EG Tax Blog
Weekly Tax Tips
The SALT DEDUCTION (state and local taxes) which was limited to $10,000 is now up to $40,000! This could mean more people will be itemizing on their returns. New Yorkers…. this helps! Income limit $500,000
Weekly tax Tips
Children under the age of 4 will receive a deposit from the Federal government in the amount of $1000 to be used as an IRA type investment. However, parents can annually contribute up to $5000 after tax dollars to the account (which will grow tax deferred). Finally, at age 18 the child may withd…
Weekly Tax Tip
The new deduction for tip income on businesses such as barber, nail salons, waiter/waitress or other personal service businesses where tipping is customary. The deduction for those taxpayers is up to $25,000*!
Weekly Tax Tip
IF you need extra money to beat inflation you could always sell your personal items. IF they are sold at a loss the money you receive for it is tax free. Ex – You sell an old swing set that you purchased for $1,500 10 years ago for $200, than that $200 is tax free.
Tax Tip
Don’t overlook the big benefits of contributing to your pension or IRA. If you have the benefit from your employer, contributing is a way to reduce your taxable income. That contribution saves you taxes based upon your tax bracket and can even get you a retirement savers tax credit up to 50% of …
Tax Tip
Do you have family members living in your home? If you have family living in your home with taxable income of less than $4,700 and you furnish more than half of their total support, that family member may be your dependent for tax purposes. As a single person, it means a change to head of the ho…
Tax Tip
Do you own a business and use additional labor but pay them on a 1099 form? Watch our for a recent change in classification compliance by the Department of Labor. Starting March 11th, the DOL will begin the enforcement of 1099 help who may now find they are being classified as W-2 employees. Don…
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…