tag:blogger.com,1999:blog-72174801269115471512024-03-21T14:35:03.333-04:00Sandra G. Johnson, CPA, P.C.SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.comBlogger100125tag:blogger.com,1999:blog-7217480126911547151.post-32989448508754460452019-07-31T11:14:00.001-04:002019-07-31T11:14:19.156-04:00Read This if You Have a Household Employee Part 1<br />
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
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<b style="mso-bidi-font-weight: normal;">Read This if You Have a Household Employee<o:p></o:p></b></div>
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
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<b style="mso-bidi-font-weight: normal;">Part 1<o:p></o:p></b></div>
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It is becoming more common to have a household employee to
help with child care or senior caregivers. If you hire someone on your own then understanding employment tax rules
will help you avoid tax pitfalls if you are a household employer. If you pay an agency for finding and
supplying the individual that provides this service, then this does not apply.<o:p></o:p></div>
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If you hire someone and control what hours are worked and
where and how the work is performed, then you have a household employee. There are Labor Law and payroll tax
responsibilities associated with having a household employee and we will
address the Labor law aspect in this blog.<o:p></o:p></div>
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You must make sure that your employee is legally allowed to
work in the United States. You must have
a completed form I-9 with acceptable documents to establish identity and
employment eligibility which are listed on the I-9. Keep this form for your records.<o:p></o:p></div>
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As a New York employer, you need to provide your employee
with a NY Wage Notice, detailed paystubs, and file for NYS unemployment
insurance. If your employee works 40+
hours per week for you, then you must provide workers compensation and
disability insurance. <o:p></o:p></div>
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<o:p><br /></o:p></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="FR" style="mso-ansi-language: FR;">Honorine M. Campisi, CPA<o:p></o:p></span></b></div>
<br />SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-60381140963501500112019-07-17T10:01:00.001-04:002019-07-17T10:01:40.436-04:00NYS Sales Tax: Computer Software<br />
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Welcome to the latest installment of our blog <b style="mso-bidi-font-weight: normal;">“What are the rules for NYS Sales tax for
my profession?” </b></div>
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<br /></div>
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In this blog we are highlighting another industry with a
few of the broad guidelines to follow! Our hope is to not only provide helpful information
for the business owners, but the consumers as well!<o:p></o:p></div>
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This blog focuses on <b style="mso-bidi-font-weight: normal;">Computer
Software.</b><o:p></o:p></div>
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
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Prewritten computer software includes any computer software
that is not designed and developed to the specifications of a particular
purchaser. <o:p></o:p></div>
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The sale of prewritten computer software is taxable, whether
it is sold as a part of a package or separately, regardless of how the software
is conveyed to the purchaser.<span style="mso-spacerun: yes;"> </span>Therefore,
prewritten computer software sold on a disk, by electronic transmission, or by
remote access will be taxable. <o:p></o:p></div>
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However, services related to computer software are exempt
from sales tax. Some of these services are:<o:p></o:p></div>
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<li><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"> T</span></span>raining</li>
<li><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Consulting</li>
<li><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Troubleshooting </li>
<li><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Programming</li>
</ul>
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The sale of an upgrade of prewritten software is subject to
sales tax. Also, the sale of a license to remotely access software is subject
to state and local sales tax. <o:p></o:p></div>
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This is just a brief overview of the sales tax laws
regarding computer software. Feel free to give our office a call for more
information. <o:p></o:p></div>
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<br /></div>
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By Renee Greenspan<o:p></o:p></div>
<br />SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-59163563853655143232019-06-26T11:06:00.000-04:002019-06-26T11:06:51.114-04:00<br />
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<b style="mso-bidi-font-weight: normal;">Tax Debt - Can I Really Pay Pennies on the Dollar?!<o:p></o:p></b></div>
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Have you have run into tax troubles and owe the IRS big
money?<span style="mso-spacerun: yes;"> </span>The reasons so many taxpayers
incur a big tax bill vary from simply avoiding filing tax returns, to being
self-employed and underestimating the amount of income and self-employment tax
you will owe at year end.<span style="mso-spacerun: yes;"> </span>It can start
one year and then just keep piling up to the point where you have trouble
catching up.<o:p></o:p></div>
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There are commercials out there that hawk “Settle your IRS
debt for pennies on the dollar!”<span style="mso-spacerun: yes;"> </span>This
sounds great – but it is not as attainable as it sounds.<span style="mso-spacerun: yes;"> </span>These ads are referring to Offers in
Compromise, agreements with the IRS for taxpayers that have a large balance due
and cannot afford to pay it back in full.<span style="mso-spacerun: yes;">
</span><o:p></o:p></div>
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The IRS does not write off debts unless they are pretty
certain they will not be able to collect the full debt within a given time
period, or if to do so would cause an undue hardship on the taxpayer.<span style="mso-spacerun: yes;"> </span>It is an option for people who truly cannot
and will not be able to pay off their debt in the near future.<span style="mso-spacerun: yes;"> </span>If the IRS accepts you into this program, you
will agree to pay a smaller amount of tax to settle the debt.<span style="mso-spacerun: yes;"> </span>This sum is usually paid in one lump sum, but
may also be spread over a few payments.<span style="mso-spacerun: yes;">
</span>The process from application to end can take several months and sometimes up to a year.<o:p></o:p></div>
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More commonly used is an agreement to pay your tax debt over
