Tax Preparation, Insurance, Payroll, Medicare and Business Advisement in Jamestown NY
How much are you eligible for? For 2022, the child and dependent care credit is much smaller and nonrefundable (in 2021, it was fully refundable). The dollar limit for eligible expenses returns to $3,000 ($8,000 for 2021) for one child and … [Read more...] about Tax credit for children and qualifying dependents
Your automobile may provide several automobile tax deductions that may lower your income tax. As with all deductions, it’s important to maintain accurate records of your expenses. Record Keeping Keep accurate records of the miles incurred for … [Read more...] about Automobile Tax Deductions
Nonitemizers can claim a deduction The CARES Act makes two significant changes to the rules governing charitable deductions for individuals. Individuals will be able to claim a $300 above-the-line deduction for cash contributions made to public … [Read more...] about New charitable contribution rules
Business taxpayers must use depreciation to deduct the cost of property purchased for use by the company. Basically, depreciation spreads the cost across the useful life of the property. Two options can allow you to take the expense earlier or … [Read more...] about Depreciation Tax Notes
Donate via your IRA With the larger standard deduction amounts beginning this year, many people could lose the tax benefit of making charitable contributions. To reduce tax liability, certain taxpayers could use a qualified charitable distribution … [Read more...] about Charitable Contributions
How to reap the full tax benefit You’ve done your cleaning and now you have boxes of outgrown clothing and unused household items. Should you toss them, have a garage sale or keep them?If you opt for a garage sale, you have to devote time to … [Read more...] about Donating Non-Cash Items to Charity
