2/26/24
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 the first $2,000 in money you contributed. If you have no plan at work, don’t forget you still have until April 15th 2024 to make contributions to an IRA for yourself and your spouse if you are still working.
 

2/26/24
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 household, which favors a lot of tax changes for the better for you.
EG Tax can help you sort out the qualifications.

 

2/12/24
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’t find yourself in a jam with the Department of Labor.
Give EG Tax a call and we will explain this substantial change so you won’t find yourself being penalized.

 

2/6/24
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 final year for this tax break!

 

1/30/24
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 one where you can receive up to $2,500 on the federal and another credit on the NY return as long as it’s the first 4 years of high education. If you need help with this or any other tax matter, visit our website at www.egtax.com or call 716-632-7886.

 

1/21/24
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 questions today 716-632-7886 or visit our website at www.egtax.com
Listen every Saturday at 3pm on WBEN or www.wben.com for our live tax show.

 

1/15/24
Do you need someone to discuss the structure of your business? All Corporations are set up as “C” corporations which means they will pay a flat tax of 21% of the profit. That’s great if you have a large net profit but if your business has a modest net profit, you should consider switching to an “S” corporation which allows the net to be taxed as low as 10%. Plus when you consider the double taxation of a “C” Corporation, it may make switching a “no brainer”.
Call us with questions today 716-632-7886 or visit our website at www.egtax.com
Listen every Saturday at 3pm on WBEN or www.wben.com for our live tax show.

 

1/8/24
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 dollars now. If you are in the 30% Federal/NY tax bracket, a $23,000 contribution cuts your taxes by $6,900. Pay yourself first!  Listen every Saturday at 3pm on WBEN or www.wben.com for our live tax show

 

1/1/24
Recent legislation has expanded the Empire State child tax credit for 2023.  The credit will now include all children under age 17 on December 31.  Previously only children at least four years old but less than 17 qualified.

 

12/25/23
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 our live tax show

 

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

 

12/11/23
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.wben.com for our live tax show

 

12/4/23
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 our live tax show.

 

11/27/23
“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.