time.<span style="mso-spacerun: yes;"> </span>The IRS offers installment payment
plans depending on the amount you owe.<span style="mso-spacerun: yes;">
</span>This option allows you to pay your overdue tax bill monthly until it is
paid off.<o:p></o:p></div>
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Both of these options require that you stay compliant,
meaning that all tax filings are filed and paid on time in the future.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<br /></div>
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<b style="mso-bidi-font-weight: normal;">Honorine M. Campisi,
CPA<o:p></o:p></b></div>
<br />SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-8141980514449500022019-05-22T10:38:00.002-04:002019-05-22T10:38:57.811-04:00Sales Tax: Admission Charges to a Place of Amusement<br />
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Welcome to the latest installment of our blog <b style="mso-bidi-font-weight: normal;">“What are the rules for NYS Sales tax for
my profession?” </b>In this blog we are highlighting another industry with a
few of the broad guidelines to follow! Our hope is to not only provide helpful information
for the business owners, but the consumers as well!<o:p></o:p></div>
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This blog focuses on <b style="mso-bidi-font-weight: normal;">Admission
Charges to a Place of Amusement.</b><o:p></o:p></div>
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
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An admission charge is any amount that is paid to gain entry
to any place of amusement. This includes cover charges, service charges, and
any other charges to entertainment. A place of amusement is any facility where
entertainment, amusement, or sports are provided. <o:p></o:p></div>
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Taxable admission charges are subject to a state sales tax
of 4% and local sales tax based on the location of the place of amusement. <o:p></o:p></div>
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Examples of taxable admission charges are as follows:</div>
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</div>
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<li> Professional or college sporting events</li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Amusement parks</li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Beaches</li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"> </span></span></span>Museums, zoos, and aquariums</li>
</ul>
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Examples of nontaxable admission charges are as follows:<o:p></o:p></div>
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<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"> </span></span></span>Motion picture theaters,</li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Live dramatic, choreographic, or musical arts
performances</li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Live circus performances</li>
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Season tickets to taxable events are taxed on the total
selling price of the ticket regardless of the price for admission to each
event. <o:p></o:p></div>
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<br /></div>
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Box seats are taxable based on the amount for which a
similar box or seat is sold for each taxable performance or event.<o:p></o:p></div>
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<br /></div>
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This is just a brief overview of the sales tax laws
regarding admission charges to a place of amusement. Feel free to give our
office a call for more information.<o:p></o:p></div>
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<br /></div>
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By Renee Greenspan<o:p></o:p></div>
<br />SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-45337877884649878852019-05-08T10:47:00.004-04:002019-05-08T10:48:06.767-04:00Is Your Paycheck Withholding Enough?<br />
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
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<b style="mso-bidi-font-weight: normal;">Is Your Paycheck Withholding Enough?<o:p></o:p></b></div>
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
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Tax season is over for most and the results were hard to
swallow for some. If you are one of the
taxpayers that had a large tax bill for 2018, this post is for you.<o:p></o:p></div>
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There were several changes in play that resulted in the
unexpected tax bill that many taxpayers faced this year. The tax law changes that the TCJA brought,
reduced deductions for many and eliminated exemptions for all. Further compounding the problem was the
change to federal withholding tables that employers use to calculate how much
tax to withhold from your paycheck each pay period. The amounts required to be taken from your
check decreased and resulted in less taxes credited to filers at tax time.<o:p></o:p></div>
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The fix for 2019?<span style="mso-spacerun: yes;"> </span>Call your CPA and ask them to review your paystubs for changes you can
make to withholding now. You will still
have 6 months of paychecks to reduce next year’s tax bill.<o:p></o:p></div>
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<b style="mso-bidi-font-weight: normal;">Honorine M. Campisi,
CPA<o:p></o:p></b></div>
<br />
<br />
<br />
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<br />SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-25136185065197364882019-04-24T10:26:00.000-04:002019-04-24T10:26:56.046-04:00Hotel and Motel Occupancy<br />
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<br /></div>
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Welcome to the latest installment of our blog <b style="mso-bidi-font-weight: normal;">“What are the rules for NYS Sales tax for
my profession?” </b>In this blog we are highlighting another industry with a
few of the broad guidelines to follow! Our hope is to not only provide helpful
information for the business owners, but the consumers as well!<o:p></o:p></div>
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<br /></div>
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This blog focuses on <b>Hotel
and Motel Occupancy</b><b style="mso-bidi-font-weight: normal;">.<o:p></o:p></b></div>
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
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The term hotel includes: hotels, motels, inns, and bed and
breakfast establishments. <o:p></o:p></div>
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Hotel occupancy is the use, or right to use, a room in a
hotel. The room rate, that everyone hates to pay, is the amount that guests
must pay to stay in the hotel room. The room rate is taxable at the full state
and local sales tax rate. <o:p></o:p></div>
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If you stay in a hotel in New York City there is an
additional hotel unit fee that hotels must charge. The hotel unit fee is an
