New York City Tax Lawyer

Seven Deadly Tax Sins

7 Deadly Tax Sins

When it comes to the IRS, some bad acts are worse than others.  We have compiled below the top ones to avoid at all costs.  However, if you should find yourself in the middle of one, you should certainly call tax attorneys to get you out of the bad situation (yes, it is a bad situation).

Tax Benefits of Supporting Your Parents

Did you know you could be responsible for your parents’ unpaid bills? Ever heard of Filial Responsibility Laws?  Well, these are laws obligating you to provide financial support for your indigent parents.  Yes, obligated under law.  According to the National Center for Policy Analysis, 21 states across the country (including states like Connecticut, New Jersey and Massachusetts) allow for a civil action to obtain financial support for indigent parents.   At least 12 states may impose criminal penalties on children who refuse to support their parents.  Though rarely enforced, these laws may be dusted off by states looking to save money on Medicaid bills.

Tax Law Changes In The New York State Budget Act, Part 3

In early spring of 2016, Governor Cuomo of New York signed into law the 2016-2017 Budget Act (S6409C/A9009C) (“Budget Act” or “Act”). This legislation includes amendments to the New York tax reform legislation contained in the 2014-2015 New York State Budget and the New York City tax reform legislation contained in the 2015-2016 New York State Budget. It also contains provisions which affect certain state credits and incentives, and state sales tax provisions. This is the third part of a three-part series summarizing some of the more significant provisions of the Budget Act.

Interest or bad debt deductions

France Promises 1 Billion Euro Tax Cut In 2017

In September 2015, French President Francois Hollande promised households a 1 billion-euro ($1.1 billion) tax cut next year. Why such benevolence?  Hollande’s government was attempting to make up for the glut of gross domestic product (GDP) that was taken by his government in taxes in 2014.

Finance Minister Michel Sapin said “we’re doing it because it’s both fair and necessary.” Both France and Belgium collected the equivalent of 47.9 percent of gross domestic product in 2014. France’s finance ministry estimated that taxation and social charges have fallen from 44.9 percent of GDP in 2014 to 44.5 percent this year.

What To Do If You Haven’t Received Your Refund

Of course, none of us “prefer” to pay taxes. Once we do pay our taxes, if we expect a refund, we hardly exhibit any patience awaiting it in the mail. But the IRS is a mega-bureaucracy, which means that things get lost, overlooked, mishandled, and, well I shudder to think. Thus, delays are not altogether uncommon, and failures to process and mail returns actually occur, albeit infrequently. So what do you do if you haven’t received your tax refund?

Federal Tax Refunds May Be Delayed In 2017

Earlier this year, the Internal Revenue Service announced it is beginning protocols for processing tax returns using the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC). The IRS is sharing this information to help taxpayers, tax preparers, and other tax professionals prepare for the opening weeks of the 2017 filing season. The IRS is attempting to ensure taxpayers receive a correct and accurate refund.

The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) was enacted in December of 2015, which made several changes to the tax law affecting taxpayers with families. This change begins Jan. 1, 2017, and therefore may affect some returns filed early in 2017.

The Most Overlooked Tax Deductions, Part 7

Many taxpayers overlook the long list of deductions that they may take when completing and filing their tax returns. The IRS has estimated that millions of taxpayers overpay their taxes each year mainly because they fail to avail themselves of all of the possible deductions. Here is the seventh part of our multi-part series of blogs on the most overlooked tax deductions:

BUSINESS EXPENSES AS DEDUCTIONS

Bonus Depreciation

When it comes to acquiring new equipment for an enterprise, business owners must regularly stay updated on all current, pertinent tax rules and regulations, which constantly change. The tax professionals at the Thorgood Law Firm can help ensure that all taxpayers take advantage of any and all deductions that may apply to them.

The Most Overlooked Tax Deductions, Part 6

Many taxpayers overlook the long list of deductions that they may take when completing and filing their tax returns. The IRS has estimated that millions of taxpayers overpay their taxes each year mainly because they fail to avail themselves of all of the possible deductions. The tax professionals at the Thorgood Law Firm can help ensure that all taxpayers take advantage of any and all deductions that may apply to them. Here is the sixth part of our multi-part series of blogs on the most overlooked tax deductions:

COLLEGE TUITION & LOAN DEDUCTIONS

The American Opportunity Credit

The Most Overlooked Tax Deductions, Part 5

Many taxpayers overlook the long list of deductions that they may take when completing and filing their tax returns. The tax professionals at the Thorgood Law Firm can help ensure that all taxpayers take advantage of any and all deductions that may apply to them.  Here is the fifth part of our multi-part blog on the most overlooked tax deductions:

LEGAL INCOME & FEES AS DEDUCTIONS

Jury pay paid to employer

The Most Overlooked Tax Deductions, Part 4

The Most Overlooked Tax Deductions, Part 4Many taxpayers overlook the long list of deductions that they may take when completing and filing their tax returns. The IRS has estimated that millions of taxpayers overpay their taxes each year mainly because they fail to avail themselves of all of the possible deductions. The tax professionals at the Thorgood Law Firm can help ensure that all taxpayers take advantage of any and all deductions that may apply to them. Here is the fourth part of our multi-part blog on the most overlooked tax deductions:

HEALTH, CHILD CARE, AND CHARITY DEDUCTIONS

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