Tax News, Advice, and Tools

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Although tax season is over, our office is still open and ready to assist you with past tax filings, new business set-up or consultation services.  Just give us a call or click the link below to set up an appointment.

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Hired independent Contractors?

Posted by Chris Pace on January 14, 2015
If you have a small business and hired independent contractors in 2014 then you may have a responsibility to file information returns and issue 1099's to those contractors by 1/31/2015.  Failure to do so will result in penalties imposed by the IRS. The IRS requires that you file information returns (1099’s) for cash and check payments issued by your trade or business to individuals not treated as your employees as well as non-incorporated entities.  You will have this requirement if you issued payments of: $10 or more of Dividends, Interest and... read more

Tax Check List – Start Preparing!

Posted by Chris Pace on January 08, 2015
  Please use this checklist as a guide for compiling your tax documents and for noting changes you've had throughout the year. We hope this list helps you and your family best prepare for your visit. To see this posting in an easier to read format, please click "read more" below. Health Insurance:  With the new Health Care regulations all taxpayers will need to provide there heath Insurance information to us.  We will be sending out an email and blog regarding this soon. Personal Information  New Address and / or Phone Number  New Email... read more

Start-up NY

Posted by Chris Pace on January 21, 2014
If you are watching NY1 news you will notice that NYS has taken out a huge add campaign on their Start-UP NY program.  This program promises to suspend taxes for accepted businesses and their employees for 10 years.  We believe that most businesses will not be accepted into the plan; however this could be a great opportunity for individuals that may be hired by an approved business. START-UP NY is a new initiative from Governor Andrew M. Cuomo to create and maintain new jobs in New York State.  It provides tax incentives to start-up, relocate o... read more

Hurricane Sandy Deductions

Posted by Raymond Pace on January 18, 2013
Is loss from hurricane Sandy deductible? In general, any casualty loss to the extent of not being reimbursed by insurance is tax deductible as an itemized deduction. For personal use property, you can deduct the lesser of the adjusted basis of your property or the decrease in the fair market value of your property as a result of the casualty. The loss must be reduced by any salvage value or insurance you received or expect to receive. Once this is determined, you claim the loss as an itemized deduction on form 1040, schedule A. You then subtrac... read more

IRA Distribution to Purchase a Home

Posted by Jeanette Calabrese on September 05, 2012
Early Retirement Distribution For First-Time Homebuyers May Have Tax Impact Many taxpayers have been misinformed. They are under the impression that it is possible to withdraw money, without any tax burden if they use the money to purchase their first home, from their IRA (retirement fund) before they reach the proper retirement age of 59 and a half. To be clear, however, if an individual withdraws money from his or her IRA before the age of 59 and a half, they are subject to an additional 10% penalty; or what is referred to as an ‘early distri... read more

Tax Liability and Choosing the Right Retirement Plan

Posted by Nick Tylipakis on March 26, 2012
Many taxpayers hope to keep their tax liability to a minimum, especially during these tough economic times. But without being sure of what’s in store for the future, it might be a better idea to begin saving for retirement. I’m sure you’ve heard on the radio, or seen it on the television - or perhaps you’ve even heard it through someone else - that social security might not be available in the years to come.  It’s really nothing to fear because despite these grim prophecies, there are many individual options available. From employer-sponsored p... read more

Sales Tax on Clothing and Footwear Changes Again; This Time For the Better!

Posted by Chris Pace on March 07, 2012
Remember the good old days when clothing and footwear purchases in NYC were completely tax exempt for items under $110.00? Well, beginning on April 1, 2012 you can expect these rules to be reinstated. “The exemption applies only to clothing and footwear worn by humans,” according to the New York State Department of Taxation and Finance’s most recent tax publication. “It also applies to most fabric, thread, yarn, buttons, snaps, hooks, zippers and similar items that become a physical component part of exempt clothing, or that are used to make or... read more

Gift tax

Posted by Raymond Pace on March 01, 2012
Gift Tax A gift tax is a tax on transfers over one's lifetime of property made without consideration (payments). The tax is imposed on the person making the gift and not on the person receiving it. In a calendar year, gifts that are valued over $13,000 and which are given to someone other than a spouse or charity are subject to this tax. And even though a gift ‘tax return’ must be filed on form 709, no tax is required to be paid until the taxpayer exhausts the 5 million dollar limit.   Gift tax exclusion A taxpayer can give any amount of m... read more

Cyber Criminal Alert

Posted by Jeanette Calabrese on February 29, 2012
Beware of Cyber Criminals The IRS receives thousands of e-mails and phone calls a year from taxpayers who have received suspicious e-mails, phone calls, faxes or notices claiming to be the IRS.  These cyber criminals fraudulently use the IRS name and logo to lure taxpayers into thinking they are real.  The goal of these criminals is to trick you into giving them your personal and financial information, which they will use to commit identity theft or to steal your money. How do you know if it’s really the IRS or if it’s a scam? 1.       The IRS... read more

Saying Goodbye to a Tax Credit

Posted by Nick Tylipakis on February 01, 2012
For tax year 2011, employees had 2% less withheld from their gross paychecks from both social security and medicare tax withholdings. This gave these same employees a slightly higher net paycheck throughout the year. Unfortunately, this immediate incentive took the place of the "Making Work Pay" credit that taxpayers enjoyed for tax years 2009 and 2010. The "Making Work Pay" credit was awarded in the amount of $400 for individuals and $800 for joint filers; with the latter amount doing one of two things for joint filers: it either increased the... read more
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