Deduction for legal fees related to civil rights and whistle blower suits

 Accounting & Taxation, Current Events, Tax Tips  Comments Off on Deduction for legal fees related to civil rights and whistle blower suits
Dec 102018
 

While most legal fees relating to personal matters are non-deductible (or no longer deductible), IRC Section 62(a) provides for a deduction for attorneys fees in civil rights & whistle blower cases as a write-in deduction on Line 36 of Form 1040, before AGI.

Be sure to bring to your tax preparer’s attention any such legal fees which you have paid during the tax year in order to properly report them and take the deduction to which you are entitled.

State Energy Tax Incentives

 Accounting & Taxation, Tax Tips  Comments Off on State Energy Tax Incentives
Dec 072018
 

Contemplating an investment in some energy-efficient equipment but unsure as to what tax incentives may be available in your state? The N.C. Clean Energy Technology Center at N.C. State University, funded by the U.S. Department of Energy, maintains DSIRE, the Database of State Incentives for Renewables & Efficiency.

Simply visit the link above and enter your zip code to get a list of potential incentives available in your area.

Why your financial advisor or estate planner probably isn’t your best bet for a tax preparer

 General  Comments Off on Why your financial advisor or estate planner probably isn’t your best bet for a tax preparer
Jan 122018
 

Every so often, we have a client who decides to take advantage of so-called “bundled services” (kind of like bundling cable TV with telephone and internet services). Such “bundles” typically are offered by asset managers, financial planners, estate planners and other investment advisors, under the guise of “being part of the service.” But just what is that “service,” anyway? Continue reading »

Cryptocurrency and you (or, what you need to know about Bitcoin, briefly)

 Accounting & Taxation, Current Events, Tax Tips  Comments Off on Cryptocurrency and you (or, what you need to know about Bitcoin, briefly)
Jan 092018
 

This will probably morph into a series of brief posts about cryptocurrency and how to handle it from a business and tax perspective. Most of us are still working through the maze, and of course, the tax landscape continues to shift beneath our feet. This article has been written post-signing of H.R.1, the Tax Cuts and Jobs Act, signed into law in December, 2017. Continue reading »

John Wick: Chapter 2(2017)

 Tax Tips  Comments Off on John Wick: Chapter 2(2017)
Apr 232014
 

John Wick: Chapter 2(2017)


Quality : HD
Title : John Wick: Chapter 2
Director : Chad Stahelski.
Writer :
Release : 2017-02-08
Language : English.
Runtime : 122 min.
Genre : Thriller, Action, Crime.

Synopsis :
Movie ‘John Wick: Chapter 2’ was released in February 8, 2017 in genre Thriller. Chad Stahelski was directed this movie and starring by Keanu Reeves. This movie tell story about John Wick is forced out of retirement by a former associate looking to seize control of a shadowy international assassins’ guild. Bound by a blood oath to aid him, Wick travels to Rome and does battle against some of the world’s most dangerous killers.

John Wick: Chapter 2(2017)

W-2 codes for Boxes 12 and 14 related to New York State Employees

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Apr 232014
 

It is often hard to decipher some of these codes which identify various amounts reported on Forms W-2 in boxes 12 and 14. A quick sampling of them (specifically as related to New York State) would be:

414(h) – All non-taxable retirement contributions made to New York State or City retirement systems or to TIAA-CREF. This amount must be reported for State and Local taxes. If there is a minus sign (-) with this amount, State and Local taxes have already been paid.

WCX – Workers’ Compensation excluded amount. This is the amount awarded by NYS Workers’ Compensation Board which is excluded from the gross pay for the current year for a work- related injury.

IRC125 – For City University of New York (CUNY) employees only. This amount includes Dependent Care, Flexible Spending Account, and Non-Taxable Health Insurance and is excludable for Federal income tax, FICA and Medicare taxes. It is not included in Boxes 1, 3 and 5. This amount must be reported for State and Local taxes.

A full listing of these codes (and other interesting W-2 reporting) is available from the Office of the State Comptroller.

Tax season 2014

 Accounting & Taxation  Comments Off on Tax season 2014
Jan 192014
 

Well, it's finally arrived: the sunset of a number of lingering provisions, and the renaissance of some much hated things, such as the PEASE and PEP itemized deduction and personal exemption phaseouts. Those, coupled with other niceties, such as the increase in the floor for deductible medical expenses form 7.5% of AGI to 10%, will hit a number of clients particularly hard.