How Long to Keep Tax Returns and Tips for Organized Tax Archives

tysllpTax Accounting

storing tax returns

Dealing with tax season can be stressful, but one question often lingers long after filing your returns: how long should I keep tax returns and related documents? The answer depends on your specific situation, but following some simple guidelines can ensure you’re prepared if the IRS comes knocking. How Many Years of Tax Returns Should You Keep? As a general … Read More

Taxpayers right to pay no more than what is due

tysllpTax Accounting

Tax payer bill of rights

Taxpayers have the right to pay no more than the correct amount of taxThe IRS works hard to make sure taxpayers pay no more than the correct amount of tax. Taxpayers have the right to pay only the amount of tax legally due, including interest and penalties, and to have the IRS apply all tax payments properly. This is one … Read More

Digital Asset Reporting & Tax Requirements

tysllpTax Accounting

crypto currency tax reporting

What taxpayers need to know about digital asset reportingTaxpayers filing 2023 tax returns must check a box indicating whether they received digital assets as a reward, award or payment for property or services or disposed of any digital asset that was held as a capital asset through a sale, exchange or transfer.A digital asset is a digital representation of value … Read More

Accounting Fun Facts

tysllpTax Accounting

Fun fact in accounting

Fun Accounting Facts you may not have known about!Accounting tends to be much of an afterthought in today’s society. Maybe seen as a little boring? Try running a business without it, or see how well your own household finances fair neglecting it. However, accounting is a discipline that crucial to our economy and way of life. Accounting can be traces … Read More

Audit: Why the IRS might Audit you.

tysllpTax Accounting

IRS Audit

So what is an IRS Audit?  Usually you hear the term audit and you cringe at the thought. If it isn’t part of some TV sitcom punchline, you want no part of it. Audits can be brutal or they can just be a necessary nuisance. So here is what an IRS audit entails. An IRS audit constitutes a thorough assessment … Read More

Tax credits and deductions for individuals

tysllpTax Accounting

Tax Season

Tax credits and deductions change the amount of a person’s tax bill or refund. People should understand which credits and deductions they can claim and the records they need to show their eligibility. Tax credits A tax credit reduces the income tax bill dollar-for-dollar that a taxpayer owes based on their tax return. Some tax credits, such as the Earned Income Tax Credit, … Read More

Taxpayer Bill of Rights

tysllpTax Accounting

In 2014 the IRS adopted a Taxpayer Bill of Rights. It applies to all taxpayers in their dealings with the IRS. The Taxpayer Bill of Rights groups the existing rights in the tax code into ten fundamental rights, and makes them clear, understandable, and accessible. The Taxpayer Bill of Rights is the 10 rights all taxpayers have any time they interact with … Read More

Corporate Transparency Act (CTA)

tysllpBusiness News, Tax Accounting

You might have heard about it, the Corporate Transparency Act (CTA), enacted in 2021, was passed to enhance transparency in entity structures and ownership to combat money laundering, tax fraud, and other illicit activities. It is designed to capture more information about the ownership of specific entities operating in or accessing the U.S. market. The effective date of the Corporate … Read More

Expert Tips for Minimizing Your Tax Burden Legally

tysllpTax Accounting

Tax strategies in Rochester NY

Maximizing Your Tax Efficiency In the ever-evolving landscape of taxation, finding ways to minimize your tax burden legally is essential for both individuals and businesses. TYS is here to guide you through the most important strategies to help you optimize your tax efficiency while staying within the bounds of the law. In this comprehensive guide, we will explore key tax-saving … Read More

Tax Season is coming.

tysllpTax Accounting

Tax Season

Things to consider when choosing a tax return preparer Once you have selected a tax preparer, look for these traits. Good preparers ask to see records and receipts. They’ll also ask questions to determine the client’s total income, deductions, tax credits and other items. As a taxpayers should avoid a tax return preparer who e-files using pay stubs instead of … Read More

The IRS ends unannounced visits.

tysllpTax Accounting

IRS

The Internal Revenue Service has been going through some changes in order to modernize and consolidate how it operates. The latest in that effort is a major policy change that will end most unannounced visits to taxpayers by agency revenue officers to reduce public confusion and enhance overall safety measures for taxpayers and employees. The change reverses a decades-long practice … Read More

Tax Deductions and Programs for New Homeowners

tysllpTax Accounting

The summer months are a popular time to buy or sell a house. New homeowners should put reviewing the tax deductions, programs and housing allowances they may be eligible for on their move in to-do list. Deductible house-related expenses Most home buyers take out a mortgage loan to buy their home and then make monthly payments to the mortgage holder. … Read More

New IRS Refund Scam

tysllpTax Accounting

IRS Scam alert

IRS has issued a warning to taxpayers about a recently discovered refund scam that is being sent through the mail. Read on to learn how to protect your personal information and avoid falling victim to identity theft. Recognizing the IRS Refund Scam The fraudulent letter arrives in a cardboard envelope, cleverly designed to deceive unsuspecting individuals into believing that they … Read More

Tax Strategy

tysllpTax Accounting

Tax Strategy

Tax Strategy: Minimize Your Tax Liability Legally Do you think you are paying too much in taxes? It’s possible. Do you want to ensure that you are taking full advantage of all the tax breaks and deductions that are available to you? If so, then working with a tax strategist can help. A tax strategist can provide you with the … Read More

Benefits of an accountant as

tysllpTax Accounting

Business advisor in New York, California

An Accountant as Business Advisor Using an accountant who is also your business advisor can provide several benefits for your business. Heightening your business awareness for higher profit is just one of them.    Here are a few key benefits: Overall, using an accountant who is also your business advisor can provide valuable guidance and support for your business. By leveraging … Read More

The Importance of a Surety Bond in Construction Project.

tysllpBusiness News, Tax Accounting

SURETY Bonding

Construction companies planning to take a loan from a bank or work on a government project, will need a construction accounting expert to for a surety bond. A surety bond acts as a guarantee that the construction company will perform the work as agreed upon in the contract. In case of any default, the surety bond protects the obligee, which … Read More