- Review your portfolio. Consider taking a loss if you have substantial capital gains.
- Max out your retirement plan contributions. 2017 maximum IRA contribution is $5,500 (plus $1,000 if age 50 or over). 2017 maximum 401(k) contribution is $18,000 (plus $5,500 if age 50 or over).
- Consider contributing to a 529 Plan if you have children or grandchildren. For example, New York allows a deduction up to $5,000 (or $10,000 for married filing joint filers) for contributions made by an account owner to an account belonging to New York’s 529 College Savings Plan.
- Consider increasing your withholding if you anticipate owing tax. This can help you to avoid an underpayment penalty since the government considers withholding to have been paid evenly throughout the year.
- Save receipts for medical supplies and equipment such as prescriptions, doctor co-pays, dental expenses, insulin testing supplies, canes, braces, orthotics, eyeglasses, contact lenses and hearing aids, etc. Medical expenses that exceed 10% (or 7.5% for those 65 and over) of AGI are deductible.
- If you’re self-employed, try bunching expenses before year end. Stock up on supplies or pre-pay some expenses.
- Pay your 4th quarter 2017 estimated state and/or local taxes by December 31, rather than the January 15, 2018 due date. However, if you are subject to AMT speak to your CPA first.
- Make charitable donations and be sure to get a receipt. Both cash and non-cash donations to a registered charity will get you a deduction. Make sure you have documentation, receipts and acknowledgements as necessary.
- Volunteer! It’s good for your spirit and your taxes if you keep records. If you use your vehicle for volunteering and keep good records, you can deduct $.14 per mile or the actual cost of gas. Tolls and parking are deductible whether you take a per-mile or actual cost deduction, too.
- If you are 70 ½ years old or older this year, make sure you take your required minimum distribution from your traditional IRA. You do have the option to defer your first RMD until April 1 of the following year, but if you do so, you will need to take 2 RMDs in one year for 2018.
Wednesday, November 29, 2017
Year-End Tax Tips

Sandra G. Johnson, CPA, EA, CFE is President of Sandra G. Johnson, CPA, P.C., an accounting and tax practice located in Bellmore, NY.
Sandy is also the Past President of the National Conference of CPA Practitioners. She is an active member of the NYS Society of CPAs and a member of the Association of Certified Fraud Examiners. Sandy is Past President of the Chamber of Commerce of the Bellmores and Past President of the Long Island Center for Business and Professional Women.
Sandy is a Certified Public Accountant, licensed in the state of New York, an Enrolled Agent with the Internal Revenue Service and a Certified Fraud Examiner. She is the recipient of the Town of Hempstead Pathfinder Award, the NYS Assembly Women of Distinction Award, winner of the LI Press Best of Long Island and the recipient of the Nassau Council of Chambers of Commerce Small Businessperson of the Year award.
Sandy is a former college professor and lectures around the country on the following topics:
· Starting Your Own Business
· Developing a Strategic Business Plan
· Divorce Taxation
· How to Market on the Internet
· Networking 101
· Year-end Tax Tips
· Show Me the Money! Improving Your Company’s Cash Flow
· Become a Rainmaker
· Bookkeeping Basics
· And more…
Wednesday, November 8, 2017
NYS Sales Tax - Caterers and Catering Services
- All food and beverages that have been prepared or served. This includes food found in the deli department – for example, cold cuts, fruit salads, cheese platters, etc.
- Hotel and banquet facilities charges for the rental of a room that is part of the charge for the event is taxable. It is important to note that if a customer rents a room for the event and hires a separate caterer then the room rental is not taxable.
- Tips that a customer leaves voluntarily are not taxable. Mandatory gratuities that are automatically added to the bill are not taxable if all of the following apply:
- The charge is shown separately on the bill
- The charge is identified as a tip
- All the money collected is given to the employees
- Service charges are subject to sales tax.

Sandra G. Johnson, CPA, EA, CFE is President of Sandra G. Johnson, CPA, P.C., an accounting and tax practice located in Bellmore, NY.
Sandy is also the Past President of the National Conference of CPA Practitioners. She is an active member of the NYS Society of CPAs and a member of the Association of Certified Fraud Examiners. Sandy is Past President of the Chamber of Commerce of the Bellmores and Past President of the Long Island Center for Business and Professional Women.
Sandy is a Certified Public Accountant, licensed in the state of New York, an Enrolled Agent with the Internal Revenue Service and a Certified Fraud Examiner. She is the recipient of the Town of Hempstead Pathfinder Award, the NYS Assembly Women of Distinction Award, winner of the LI Press Best of Long Island and the recipient of the Nassau Council of Chambers of Commerce Small Businessperson of the Year award.
Sandy is a former college professor and lectures around the country on the following topics:
· Starting Your Own Business
· Developing a Strategic Business Plan
· Divorce Taxation
· How to Market on the Internet
· Networking 101
· Year-end Tax Tips
· Show Me the Money! Improving Your Company’s Cash Flow
· Become a Rainmaker
· Bookkeeping Basics
· And more…