extra $1.50 per unit per day, in addition to state and local sales tax. This fee is separately stated on the invoice
that customers receive. Certain locali<b>t</b>ies charge a bed tax, which is also
shown separately on the customer's invoice.</div>
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<span style="mso-spacerun: yes;">
</span><o:p></o:p></div>
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There are certain charges that do not require sales tax to
be collected. These charges are as follows:<o:p></o:p></div>
<ul>
<li><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"> </span></span></span>Cancellation fees are not taxable because the
customer never has the right to occupy the room. </li>
<li><span style="text-indent: -0.25in;">Hotel guests that are permanent residents do not
have to pay sales tax on their room rates. A permanent resident is when a guest must
stay in the hotel for at least 90 consecutive days without interruption.</span></li>
<li><span style="text-indent: -0.25in;">A complimentary room does not require any sales
tax due. This is because the hotel is allowing the guest to stay in a room for
no charge.</span></li>
</ul>
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<o:p></o:p></div>
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This is just a brief overview of the sales tax laws regarding
hotel and motel occupancy. Feel free to give our office a call for more
information.<o:p></o:p></div>
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<br /></div>
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By Renee Greenspan<o:p></o:p></div>
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<br />SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-25950299779404240092019-04-09T10:33:00.004-04:002019-04-09T10:33:46.864-04:00Improving Your Residence <br />
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
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<b style="mso-bidi-font-weight: normal;">Improving Your Residence <o:p></o:p></b></div>
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
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When tax time rolls around, we often hear from clients that
they “did work to their home and that must be good for their taxes,
right?”<span style="mso-spacerun: yes;"> </span>Well…<o:p></o:p></div>
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Much of the improvement you do to your home is good from a
tax perspective, but you won’t see an immediate tax benefit (except for solar
discussed below). Major home
improvements like additions, new windows or exterior doors, new roof or siding,
HVAC, kitchen or bathroom updating, or landscaping will increase the cost basis
of your home. This is important when you
sell the home for a profit that exceeds the primary residence exclusion which
is currently $250,000 for single or married filers filing separately, and
$500,000 for married taxpayers filing jointly. In order to calculate your basis in the home when you sell, you should
keep your closing documents from the home’s original purchase, along with all
documentation relating to the improvements you make over the years.<o:p></o:p></div>
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Qualified energy improvements are still eligible for a
federal tax credit in 2018. The Bipartisan
Budget Act of 2018 signed into law in February 2018, extended the tax credit
for residential energy property for qualified solar electric and solar water
heating property through 2021. The
credit for 2018 is equal to 30% of costs including labor cost for installation.<o:p></o:p></div>
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<br /></div>
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<b>Honorine M. Campisi, CPA</b></div>
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<br /></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpuQ6iX2WzRQF_ZIt5X4c0uA8Gk7aQjRs0_KzF8GJQvPGeBN14Uz7O44AcdWjb3dHRscKJGx-a2L2A-Kix4lXZyAIldGkH4WquTpk9EyJJ1sfO68cHhf_7vTE0qzjyHCZwx7cJopNezvvZ/s1600/HOME+IMPROVEMENT+PIC.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="799" data-original-width="1034" height="247" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpuQ6iX2WzRQF_ZIt5X4c0uA8Gk7aQjRs0_KzF8GJQvPGeBN14Uz7O44AcdWjb3dHRscKJGx-a2L2A-Kix4lXZyAIldGkH4WquTpk9EyJJ1sfO68cHhf_7vTE0qzjyHCZwx7cJopNezvvZ/s320/HOME+IMPROVEMENT+PIC.jpg" width="320" /></a></div>
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<br />SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-87566129875515327182019-02-23T10:31:00.002-05:002019-02-23T10:31:37.266-05:00NYS SALES TAX-CLOTHING AND FOOTWEAR<br />
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<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Welcome to the latest installment of our blog <b style="mso-bidi-font-weight: normal;">“What are the rules for NYS Sales tax for
my profession?” </b>In this blog we are highlighting another industry with a
few of the broad guidelines to follow! Our hope is to not only provide helpful information
for the business owners, but the consumers as well!<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
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This blog’s industry is <b style="mso-bidi-font-weight: normal;"><u>Clothing
and Footwear.<o:p></o:p></u></b></div>
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<b style="mso-bidi-font-weight: normal;"><u><br /></u></b></div>
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Clothing and footwear that is sold for less than $110 per
item or pair and items used to make or repair this clothing are exempt from the
NYS 4% sales and use taxes. <o:p></o:p></div>
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<br /></div>
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Examples of exempt purchases are:</div>
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<span style="text-indent: -0.25in;"><br /></span></div>
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</div>
<ul>
<li><span style="text-indent: -0.25in;">Aerobic clothing</span></li>
<li>Athletic uniforms</li>
<li>Blouses</li>
<li>Coats</li>
<li>Dresses</li>
<li>Shirts</li>
<li>Shoes</li>
<li>Sleepwear</li>
</ul>
<br />
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The sales tax exemption also applies to most fabric,
buttons, zippers and items that are used to repair clothing. However, if items
are made from pearls, jewels or metal, even if sold for less than $110, is
still subject to NYS 4% sales tax. <o:p></o:p></div>
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<br /></div>
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This is just a brief overview of the sales tax laws
regarding the sale of clothing and footwear. Feel free to give our office a
call for more information.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
By Renee Greenspan<o:p></o:p></div>
<br /><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjS3AubWJ8l5q3mhn1MpEiFIrFPg1abmck6b7ajwIv7ywVI3AxgnF9VgTVmGXuRxj6otzwZmWWb8uLnnXu5VN-E5lAbJBYcVQhGOqqI9CspvRnx6JhdsW51R3LwCONDUkdJhm4qAymxpIO9/s1600/WORK+CLOTHES+BLOG.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="723" data-original-width="1023" height="226" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjS3AubWJ8l5q3mhn1MpEiFIrFPg1abmck6b7ajwIv7ywVI3AxgnF9VgTVmGXuRxj6otzwZmWWb8uLnnXu5VN-E5lAbJBYcVQhGOqqI9CspvRnx6JhdsW51R3LwCONDUkdJhm4qAymxpIO9/s320/WORK+CLOTHES+BLOG.jpg" width="320" /></a></div>
