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Posts Tagged ‘NY CPA’

Identity Theft: Tips to Protect Your Data

The IRS has launched a new campaign to encourage you to protect your tax and financial data, both digital and paper. As part of the campaign, the IRS plans to release videos and consumer friendly tax tips, and sponsor local events across the country. You can get […]

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Check Your Tax Withholding for 2015

  It’s tax season, and it may be a good time for you to review your tax withholding. Withholding too much tax from your wages isn’t a smart financial move. Review how much you’re having withheld in 2015 to see if it matches the actual tax liability […]

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Does your Business Make Use of Your Financial Statements?

Many small business owners pay too little attention  to their financial statements. This is due in part to not understanding just what the statements have to offer. In fact, many may not be able to tell you the difference between a Balance Sheet and an Income Statement. […]

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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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Mandatory Paid Sick Leave Ordinances for Certain Businesses

In addition to NYC, Jersey City, and Newark the below municipalities have passed paid sick leave ordinances. This needs to be in effect come early January and each infraction could cost up to $2,000 in fines. East Orange, NJ The city council of East Orange passed 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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A Tax Tip for Retirement

If you continue working past age 70, you can still add to a 401(k) or Roth IRA, but not to a traditional IRA. At age 70½, you must start withdrawing from a traditional IRA, and unless you’re still working, from a 401(k) plan. There is no age […]

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Tax Tip for November 2014

  Consider opening a health savings account (HSA). Investing in an HSA gives you a current-year tax deduction while providing a savings account to use to pay out-of-pocket medical expenses currently or in the future. An HSA is not a “use-it-or-lose-it” plan. Any funds in the plan […]

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Its Time to Review Your 2014 Deductions

Some itemized deductions are limited by a percentage of your gross income. An example is miscellaneous deductions. These provide a benefit only if your total outlay for costs such as investment fees and unreimbursed employee business expenses exceed 2% of your adjusted gross income. If you consistently […]

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Over 70½? Don’t Forget to Take Your Required Minimum Distributions

Did you celebrate your 70½th birthday in 2014? Do you have a traditional or rollover IRA? If both answers are yes, the deadline for taking the initial required minimum distribution from your retirement account is April 1, 2015. Required minimum distributions are the smallest amount you can […]

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