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This post is geared for college students considering taking the CPA exam  – because as everything in life, it all comes down to planning and looking ahead! The first part of the post is geared towards first and second year college students. The remainder focuses on strategies to study for the CPA exam that I… Read more »

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The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017. TCJA is broad in nature and represents the most sweeping tax reform in over 30 years. Most changes begin 1/1/2018, directly affecting your 2018 tax return, and will sunset on 12/31/2025 if not extended. The bill is vast and contains… Read more »

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The purpose of this post is to alert you of a significant new tax deduction taking effect in 2018 under the new Tax Cuts and Jobs Act (TCJA) tax law. It should provide a substantial tax benefit to individuals with “qualified business income” from a sole proprietorship, farm, rental, partnership, or S corporation. The new… Read more »

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The recently enacted Tax Cuts and Jobs Act (“TCJA”) is a sweeping tax package. Here’s an overview of some of the more important business tax changes in the new law. Unless otherwise noted, the changes are effective for tax years beginning in 2018.   New fringe benefit rules. The new law eliminates the 50% deduction… Read more »

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Andrew Ziolo Andrew attended Canisius College and subsequently gained a great deal of experience from the NYS Department of Taxation and Finance and several regional Western New York Firms. Andrew was welcomed into The Kane Firm in June 2016 as a Tax Manager. Andrew wears many hats at the firm and likes a good challenge!  From everyday tax questions to the… Read more »

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File this form for each person to whom your business paid during the year: Payments paid to a single contractor, individual, partnership, or LLC totaling $600 or more for services performed (ie consulting, maintenance, lawn care etc.) Payments totaling $600 or more for rent paid to an individual, partnership or LLC (ie office space, machines, equipment… Read more »

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As I am sure many are aware, Congress is working on a bill to revise the tax code. The current public draft of the bill will reduce the deduction for state and local income and property taxes for 2018 and future years. Also, many will no longer receive a tax benefit from charitable contributions or… Read more »

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Eight Tips to Protect Taxpayers from Identity Theft   Identity theft happens when someone steals personal information for financial gain. Tax-related identity theft happens when someone uses another person’s stolen Social Security number (SSN) or Employer Identification Number (EIN) to file a tax return to obtain a fraudulent refund. Many people first find out they… Read more »