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Satty, Levine & Ciacco, CPAs, P.C. Blog

4 Tips for Avoiding Penalties on Estimated Tax Payments

Posted by Tom Hallissey on Nov 14, 2018 10:00:00 AM

Lately, the IRS has been issuing more penalties for underpayment of estimated taxes. From 2010 to 2015, there was a 40 percent jump in the number of people who paid these fines. As a result, the IRS is urging all taxpayers to educate themselves about estimated tax payments.

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Topics: Tax Season

IRS Warns Virtual Currency Transactions must be Reported

Posted by Tom Hallissey on Mar 28, 2018 10:00:00 AM

With tax day just weeks away, the IRS has issued a stern reminder that any income from virtual currency transactions must be reported on your tax return. The government views these types of transactions like any other exchange of property. Taxpayers who do not properly report digital currency transactions could face an audit and be held liable for penalties and interest.

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Topics: Insider, Tax Season

How to meet the Tax Filing Deadline without Stress

Posted by Tom Hallissey on Feb 27, 2018 10:00:00 AM

Every year, millions of Americans wait until the last-minute to submit their tax returns. As a result, many people undergo unnecessary stress in April. Before the tax filing deadline sneaks up on you again, use these tips to help you submit on time.

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Topics: Tax Season

Professional Advice for how to Maximize Tax Savings

Posted by Tom Hallissey on Feb 13, 2018 10:00:00 AM

Although many Americans simply take the standard deduction, there are many tips and tricks that professional accountants recommend to clients to increase tax savings. From saving for retirement to documenting charitable contributions, these strategies can put more money back in your pocket.

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Topics: Tax Season

2017 Federal Income Tax Brackets: What you need to Know

Posted by Tom Hallissey on Jan 17, 2018 10:00:00 AM

In order to prevent people from being pushed into higher federal income tax brackets because of inflation, the IRS adjusts more than 40 tax provisions every year, including income thresholds, deduction amounts and credit values.

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Topics: Tax Season

How to Correctly Document your Charitable Contributions

Posted by Tom Hallissey on Nov 14, 2017 10:00:00 AM

The gifts you give to charity this holiday season have the potential to provide tax benefits in April. By following these tips, your charitable contributions can help increase the size of your tax refund check.

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Topics: Tax Season

The Gift Tax: Answers to Frequently Asked Questions

Posted by Tom Hallissey on Mar 22, 2017 10:00:00 AM


Sometimes, it pays to be generous. If you have given away a large sum of money in the past year, you can use exemptions and exclusions to the gift tax to protect the value of that transfer of wealth.

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Topics: Tax Season, Insider

Why a Driver’s License is required to Electronically File your NYS Tax Return

Posted by Tom Hallissey on Feb 23, 2017 10:00:00 AM

This year for the first time, New York State is requiring individual taxpayers to provide a driver’s license or non-driver ID number in order to file their NYS tax return electronically. 

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Topics: Tax Season

The IRS Form 990: What Nonprofits Need to Know

Posted by Tom Hallissey on Feb 8, 2017 10:00:00 AM

Even though they don’t pay direct taxes, the IRS keeps a watchful eye over nonprofits, too. Charities and other similar organizations are required to file a Form 990, which details their financial activities.

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Topics: Tax Season, Business Accounting

5 Things you Never Knew about Income Tax

Posted by Tom Hallissey on Jan 23, 2017 10:00:00 AM

Everyone knows April 15 is the tax deadline, but do you know the origins of America’s income tax or the length of the tax code? Few people do.

If you are stressed out about tax preparation, take a break to enjoy these interesting facts.

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Topics: Tax Season

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Since 1949, S,L&C has provided professional accounting and business advisory services from New York to California. Now, our blog contains some of the latest news, trends and tips to help you prosper financially.  

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