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Archive for the ‘Accounting Tips’ Category

Report your foreign accounts by June 30

If you hold foreign bank or financial accounts, or have signature authority over such accounts, and the total value of all your accounts exceeds $10,000 at any time during the calendar year, you may be required to file a Treasury Department report known as the FBAR. It’s […]

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Be aware of major mid-April tax deadlines

April is a busy month for taxes. Here are filing requirements to keep in mind. 2015 individual income tax returns or an automatic extension. 2015 partnership returns for calendar year partnerships. 2015 income tax returns for calendar year trusts and estates. 2015 annual gift tax returns. 2015 […]

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Are You Saving for Retirement?

While retirement plan contribution limits have not increased for 2016, taking full advantage of allowable contributions and any amounts your employer matches is still a good idea. Contributions you make to employer-sponsored retirement plans reduce your taxable income because your employer deducts the amount you specify from […]

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Five things every business owner must do

If you own or manage your own business, you’re probably busy monitoring operations and dealing with everyday problems. But there are a few things that you should make time to do every year. These are important for your long-term business and personal success. 1. Review your business […]

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Rule for Deducting Medical Expenses has Changed

New York City Medical CPA You may be familiar with the old tax rule that let you take an itemized deduction for unreimbursed medical expenses that exceeded 7½% of your adjusted gross income. For 2013 and future years, the income threshold increases to 10% for taxpayers under […]

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Seven Important Tax Facts About Medical and Dental Expenses

NYC Medical Accounting If you paid for medical or dental expenses in 2012, you may be able to get a tax deduction for costs not covered by insurance. The IRS wants you to know these seven facts about claiming the medical and dental expense deduction.  You must […]

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