EG Tax Blog
Tax Tip
Are you a homeowner? You may qualify for the REFUNDABLE Property tax rebate from New York State if your property tax bill exceeds your NY adjusted gross income by 6% and falls between $250 and $350. Use form NY 229 to apply. If you need help, EG Tax will prepare the form for you! This is the fin…
Tax Tip
Your child just went off to college. You are in for a big tax credit called The American Opportunity Credit. Even if the tuition was borrowed, you, the parent is still eligible to take the credit provided that you are still giving more than 50% of the support of your child. The credit is a large…
Tax Tip
The standard deduction for married seniors this year is $30,500 which means many of you won’t pay taxes at all. Understanding this, why not use this large standard deduction as an opportunity to withdraw from taxable annuities, pensions, or IRAs making them tax free as well. Call us with questio…
The Corporate Transparency Act of 2021
*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 …
Tax Tip
People are always looking for loopholes. One of the very best is using your company’s pension plan to your best interest. You can contribute up to $23,000 if you are under the age of 50 or $30,500 if you are 50 or older. The pension grows tax deferred until withdrawn plus it saves you tax dollar…
Tax Tip
If you bought an electric car in 2023 go to IRS.gov to see if you car qualifies and to see how much your Electric Car is going to save you on your tax return. But remember this is a non-refundable credit and it does not carry over to 2024. Listen every Saturday at 3pm on WBEN or www.wben.com for…
Weekly Tax Tip 12/18/23
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
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 or www.wb…
Tax Tip
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 or www.w…
Weekly Tax Tip Dec 4, 2023
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…