Rosenthal Accounting LLC

Tax & Advisory Specialists

Rosenthal Accounting is a tax preparation and consulting firm focused on providing the highest quality of tax and business advice to individuals and their businesses.

Our Strategy

We have successfully provided our clients with sophisticated tax planning and business advice which has allowed them to achieve financial success in their personal and business lives.  

News & Publications

Individuals who did not qualify for, or did not receive, the full amount of the third Economic Impact Payment may be eligible to claim the 2021 Recovery Rebate Credit based on their 2021 tax year information. Individuals may have received their third Economic Impact Payment through initial and "plus-up" payments in 2021.

Taxpayers with specified foreign financial assets that exceed $50,000 on the last day of the tax year or $75,000 at any time during the tax year (MFJ more than $100,000, .) must report those assets to the IRS on Form 8938,

If you are a U.S. person and holds an account or signature authority over an account located outside of the United States; and the total value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported, you must report your accounts on FBAR by June 30.

Buying or leasing a car 

With both purchased and leased cars, you can choose to deduct either the standard mileage rate , parking fees and tolls or the actual expenses .

For the purchased car, you can deduct the business percentage of your interest expense on the loan. And, you can deduct its cost over 5 years (aka depreciation) . However, if the car worth more than $16,000 it consider “luxury” car and there is a limit on the annual amount you can deduct.

(Due to these limits, it could take 12 years to depreciate all of the cost of the car).

If you lease a car, the car is not yours; you can deduct the business percentage of your lease payments. There is also a limit on the amount you can deduct each car, but it’s minimal compare to the purchase car option. ( “lease inclusion amount” )

As the price goes up on the car, leasing usually becomes more preferable.