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While many have been made aware of the refund delays that are expected to affect millions this year, there is another change that has not been given nearly as much attention. For those who file their own taxes in New York, whether on their own, electronically, or with a professional tax preparation...

Each year the tax code sees a wide spectrum of changes and updates, and the 2016 filing season is no exception. This year the IRS has rolled out a number of  new measures to prevent people from taking advantage of several substantial tax credits.  The 2016 Tax credits affected by these changes inclu...

Many are familiar with the role that accountants and CPAs play in things like tax preparation, bookkeeping and other common accounting services.  However, the term Enrolled Agent might be one that many are new to.  In short, Enrolled Agents are the only federally-licensed tax professionals who speci...

IRS Hardware Failure Sparks Delayed Refund Fears Getting your tax refunds should be pretty straightforward, right? Traditionally, yes, but 2016 is proving to be an exception to the norm. An unexpected shutdown of the IRS tax return processing system, which is believed to have been caused by a har...

February 2015 It’s almost that time again! Year-end has snuck up, and in the middle of the hustle and bustle of shopping, wrapping and baking, I’m here to give you something else to think about… The Affordable Care Act (aka Obamacare) and how it will affect filing your taxes this year. Before...

We get this question often, from both workers and employers... So should this person be treated as a bona fide employee for all legal and tax related purposes, or can I (save money and) treat them as an Independent Contractor?  The IRS has an official 'test', also known as an SS-8 Form that you can...

It's time to  give you some important information regarding the Affordable Health Care Act.  This is the law that requires everyone to have health insurance coverage.  It went into effect January 1, 2014.  When we do your tax return, we will be asking you questions about your health insurance.  If y...

With the April 15 tax deadline looming, it's understandable that many individuals and business owners wait until the last days and weeks before filing their taxes.  If you've worked in the Tax & Accounting industry for as long as we have, you begin to notice trends.  One of the most frequently obser...

It's understandable why so many are a bit hesitant when it comes to tax software.  There's always the fear of making a keystroke error, submitting duplicates, losing connection, and scores of other legitimate concerns.  Still, it's important to remember that the makers of today's most popular person...

Click Here to Download PDF & Print All taxpayers: Our Mandatory ACA Questionnaire Form 1095-A if purchased through the Health Marketplace Birthdates and SS numbers for dependents W-2’s from all Employers W-2G’s from Gambling Income 1099-MISC for sub-contracting 1099-INT or DIV f...

As many of you know, there is a very valuable credit available to assist lower income taxpayers to improve their economic standards.  This is the Earned Income Credit or EIC. For tax year 2012, the credit can be as high as $5,891.00 to taxpayers in the "sweet spot" of both income limitations and num...

W2 Form: This is the one from any employer that you worked for last year. This should be postmarked or available for download by Jan 31st.  No, we can't tell you if you have them all… 1098 Form: From your mortgage or home equity company. Reports your interest paid on your loan. This may also repo...

Every year, I chuckle at the tax-slang that people who aren't in the industry use.  The big one for 2012 was the "Physical Cliff" which always brings a vibrant image to my mind and never ends well.  I have people that ask why they have to fill out a K-9 Form and give someone their SS number. C...