These are a few items to consider when gathering your personal income tax data for the upcoming tax year: Economic Impact Payment The IRS issued a third round of stimulus checks starting March 12, 2021. Be sure to let your tax preparer know how much you received. Payments were $1,400 for each individual plus an… [keep reading…]
Tag: Tax Return
NYS COVID-19 Small Business Grant
On August 25, 2021, the NYS COVID-19 Small Business Recovery Grant Program expanded its criteria for grant eligibility. Specifically, the grant program now allows businesses to apply with: Annual gross receipts of less than $2,500,000, and Who received PPP funds in amounts of $250,000 or less. Please see below for more details. The program is… [keep reading…]
Thinking About Renting Your Residence or Vacation Home?
If you’ve ever considered renting out your family’s vacation home, or your personal residence, you’re in luck! The IRS has special provisions in the tax code for both vacation home rentals and the short-term rental of your personal residence that could result in you receiving tax-free income. There is a special section in the Internal… [keep reading…]
IRS to Delay Tax Filing Deadline
The National News Media has reported that the Internal Revenue Service (IRS) has delayed the 2020 tax filing deadline until mid-May. We do not have official word yet from the IRS as to whether there will be a delay, what filing requirements will be affected, and what the actual deadline will be. Additionally, we do… [keep reading…]
Notice: IRS Advice on Uncashed Checks and Notices to Pay
You may have noticed that the Internal Revenue Service (IRS) has not cashed your check or you may have received a failure to pay notice from IRS even though you timely paid their tax due by check. Unfortunately, if a taxpayer mailed a check, with or without a tax return, it may still be unopened… [keep reading…]
CARES Act – Unemployment Insurance Coverage
The CARES Act generally provides assistance to individuals who are unemployed, partially unemployed, or unable to work due to COVID-19. The CARES ACT provides for the following unemployment benefit programs: Pandemic Unemployment Assistance (PUA) – this program will extend benefits to those individuals who are not otherwise eligible for unemployment benefits (i.e. independent contractors, self-… [keep reading…]
SBA Loan Program and Application Process
The Small Business Administration (SBA) has expanded its Economic Injury Disaster Loan program to provide working capital loans of up to $2 million to give much needed economic relief and support to small businesses across the country. To learn how you can apply for a loan keep reading and if you have any questions please… [keep reading…]
Thinking about moving to another state in retirement? Don’t forget about taxes
When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to be. Identify all applicable taxes It… [keep reading…]
Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return
While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return: 1. State and local… [keep reading…]