<br />SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-76318992706684932442019-02-07T12:32:00.003-05:002019-02-07T14:27:15.625-05:00Itemized Deductions & Your Home<br />
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<br /></div>
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The new tax law known as the Tax Cuts and Jobs Act will
impact some taxpayers who itemized deductions relating to home ownership. <o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
First, you may have heard that there is a change to mortgage
interest deduction allowed for 2018 returns. If you have a pre-existing mortgage (acquired before December 15, 2017),
then you can still deduct mortgage interest on a mortgage associated with
acquisition indebtedness of up to $1 million.<span style="mso-spacerun: yes;">
</span>If you entered into a mortgage after the December 15, 2017 date, you can
only deduct mortgage interest on up to $750,000 of home acquisition
indebtedness.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
It is also worth noting changes to deductibility of home
equity loan interest for 2018. Prior to
the TCJA, homeowners could deduct home equity interest regardless of what the
funds were used for.<span style="mso-spacerun: yes;"> </span>TCJA changed that
and now only home equity interest on funds used to acquire, build or
substantially improve your home is deductible</div>
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.<span style="mso-spacerun: yes;">
</span><o:p></o:p></div>
<div class="MsoNormal">
Lastly, taxpayers who have been able to deduct private mortgage
insurance premiums in the past, may not be able to do so in 2018. The provision for that deduction expired at
the end of 2017, and has not yet been extended. However, there may still be hope, as the 2017 provision was not extended
until AFTER the start of 2017 tax filings in February 2018.<o:p></o:p></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Honorine M. Campisi,
CPA<o:p></o:p></b></div>
<br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSGh-8ysKzeIVHeP4lxUB7SmxVQAPWeH2cpW4ueZQaSK8yTT3wAx72JXiU8kvGSbGxlFKVYf0j7ljuMwW6md_lNX5vBNs2xJ13OdooUuaXbwiNce4DZVgWRgFcGqfv2kEITURKEre0D4Yr/s1600/home+blog.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1056" data-original-width="816" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSGh-8ysKzeIVHeP4lxUB7SmxVQAPWeH2cpW4ueZQaSK8yTT3wAx72JXiU8kvGSbGxlFKVYf0j7ljuMwW6md_lNX5vBNs2xJ13OdooUuaXbwiNce4DZVgWRgFcGqfv2kEITURKEre0D4Yr/s320/home+blog.jpg" width="247" /></a></div>
<br />SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-6208250945228402732019-01-24T12:34:00.001-05:002019-01-24T12:34:31.422-05:00NYS SALES TAX-FOOD AND BEVERAGES SOLD FROM VENDING MACHINES <br />
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<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Welcome to the latest installment of our blog <b style="mso-bidi-font-weight: normal;">“What are the rules for NYS Sales tax for
my profession?” </b>In this blog we are highlighting another industry with a
few of the broad guidelines to follow! Our hope is to not only provide helpful information
for the business owners, but the consumers as well!<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
This blog focuses on <b style="mso-bidi-font-weight: normal;">Food
and Beverages sold from Vending Machines.<o:p></o:p></b></div>
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
An item that is generally taxable when sold in a food store
is also taxable when sold in a vending machine. In addition, an item that is
exempt from sales tax when sold in a food store is also exempt when sold in a
vending machine. There are some exceptions to the general rule however.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The exceptions to the general rule regarding sales tax on
food and beverages sold in vending machines are as follows:</div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
</div>
<ul>
<li style="text-align: justify;">·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span><span style="text-indent: -0.25in;">Hot beverages that are sold from a vending
machine are always exempt from sales tax.</span></li>
<li style="text-align: justify;">·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span><span style="text-indent: -0.25in;">Certain items that are taxable when sold by food
stores are exempt when they are sold from a vending machine for $1.50 or less.</span></li>
</ul>
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<o:p></o:p></div>
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Taxable food and beverage items when sold from a vending
machine are as follows:<o:p></o:p></div>
<div class="MsoListParagraphCxSpFirst" style="text-align: justify; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span></div>
<div class="MsoListParagraphCxSpFirst" style="text-align: justify; text-indent: -0.25in;">
</div>
<ul>
<li> Sandwiches</li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">Bottled water</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">Any food that is heated by or kept warm in the
vending machine</span></li>
</ul>
<o:p></o:p><br />
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<o:p></o:p></div>
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<o:p></o:p></div>
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Any unheated foods and unheated beverages are exempt from
sales tax when sold from vending machines.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The certain items that are taxable when sold by food stores,
but are exempt when sold for $1.50 or less from a vending machine are:</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoListParagraphCxSpFirst" style="text-align: justify; text-indent: -0.25in;">
</div>
<ul>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">Candy and confectionery</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">Soda</span></li>
</ul>
<!--[if !supportLists]--><o:p></o:p><br />
<div class="MsoListParagraphCxSpLast" style="text-align: justify; text-indent: -0.25in;">
<o:p></o:p></div>
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If sold for more than $1.50, the above items are taxable. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
If taxable food or beverages are sold, sales tax must be
collected. In order to do this, the amount of the sales tax should be included
in the selling price of the item and the sales tax rate in the local taxing
jurisdiction where the machines are located should be used. <o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
This is just a brief overview of the sales tax laws
regarding the sale of food and beverages sold from vending machines. Feel free
to give our office a call for more information.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
By Renee Greenspan<o:p></o:p></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrZlrcBuJqq8iZypH_dl09jnQIA6MVjaaaWcbVyccwy9Mp-WfeXmQnuIKYIbTXBRXQVf1cYKVyVhEEMLBsuP168hCvkUZjNxwwGPZa3d0tnydmdcopZVPuDmWoBs17dmaC7H2NtS68Ypq1/s1600/vending+machine.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="723" data-original-width="1023" height="226" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrZlrcBuJqq8iZypH_dl09jnQIA6MVjaaaWcbVyccwy9Mp-WfeXmQnuIKYIbTXBRXQVf1cYKVyVhEEMLBsuP168hCvkUZjNxwwGPZa3d0tnydmdcopZVPuDmWoBs17dmaC7H2NtS68Ypq1/s320/vending+machine.jpg" width="320" /></a></div>
