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Category: Tax Compliance

Itemizing vs. Standard Deduction

1 April, 2013 | Tax Compliance

Itemizing vs. Standard Deduction Each tax season taxpayers have to choose to between standard and itemized deductions. It is smart to compare the two methods, and pick the one that gives you the largest tax benefit. The following are some tax tips to help you choose. Know what the standard deduction is. If you choose not to itemize, you will automatically be given the standard deduction. The standard deduction amount is determined by your filing s... CONTINUE READING

The Internal Revenue Service Disallows Child Tax Credits

14 March, 2013 | Tax Compliance

The Internal Revenue Service Disallows Child Tax Credits The Internal Revenue Services is strict when it reviews child tax credits.  The tax law allows a deduction for each dependent the taxpayer is supporting.  A dependent is defined as a qualifying child or qualifying relative under Section 152 (a). Section 152 sets strict standards as to who can be claimed as a qualifying child or qualifying relative. One of the requirements to be a qualifyin... CONTINUE READING

New York State Filing Tips

8 March, 2013 | Tax Compliance

New York State Filing Tips According to the New York State Department of Taxation and Finance, taxpayers tend to make several common mistakes every year.  The following list is a way for you to double check so you can hopefully avoid simple filing errors with this tax help.   Always file.  Avoid the penalties and interest that occur when you file late.... CONTINUE READING

Mileage Logs: Keeping records is not enough to guarantee tax deductions

21 January, 2013 | Tax Compliance

Mileage Logs: Keeping records is not enough to guarantee tax deductions Every year the Internal Revenue Service issues optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.  Starting on January 1, 2013, the stand mileage rates for the use of an automobile are: 56.5 cents per mile for business miles driven 24 cents per mile driven fo... CONTINUE READING

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New York State Tax Debt—Collection Statute of Limitations

Statute of Limitations on NY State Tax Debt—How Long Can They Collect? After state taxes have been assessed, the Department of Taxation and Finance (DTF) can only collect taxes for a set period of time. In New York State, the statute of limitations is generally 20 years. Howe...