Blog

E-filing

January 29, 2018 marks the first day of e-filing. We can do 2015, 2016 and 2017 tax returns. And amended NYS too for those years.

Roth IRA Conversions

If you meet the IRS eligibility requirements, you may convert a portion or all of your traditional IRA to a Roth IRA. Note: The Tax Cuts and Jobs Act repealed the ability to recharacterize a conversion. That means if you convert a traditional IRA to a Roth IRA in 2018 or after, you will not […]

Summary of Itemized Deductions on the Federal Return

On December 22, 2017, President Donald Trump signed the Tax Cuts & Jobs Act into law, changing the entire U.S. tax landscape. A major component of the act affecting individual taxpayers is the new treatment of itemized deductions. With so many changes to the limits and deductibility of certain expenses, many individual taxpayers may find […]

New Tax Bill Calculator

Many people would like to know how the new tax bill for 2018 will affect them. Here are a couple of online calculators that may be helpful. CNN: https://www.nytimes.com/interactive/2017/12/17/upshot/tax-calculator.html NY Times: https://www.nytimes.com/interactive/2017/12/17/upshot/tax-calculator.html In addition, the withholding tables for your paycheck or pension check is set to be changed in February 2018.

Electronic Filing

It now appears that electronic filing will begin on Monday January 29, 2018 for individual returns. This should be valid for 2017, 2016 and 2015 only. On the other hand, business returns can be filed starting Monday, January 8, 2018. However, this is unlikely to include NYS and NYC.