EG Tax Blog
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…
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…