Congress’ Decision on SALT Cap Could Affect Long Island Homeowners
Republicans in Congress are attempting to extend the tax cuts that were implemented by former President Donald J. Trump, but the sticking point seems to be the $10,000 cap on deducting state and local taxes (SALT).
2023 Tax Updates
Note these 2023 tax updates for both businesses and individuals.
New Tax Rules Mean Changes for Retirement Accounts
The SECURE Act 2.0, passed by Congress in late 2022, features numerous ways for you to save more money in your tax advantaged retirement accounts. Here are several of the bill’s provisions and what they mean for you.
Attention Businesses: File on Time or Pay the Price!
March 15th is the tax-filing due date for calendar year S-corporations and partnerships. While this filing deadline does not require making a tax payment, missing the due date could cost you a hefty penalty.
Getting the Most Out of Homeowners Insurance
Looking for a way to tackle insomnia? Read your homeowners insurance policy. Kidding aside, it’s worth the effort. This is especially important as insurance costs are going through the roof and too many surprises occur when you need your insurance after an event requires you to file a claim. Here are some areas that may require a review.
Tips for Working Beyond Retirement Age Alternative articles
You may be one of many Americans who plan to work into retirement. Some report they need to work because their savings declined over the past several years, while others say they choose to work because of the greater sense of purpose and engagement that working provides.
Business Advice: Every Impression Matters
With competition abounding for virtually every product or service, businesses need to hone every advantage available to them. One of the ways you can set your business apart from the pack is to create an awesome customer experience starting with the first interaction that continues through the entirety of the relationship. How does one foster this level of customer service? Here are several ideas to help you get there.
Know Your Rights When Debt Collectors Call
At some point in your life you may be on the receiving end of a debt collection phone call. More often than not, these calls are either fraud or in error, or may be due to some other unforeseen circumstance. Whatever the reason, what everyone should know is that there are strict rules in the U.S. that forbid any kind of harassment. By knowing your rights, you can deal with these situations with minimum hassle. Here are some suggestions.
MARCH 2023 Q & A
Q: What happens if I file my tax return late?
A: If you don’t file for an extension using Form 4868, which pushes your filing deadline to October 15, filing your income return late comes with a 5% Failure to File Penalty if you owe tax. The penalty is calculated for each month or pro-rated for partial months that the return is late. And the IRS charges interest on penalties until you pay your balance in full.
Depending on your situation, you may apply for a penalty abatement to have your fines reduced or eliminated.
A Look At Stock Market Returns Over 30 Years
Let's take a closer look at the states with the highest and lowest sales tax.
5 HIGHEST RATES BY STATE
Louisana - 9.55%
5 LOWEST RATES BY STATE
Alaska - 1.76%
Tax Return Extensions
You are entitled to a six-month extension if you need more time to file your tax return by the April 18 deadline, but you must let the IRS know. You’ll need to complete Form 4868 before the April 18 due date. Otherwise, without telling the IRS you’ll be filing your return later, you could end up paying penalties and interest on unpaid taxes.
While you can extend the due date to file your tax return, there is no extension to extend the payment of any tax you owe. Remember that an extension is an extension to file, not an extension to pay.
Businesses can also file for an extension to file corporate tax returns using Form 7004.
Neither Form 4868 nor 7004 need to be signed, but you’ll want to include your payment for any tax due when you file your extension application.