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

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: Insider, Tax Season

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: Business Accounting, Tax Season

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

IRS Imposes new 2017 W-2 Tax Deadline for Employers

Posted by Tom Hallissey on Dec 7, 2016 10:00:00 AM

Businesses, be aware there is an earlier W-2 tax deadline this year. Instead of the end of February, the IRS has established January 31, 2017 as the new deadline to submit employees’ annual wages and taxes withheld.

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Topics: Business Accounting, Tax Season

Small Business Tax Deductions Guaranteed to Deliver Savings

Posted by Tom Hallissey on Nov 23, 2016 11:00:00 AM

Since small businesses are what drives the economy, the government has created initiatives to help them grow, like small business tax deductions.

While these incentives offer savings, there are few things to know before starting tax planning.

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Topics: Business Accounting, Tax Season

Tax Tips for How to Avoid an IRS Audit

Posted by Tom Hallissey on Nov 9, 2016 11:00:00 AM

While the odds of being audited by the IRS are slim (less than one percent), it pays to take precautions if you are in an at-risk demographic. Although there is no clear blueprint for how to avoid an IRS audit, there are certain steps you can take to protect yourself.

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Topics: Tax Season

A Tax Planning Manual for First-Time Filers

Posted by Tom Hallissey on Oct 27, 2016 10:00:00 AM

Filing income taxes is a rite of passage for young adults. However, too many of them approach their first tax season without learning the basics of the process. If you are a first-time filer, studying these five tax planning and preparation strategies will save you precious time and money.

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Topics: Tax Season

How you Benefit from Filing for a Business Tax Extension

Posted by Tom Hallissey on Sep 8, 2016 10:00:00 AM

It happens to us all. Work, family and other obligations all seem to pile up right before the tax deadline. Rather than increasing your stress level, why not file for a business tax extension? You will thank yourself later.

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Topics: Business Accounting, Tax Season