NEW: PAY YOUR BILL ONLINE |
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Have you used our new eCommerce portal?
If you wish to pay your invoice, visit our website and naviagte to "payment portal".
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VOTE: BETHPAGE BEST OF LONG ISLAND |
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With your support, we were nominated for Bethpage Best of Long Island! We welcome you to vote to help support our firm. The Voting Period is Open from October 1 through December 15.
You are allowed one vote per person per day for each category. We are in the category "Services" "Accounting/CPA" and "Accounting Firm".
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CPA NEWS |
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PPP Loan Date Change
The U.S. Small Business Administration (SBA) released guidance Tuesday confirming that Paycheck Protection Program (PPP) loan forgiveness applications are not due on Oct. 31.
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Year-End Tax Tips
Although 2020 is drawing to a close, there's still time to maximize your tax deductions and credits to lower your tax bill.
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Should You Pay Tax on a College Refund?
Seth paid for his college tuition using funds from a 529 college savings plan. He received a partial refund for a course he dropped. Will he have to pay tax on this refund?
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Saving Too Much Can Sometimes Be Expensive
When it comes to money topics, you’re always hearing how to save more. But even with the best of intentions, you can run into trouble when you try to save too much. Here are four ways that savings can get in your way and how you can correct them.
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Services
- Income Tax Preparation for all types of businesses and individuals
- IRS, State and Local Audit Representation
- Trust, Estate and Gift Compliance
- QuickBooks setup, support and training
- Business startup services
- Monthly bookkeeping
- Financial statements
- Family Office
- Nonprofit Administration
Additional Updated Information
September 2020 E-Newsletter
October 2020 E-Newsletter
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October 2020 Q & A
Q: My son turns 19 in December. Can I still claim him as a dependent on my tax return?
A: There are several tests that determine eligibility. Your son needs to be a full-time student for five months of the year or permanently and totally disabled. He will also need to live with you for more than half the year with certain exceptions allowed. Additionally, he will need to receive more than half his support from you and not file a joint return with someone else.
To qualify as a student, he will need to be enrolled full-time at a college or vocational school for five months of the year. The five months need not be consecutive. On-the-job training courses or schools offering courses only through the internet don't qualify.
Q: I own a second home in Mexico that I rent out when I'm not there. Am I allowed to deduct the property taxes I pay to the local Mexican government on my U.S. tax return?
A: Yes, you can deduct them as a business expense when you complete Schedule E to report your rental activity. But you'll need to allocate the amount between the number of days it's rented versus used personally or used by friends or family who don't pay you a fair rental price.
However, you can't deduct these taxes on Schedule A if you itemize and don't file Schedule E because foreign real estate taxes aren't an itemizable deduction.
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SHORT BITS
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MARRIAGE AND COHABITATION
According to the Pew Research Center, the number of adults who have ever lived with a partner, but didn't get married, has surpassed the number of adults who have ever been married, 59% to 50%. Although 58% of married couples claim to be satisfied with the marriage, only 41% of cohabitators feel the same with their partner. And overall, married couples are more satisfied with the trust and communication they have with their spouse than those that cohabitate.
DIGITAL INNOVATION
Tech experts foresee significant digital advances in the civic and social realm. Nearly seven out of 10 experts polled believe that the next decade will see technology mitigate problems. Driven by privacy concerns and misinformation, the social media landscape will change dramatically in the next 10 years. They also believe there will be significant political reform via technology and a focus on healthier living. Ethical artificial intelligence will be widespread to improve lives and quash misinformation.
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DIRTY DOZEN
Each year, the IRS puts out its dirty dozen tax scams to educate taxpayers. Scammers historically use tax season and emergencies to scam people out of their money. In addition to the usual scams like imposter phone calls and phishing, this year the IRS is seeing a rise in scams involving fake charities and cyber crime. Due to the pandemic, scammers have created fake charities to steal from good-intentioned individuals. They do this through unsolicited phone calls or emails. The unsolicited emails create the risk of installing ransomware on the victim's computer when the email recipient clicks on a link in the email. A list of legitimate and qualified charities is available on irs.gov.
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(516) 294-0400
(516) 938-0491
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415 CROSSWAYS PARK DR.
SUITE C
WOODBURY, NY 11797 |
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