Tax debate touches every individual, business
Small business taxation, corporate tax rates, and changes to
popular deductions are just some of the many complex changes to the
Tax Code being debated in Congress. At the time this article was
Year-end planning for capital gains and losses
As an economic incentive for individuals to save and invest, gains
from the sale of capital assets held for at least one year unless
offset by losses, as well qualified dividends received during the
Information reporting deadlines coming up fast
Information reporting has become a growing part of IRS’s
enforcement and compliance strategy. Data matching, or even the
inference that the IRS has the data to do so, statistically has
How Do I? Compute taxable life insurance benefits
Life insurance proceeds are received tax-free. However, any
interest earned on life insurance proceeds, usually referred to as
its cash value, is subject to tax. Special rules apply to transfers
December 2017 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important federal tax reporting and filing data for
How Do I? Get a tax break on my vacation home
Vacation homes offer owners tax breaks similar-but not identical-to
those for primary residences. Vacation homes also offer owners the
opportunity to earn tax-advantaged and even tax-free income.
FAQ: How are vacation homes taxed?
Vacation homes offer owners many tax breaks similar to those for
primary residences. Vacation homes also offer owners the
opportunity to earn tax-advantaged and even tax-free income from a
How do I? Get the most from my inherited IRA?
Individual Retirement Accounts (IRAs) are popular retirement
savings vehicles that enable taxpayers to build their nest egg
slowly over the years and enjoy tax benefits as well. But what
happens to th...
How Do I? Use the mid-year depreciation convention
Depreciation on a business asset is calculated using an applicable
method, period, and convention. To compute the deduction for the
year the property is placed in service and the year the property is
FAQ: Are summer camp costs deductible?
With school almost out for the summer, parents who work are
starting to look for activities for their children to keep them
occupied and supervised. The possibilities include sending a child
to day ca...
FAQ: What is backup withholding?
Most people are familiar with tax withholding, which most commonly
takes place when an employer deducts and withholds income and other
taxes from an employee's wages. However, many taxpayers are
Scope of information reporting continues to expand
Information reporting continues to expand as Congress seeks to
close the tax gap: the estimated $350 billion difference between
what taxpayers owe and what they pay. Despite the recent rollback
FAQ: What is a limited liability company?
A limited liability company (LLC) is a business entity created
under state law. Every state and the District of Columbia have LLC
statutes that govern the formation and operation of LLCs....
How Do I? Write Off Bad Business Debts
A business with a significant amount of receivables should evaluate
whether some of them may be written off as business bad debts. A
business taxpayer may deduct business bad debts if the receivable
Estimated tax: Getting it right
Estimated tax is used to pay tax on income that is not subject to
withholding or if not enough tax is being withheld from a person's
salary, pension or other income. Income not subject to withholding
How Do I? Make an in-plan Roth IRA rollover?
In-plan Roth IRA rollovers are a relatively new creation, and as a
result many individuals are not aware of the rules. The Small
Business Jobs Act of 2010 made it possible for participants in
FAQ: What are my chances of being audited?
Often, timing is everything or so the adage goes. From medicine to
sports and cooking, timing can make all the difference in the
outcome. What about with taxes? What are your chances of being
The small employer health insurance premium credit
Under the Patient Protection and Affordable Care Act (PPACA)
enacted in March 2010, small employers may be eligible to claim a
tax credit of 35 percent of qualified health insurance premium
FAQ: What are the rules for claiming dependents?
The tax rules surrounding the dependency exemption deduction on a
federal income tax return can be complicated, with many
requirements involving who qualifies for the deduction and who
qualifies to ta...
Professional services are provided ONLY by highly experienced professional Certified Public Accountants, Certified Valuation Analysts and Chartered Global Management Accountants.
We are located at :
8612 Main Street Williamsville, New York 14221Tel. 716-630-0600
Our Professional Memberships American Institute Of Certified Public Accountants New York State Society of Certified Public Accountants National Association of Certified Valuation Analysts Medical Group Management Association WNY Collaborative Divorce Professionals Ltd.
Please take the time to explore our website. Visiting this site regularly allows you to access:
- highlights of daily Federal, New York and Florida tax law changes, with updated articles providing you with important tax and financial information
- almost 100 financial tools and interactive calculators for quantifying your important financial decisions
- links to government agencies and other helpful websites.
We independently provide professional services in the areas of tax strategies and planning, tax compliance, business and professional practice valuation services, accounting, financial reporting, business interruption and loss claims measurement, valuation of businesses and business interests, Quickbooks (with client online QB file exchange), tax preparation, tax advice, business strategy, assisting you in your divorce process, serious IRS tax problems, tax refund claims, business operations, systems, and process consulting, strategic planning, practice management, and financial management advice.
We work with many other professional services firms to provide clients with an even broader range of CPA, valuation and professional business advisory services.
Our advice is always researched, objective and independent. We will never accept referral fees, sell products, manage assets or earn commissions, This allows us to provide independent insight on taxes, wealth transfer, business and family concerns that should be incorporated into your wealth strategy, and other areas that support your business and family goals.
Please remember to bookmark this site in your "Favorites".
Please call us today at 716-630-0600. Your referrals are always appreciated.
If you are just visiting our site to use our Web links, Newsletter or Financial Calculators (Tools) and find them helpful, please consider making a small donation to the following non-profit organizations: Make-A-Wish Foundation, Roswell Park CancerInstitute, Horizon Village or Women's & Children's Hospital Of Buffalo with our sincere thanks and appreciation. Please consider them in your charitable giving plans.
We Are A Group of Professional Limited Liability & Other Entities Providing Services Independently to Clients. The Firms and Affiliations are presented in the "CPAs CVAs" Section of this site.