Category: Tips for Individuals (page 2 of 3)

Summer Interns visit The BYB

Town of Greenburgh Attorney, Tim Lewis, annually visits The BYB with Summer Interns.

These students are from local colleges and high schools looking to prepare themselves for the next step.

The Summer Interns asked Wiley various questions as he answers to the best of his ability.

The video touches base on interpersonal skills, career paths, and much more.

Watch the video to hear what Wiley has to say…

Dont forget to share the knowledge!

1099-Misc

Miscellaneous Income should be reported. Payments for services performed for your trade or business is reflected on form 1099-Misc.

If the following four conditions are met, you must generally report a payment as nonemployee compensation.

1. You made the payment to someone who is not your employee;
2. You made the payment for services in the course of your trade or business (including government agencies and nonprofit organizations);
3. You made the payment to an individual, partnership, estate, or in some cases, a corporation; and
4. You made payments to the payee of at least $600 during the year.

For more information, click the link below to read more!

Reporting Payments to Independent Contractors

Phone Scams! The IRS Does NOT Call!

IRS CALL

A few of our clients have fallen victim to fraudulent phone calls received by scammers impersonating to be Tax Agents.

These callers are calling in attempt to steal your money. They will call with variations of IRS issues and even show up on the caller ID as the IRS. They will either claim that you’re due for a huge refund or you owe the IRS money. They threaten that legal actions are in place and demand immediate payment.

Don’t be fooled! If you receive a phone call, do NOT give out any information and hang up immediately. The IRS does not call, certified mail is the most common form of communication.

For more info, read what the IRS has to say below.

IRS: Phone Scams

 

Avoid a Tax Audit!

Several different things can alert the IRS to issue an audit. Keeping your books and records in order can help to avoid a stressful situation. Making large charitable contributions and failing to report all of your income can trigger an audit.

If you have multiple sources of income it can become hard to keep track of all the income year earned, and the more likely you are to leave out a payment. To avoid missing a 1099 keep track of all work you complete and the agreed payment. Not getting a form is not an excuse for not reporting the income.

Read more by clicking link below:

Things That Could Trigger an IRS Audit

Where’s my Refund??

When the IRS processes your tax return and approves your refund, you can see your actual personalized refund date. Even though the IRS issues most refunds in less than 21 days after we receive your tax return, it’s possible your tax return may require additional review and take longer.

Track your Refund Here!

Why is tax day April 18th?

The filing deadline to submit 2015 tax returns is Monday, April 18, 2016, rather than the traditional April 15 date. Washington, D.C., will celebrate Emancipation Day on that Friday, which pushes the deadline to the following Monday for most of the nation. (Due to Patriots Day, the deadline will be Tuesday, April 19, in Maine and Massachusetts.)

 

For More information click link below!

IRS Explains…

Tax Calendar 2016

Tax Calendar

Stay one step ahead of the IRS .

Find the various calendar dates and details below.

IRS Calendars

Click this link below to save calendar dates directly to your calendar.

Important Dates

$458 Billion Tax Gap!

Tax filers who under-report what they owe account for $387 billion of the gross tax gap. That’s not all due to nefarious deception. People make mistakes or get confused by what are objectively confusing tax rules.

Read More:

CNN MONEY : http://money.cnn.com/2016/04/29/pf/taxes/taxes-owed-tax-gap/index.html?section=money_pf_taxes

January 15th 2016

TODAY IS THE DEADLINE (2)

For more Information, see link below:

EFTPS

 

New York State Minimum Wage Laws

 

Minimum Wage Act (General Employment)
 
The General Industry Minimum Wage Act states that employers must pay all employees in New York State, including most domestic workers, at least $9.00 per hour as of December 31, 2015.
Certain requirements set under regulations known as “wage orders” may modify the basic rate.
Wage orders are provisions of the minimum wage law that cover jobs in:
  • The hospitality and building service industry
  • Miscellaneous industries and occupations
  • Farming
They set an hourly rate plus overtime and allowances in four General Industry Wage Orders, based on meals and lodging supplied by an employer.
Some industries make allowances for tips; thus they set a lower hourly rate. For example, as of December 31, 2015, food service workers may earn $7.50 per hour if they earn $1.50 per hour in tips. Other service workers have a minimum rate of $7.65 or $6.80 per hour, depending on the amount of tips earned per hour.

You can get these Documents, Forms and Publications at:

NYS Department of Labor

Employers must post a Minimum Wage Information poster in their place of work.
Download file below:
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