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<br /></div>
SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-24582184849882684922019-01-09T15:27:00.002-05:002019-01-09T15:27:40.456-05:00Home Equity Loans and the TCJA<br />
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<b>Home Equity Loans and the TCJA<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Do you have a home equity loan? Be ready at tax time when your CPA asks you
how you used those loan proceeds. Thanks
to the new tax law known as the Tax Cuts and Jobs Act (TCJA), the deductibility
of interest on home equity loans and lines of credit has changed. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Prior to the TCJA, homeowners could deduct home equity
interest on loans up to $100,000 regardless of what the funds were used
for. TCJA changed that and now only home
equity interest on funds used to acquire, build or substantially improve your
home is deductible.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
So…if you took out a home equity loan or home equity line of
credit and used the proceeds to finance college, a trip, or consolidate bills,
you cannot deduct the interest paid on your 2018 income tax return.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
You will need to give your CPA a breakdown of how you spent
the loan proceeds if part of a home equity loan or line was used to acquire,
build or substantially improve your home, and part was used for something else.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<o:p> </o:p><o:p> </o:p><b><o:p> </o:p></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Honorine M. Campisi,
CPA<o:p></o:p></b></div>
<br /><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgTXkOfQ7hxdbxnxb84OuFCRp5ivmylEk5D44VHzp5iiwuh9PN7raoNOxIMgCKqoPYKSGLLTbIakLJJY5tfYckqNn2nJlq-TKcJ6s9ncqiSWI1Ma___ONwUgsd7iPAahxgiH72SLU5aHR0/s1600/HOME+EQUITY+LOAN.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="723" data-original-width="1023" height="226" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgTXkOfQ7hxdbxnxb84OuFCRp5ivmylEk5D44VHzp5iiwuh9PN7raoNOxIMgCKqoPYKSGLLTbIakLJJY5tfYckqNn2nJlq-TKcJ6s9ncqiSWI1Ma___ONwUgsd7iPAahxgiH72SLU5aHR0/s320/HOME+EQUITY+LOAN.jpg" width="320" /></a></div>
<br />SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-65507802892796222602018-12-26T15:30:00.002-05:002018-12-26T15:41:59.743-05:00Sales Tax on Advertising Services<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Welcome to the latest installment of our blog <b style="mso-bidi-font-weight: normal;">“What are the rules for NYS Sales tax for
my profession?” </b>In this blog we are highlighting another industry with a
few of the broad guidelines to follow! Our hope is to not only provide helpful
information for the business owners, but the consumers as well!<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
This blog’s industry is <b style="mso-bidi-font-weight: normal;"><u>Advertising
Services.<o:p></o:p></u></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><u><br /></u></b></div>
<div class="MsoNormal">
An advertising service is a service that consists of the
following:<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo1; text-indent: -.25in;">
</div>
<ul>
<li><span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span><span style="text-indent: -0.25in;">Consultation and development of advertising
campaigns; and</span></li>
<li style="text-indent: 0px;"><span style="text-indent: -0.25in;"> Placement of advertisements with the media</span></li>
</ul>
<!--[if !supportLists]--><o:p></o:p><br />
<div class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo1; text-indent: -.25in;">
<o:p></o:p></div>
<div class="MsoNormal">
The sales of these services are not subject to sales tax. In
addition, materials created by an advertising agency that are conveyed to its
customers digitally or in any other electronic format are also not subject to
sales tax. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The area of advertising services that is subject to sales
tax is as follows:<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo2; text-indent: -.25in;">
</div>
<ul>
<li>If an advertising agency sells layouts or art
work, for example, to the customer before showing them to the media, the
advertising agency is making a sale that is subject to sales tax. Any other
outright sales of tangible personal property by an advertising agency are
subject to sales tax.</li>
<li><span style="text-indent: -0.25in;">In addition, any purchases by an advertising
agency for use to perform its services are purchases at retail that are subject
to sales tax.</span></li>
</ul>
<o:p></o:p><br />
<div class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo2; text-indent: -.25in;">
<o:p></o:p></div>
<div class="MsoNormal">
There are sales tax exemptions that may apply to the
purchases made by advertising agencies. The following purchases that if made by
an advertising agency are exempt from sales tax:<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo3; text-indent: -.25in;">
</div>
<ul>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">Producing television and radio commercials and
advertisements; or</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">Developing and producing printed promotional
materials</span></li>
</ul>
<!--[if !supportLists]--><o:p></o:p><br />
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo3; text-indent: -.25in;">
<o:p></o:p></div>
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<br /></div>
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This is just a brief overview of the sales tax laws
regarding the sale of advertising services. Feel free to give our office a call
for more information.<o:p></o:p></div>
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<br /></div>
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<br /></div>
<div class="MsoNormal">
By Renee Greenspan<o:p></o:p></div>
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<br /></div>
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<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJl0CF5XneJrfzXwIzL6nIMquB0vFx3HFx0r-8LtTjo7C_HqMtEmKcxdXW9LC6usk0TuOf0n83KaD9Q7keh2KaHNvB5iaM6WuiAKlH7fPZwrIv6QotVj75dh9GYj22vC8kYZ2QHSiJK6H2/s1600/advertising+blog.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="723" data-original-width="1023" height="226" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJl0CF5XneJrfzXwIzL6nIMquB0vFx3HFx0r-8LtTjo7C_HqMtEmKcxdXW9LC6usk0TuOf0n83KaD9Q7keh2KaHNvB5iaM6WuiAKlH7fPZwrIv6QotVj75dh9GYj22vC8kYZ2QHSiJK6H2/s320/advertising+blog.jpg" width="320" /></a></div>
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<br />SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-58083362288901039532018-12-12T14:19:00.004-05:002018-12-12T14:19:53.047-05:00New Jersey Offers Tax Amnesty<br />
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<a href="https://www.blogger.com/null" name="OLE_LINK1"><b style="mso-bidi-font-weight: normal;"><br /></b></a></div>
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<a href="https://www.blogger.com/null" name="OLE_LINK1"><b style="mso-bidi-font-weight: normal;">New Jersey Offers Tax Amnesty<o:p></o:p></b></a></div>
