Many people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look: WHAT IS TAX PREPARATION? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event that culminates in signing your return and finding out whether you owe the IRS money or … Read More
Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for the harvest, holidays, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions can often arise over whether these seasonal workers affect employers with regard to the Affordable Care Act (ACA). For the purposes … Read More
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
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 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, 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
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
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
Most people file a tax return because they have to, but even if you don’t, there are times when you should – because you might be eligible for a tax refund and not know it. The tax tips below should help you determine whether you’re one of them. GENERAL FILING RULES Whether you need to file a tax return this … Read More
Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead. INDIVIDUALS – THE TAX CHANGES In 2020, a number of tax provisions are affected by … Read More
TYS LLP Is pleased to welcome Emily Callahan to the TYS family as a staff accountant. While she was getting her degree in accounting from Brockport College, Emily shined as an intern with us for the past 2 years. She demonstrated a great work ethic and dedication to getting the work done. Welcome aboard Emily.
TYS Expands Operations to Four States Walnut Creek, CA | January 7, 2020 — National accounting firm TYS, LLP (TYS) is pleased to announce that it finalized a merger with Lefkowitz & Company LLP on January 1st. TYS, a full-service tax, accounting, and business consulting firm will welcome David L. Lefkowitz and Lori Lefkowitz as Partners , along with four … Read More
Small-business owners secured a major recruitment tool and an enhanced tax credit offering with the passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act by the U.S. Senate. The bill, signed by President Trump on Friday, Dec. 20, 2019, is the most significant retirement savings reform legislation in nearly 15 years. Many small-business owners have often faced hurdles – … Read More
TYS LLP is very happy to announce the hiring of Jordan Arnold as our new staff accountant. Jordan interned with us and we were duly impressed with his eagerness to do and learn. He has a bachelor’s degree in accounting and finance and a master’s in accounting from the College at Brockport. We are happy to have him.
Tax Day? What are you talking about? Tax season is not for a while yet. That may be true, but it comes quickly. The Tax Season will be here before you know it! Why not start getting ready now? 2019 could be the year you are totally prepared. In order to help you get there, TYS LLP has laid out … Read More