Tax Tips

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

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

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

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.

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

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

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.

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

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 review and make sure next tax season goes a little more smoothly.

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.  (biomass stoves and boilers … Read More