Insights Gallery

Estate planning discussions often focus on the federal estate tax exemption, but most families face different challenges when transferring wealth. Probate fees, state-level taxes, capital gains exposure, and administrative complexity can all erode inheritances - even for estates well below the federal threshold. A comprehensive estate plan addresses these hidden costs, not just headline tax numbers...

For business owners, financial decisions rarely stay within company walls - they extend into personal wealth and security. Financial resilience emerges when business health and personal protection are managed together, not in isolation. This article explores how owners can strengthen both through disciplined financial monitoring, strategic risk management, and intentional separation between enterprise and personal finances...

The IRS has introduced a new federal income tax deduction for qualified overtime compensation, available for tax years 2025 through 2028. If you are an employee covered by the Fair Labor Standards Act (FLSA) and earn overtime pay, this deduction could put real money back in your pocket -- up to $12,500 per individual return, or up to $25,000 on a joint return. The deduction applies specifically to the overtime premium portion of your pay -- the amount above your regular rate -- and does not require itemizing to claim. There are eligibility requirements to be aware of, including valid Social Security numbers and certain filing status conditions, so understanding the details is essential to capturing this benefit...

Innocent spouse relief can protect you from being held responsible for a tax bill caused by your spouse’s or ex-spouse’s mistakes. This article explains how the IRS evaluates these claims, the types of relief available, and what to expect if you apply. If you’ve received a notice or suspect something was wrong with past returns, it may be time to talk to a CPA...

S-corporations are one of the most frequently discussed (but often misunderstood) tax structures for small business owners. While they can offer real savings on self-employment taxes, the benefits aren't automatic - they depend on your income level, involvement in the business, and whether you're ready to manage the added compliance responsibilities. Here's what you need to know about how S-corps work, who they're right for, and what's required to maintain one...

For self-employed professionals, 2026 has brought an uncomfortable reality: the enhanced ACA subsidies that kept premiums manageable are gone, and there's no employer to split the bill. For many, that means thousands of dollars in additional out-of-pocket costs each year. But premium increases don't have to become a sunk cost. At RMG CPA, we help business owners across industries approach healthcare the way they approach every other major expense - strategically, proactively, and with an eye on tax efficiency. That mindset makes all the difference...

Reviewed and audited financial statements aren't simply lighter or heavier versions of the same service. They're fundamentally different engagements designed to answer different questions for different stakeholders — and choosing the right one can mean the difference between meeting your obligations efficiently and either overspending on assurance you don't need or falling short of what your lenders, investors, or partners require. At RMG, we help businesses across construction, hospitality, manufacturing, real estate, and more navigate this decision with confidence — because understanding the distinction is the first step toward making it work for your business...

Equipment costing isn't just an accounting exercise—it's a profitability strategy. After working with construction companies throughout New Jersey and the New York region for over 25 years, we've seen this challenge repeatedly: contractors who think they're profitable on a project, only to discover later that equipment costs weren't properly allocated...

The IRS recently issued new guidance clarifying how the permanent 100% bonus depreciation deduction will work moving forward. This allows businesses to fully deduct the cost of qualified property in the year it's placed in service, rather than depreciating it over several years...

For most people, tax season brings a quiet panic about what they might be forgetting and a last-minute rush to pull everything together before the deadline. But it doesn't have to be that way. With just a little preparation, you can avoid surprises, minimize your tax bill, and make the entire process smoother for both you and your advisor...

Trump Accounts are a new type of tax-advantaged retirement account for children, created under 2025 legislation and clarified by recent IRS guidance. While contributions can't begin until mid-2026, families can begin preparing now. This article explains what is currently known, what remains uncertain, and how Trump Accounts compare to other common savings tools like Roth IRAs and 529 plans...

For high-income professionals locked out of traditional Roth contributions, mega Roth conversions offer a powerful alternative. By contributing after-tax dollars to fill unused space under the $72,000 annual 401(k) limit and immediately converting them to Roth, eligible savers can funnel tens of thousands annually into tax-free growth...