Archive for the ‘Individual Services’ Category

The agreement hammered out in the Senate just before the clock struck midnight on December 31, 2012 and subsequently approved by the House on January 1 – pulled the nation back from the edge of the fiscal cliff. President Obama promptly signed the “American Taxpayer Relief Act of 2012″ into law on January 2. Following is an overview of the key tax provisions in store for individual and business clients in 2013.

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Tax Return Preparation in Buffalo, NY – This article highlights the importance of  using a qualified and knowledgeable Buffalo Accountant; to file your tax return. The new Earned Income Tax Credit could potentially boost your income tax return by $2,200.00
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In 2011, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation, the Internal Revenue Service announced today. These inflation adjustments relate to
eight tax provisions that were either modified or extended by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that became law on Dec. 17. New dollar amounts affecting 2011 returns, filed by most taxpayers in early 2012, include the following:
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Having assisted many clients prepare for their children’s college education and having a daughter who’s fast approaching college age, I thought a general discussion on the topic would be informative. I’m not going to review all the different tax credits and tax related issues involved, due to the fact that they are ever changing. However, in my discussion I will hit on areas which have caused taxpayers problems due to misunderstandings or not understanding the law. But, first, the College facts.
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The Pitfalls of Gambling and Taxes

The Internal Revenue Code is unkind to winners — and it doesn’t much like losers, either. Of course, the tax-collector first has to find out that you have won. Congress and the Internal Revenue Service know gambling is an all-cash business and few winners indeed would voluntarily report their good luck. So, statutes and regulations turn the gambling businesses, casinos, state lotteries, race tracks and even bingo halls, into agents for the IRS.
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The 10 reasons you should hire a Professional Tax Preparer

Tax Professional’s are trained in the proper techniques of individual tax return preparation. The Tax Professional understands what documentation is required to obtain your best tax results within the law. Most Tax Professionals will use checklists and organizers to ensure that no tax deduction or potential income is overlooked. The tax professional will review your documents with you and assist you in gathering the tax documents required. He or She will thoroughly review the Read more

Consider this situation. You purchase one or more of the tax software programs to complete your personal form 1040. You file your return and a few months later get a letter from the IRS. It turns out you incorrectly used the tax software and made fundamental errors. The Tax Courts have ruled that ignorance of the law or the proper use of tax preparation software is not a defense against penalties. The following is an example of a real case study from exactly that situation.
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Special strategies for receiving retirement benefits.

As is so often the case today, individuals find themselves needing to work even after reaching retirement age due to their inability to survive on their retirement savings and Social Security. They might even find themselves struggling even though they continue to work. This is often true when the husband works and the wife is a homemaker.
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