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<a href="https://www.blogger.com/null" name="OLE_LINK1"><b style="mso-bidi-font-weight: normal;"><br /></b></a></div>
<span style="mso-bookmark: OLE_LINK1;"></span>
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For a limited time, the State of New Jersey is offering a
tax amnesty program to give delinquent taxpayers a chance to catch up on filing
and payment and save on penalties and half the interest due.<span style="mso-spacerun: yes;"> </span>The program runs until January 15, 2019.</div>
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<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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Returns administered by the New Jersey Division of Taxation
that were due on or after February 1, 2009 through September 1, 2017 are
eligible for the program.<span style="mso-spacerun: yes;"> </span>Property taxes
and payroll taxes are not eligible. The
program helps taxpayers avoid most penalties, collection fee costs, and ½ of
the interest that would otherwise be due!<span style="mso-spacerun: yes;">
</span>Civil fraud penalties and criminal penalties are not waived.<o:p></o:p></div>
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<br /></div>
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To qualify under this program, all required tax returns and
any associated tax amnesty payments must be received by the State by January
15, 2019.<span style="mso-spacerun: yes;"> </span>There are no extensions to
that date. <o:p></o:p></div>
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<br /></div>
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After the amnesty period, all penalties and interest will
apply along with an ADDITIONAL 5% penalty.<o:p></o:p></div>
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<br /></div>
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To see what taxes are and are not covered, visit the NJ Tax
Amnesty webpage at <span class="MsoHyperlink"><a href="https://www.taxamnesty.nj.gov/guidelines.shtml">https://www.taxamnesty.nj.gov/guidelines.shtml</a></span>.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Honorine M. Campisi,
CPA<o:p></o:p></b></div>
<br /><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi97e319gAgv3SM4s3Hi50u3vzL_JNsh_Sni-Ytd9KmyCDx1pT9IYizjxUHoZp9pCQMBov05w0TqT3UyLbiTHncCTT3MbVa5vLzpj0v6yKtgmyr_atvMK3CAA2A11veOzrUrdh5WxJixfDT/s1600/tax-amnesty-crop.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="470" data-original-width="800" height="188" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi97e319gAgv3SM4s3Hi50u3vzL_JNsh_Sni-Ytd9KmyCDx1pT9IYizjxUHoZp9pCQMBov05w0TqT3UyLbiTHncCTT3MbVa5vLzpj0v6yKtgmyr_atvMK3CAA2A11veOzrUrdh5WxJixfDT/s320/tax-amnesty-crop.jpg" width="320" /></a></div>
<br />SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-78662675830130420512018-12-10T10:56:00.001-05:002018-12-10T10:56:16.522-05:00IRA Qualified Charitable Distributions<br />
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<b>IRA Qualified Charitable Distributions<o:p></o:p></b></div>
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<br /></div>
<div class="MsoNormal">
If you are at least 70 ½ and taking required minimum
distributions (RMD) from an IRA and make charitable contributions, you should
know about IRA Qualified Charitable Distributions (QCD).</div>
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<br /></div>
<div class="MsoNormal">
<o:p></o:p></div>
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Due to the tax law changes under the Tax Cuts and Jobs Act
passed last year, many older Americans who itemized in prior years will no
longer do so. That means they will lose
the benefit of their charitable contributions on their tax returns.<o:p></o:p></div>
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<br /></div>
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Qualified Charitable Distributions allow you to direct part
of your annual RMD from the IRA trustee directly to a charity recognized by the
IRS. This part of your distributions
counts toward your minimum required distribution, but is not included in
income.</div>
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<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
The reduction of your adjusted gross income by the amount of
any QCD carries to other areas of your return. The lower AGI may reduce the impact of taxable Social Security benefits,
lower Medicare Part B and prescription drug premiums, and lower threshold for
deductible medical expenses if you do itemize.<span style="mso-spacerun: yes;">
</span><o:p></o:p></div>
<div class="MsoNormal">
<span style="mso-spacerun: yes;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Honorine M. Campisi,
CPA<o:p></o:p></b></div>
<br /><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAkn2hr0iiNQVixhSIVi_AWj7MzahHmreGYOK19xHuC9gh5P0HonwsWDI_gevbT09cV8FVa7kmv0C5dd-Fzxv1nIa4yNycQKJLqJTmWQ6gNy26qi-m6a8oQnUxu-Hz_9NJFwV1yjqnwLXi/s1600/ira+picture.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="723" data-original-width="1023" height="226" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAkn2hr0iiNQVixhSIVi_AWj7MzahHmreGYOK19xHuC9gh5P0HonwsWDI_gevbT09cV8FVa7kmv0C5dd-Fzxv1nIa4yNycQKJLqJTmWQ6gNy26qi-m6a8oQnUxu-Hz_9NJFwV1yjqnwLXi/s320/ira+picture.jpg" width="320" /></a></div>
<br />SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-16571900166113149672018-12-03T14:45:00.003-05:002018-12-03T14:45:42.303-05:00New York State after the TCJA (New Tax Law)<br />
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
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<b style="mso-bidi-font-weight: normal;">New York State after the TCJA (New Tax Law)<o:p></o:p></b></div>
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
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The new tax law known as the Tax Cuts and Jobs Act (TCJA) made
changes to federal income taxes that we have written about throughout this past
year. <o:p></o:p></div>
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<br /></div>
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New York State, however, has decided not to follow all the
changes in the TCJA. <span style="mso-spacerun: yes;"> </span>Since New York and
the IRS are playing by different rules, there are a few pieces of information
that your CPA will need to prepare your New York State return even though you
thought the federal changes made them obsolete. <o:p></o:p></div>
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<br /></div>
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<u>Alimony </u>– the TCJA says that if you sign a divorce or
separation agreement after December 31, 2018, alimony payments are not
deductible by the payor and are not included in income of the payee.<span style="mso-spacerun: yes;"> </span>All alimony payments under agreements
finalized prior to that date will still be deductible on the tax return of the
spouse who paid alimony, and reported as income on the return of the spouse who
received the alimony. <o:p></o:p></div>
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<br /></div>
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On your New York return, ALL alimony payments are deductible
