Social Security Benefits & Taxes: The Facts

Tax on Social Security benefits

Social Security Benefits & Taxes: The Facts Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits. Examples include wages, self-employment, interest, dividends, and … Read More

Relief for Taxpayers Struggling with Tax Debt

tax debt

RELIEF FOR TAXPAYERS STRUGGLING WITH TAX DEBTS While there have always been payment options available from the IRS to help taxpayers struggling to pay tax debts, the new IRS Taxpayer Relief Initiative was put into place to expand these options and offer relief during the pandemic. These revised COVID-related collection procedures will help taxpayers, especially those who have a record … Read More

Identity Protection PIN Available to All Taxpayers

Hackers are stealing Tax Payer Identities

Fraudulent Federal Tax Returns are on the rise! Starting in January 2021, In order to help combat this, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. Previously, IP PINs were only available to identity theft victims. WHAT IS AN IDENTITY PROTECTION PIN? An identity protection personal identification number (IP … Read More

IRS Announces a Filing Extension

IRS Extends tax filing due date, Best Accountants in Rochester NY, Best tax accountants

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

Important Tax Changes for Businesses

business tax changes, tax preparation, tax accounting, tax news, tax updates

Learn about the Important Tax Changes for Businesses that in store. Tac changes in tax credits, expensing & deductions have changed for 2020.

Important Tax Changes for Individuals

Tax time, tax credits, tax accounting, tax prep, Best Accountants in Rochester NY, Best tax accountants

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

Tax Season is Coming: Five Steps to Get Ready

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