Thursday, November 24, 2016

Happy Thanksgiving

From our Family to your Family

We hope you have a 

wonderful Thanksgiving this year.

Tuesday, November 22, 2016

Eight Tips for Deducting Charitable Contribution

Charitable contributions made to qualified organizations may help lower your tax bill. The following tips will help ensure your contributions pay off on your tax return. Always consult your tax professional regarding your specific situation.

1. If your goal is a legitimate tax deduction, then you must be giving to a qualified organization. Also, you cannot deduct contributions made to specific individuals, political organizations and candidates. See IRS Publication 526, Charitable Contributions, for rules on what constitutes a qualified organization.  
2. To deduct a charitable contribution, you must file Form 1040 and itemize deductions on Schedule A.  
3. If you receive a benefit because of your contribution such as merchandise, tickets to a ball game or other goods and services, then you can deduct only the amount that exceeds the fair market value of the benefit received.
 4. Donations of stock or other non-cash property are usually valued at the fair market value of the property. Clothing and household items must generally be in good used condition or better to be deductible. Special rules apply to vehicle donations.

 5. Fair market value is generally the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts.
6. Regardless of the amount, to deduct a contribution of cash, check, or other monetary gift, you must maintain a bank record, payroll deduction records or a written communication from the organization containing the name of the organization, the date of the contribution and amount of the contribution. For text message donations, a telephone bill will meet the record-keeping requirement if it shows the name of the receiving organization, the date of the contribution, and the amount given.  
7. To claim a deduction for contributions of cash or property equaling $250 or more you must have a bank record, payroll deduction records or a written acknowledgment from the qualified organization showing the amount of the cash and a description of any property contributed, and whether the organization provided any goods or services in exchange for the gift. One document may satisfy both the written communication requirement for monetary gifts and the written acknowledgement requirement for all contributions of $250 or more. If your total deduction for all non cash contributions for the year is over $500, you must complete and attach IRS Form 8283, Non cash Charitable Contributions, to your return.
 8. Taxpayers donating an item or a group of similar items valued at more than $5,000 must also complete Section B of Form 8283, which generally requires an appraisal by a qualified appraiser.

For more information on charitable contributions, visit or call (800-829-3676).

 Always consult your tax professional regarding your specific situation.

Friday, November 18, 2016

15 Ways to Know You're a Tax Nerd

You know you are a tax nerd if:

1. At your wedding on December 31, you insisted that the photographer take a picture of you exchanging vows in front of the Big Ball in Times Square to prove to the IRS that you got married before midnight.

2. On April 15th you keep moving west as you prepare income tax returns so as to extend the filing deadline by three hours.

3. When you finish preparing a return, instead of saying 10 4 over and out, you say 1040 completed and filed.

4. You insisted that your daughter Katie pay kiddie tax on her lemonade stand income.

5. You consider a Rabbi Trust an example of a reputable clergy person.

6. You think a tax table is where deals are cut with the IRS.

7. You think that any person who masters the Internal Revenue Code is entitled to a Lifetime Learning Credit.

8. You think Batman collects taxes for the Commissioner.

9. Whenever you explain a QTIP, you give your client an earful.

10. You think that people who get paid under the table use the cash method of accounting.

11. You keep changing your mind when asked if you recommend creating a revocable trust.

12. You think people who create disregarded entities lack self confidence.

13. You equate the office of the IRS Taxpayer’s Advocate to the fox watching the hen house.

14. You think of an IRS furlough day as a tax holiday.

15. You think those who are careless with their tires should be subject to a flat tax.

Thursday, November 17, 2016

Tuesday, November 8, 2016

New York Filing Requirements for Sales and Use Tax Returns

Every person who sells taxable tangible personal property or taxable services (even if you make sales from your home) must register with the NYS Tax Department before beginning business. If you aren't sure whether you need to register for sales tax purposes, see Tax Bulletins Do I Need to Register for Sales Tax? (TB-ST-175) and Sales from Your Home (TB-ST-807)

If you are registered for sales and use tax purposes in New York State, you must file sales and use tax returns. We’ll explain the sales tax filing requirements for quarterly, part-quarterly (monthly), and annual filers, including the E-file mandate.

Election Day! Get Out and Vote!

Every Vote Matters!  Get out there Long Island!

Monday, November 7, 2016

Do You Have Sales Tax Nexus in New York

What is Nexus?

The need to collect sales tax in New York is predicated upon having a physical connection with the state. This is a concept known as nexus. Nexus is a latin word that means "to bind or tie" and it stands as the deciding factor for whether the New York Department of Taxation and Finance has the legal authority to require your business to collect, file, and remit sales tax.