April 15 Countdown & Last Minute Tax Tips
6 minutes read
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:
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Contractor Hired To Process NY State Tax Returns Made Mistakes & Cost Millions
1 minute read
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:
IRS: $760 Million In Unclaimed Refunds
13 minutes read
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 each.
How Taxpayers Are Affected By 2014 IRS Budget Agreement
4 minutes read
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 cut to the Internal Revenue Service, whose funding is now sitting at levels that mirror 2009.
Tax Breaks for New Parents
4 minutes read
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.
Inheritance & Estate Tax 101
3 minutes read
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 you to pay an inheritance tax, and whether you qualify for an exemption.
Making Sense of Tricky Tax Terms: AGI vs. Taxable Income, Dividends, Exemptions & Deductions
4 minutes read
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:
Health Care Deadline Approaching
2 minutes read
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 reopens in October, the only policies available will be for calendar year 2015.