NEW: PAY YOUR BILL ONLINE |
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We are introducing our new eCommerce portal, which will allow you to pay your bill online with a credit card.
If you wish to pay your invoice, simply go to 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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October 2020 Client Profile
Cora and her husband have three children under the age of 15. She has witnessed her parents’ health deteriorating and is stressed knowing she will be responsible for their care. How can she prepare for the inevitable?
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Retiring Earlier Than Planned
Did COVID-19 change your plans to work?
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Switching Jobs? Here's What To Do With Your 401(k).
Suppose you're switching jobs if you were furloughed because of the pandemic or you're simply searching for greener pastures. If you have a 401(k) from your soon-to-be former employer, you must decide what to do with your retirement account when you leave. Here are your four options:
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Street Smarts
Purse snatching is a crime of opportunity, but you can take steps to help protect yourself. Start by leaving these items at home...
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Reinventing Your Business
The COVID-19 pandemic disrupted everything from education to business as we know it. Here are some considerations as you continue to run your small business during these challenging times...
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Protect Your Children
Unfortunately, some parents believe that if they died prematurely guardians for their child(ren)would automatically be the Godparents. This may be their wishes, but unless they properly draft legal documents, the court will decide what happens to the children-and your assets.
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Raising Money-Savvy Kids
Basic money management isn't taught in school. So, it falls on parents to teach kids about money. Use these tips to help your kids learn the value of money...
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Don't Make These Business Website Mistakes
Your company's online presence leaves a lasting impression-positive or negative. When people check out your homepage, will they stick around? Will they buy? Will they return? Don't make these website mistakes...
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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
August 2020 E-Newsletter
September 2020 E-Newsletter
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October 2020 Q & A
Q: I have an older car that I am considering donating. Can I get a tax deduction for the donation?
A: It depends. You first must donate the car to a qualifying charity. Donating it to a family member won't qualify for a deduction. You also must itemize deductions on Schedule A to do it. The deduction is generally the sales proceeds that the charity receives from selling the car. There are exceptions like if the charity keeps the car for its business use or donates it to a needy person. Finally, the deduction can't exceed 50% of your adjusted gross income. The charity will provide you with a Form 1098-C that will tell you how much they sold the car for. And you must attach Form 8283 to your tax return if claiming a deduction greater than $500.
Q: I am confused about the so-called kiddie tax. What are the current rules?
A: Congress changed this law twice recently so, it's understandable that you’re confused. For 2020, your child’s unearned income over $2,200 is taxed at your tax rates. And your child may need to file a tax return if unearned income exceeds $1,100. Of course, there are exceptions that allow you to include some of the child's unearned income on your return.
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SHORT BITS
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AUDIT DECLINE
The IRS is auditing fewer returns. In 2019, it audited only 0.4% of individual returns. That's about one out of 250 returns. The bulk of all IRS audits are done by mail and focus on narrow issues. In 2019, taxpayers claiming the earned income tax credit saw increased audit rates. About 1.2% of these filers were audited.
MORE WORK
A recent survey by the Pew Research Center suggests that granting women the right to vote helped gender inequality but there is more work to do. Seventy-seven percent believe sexual harassment presents a huge obstacle to women being equal with men. Other obstacles include different societal expectations between genders, not enough women in positions of power and workplace discrimination including lack of equal pay.
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COUNTING COUNTS
Every 10 years, the Census Bureau counts the number of people living in the country and its territories. Why do they do this? It helps determine the amount of federal funding your local community receives for things like firefighting, highway construction and school lunches. It also determines how the seats in the House of Representatives are divided among the states.
DEDUCTIBLES INCREASE
According to a new study from EBRI's Center for Research on Health Benefits Innovation, health insurance deductibles continue to increase. The study showed that salaried individuals have higher deductibles than hourly individuals. Additionally, the study finds that union members have lower deductibles than those not in unions. HSA-eligible health plans had the highest deductibles, but HMO/EPO plans had the largest increase in deductibles.
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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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