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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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So you started your own small business and happen to be driving all over Timbuktu to meet with customers and get supplies. It is costing you time and money to drive to all of these places that are necessary for the business.  But can you get a tax deduction to lower your taxes for these… 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 »

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Checking the Status of Your Tax Refunds!   Checking the status of your tax refunds may seem like a process however it is fairly simple. To check the status of your IRS Refund, you will need: To visit: https://www.irs.gov/refunds SSN number Filing Status (Single, Married Filing Jointly , etc.) Exact refund amount You can also use the… Read more »