you may want to start checking into "Medigap" coverage. Original Medicare pays for much, but not all, of the cost for covered health care services and supplies. Medigap is Medicare Supplement Insurance that helps fill "gaps" in and is sold by private companies to individuals age 65 and older that covers medical expenses not covered or only partially covered by Medicare.

If your employee plan coverage is broader than Medicare, then take care of any non-emergency medical, dental, or optical needs before you retire.

2. Other Insurance

Once you retire, and depending on individual circumstances, you may need to replace employer-provided life insurance with extra coverage. You should also consider purchasing long-term health care insurance in case of a lengthy nursing home stay in the future. Premiums for qualified long-term care insurance policies are tax deductible to the extent that they, along with other unreimbursed medical expenses (including Medicare premiums), exceed 10 percent of the insured's adjusted gross income in 2020.
3. Social Security

Decide whether you want to take early Social Security benefits if you're retiring before your full retirement age, which is currently 66 years of age for people born between 1943 and 1954 and age 67 for those born after 1960. The years in between are prorated accordingly. If you choose to retire as early as age 62, doing so may result in a reduction of as much as 30 percent of your full benefits. Conversely, starting to receive benefits after normal retirement age may result in larger benefits.

Taking Social Security benefits at full retirement age makes financial sense for most people, but if you think you might need to take early benefits, please call and speak to a tax professional first.

4. Pension Plan or 401(k) Retirement Plan Payout

You should plan well in advance how you'll take the payout from your pension plan or 401(k) plan. For example, will you transfer the funds to a conventional or Roth IRA? How will the funds be invested?
5. Relocation

If you're planning a move to another state or country, make sure that you fully explore the financial ramifications of living there before you move. Cost of living as well as rates of taxation can vary significantly from one region of the country to another.

If you have any questions or need assistance planning for a smooth transition into retirement, please call the office.

09/21/2020

What To Do If You Get a Letter From the IRS

The IRS mails millions of notices and letters to taxpayers every year for a variety of reasons. If you receive correspondence from the IRS don't panic. You can usually deal with a notice by simply responding to it; most IRS notices are about federal tax returns or tax accounts. Each notice has specific instructions, so read your notice carefully because it will tell you what you need to do. In most cases, your notice will be about changes to your account, taxes you owe or a payment request; however, your notice may also ask you for more information about a specific issue.

Unless you are specifically instructed to do so, there is usually no need for a taxpayer to reply to a notice. For example, if your notice says that the IRS changed or corrected your tax return, review the information and compare it with your original return. If you agree with the notice, you usually don't need to reply unless the notice gives you other instructions or you need to make a payment.

If you don't agree with the notice, you will need to write a letter that explains why you disagree and include information and documents you want the IRS to consider. Mail your response with the contact stub at the bottom of the notice to the address on the contact stub. Allow at least 30 days for a response.

For most notices, there is no need to call or visit the IRS. If you have questions, call the phone number in the upper right-hand corner of the notice. Be sure to have a copy of your tax return and the notice with you when you call. As always, keep copies of any notices you receive with your tax records.

Be alert for tax scams as well. As a reminder, the IRS sends letters and notices by mail and does NOT contact people by email or social media to ask for personal or financial information.

If you need assistance understanding an IRS Notice or letter, believe it is in error, or discover you owe additional tax, please call the office.

09/21/2020

Recordkeeping Tips for Individuals and Businesses

The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year.

Taxpayers should add tax records to their files throughout the year as soon they receive them. This includes Notice 1444, Your Economic Impact Payment, and unemployment compensation documentation. Reviewing your recordkeeping systems now - or setting one up if you don't already have one in place - will pay off when it comes time to file your 2020 tax return next spring. Keeping good records also helps document any deductions you've claimed on your return and you will need this documentation should the IRS select your return for audit.

Normally, tax records should be kept for three years, but some documents - such as records relating to a home purchase or sale, stock transactions, IRA, and business or rental property - should be kept longer. In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, however, you should keep any and all documents that may have an impact on your federal tax return such as:

Unemployment compensation
Bills
Credit card and other receipts
Invoices
Mileage logs
Canceled, imaged, or substitute checks or any other proof of payment
Any other records to support deductions or credits you claim on your return

Taxpayers should also keep records relating to property they dispose of or sell. These types of records are used to figure their basis for figuring gains or losses.

As a reminder, taxpayers should keep records for three years from the date they filed the return. Taxpayers who have employees must keep all employment tax records for at least four years after the tax is due or paid, whichever is later.Good record-keeping throughout the year saves you time and effort at tax time.

For more information on what kinds of records you should keep or assistance on setting up a recordkeeping system that works for you, please call the office.

09/21/2020

The Home Office Deduction

If you are an employee, you are not eligible to take the home office deduction - even if you are working remotely in your home office.

With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. The short answer is that self-employed taxpayers who use their home for business may be able to deduct expenses for the business use of it whether they rent or own their home.
Here is what taxpayers should keep in mind when it comes to understanding the home office deduction and whether they can claim it:

1. Regular and Exclusive Use. Generally, taxpayers must use a part of their home regularly and exclusively for business purposes. The part of a home used for business must also be:

A principal place of business, or
A place where taxpayers meet clients or customers in the normal course of business, or
A separate structure not attached to the home. Examples could include a garage, barn, greenhouse, or studio.

For example, a taxpayer who uses an extra room to run their business can take a home office deduction only for that extra room so long as it is used both regularly and exclusively in the business.

