The Corporate Transparency Act of 2021

January 9, 2024By EGTaxPress Releases

*Press Release*  *For Immediate Release* The corporate Transparency Act of 2021 is mandating starting January 1, 2024 that any existing partnership, LLC, or Corporation has to file a beneficiary Ownership Information Report by December 31, 2024.  If you do not comply you/the business owners will get assessed a $500 a day penalty up to $10,000!!!  … Read More

Weekly Tax Tip 12/18/23

December 18, 2023By EGTaxTax Tips No Comments

If your self-employed and haven’t started your books, do it now instead of later! The longer you wait the more money it could cost you in taxes. Listen every Saturday at 3pm on WBEN or www.wben.com for our live tax show

Weekly Tax Tip Dec 11, 2023

December 13, 2023By EGTaxTax Tips No Comments

Do you know what a QCD is…That’s when you are age 73 or higher and move money from your IRA directly to charities and not get taxed on that money and it could even reduce the amount of taxable Social Security or the cost of your Medicare Insurance. Listen every Saturday at 3pm on WBEN … Read More

Weekly Tax Tip Dec 4, 2023

December 5, 2023By EGTaxTax Tips No Comments

If you are retired and have low income, don’t leave tax free income on the table. You could be missing out on tax free money of $1,000 up to $20,000 depending on filing status and age. Plan your distributions from your IRA and 401k accordingly. Listen every Saturday at 3pm on WBEN or www.wben.com for … Read More

Weekly Tax Tip November 27th 2023

November 27, 2023By EGTaxTax Tips No Comments

Are you investing in Crypto Currency? If you sell or exchange Crypto that is a taxable transaction and needs to be reported on Form 8949/Schedule D. Listen every Saturday at 3pm on WBEN or www.wben.com for our live tax show.

Weekly Tax Tip November 20th 2023

November 20, 2023By EGTaxTax Tips No Comments

If you use Venmo or any similar cash apps on a regular basis where you received more than $600, you will receive a 1099K this year and it is up to you to allocate it as personal, business, or rental. Start allocating your transactions now. Listen every Saturday at 3pm on WBEN or www.wben.com for … Read More

Weekly Tax Tip November 14th, 2023

November 14, 2023By EGTaxTax Tips No Comments

We know that Christmas can be very expensive, but did you know you can use some Christmas presents as a deduction? If you have a business tell your spouse you want a new desk, chair, tool, computer, etc… As long as you use it in your business then it is a deduction against your income. … Read More

Weekly Tax Tip

August 4, 2023By EGTaxTax Tips No Comments

Why you want to file your tax return on time, or request an extension, even if you can’t pay the full amount due. The benefits of doing so can help to avoid added interest and penalties, the possibility of losing future refunds to pay back prior taxes owed, and to safeguard your credit if the IRS files a tax lien against you. Please call EG Tax to prepare any years tax returns, for both IRS and all states at 716-632-7886.

REMINDER: The IRS and NY will send out letters if they have questions or issues with your tax return, they will not send emails or call you. If you are not sure EG Tax is more than happy to review any documents that you might be questioning.

Weekly Tax Tip

July 24, 2023By EGTaxTax Tips No Comments

If you get a letter from the IRS, NY State or other state you might be working in, Don’t Panic and Don’t Ignore It.  It is not a good idea to handle it on your own either.  Please speak to a tax professional at EG Tax. The IRS has been sending out identity letters to … Read More