Tag: Forbes

McManus Makes Back-to-Back Appearances in Two-Day Tax Series from Forbes

February 27, 2014 - Media Clips

Forbes

 

alexandra talty

Alexandra Talty

Alexandra Talty, contributor for Forbes who covers personal finance and travel, recently spoke with McManus & Associates Founding Principal John O. McManus for tax tips that she could pass along to her readers. McManus’ thoughts appeared back-to-back in Talty’s two-day series that highlights “some shocking employee deductions as well as hitting some basics for first-time tax filers.”

Talty’s first article, “Surprising Tax Reimbursements for Employees,” addresses the importance of crossing your T’s and dotting your I’s come tax season. As emphasized by McManus in the story:

“Document, document, document with details, details, details. The IRS is looking at it as a smell test,” says John O. McManus, founding principal of McManus & Associates. “The longer you take to respond back to them [if you are audited], the more they think you are contriving or making it up. You have to be very reactive when they are calling on things.  This demonstrates that you are always buttoned up.”

McManus advises, “Every year, presume you will be audited, so keep everything.”

Today’s article, Talty’s second day of tax coverage, focused on those “lucky enough to be self-employed or property owners.” Her piece, “Freelancing Tax Write-Offs You Might Be Missing,” offers interesting tips to bear in mind for tax day, such as how to write off cruises and conferences.

An educational vacation is a great way to kill two birds with one stone – but how can you be sure you’re covered if the IRS comes knocking? From McManus:

 “I do believe it is essential to keep a copy of the agenda,” advises John O. McManus, founding principal of McManus & Associates. “Then the IRS can connect that it makes sense for you to be on the cruise for that purpose or that you needed to attended the seminar.”

Tax write-offs that help you see the world? Just say, “bon voyage,” pack your bags and go!

To read more helpful hints for self-employed Americans, check out Talty’s story in full here. And for tax planning help that transcends April 15th, give McManus & Associates a call at 908-898-0100.

Forbes: “Farm Like A Billionaire–Harvest Tax Breaks” and the 2012 Investment Guide

June 8, 2012 - Uncategorized

Forbes magazine’s June 25, 2012 Investment Guide issue has been posted online, and several stories of interest are included from Ashlea Ebeling, who writes about how to build, manage and enjoy your family’s wealth.

Ashlea Ebeling

Founding Principal of McManus & Associates John O. McManus, a trusts and estates attorney, spoke with Ashlea about the requirements tied to reaping tax benefits from farm-assessed property for her article “Farm Like A Billionaire–Harvest Tax Breaks.” The piece shares examples of high-net-worth individuals (HNWIs) planting lavender, establishing honey hives and declaring wildlife preserves to “harvest real estate tax breaks” and income tax savings.

Based on her conversation with John, who practices law in New York, New Jersey, Connecticut and more, Ashlea writes:

New Jersey allows you to snag a farm break with just 5 acres of land “devoted to agricultural and/or horticultural use” (not including the immediate area around your residence) and $500 in annual farm sales—a threshold neighbors can meet by buying each other’s products. “Everybody talks about what their products are at cocktail parties,” reports John McManus, an estate lawyer in New Providence, N.J. Pumpkins, Christmas trees and alpaca wool are popular.

Check out “How To Farm For Love And Profit–And Save The Farm” for important information on conservation easements and farmland preservationists successes and struggles in Pennsylvania. You can also see beautiful photos of the lavender farm — used for a Lands’ End catalog shoot — featured in the piece for which John was interviewed  here.

And finally, another story from the Investment Guide that relays smart investment strategies that help both you and your family is “Become A Family VC: How To Capitalize On Your Kid’s Or Cousin’s Business.”

The 2012 Forbes Investment Guide is definitely worth the read.