This year conversions from Traditional to Roth IRA’s were way up due to the elimination of income limitations that were previously applied to the conversions.  But is converting to a Roth IRA a good idea when it comes to your income taxes?  In some cases it is a smart move to convert now and in… Continue reading

Well tax day is finally here!  It’s been a rough year for all american taxpayers due to the economic crises; including the employees and associates of R&G Brenner.  Therefore I would like to thank all R&G Brenner associates for their hard work, 12 hour work days and tireless efforts.  Without these experienced professionals, as well… Continue reading

Tax time is one of the most stressful times of year for everyone. Besides worrying about possibly owing even more than you’ve already paid, there’s always the question of figuring out exactly how you’re going to get your taxes filed. Aside from a few whiz kids, I don’t know very many people who feel comfortable… Continue reading

The IRS has reported that more than 1.4 million tax payers are due over $1.3 BILLION in unclaimed refunds because they have not filed a 2006 tax return.  These refunds are still available, but only if a 2006 tax return is filed before April 15th, 2010.  After that, the government gets to keep your refunds.
Some… Continue reading

There are many ways to maximize your refund  in any given tax year.  However, as opposed to sifting through reams of tax laws to determine whether or not you qualify for certain tax credits, various deductions or if you should file additional tax schedules, one of the easiest & most frequently overlooked adjustments you can… Continue reading

I recently read an article that breaks down the differences in the two most popular tax preparations software; Intuit’s TURBOTAX and H&R Block’s AT HOME (previously knows as TAX CUT).  I am going to post some of the interesting findings and add R&G Brenner’s comments underneath:
TAXES can make people do silly things, like investing in… Continue reading

It appears that for the third year in a row, NY state is planning on delaying refunds to New York taxpayers. The last two years, the state was savvy in delaying refunds by issuing a blanket letter requesting “additional documentation” in order to release refunds.  However, in many cases, the state already had all the… Continue reading

The First-Time Homebuyer Credit (FTHC)–where qualifying taxpayers can receive up to an $8,000 tax credit–is under tremendous scrutiny by the IRS as it has been earmarked this year as a credit that is likely to be abused.  This is not surprising considering the huge amount of money the IRS could stand to lose due to… Continue reading

The following are a list of critical tax benefits all tax payers should be aware of.  Pay particular attention to the first one, as this will negatively affect taxpayers by reducing the amount they receive from the Child Tax Credit.

The Child Tax Credit is set to decrease from $1,000 per child in tax year 2009… Continue reading

In an effort to slash over $700,000 from their budget, NY State has eliminated the mailing of form 1099-G (Statement for Recipients of State Income Tax Refunds) to New York taxpayers.  1099-G’s are issued to taxpayers that receive NY State refunds–which are considered taxable income on the following year’s income tax return.
In the absence of… Continue reading