The term "home" for purposes of this deduction is defined as a house, apartment, condominium, mobile home, boat or similar property. It does not include any part of the taxpayer’s property used exclusively as a hotel, motel, inn or similar business.

A taxpayer can also meet this requirement if administrative or management activities are conducted at the home and there is no other location to perform these duties. Therefore, someone who conducts business outside of their home but also uses their home to conduct business may still qualify for a home office deduction.

2. Expenses that can be deducted. Taxpayers can deduct certain expenses such as mortgage interest, insurance, utilities, repairs, maintenance, depreciation and rent. They must meet specific requirements to claim home expenses as a deduction, and the deductible amount of these types of expenses may be limited.

3. Simplified Option. To use the simplified option, multiply the allowable square footage of the office by a rate of $5. The maximum footage allowed is 300 square feet. As such, the maximum deduction under this method is $1,500. This option saves time because it simplifies how to figure and claim the deduction and makes it easier to keep records. The rules for claiming a home office deduction remain the same.

4. Regular Method. This method includes certain costs paid for a home. For example, part of the rent for rented homes may qualify. Deductions for a home office are based on the percentage of the home devoted to business use. Taxpayers who use a whole room or part of a room for conducting their business need to figure out the percentage of the home used for business activities to deduct indirect expenses. Direct expenses are deducted in full.

5. Deduction Limit. If the gross income from the business use of a home is less than expenses, the deduction for some expenses may be limited.

Taxpayers who are self-employed and choose the regular method should use Form 8829, Expenses for Business Use of Your Home, to figure the amount to deduct. Claim the deduction using either method on Schedule C, Profit or Loss from Business.

Please call if you would like more information about the home office deduction and how it applies to your tax situation.

09/21/2020

IRS Form 1040-X Now Available for E-Filing

Form 1040-X has been one of the last major individual tax forms that still needed to be paper-filed, but now taxpayers can quickly correct previously filed tax returns by submitting Form 1040-X, Amended U.S. Individual Income Tax Return electronically using commercial tax-filing software.

Approximately 3 million Forms 1040-X are filed by taxpayers each year and taxpayers must mail a completed Form 1040-X to the IRS for processing. The new electronic option, however, allows the IRS to receive amended returns faster while minimizing errors normally associated with manually completing the form. The process is also simplified because the tax-filing software allows users to input their data in a question-answer format. The new form also makes it easier for IRS employees to answer taxpayer questions since the data is entered electronically and submitted to the agency almost simultaneously.

Currently, only tax year 2019 Forms 1040 and 1040-SR returns can be amended electronically, but additional improvements are planned for the future. Taxpayers still have the option to submit a paper version of the Form 1040-X and should follow the instructions for preparing and submitting the paper form.

As always, don't hesitate to call if you have any questions.

09/21/2020

Tax Tips for Workers in the Gig Economy

The gig economy, also called sharing or access economy, is defined by activities where taxpayers earn income providing on-demand work, services, or goods. This type of work is often carried out via digital platforms such as an app or website. There are many types of sharing economy businesses including two of the most popular ones: ride-sharing, Uber and Lyft, for example, home rentals such as Airbnb, and TaskRabbit.

If taxpayers use one of the many online platforms to rent a spare bedroom, provide car rides or other goods or services, they may be part of the sharing or gig worker economy. If so, there are several things taxpayers should keep in mind.
Income is Taxable

Income from these sources is taxable, regardless of whether an individual receives information returns. This is true even if the work is full-time, part-time, or a side job or if an individual is paid in cash or if an information return like a Form 1099 or Form W2 is issued to the gig worker. Taxpayers may also be required to make quarterly estimated income tax payments and pay their share of Social Security, Medicare or Medicaid taxes.
Special Rules for Renting Out Your Home

Special rules generally apply if a taxpayer rents out his home, apartment, or other dwelling but also lives in it during the year - this residential rental income may be taxable. For more information about these rules, see Publication 527, Residential Rental Property (Including Rental of Vacation Homes). Taxpayers can also use the Interactive Tax Assistant Tool, Is My Residential Rental Income Taxable, and/or Are My Expenses Deductible? to determine if their residential rental income is taxable.
Worker Classification: Employee or Independent Contractor

While providing gig economy services, the taxpayer must be correctly classified. This means the business or the taxpayer must determine whether the individual providing the services is an employee or an independent contractor. Taxpayers can check out the worker classification page on IRS.gov to determine how they are classified.

This is important because some gig workers may be classified as independent contractors and may be able to deduct business expenses, depending on tax limits and rules. Taxpayers need to keep records of their business expenses. For example, a taxpayer who uses his or her car for business often qualifies to claim the standard mileage rate, which is 57.5 cents per mile for 2020.
Paying Taxes on Gig Income

Since income from the gig economy is taxable, it's important that taxpayers remember to pay the right amount of taxes throughout the year to avoid owing when they file. An employer typically withholds income taxes from their employees' pay to help cover income taxes their employees owe. However, gig economy workers who are not considered employees must pay their taxes. There are two ways to do this:

Submit a new Form W-4 to their employer to have more income taxes withheld from their paycheck, if they have another job as an employee.
Make quarterly estimated tax payments to help pay their income taxes throughout the year, including self-employment tax.

If you have any questions about the sharing economy and your taxes, help is just a phone call away.

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Address

361 East Hillsboro Boulevard
Deerfield Beach, FL
33441

Opening Hours

Monday 8:30am - 5:30pm
Tuesday 8:30am - 5:30pm
Wednesday 8:30am - 5:30pm
Thursday 8:30am - 5:30pm
Friday 8:30am - 5:30pm

Telephone

+19547532222

Website

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