by the payor and are included in income of the payee.<o:p></o:p></div>
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<br /></div>
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<u>529 Plan distributions for K-12 tuition</u> – the TCJA allowed
529 Plan distributions to be used towards Kindergarten through twelfth grade
private school tuition without tax or penalty.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
On your New York return, all 529 distributions that are used
for K-12 tuition are considered non-qualified distributions and <b style="mso-bidi-font-weight: normal;">will be subject to both income tax and a
10% penalty.</b><o:p></o:p></div>
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<br /></div>
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<u>Itemized Deductions</u> – the TCJA removed itemized
deductions for unreimbursed business expenses, lowered the threshold for
medical expenses to 7.5% of AGI and limited the deductions for state and local
income and real estate taxes to $10,000.<o:p></o:p></div>
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<br /></div>
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<b style="mso-bidi-font-weight: normal;">On your New York
return, you will now be allowed to itemize your deductions even if you claim the
standard deduction on your federal return.<o:p></o:p></b></div>
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
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New York State itemized deduction for real estate taxes will
not be limited, so if you paid $15,000 in property tax in 2018 you can deduct
the full $15,000.<o:p></o:p></div>
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<br /></div>
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Since New York is not following the TCJA, the threshold for
medical expense deductions on the State return is still 10%.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
New York will allow miscellaneous deductions in excess of
the 2% floor as in past years.<o:p></o:p></div>
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<br /></div>
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<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="FR" style="mso-ansi-language: FR;">Honorine M. Campisi, CPA<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="FR" style="mso-ansi-language: FR;"><br /></span></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivSbNuKaSc8sB9EWkuePRqIC0KJ9FesS4GUqmz5TUJiJ8CxBXxM8LPeVGP4iz8sEes3E5rnEG18LvmZ6zlaSpmM6HZnPXDmy1cBc4n2FETuhJe4RNV-Z-B1yCCkn7oRhxGWTriVon79UHq/s1600/BLOG+12-3-18.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="723" data-original-width="1023" height="226" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivSbNuKaSc8sB9EWkuePRqIC0KJ9FesS4GUqmz5TUJiJ8CxBXxM8LPeVGP4iz8sEes3E5rnEG18LvmZ6zlaSpmM6HZnPXDmy1cBc4n2FETuhJe4RNV-Z-B1yCCkn7oRhxGWTriVon79UHq/s320/BLOG+12-3-18.jpg" width="320" /></a></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="FR" style="mso-ansi-language: FR;"><br /></span></b></div>
<br />SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-18828929434389902592018-11-20T11:14:00.002-05:002018-11-20T11:18:56.361-05:00What are the rules for NYS Sales tax for my profession? Nail Salons (Manicure and Pedicure Services)<br />
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Welcome to the latest installment of our blog “<b style="mso-bidi-font-weight: normal;">What are the rules for NYS Sales tax for my
profession?” </b>In this blog we are highlighting another industry with a few
of the broad guidelines to follow! Our hope is to not only provide helpful information
for the business owners, but the consumers as well!<o:p></o:p></div>
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<br /></div>
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This blog’s industry is <b style="mso-bidi-font-weight: normal;"><u>Nail
Salons (Manicure and Pedicure Services) <o:p></o:p></u></b></div>
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<br /></div>
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The sales of manicure and pedicure services are exempt from
state and local taxes everywhere in New York State outside of New York City. Sales
of manicure and pedicure services are subject to New York City local sales tax
when they are sold in New York City. <o:p></o:p></div>
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<br /></div>
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If any nail products are sold to customers, these are sales
of tangible personal property subject to tax throughout New York State. There
is an exemption for products that are designed to treat a medical nail problem. Sales of these products are exempt from sales tax if the product contains a
recognized drug or medicine. <o:p></o:p></div>
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<br /></div>
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Any purchases of equipment for use in the business, such as
chairs, soaking tubs and bowls are subject to sales tax at the time of the
purchase.<o:p></o:p></div>
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<br /></div>
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In addition, utilities used to provide these services are
subject to sales tax. <b style="mso-bidi-font-weight: normal;"><u><o:p></o:p></u></b></div>
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<br /></div>
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This is just a brief overview of the sales tax laws
regarding businesses that sell manicure and pedicure services. Feel free to
give our office a call for more information.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
By Renee Greenspan<o:p></o:p></div>
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLP8b9qDMedGEp_dnh2gI93O-yK6Sf1beQn61Bk9xHGJ6leptk1PgIhcTaJ10w4cpVpqDGqpjfQ-axlO2Tm8FJSBHYim6cEcY62oXLCQ-2yIJb7dSTU04sqKz3h538BuH7DwNLaMT_ZlxK/s1600/NAIL+BLOG.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="723" data-original-width="1023" height="226" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLP8b9qDMedGEp_dnh2gI93O-yK6Sf1beQn61Bk9xHGJ6leptk1PgIhcTaJ10w4cpVpqDGqpjfQ-axlO2Tm8FJSBHYim6cEcY62oXLCQ-2yIJb7dSTU04sqKz3h538BuH7DwNLaMT_ZlxK/s320/NAIL+BLOG.jpg" width="320" /></a></div>
<br />SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-76804439361324288632018-11-14T12:31:00.001-05:002018-11-14T12:31:26.600-05:00Do you use Quickbooks Online?<br />
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<b style="mso-bidi-font-weight: normal;"><u>Do you use
QuickBooks Online?<span style="mso-spacerun: yes;"> </span><o:p></o:p></u></b></div>
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<br /></div>
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</div>
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QuickBooks Online has a free mobile app that allows you
access from any of your mobile devices to your account!<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<br /></div>
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You can access from your Apple or Android device:<o:p></o:p></div>
<br />
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</div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
</div>
