Tax Preparation, Insurance, Payroll, Medicare and Business Advisement in Jamestown NY
Learn about tax tips and articles from our advisory section from Gleason Tax Advisory.
CARES Act eases the rules In 2017, the Tax Cuts and Jobs Act (TCJA) provided that net tax losses from businesses in excess of an inflation-adjusted $500,000 for joint filers, or an inflation-adjusted $250,000 for other taxpayers, are to be treated … [Read more...] about Handling business losses
Having a baby changes your life in every way. One of those ways is taxes. There are a variety of tax benefits related to having children. The Child Tax Credit provides up to $2,000 of credit for each child under age 17. This benefit is … [Read more...] about Having a Baby
What if the worst happens and you lose your job? There are some options you have to get through this rough time. Unemployment. First, if you have been laid off, you can file for unemployment. This income is taxable, just as any other income. … [Read more...] about Losing a Job
Each year, the IRS publishes a list of the twelve most common tax scams. What are the dirty dozen for 2020? … [Read more...] about IRS’s Dirty Dozen
In the current crisis, more taxpayers than usual are unable to pay their bills and are seeking debt forgiveness. The general rule is that cancelled debts are included in the income of the taxpayer. However, exceptions may allow the taxpayer to … [Read more...] about Cancellation of Debt Income
It Might be a Business after all If you have income from sources other than your main job, how do you know whether it’s income from a business or hobby? Like many of us, you’ve probably dreamed of turning a hobby or pastime into a regular … [Read more...] about Hobby Income
