A second pair of eyes and one more look at the return is important and is taken seriously by Tax City. It’s been a surefire way to prevent errors. It’s done for the clients of Tax City. Each and every return is looked over. Sometimes clients get a call that something is off- it’s almost […]
In what is perhaps a reversal but might just be a clarification, home equity interest can be deducted– still. At first look, Heloc (Home Equity Line of Credit) interest was out in the new Tax Cuts and Jobs Act, however the IRS says differently. The IRS essentially stated that so long as the proceeds on […]
On February 9, 2018 the President signed into law HR 1892, the Bipartisan Budget Act of 2018, which extends federal funding for the government. As a result many expired provisions were brought back to life. Common provisions include: PMI deduction Tuition and fees deduction Nonbusiness energy property tax credit Cancellation of qualified principal residence indebtedness […]
Ed Pawson has returned to Tax City after a three year hiatus (his main job conflicted with his work here). He retired from New York State with over 26 years as a tax auditor. He was also an IRS agent for over 16 years. We again have a veteran on our staff!
It looks like refunds are going out timely on the federal level. About 7-10 days
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.
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 Note: The Tax Cuts and Jobs Act repealed the ability to recharacterize a conversion.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 […]
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 […]
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.
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.