Category: Tips For Individuals (page 6 of 6)

Phone Scams! The IRS Does NOT Call!

May 23, 2016 / / Comments Off on 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!

April 26, 2016 / / Comments Off on 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??

April 5, 2016 / / Comments Off on 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!

New York State Minimum Wage Laws

January 5, 2016 / / Comments Off on 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:
2016 Minimum Wage Poster

How do I know if my contributions are deductible?

March 20, 2015 / / Comments Off on How do I know if my contributions are deductible?

How can I find out if an organization is tax-qualified? What are some examples of deductible contributions?

You can visit the NYS Charities Bureau to search for registered organizations.

Some examples of deductible contributions include:

  • Checks payable to qualified organization
  • Collection plate contributions substantiated by a charity
  • Credit card donations
  • Charity benefit events
  • Withholding from wages for charitable purposes
  • Donations of:
    • Stocks
    • Real estate
    • Motor vehicles, boats or planes
    • Household items and clothing
    • Business equipment
    • Books, electronics, appliances, and furniture

*Please note you should obtain a letter of receipt for any donation over $250 and there are specific rules to each deductible item listed above.

How do I fill out a W-4 form?

March 20, 2015 / / Comments Off on How do I fill out a W-4 form?

I’m starting a new job and I don’t know how to fill out the W-4 Form so they can deduct from my paycheck. How can I get help?

The W4 Form is used to determine how much federal income tax to withhold from the employee’s wages. The IRS has set up a Withholding Calculator to help ensure individuals do not have too much or too little income tax withheld from their pay.

Is my vehicle a deductible contribution?

March 20, 2015 / / Comments Off on Is my vehicle a deductible contribution?

A qualified vehicle is defined as a car/motor vehicle (used mainly on roads & highways), boats and airplanes.

If you donate a qualified vehicle to a qualified organization and your donation is worth more than $500, you can donate depending on the following scenarios:

  • If your vehicle is to be re-sold by a qualified organization, you can deduct the gross proceeds from the sale of the vehicle.
  • If your vehicle is to be used by a qualified organization to fulfill their charity work, you can deduct the vehicle’s fair market value on the date of the contribution. You can find your motor vehicle’s worth at Kelley Blue Book.

How can I find out what my used items are worth?

March 20, 2015 / / Comments Off on How can I find out what my used items are worth?

What are some typical itemized deductions that I can claim on my income tax return?

March 20, 2015 / / Comments Off on What are some typical itemized deductions that I can claim on my income tax return?

Some typical itemized deductions include:

  •  Mortgage and equity interest
  • State and local taxes
  • Charitable contributions
  • Real estate taxes
  • Un-reimbursed medical and dental expenses
  • Casualty and theft losses (e.g. fire, hurricane, tornado)
  • Un-reimbursed job expenses (e.g. job travel, union dues, job education, etc.)
  • Gambling losses (to the extent of the gambling income)
  • IRA custodial fees
  • Investment counsel and advisory fees

*Please note: There are limitations on many of these deductions.

How can I check on the status of my tax refund?

March 20, 2015 / / Comments Off on How can I check on the status of my tax refund?

Visit these websites to check the status of your state or federal tax refund. This information is typically available 2 – 3 weeks after you file by mail, or 72 hours after you file electronically:

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