Tax Tips & News: ny state

NY State Still Dealing With Refund Delays

3 minutes read

“Where’s my refund”! Is a common cry from NY State residents these days, and according to the state for good reason. After using Bank Of America to process refunds for the last 18 years, BOA decided to get out of the tax business all together and did not renew their contract. So what was Albany to do? Outsource the job of course! These subcontractors and not-for-profit groups are backlogged with refund requests which is what is causing the delay for so many New...

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Fiscal Cliff Or Not Workers Will Feel Immediate Pinch

2 minutes read

Much has been debated about how long it will take for taxpayers to feel the affects of going over the Fiscal Cliff.  Yes, income tax rates could go up or down or popular deductions and credits limited or eliminated all together.  While these scenarios could take months or years to feel, the average worker is most likely going see less in their weekly paycheck as soon as the calendar flips to 2013.

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NY State: Yoga Not Exercise, Won’t Be Taxed

1 minute read

The New York State Department of Taxation recently issued a ruling that Yoga is to be considered more spiritual, and less exercise. Therefore Yoga studios and businesses won’t have to collect or pay taxes. However, these rules will not apply if a Yoga class takes place inside a gym or other conventional exercise facility.

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NY State To Humiliate Tax Fraudsters

2 minutes read

In these tough times for state and municipal governments, the Department of Taxation and Finance wants to make sure it’s not losing a single dime. To that end, it’s focusing on multiple techniques, including public spiritedness and humiliation. 

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10 Tips: Capital Gains & Losses

3 minutes read

Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When you sell a capital asset, the difference between the amount you paid for the asset and its sales price is a capital gain or capital loss.

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“Real” Vs. “Unreal” Audits. What’s the Difference?

8 minutes read

Did I calculate my return correctly? Did I take all the deductions I’m entitled to?  Do I qualify for a credit and should I take it? These are all samples of the many questions that cross many a taxpayer’s mind before they submit their returns to the Government. However, one thought–or rather plea–that’s almost always on the mind is: Please, just don’t Audit me.

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