A newly designed Form 1098 gives the IRS more information, so be prepared to defend your deduction. In response to criticism that the IRS was not properly monitoring mortgage interest deductions, Congress was asked to require lenders to report more information about the loans. In 2015 Congress passed the new reporting rules, and they Read More …
Tax Appointment Checklist – “What do I bring?”
Tax filing season can be confusing and getting documents organized for your tax appointment is often the worst part. To make it easier we’ve prepared a Checklist for your convenience. If you’re not sure about something give us a call at 914.242.0553. DOWNLOAD NOW
The Home Office deduction
Don’t shy away from the home office deduction because you heard that it is a “red flag”. Our experience has been that, if you have a qualified home office and report your expenses properly, there is nothing to worry about. In fact, the IRS has even made it easier to compute the deduction. Can Read More …
Flexible Spending Arrangements for Child Care and Health Costs
A Flexible Spending Arrangement (FSA) allows an employee to designate up to $2,500 of wages to pay for certain health care costs and up to $5,000 for dependent care. These are separate parts of an FSA and must be enrolled in separately. Contributions to FSAs are not only free from income tax but also Read More …
Tax related identity theft
During tax filing season, there is a large increase in identity theft cases. If your social security number and other personal information are compromised (through mailbox theft, internet hacking, phone calls or many other creative ways thieves use), someone could file a false return under your name, claim a refund and disappear. Then when you Read More …
Casualty Loss Deduction
A casualty is defined by the IRS as the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual. For example, damage to your house caused by a tree blown over in a storm is a casualty to your house and the tree but damage to your house caused over time Read More …