Archive for the tag 'telling tips'

Source: rjppapa / Flickr

Source: rjppapa / Flickr

Telling Tips is a series of articles from local experts to help you save money, make better decisions and plan for a better future.

Valentine’s Day is tomorrow. A nice present would be getting that pesky tax return completed — and hopefully a large refund. Hint, hint, hint. But until then, here are some useful Q&As that will come in handy this snowy Tax Preparation Season.

Medical Deductions

Question: I recently had a heart attack. Can I deduct the diet I now have to follow?

Answer: Here are a few ‘yes’ and ‘no’ deductions:

Continue Reading »

Source: alancleaver_2000/Flick

Telling Tips is a series of articles from local experts to help you save money, make better decisions and plan for a better future.

Well, it’s Tax Preparation Season, and I know y’all youse all of you are as excited about tax season as I am. And it really isn’t as bad as the dentist. Marketwatch.com reported that tax compliance takes 6.1 billion hours a year. How much time do you take to prepare, or prepare for, your tax return? Remember, no software package is a substitute for knowledge of the Tax Code, and no tax software package is a substitute for a competent, experienced tax professional.

Continue Reading »

A 1953 postage stamp for a mere three pennies. Those were the days, my friend. Source: U.S. Embassy The Hague / Flickr

A 1953 postage stamp for a mere three pennies. Source: U.S. Embassy The Hague / Flickr

Telling Tips is a series of articles from local experts to help you save money, make better decisions and plan for a better future.

Guess what? The cost of a stamp increased. Again. First class increased from 46 cents to 49 cents, and postcards increased from 33 cents to 34 cents. Also, the New York State minimum wage increased from $7.25 to $8 an hour and, of course, tax rates increased and benefits decreased.

Welcome to 2014.

Continue Reading »

Source: 132Photography / Etsy

Source: 132Photography / Etsy

Telling Tips is a series of articles from local experts to help you save money, make better decisions and plan for a better future.

Can 2013 be described as in “A Tale of Two Cities” by Charles Dickens? “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair…”

Let’s make 2014 a better year by (1) filing a week earlier than you did last year, and (2) by calling me right after April to start the important financial planning that’s been on the back burner for so long.

Continue Reading »

Source: Anonymistake / Flickr

Source: Anonymistake / Flickr

Telling Tips is a series of articles from local experts to help you save money, make better decisions and plan for a better future.

In my office, I consider tax preparation as the completion of a tax return that not only follows all current tax laws, but also allows the taxpayer to pay the least possible tax. All returns are subject to applicable due diligence. You will also be advised as to legal strategies to reduce your tax liabilities and plan for changes to your tax situations. I adhere to the New York City Consumer Bill of Rights, and the Code of Ethics of the various tax and accounting organizations to which I belong.

Important: If you are claiming the Earned Income Credit, expect to be asked for more proof that you are eligible. Review the items in IRS form 8867, Part V. The IRS is assessing tax preparers a $500 penalty if we can’t prove your eligibility.

Continue Reading »

Source: Gabriel Serafini / Flickr

Source: Gabriel Serafini / Flickr

Telling Tips is a series of articles from local experts to help you save money, make better decisions and plan for a better future.

Happy New Year! I hope your holiday season was happy, and I wish you and yours a healthy and prosperous 2014.

Well, here it is, the first full week of 2014. It’s back to work, and back to taxes. Have you started assembling your 2014 tax info yet? No, well don’t feel bad, I haven’t either. Remember though, a journey of a thousand miles starts with the first step; so too, the journey to complete your tax return starts with your first headache.

Continue Reading »

Source: MathManDan / Flickr

Source: MathManDan / Flickr

Telling Tips is a series of articles from local experts to help you save money, make better decisions and plan for a better future.

To the tune of “It’s Beginning to Look a Lot Like Christmas.”

It’s beginning to look a lot like Tax Time,

Everywhere you go.

Take a look in the tax pro’s den, stuffed so full once again,

With year-end tips all filers need to know.

It’s beginning to look a lot like Tax Time,

April’s just months away.

But the smartest move to make is the tax break you can take

Before New Year’s Day.

Continue Reading »

Source: Felipe J. Contreras / Flickr

Source: Felipe J. Contreras / Flickr

Telling Tips is a series of articles from local experts to help you save money, make better decisions and plan for a better future.

You may find it financially wise to spend just one night soon, thinking about your taxes. If you don’t, you forfeit the right to complain when your tax return is completed. Now is pretty much the last time to keep more of your hard-earned money by making those financial tweaks that will cut your tax bill for 2013. Yes, you can make some small moves after the end of the year, like investing in an IRA, but the big moves must be made now. It’s too late on January 1.

Are you getting a refund next year? Were you stressed last tax season? It’s coming – and fast.

Here are some changes in the law that took effect this year, as well as some popular deductions and credits to which you may be entitled.

Continue Reading »

Don't be a victim of holiday-related crime this season. Photo courtesy of Adrian Cabrero (Mustagrapho) / Flickr

Don’t be a victim of holiday-related crime this season. Photo courtesy of Adrian Cabrero (Mustagrapho) / Flickr

Telling Tips is a series of articles from local experts to help you save money, make better decisions and plan for a better future.

Light up your tax return with year-end tax planning. The candles of the holiday season are glowing. Will you be after your tax return is completed?

Here are some December reminders and to do’s.

Continue Reading »

Photo by Yuriy Semenov. Source: YSPhotoNYC / Flickr

Photo by Yuriy Semenov. Source: YSPhotoNYC / Flickr

Telling Tips is a series of articles from local experts to help you save money, make better decisions and plan for a better future.

Have you noticed that the leaves are falling, the temperatures are dropping, and it’s getting darker earlier? If it continues, we won’t have to get up at all. Here’s a simple question: What have you done to reduce your 2013 taxes? You have less than two months to do anything — and then it’s Tax Time. It’ll be Too Late.

Another question: What have you done to reduce your 2014 taxes? In many ways, time is short as well. The tax code is 16,000 pages; the code plus the IRS rulings are 72,536 pages.

Your options: 1- Start reading. 2- Call me.

Continue Reading »

Next »