EG Tax Blog
Tax Tip
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.co…
Weekly Tax Tip November 27th 2023
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
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 …
Weekly Tax Tip November 14th, 2023
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.
Listen e…
Weekly Tax Tip
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 IR…
Weekly Tax Tip
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 millions of taxpayers in an e…
OFFER IN COMPROMISE
Have you ever felt like you will never get out of the grips of the IRS due to past obligations that just keep collecting interest and more interest. Rest assure there are options out there to help if you are carrying a tax debt that you cannot pay. EG Tax can help with that. EG Tax will help p…
Weekly Tax Tip
Now is the time to get a tax checkup!!
If you are concerned with a change in your income due to retiring, or maybe an increase in your income from a new job. Maybe you owed money this past tax year and want to make sure you are withholding more. You can call our office to schedule a half year re…
Weekly Tax Tip
Energy Credit for 2023 through 2032: 30%, up to a maximum of $1,200 per year, no lifetime limit. The old credit gave you a lifetime credit of up to $500. The items you can take credit for are: windows, doors, hot water tank, furnace and insulation on a preexisting personal residence. (biomas…
New Home energy Credit for 2023
New Home energy Credit for 2023
Through December 31, 2022, the energy efficient home improvement credit is a $500 lifetime credit. As amended by the IRA, the energy efficient home improvement credit is increased for years after 2022, with an annual credit of generally up to $1,200. Beginning Janu…
Blizzard 2022
With President Biden issuing a Federal disaster declaration for the Western New York Area this has opened up an opportunity for individuals who are not made whole by their insurance companies from damages caused by the Blizzard of 2022 to declare a casualty loss on their 2022 tax returns. This co…