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Posts Tagged ‘New York Taxes’

Three Tips to Start the Tax Filing Season

Check whether your children need to file a 2015 tax return. They’ll need to file if wages exceeded $6,300, self-employment income was over $400, or investment income exceeded $1,050. When income includes both wages and investment income, other thresholds apply. Consider whether you’ll contribute to a Roth […]

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The IRS has Issued a “Nanny Tax” Reminder

    The IRS reminds taxpayers not to overlook their responsibilities under the “nanny tax.” If you employed a housekeeper, nanny, gardener, or other household worker in 2014, you may have payroll tax obligations, commonly called the nanny tax. These payroll taxes apply if you paid a […]

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Women and Retirement

  Women need to save more for their retirement than men do. Statistics show that women live longer than men, but earn less than men during their working years (which are often fewer due to time taken off for child rearing). According to the Census Bureau, 57% […]

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Are You Thinking of Going From Employee to Boss?

  For those who want to be their own boss, here is a warning. Your new job will require several different experts. Don’t try to be all of them. Many very top notch sales people have gone from salesperson to company owner only to find out they […]

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Selling Vacant Land Could Bring a Tax Break

You probably know that you can exclude up to $250,000 of gain ($500,000 for most joint filers) when you sell your principal residence. IRS regulations may now allow you to apply this gain exclusion when you sell vacant land that is adjacent to your home. To qualify, […]

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Gifts May Require a Tax Filing

Here’s another filing deadline that might apply to you: April 15 is the due date for filing 2013 gift tax returns. If you made gifts last year in excess of the $14,000 annual limit to any one individual, you may need to report the transaction to the […]

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IRS Revises E-File Opening Date for Certain Information Returns

The IRS has announced that the opening date for e-filing information returns will be delayed. Through the FIRE (Filing Information Returns Electronically) Production System will change from January 21, 2014 to February 3, 2014. For assistance with this or other tax or accounting matters please contact us […]

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1099 Reporting Due in January

Nearly every company, large or small, has to file Form 1099-MISC with the IRS and send a copy to recipients by January 31, 2014. You use Form 1099-MISC to report miscellaneous payments to non-employees. This includes fees for services paid to independent contractors, such as consultants, lawyers, […]

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Help Prevent Identity Theft

Criminals are not only filing bogus tax returns using other people’s identification, they are also stealing the “look” of the IRS to phish for additional financial information from taxpayers.  The IRS has made numerous announcements in the past to help protect taxpayers from these scams. It repeats […]

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“Tip” or “Service Charge” Rule For Restaurants

Restaurant owners and employees will be affected by an IRS rule going into effect this coming January. The “automatic gratuity” that many restaurants add to the bill for larger parties will be treated as a “service charge” rather than as a “tip.” Service charges are treated as […]

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