Month: August 2016

Try to keep everything in a spreadsheet or document. Keep your documents organized. There are smart scanners that scan in receipts and add them to a spreadsheet – or do it by hand. If you organize every month, or every week, for just a few minutes, it will save you a lot of time and […]

On June 24th, 2011, under the Marriage Equality Act, The New York State Legislature passed a bill legalizing same-sex marriages in the State of New York. One month later, on July 24th, 2011, same-sex marriages were officially legal. How does this affect a couple’s tax situation? Can the couple file a Married Filing Jointly tax […]

Many taxpayers often ask: “So how much can I deduct for meals?” If it were only that simple! Unfortunately only BUSINESS or JOB RELATED meals & entertainment can be tax deductible. The meal or entertainment expense must meet several criteria in order to be properly deducted on a tax return. To be able to claim […]

President George W. Bush’s tax cuts were attempts to remove the so-called “marriage penalty” from the Internal Revenue Code. This marriage penalty continues to impact high, middle, and low income couples. The following questions summarize what may affect the marriage penalty or possibly even result in a marriage “bonus.” What is the Marriage Penalty? The […]

As a self-employed personal trainer running your own business can be overwhelming – especially when you have taxes to consider. The good news is that you can deduct certain expenses pertaining to your business to lower your tax bill. Common deductions for personal trainers usually include: music CDs & files, insurance, business related meals, state/local […]

As 2011 quickly comes to a close, now is a good time to consider year-end tax strategies that will help you reduce your tax bill. Deferring income to next year and accelerating deductions provides taxpayers with the several opportunities to do this. Self-employed & small business taxpayers can defer income by delaying December billings until […]

Unreimbursed Employee Expenses Employees who incur certain job related expenses may be able to claim some or all of the expenses as deductions if they itemize their deductions on Schedule A. Employees can deduct certain job related expenses if the following criteria are met: The expenses are paid or incurred by the employee during the […]

Investing for retirement is a great way to plan ahead for your future, and the government has provided some great tax incentives for individuals who choose to do so. One of the best ways to take advantage of these incentives is through an Individual Retirement Account (IRA). While there are a variety of IRA plans […]

If your home is the regular and exclusive place where you work or conduct business from, you may be entitled to take the home office deduction on your income tax return. However, there are many taxpayers who are reluctant to take advantage of this deduction due to confusion about what is required to classify part […]

As an HR professional or business owner, your first priority is always the safety of your employees’ personal information. Staying on top of the latest identity theft and tax schemes is the best way to keep your business and employees safe from horrific financial consequences.