A Tax Credit for GOING GREEN
Thinking about installing a renewable energy system in your residence? Uncle Sam offers individual taxpayers a federal income-tax credit equal to 30% of the cost… Read More »A Tax Credit for GOING GREEN
Taxes
New york state taxes and Federal taxes have different rules. Personal and Business Income Tax Preparation and Planning
THREE STEPS to Lower Taxes for the Self-employed
When you are self-employed, your business profits are taxed to you at federal rates as high as 39.6%. Add self-employment taxes, which in 2015 will… Read More »THREE STEPS to Lower Taxes for the Self-employed
The 2015 Tax Year is Here!
NEW (TAX) YEAR The 2014 tax year is pretty much a wrap. There’s not too much individual taxpayers can do to change the outcome. But… Read More »The 2015 Tax Year is Here!
Hobby or a Small Business?
Do you have a hobby or a business? A recent Tax Court decision reminds us of the importance of keeping good records. The Tax Court… Read More »Hobby or a Small Business?
Writing off Charitable Contributions
As the year end approaches many people will donate used items to local charities. Although we applaud the efforts to help those less fortunate there… Read More »Writing off Charitable Contributions
Social Security Wage Base for 2015
Social Security Wage Base The Social Security Administration (SSA) announced that the maximum earnings subject to the Social Security component of the FICA tax will… Read More »Social Security Wage Base for 2015
Key Business Tax Changes for 2014
On December 19th, 2014, the president signed the Tax Increase Prevention Act of 2014 into law. It is a one year (retroactive for all of… Read More »Key Business Tax Changes for 2014
Provisions expired after 2013
*Edit 12/2014* Congress Passes Tax Extenders and New Legislation for the Disabled: The Senate passed H.R. 5771, known as the Tax Increase Prevention Act of… Read More »Provisions expired after 2013
Key Tax Changes for 2014
Obamacare tax subsidy – individuals who purchase health insurance through the Exchange and are eligible based on income may receive a subsidy. This subsidy is… Read More »Key Tax Changes for 2014
Do you need to pay Alternative Minimum Tax (AMT)
The Alternative Minimum Tax (AMT) is designed to force many affluent taxpayers who qualify for certain exemptions to pay a greater share of taxes. Though… Read More »Do you need to pay Alternative Minimum Tax (AMT)