April 15 Countdown & Last Minute Tax Tips

April 14th, 2014 at 2:50 pm — By R&G Brenner

With the clock about to strike midnight on the 2013 Tax Year Filing season, the following is a quick list of tax tips for all you last minute filers out there: April 15th Deadline Yes, we all know the saying “Death & Taxes…”. And nothing drums up the cold sweats and association with taxes like… Continue reading

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Contractor Hired To Process NY State Tax Returns Made Mistakes & Cost Millions

April 11th, 2014 at 2:34 pm — By R&G Brenner

A recent review of New York State Industries For The Disabled–the contractor hired by New York State to process mail-in tax returns–revealed a tremendous amount of mistakes and excessive overtime that cost taxpayers Millions of dollars: The review found that the contractor introduced errors into an estimated 22 percent of the more than 2 million paper… Continue reading

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NY Suspending Drivers Licenses For Those That Fail To Pay Taxes

March 24th, 2014 at 12:29 pm — By R&G Brenner

  Governor Andrew M. Cuomo today announced that 8,900 New Yorkers had their driver licenses suspended for failing to pay taxes they owe the State. The crackdown is the result of legislation signed into law last year aimed at encouraging individuals who owe more than $10,000 in back taxes to settle their bills with the… Continue reading

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IRS: $760 Million In Unclaimed Refunds

March 20th, 2014 at 10:28 am — By R&G Brenner

The IRS currently has over $760 Million in unclaimed refunds from tax year 2010, and the clock is running out for taxpayers to claim them.   Any rightful refunds from 2010 not claimed by April 15, 2014 will become the property of the US Government.  The majority of these refunds are in excess of $571… Continue reading

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How Taxpayers Are Affected By 2014 IRS Budget Agreement

March 18th, 2014 at 2:46 pm — By R&G Brenner

The 2014 Omnibus Appropriation Bill—the piece of legislation that is responsible for allocating funding for the entirety of the federal government—was recently finalized and released. With the economy still recovering, it came as no surprise that the bill announced budget cut after budget cut for a variety of departments. Slightly bewildering, though, was the large… Continue reading

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Tax Breaks for New Parents

March 13th, 2014 at 3:03 pm — By R&G Brenner

Having a child changes your life in countless ways, one of which is how you are taxed. New parents unlock several different tax breaks not otherwise offered which are designed to make raising a family financially easier. Here’s a look at a few of them. Adoption Credit/Adoption Assistance If you adopt a child, you might… Continue reading

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Inheritance & Estate Tax 101

March 6th, 2014 at 2:53 pm — By R&G Brenner

If you have recently inherited a large sum of money, you may have some questions about the inheritance tax, and whether or not it will affect you this tax season. Before you worry about having to pay an inheritance tax, read on to find out what exactly an inheritance tax is, whether your state requires… Continue reading

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Making Sense of Tricky Tax Terms: AGI vs. Taxable Income, Dividends, Exemptions & Deductions

March 3rd, 2014 at 3:57 pm — By R&G Brenner

Tax season can be intimidating to those who aren’t certified accountants or tax professionals. With all the tax terminology out there, simply understanding the terms on the form you’re filling out can be daunting. No fear—a tax-terminology-debunker is here: Understanding: Adjustable Gross Income First things first, you need to understand the total income. Total income… Continue reading

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Health Care Deadline Approaching

March 3rd, 2014 at 3:13 pm — By R&G Brenner

The deadline to obtain health coverage for calendar year 2014 on or outside of the NY State Health Care Exchange is March 31st, 2014.  After this date, the health care exchange and insurance companies outside of the exchange will cease offering policies for 2014.  The exchange is slated to reopen October, 2014.  However, once the health exchange… Continue reading

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Understanding Obamacare’s Hardship Exemption

February 28th, 2014 at 10:27 am — By R&G Brenner

  9 million individuals have signed up for health insurance as mandated by the Patient Protection and Affordable Care Act of 2010 (PPACA). Also referred to as the ACA or Obamacare, the law requires all Americans to purchase or be covered under a plan of insurance for healthcare by  March 31, 2014. Failure to obtain… Continue reading

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