Tips For Individuals – Page 5 – Business of Your Business

Category: Tips For Individuals (page 5 of 6)

Tax Scam Alert

August 16, 2017 / Wiley Harrison / Comments Off

Tax Scams have graduated to another level.

Some information has been collected to help prevent becoming a victim. Scammers are now targeting tax professionals and taxpayers who are hard of speaking english. The IRS says there’s an, Emerging phone scam involving bogus certified letters and the EFTPS. There’s also a high volume of email, malware, and phishing schemes. These include emails from scammers using the IRS logo and name illegally. Report tax fraud to the Treasury Inspector General for Tax Administration or at 800-366-4484.

New York State Paid Family Leave

On July 19, Governor Cuomo announced final regulations implementing New York’s nation-leading Paid Family Leave (PFL) program. The state’s PFL program will provide New Yorkers with job-protected, paid leave to bond with a new child, care for a loved one with a serious health condition or to help relieve family pressures when someone is deployed abroad on active military service.

Insurance companies notified disability benefits (DB) policyholders that PFL will be added to their DB policies effective January 1, 2018. Nearly all employees of DB policyholders will be automatically covered for PFL.

PFL will be funded through employee payroll deductions. As an employer, you are responsible for collecting the appropriate PFL contributions to cover the cost of the program. You may begin employee payroll deductions for PFL as of July 1, 2017.

The rate of PFL is 0.126% of the employee’s weekly wage, not to exceed 0.126% of the current New York State average weekly wage (AWW) of $1,305.92.

Please review the fact sheet for further information.

IMPORTANT INFORMATION FOR TAX FILING

January 20, 2017 / Wiley Harrison / Comments Off

The IRS and state governments are combating identity theft and tax fraud this tax year. Beginning this filing season all tax payers are required to have identity verification. Please include with your tax documents a copy of your state driver’s license or other state ID. If you’re married, both individuals must meet the requirement.

Sincerely,

BYB

Do you have an ITIN?

November 15, 2016 / Wiley Harrison / Comments Off

The ITIN is an Individual Taxpayer Identification Number issued to an individual by the IRS for tax processing. This is used in cases where an individual does not have, and cannot obtain a Social Security Number. A Nonresident alien who is required to file a U.S tax return will be required to obtain a ITIN.

“As announced in August 2016, all ITINs not used on a federal income tax return at least once in the last three consecutive tax years will expire at the end of the year, based on the 2015 PATH Act. Additionally, ITINs issued before 2013 will need to be renewed, starting with those with middle digits of 78 and 79.”

In order to renew an ITIN, a W-7 form (Application for IRS Individual Taxpayer Identification Number) must be filled by following the instructions and including all information and documentation required. This could be mailed with original identification documents or make an appointment with a IRS certified Acceptance Agent.

For more information on ITIN Click Here!

For ITIN Renewal Click Here!

How Divorce or Separation Effects your Taxes

August 26, 2016 / Wiley Harrison / Comments Off

If divorcing or recently divorced, there’s much to consider:

Name Changes
Spousal IRA
Child Support
Alimony (Paid and Received)

Through changes in circumstances, be prepared to pull out your check book and negotiate with your former spouse. There are many more challenges to finalizing the divorce.

For more information click here!

Moving Expenses can be Deductible

August 19, 2016 / Wiley Harrison / Comments Off

If you are moving due to Job relocation, you can deduct moving expenses.

In order to deduct moving expenses, your move must meet three requirements:

The move must closely relate to the start of work
Your move must meet the distance test
You must meet the time test

After meeting these requirements, the #IRS has plenty of tips to show you what expenses are deductible.

For more information click here. Be sure to update your address with the IRS and Post Office.

Summer Interns visit The BYB

July 28, 2016 / Wiley Harrison / Comments Off

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

May 24, 2016 / Wiley Harrison / Comments Off

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!

May 23, 2016 / Wiley Harrison / Comments Off

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!

April 26, 2016 / Wiley Harrison / Comments Off

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.