Money Saving Tax Tips

Filing your federal income tax return can be a stressful and complicated task. So we’ve put together this handy guide to set you on the right path and to prevent you from running around like a chicken with its head cut off when April rolls around.  This guide is intended to be only a handy... Continue reading→

The new tax law has put a whole new spin on year-end tax planning, though it hasn’t eliminated the need to do it all together.  “The tricks we had in our back pocket have been taken away in the name of simplification,” said Nathan Smith, a director in the national tax office of CBIZ MHM... Continue reading→

Many tax filers claim perfectly deductible and legitimate expenses only to have them disallowed because they can’t substantiate them. Here’s how to make sure you have the right proof to get all your deductions… Out-of-pocket expenses Out-of-pocket cash expenses in connection with a business or charitable organization activity do not need receipts if individual expenses... Continue reading→

Natural disasters can strike anywhere and the financial cost to individual households and businesses can be staggering. Insurance may help defray some of the costs associated with restoring and replacing damaged and destroyed property. In some cases, the IRS may institute special programs and provisions designed to bring added relief to victims living in affected... Continue reading→

The Tax Jobs and Cuts Act (TCJA) was signed into law last year, with the promise that most taxpayers would get a tax break. However, the General Accounting Office (GAO) is warning that, unless taxpayers act to adjust their withholding, more than thirty million taxpayers will owe taxes next year, an increase from last year. Why is... Continue reading→

The Tax Cuts and Jobs Act made some major changes to the deduction for property taxes. Here’s what you need to know. There were several IRS tax deductions that didn’t survive the tax reform process and will no longer be available. However, the deduction for state and local taxes, which includes the property tax deduction, did... Continue reading→

Knowledge is power, especially when it comes to avoiding tax scams. Here’s what you need to know to determine whether an encounter – in person, over the phone or by email – is an imposter or an actual IRS employee: The IRS Does Not: Call to demand immediate payment using a specific payment method, such... Continue reading→

Before starting a summer job, or sending the kids off to camp, the Internal Revenue Service wants taxpayers to know that some summertime activities may qualify for tax credits or deductions. The IRS also recommends that taxpayers check the amount of their withholding taxes now to help avoid surprises next filing season. Here are some... Continue reading→

Due to the 2017 Tax Cuts and Jobs Act, taxpayers who typically itemize their deductions on Schedule A of the Form 1040 are encouraged to use the IRS Withholding Calculator this year to perform a “paycheck checkup.” Taxpayers who have itemized before may be affected by changes from the Tax Cuts and Jobs Act. Taxpayers... Continue reading→

It’s now been a few months since Penrose & Associates launched the new iPhone and Android App.  Since then, clients and contacts have downloaded it across the NY/NJ tristate area. The App has generated some fantastic feedback from users enjoying its many features for free. As a modern, forward thinking firm we are always looking... Continue reading→