Tips For Individuals – Page 5 – Business of Your Business

Category: Tips For Individuals (page 5 of 6)

Increased Minimum Wage in NYS

From 12/31/2017 to 12/30/2018, the basic minimum wage is $10.40 per hour in most of New York State.

There are different minimum wage rates for: the fast food industry; Long Island; Westchester County; and large and small employers in New York City.

General Minimum Wage Rate Schedule

NYC – Large Employers (of 11 or more) $13.00

NYC – Small Employers (10 or less) $12.00

Long Island & Westchester $11.00

Remainder of New York State $10.40

For more information on the increased minimum wage specific to your industry, please visit the NYS Department of Labor.

Employers must post a Minimum Wage Information poster in their place of work.

Charitable Contributions

December 15, 2017 / Wiley Harrison / Comments Off

This holiday season, if you’re in the spirit of giving, charitable contributions can be the gift that gives back!

Charitable contributions made to qualified organizations can help lower your tax bill. Record keeping of donations and contributions must be maintained no matter the amount. To properly back up your contributions please keep bank records, receipts, or payroll deductions reflecting the amount.

If you are receiving a benefit for your contribution, you can only deduct the amount that exceeds the fair market value (ex. gala tickets). Non-cash donations such as household items and clothing, must be in good used condition and valued at fair market price.

For more information, read these eight tips the IRS provides here!

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

July 20, 2017 / Wiley Harrison / Comments Off

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