HOW THE EDUCATOR EXPENSE DEDUCTION WORKS Even with COVID-19 in full swing, schooling in-person or virtual is moving on. Educators should be aware that they can deduct up to $250 of unreimbursed business expenses. If both spouses are eligible educators and file a joint return, they may deduct up to $500, but not more than $250 each. According to the … Read More
Protect Tax Records Before Disaster Strikes
We have seen in recent times how quickly our lives can be upended by natural & man made disasters. As such, it’s always a good idea to plan for what to do in case of a disaster. Here are some simple steps you can take right now to prepare: Backup Records Electronically. Many people receive bank statements by email. This … Read More
Surviving the Recession: Things you can do to keep afloat
Surviving the Recession If you are a small business owner, it has rarely been a cake walk. But, with the Pandemic still raging, it has been made incredibly challenging. It is more important than ever to get your company financially fit. The basic rules still apply for guiding you out of this financial stress test. Know the Numbers We believe … Read More
We Moved, New Rochester Office
We Moved! New Rochester, NY Office, Same Trusted Advisors One thing that will never change is that TYS is upstairs and to the right. Our landlord is demolishing our old office park, so they decided to move us! You’ll now find us at 242 Willowbrook Office Park in Fairport. We want you to know that we are the same TYS … Read More
CARES ACT & SBA Loans
Learn more about the CARES ACT & the available Loans from the SBA (Small Business Administration) and what that might mean to you and your business, just watch this video of a recent webinar. Co-founder and partner of TYS LLP Glen Thomas, discuss with Terence L. Lau, JD Dean College of Business California State University, Chico explore who can benefit … Read More
IRS Announces a Filing Extension
Tax Day Filing Extension Announced Due to the economic upheaval COVID-19 has created throughout the US, the IRS is giving taxpayers a break by pushing the April 15 payment and filing deadline to July 15h of this year. Laura Saunders from the Wall Street Journal puts it ” “In short, taxpayers shouldn’t blow off their April 15 IRS filings just … Read More