<ul>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">Your customer information</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">Add customers/vendors or import them from your
contacts</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">Add notes to customers and transactions</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">Create, view or email invoices and estimates</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">Convert estimates to invoices</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">Receive payments</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">Take pictures of your receipts and attach them
to your expenses</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">Track expenses</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">Download bank transactions</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">Reconcile your bank statements</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">Call your customers directly from the app on
your phone</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">Print your documents/invoices from your phone to
a wireless printer</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">View/add vendor information</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="text-indent: -0.25in;">Get directions to your customers/vendors
directly from the app</span></li>
</ul>
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Anything that you do on the app shows up automatically in
your online account right away. The app
carries the same online security as your online account.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<span style="mso-spacerun: yes;"><br /></span></div>
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With all of these new advances you might want to consider
switching to QuickBooks Online.</div>
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<br /></div>
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Call our office for more information.<o:p></o:p></div>
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<br /></div>
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<b>Christine A. Murphy</b></div>
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<b style="text-align: center;">Accounting Manager</b></div>
<br />
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<br /></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhcHXZtCx9J15F9DHsqmcS-aEE7hv6E3QyyWiCM762GI5AAGvvSD1H9VdXr2i2Ent_yPhSDB0kzf_-tPiGGfwz6tdfayGaxASY5okO3Uiye7zZaaywKveFi0BK4L3XjZzAiw_EGuCQfu2_/s1600/quick+book+blog.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="723" data-original-width="1023" height="226" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhcHXZtCx9J15F9DHsqmcS-aEE7hv6E3QyyWiCM762GI5AAGvvSD1H9VdXr2i2Ent_yPhSDB0kzf_-tPiGGfwz6tdfayGaxASY5okO3Uiye7zZaaywKveFi0BK4L3XjZzAiw_EGuCQfu2_/s320/quick+book+blog.jpg" width="320" /></a></div>
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SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-52275713851679366232018-11-01T11:11:00.002-04:002018-11-01T11:11:44.787-04:00DIVORCE AND THE TCJA<br />
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The new tax law known as the Tax Cuts and Jobs Act will
impact married taxpayers who divorce after December 31, 2018.<span style="mso-spacerun: yes;"> </span>Like they say, “timing is everything,” and
that is certainly the case here.<o:p></o:p></div>
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<br /></div>
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Before the TCJA, alimony was deductible on the tax return of
the spouse who paid alimony, and reported as income on the return of the spouse
who received the alimony. The TCJA
changed that. If you sign a divorce or
separation agreement after December 31, 2018, alimony payments are not
deductible by the payor and are not included in income of the payee.<o:p></o:p></div>
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<br /></div>
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So, if you are in the process of a divorce and will be
paying alimony, hurry up and sign those papers!<span style="mso-spacerun: yes;">
</span>If you will be on the receiving end of those alimony payments, you’ll
want to move more slowly.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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Consider using the loss of the tax deduction to negotiate a
lower payment if you will be paying alimony.<o:p></o:p></div>
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<br /></div>
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If you are currently paying or receiving alimony from an
agreement that was signed before December 31, 2018, you may still deduct
payments of alimony and must include alimony payments received in income on
your return.<o:p></o:p></div>
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
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<b style="mso-bidi-font-weight: normal;">Honorine M. Campisi,
CPA<o:p></o:p></b></div>
<br /><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFZZTG7bXGeNuflcmyzro6YQPf3tGTy78la7sawrdtZNyCQxm53viIPhDLyJ6mnTbTp95U0xML0f2xhDHYpC0Bv7iz3CNt7x4ZjgTv-F3aT1gRtF5GQJdKK1K-iwuiQDEs_8MtHWgI6bGr/s1600/DIVORCE+BLOG.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="621" data-original-width="1034" height="192" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFZZTG7bXGeNuflcmyzro6YQPf3tGTy78la7sawrdtZNyCQxm53viIPhDLyJ6mnTbTp95U0xML0f2xhDHYpC0Bv7iz3CNt7x4ZjgTv-F3aT1gRtF5GQJdKK1K-iwuiQDEs_8MtHWgI6bGr/s320/DIVORCE+BLOG.jpg" width="320" /></a></div>
<br />SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com1tag:blogger.com,1999:blog-7217480126911547151.post-4522089929516490182018-10-17T15:49:00.001-04:002018-10-17T15:49:40.420-04:00What do the changes in Business Expense Deductions for Meals and Entertainment mean for your business?<div class="separator" style="clear: both; text-align: center;">
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The IRS has recently issued new guidelines for these
deductions:</div>
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</div>
<ul>
<li>Any expense related to activities generally
considered entertainment, amusement or recreation have been eliminated and are
no longer deductible.</li>
<li>Businesses can continue to deduct 50% of the
cost of business meals.<span style="text-indent: -0.25in;"> </span><span style="text-indent: -0.25in;">An employee or
the taxpayer must be present and the food and beverages cannot be considered
lavish</span></li>
<li>The meals must be provided to a potential or
current business customer, consultant, client or similar business contact.</li>
<li>Food and beverages purchased during an
entertainment event will not be considered entertainment if it is purchased
separately.</li>
</ul>
The IRS expects to publish proposed regulations clarifying
when business meals are deductible and what constitutes entertainment.<br />
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Stay tuned for further guidance on these issues!<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
Christine A. Murphy<o:p></o:p></div>
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<br /></div>
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Accounting Manager<o:p></o:p></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRf9yXdNXcyRLDRfYl2lLUri3jMqoNO2fIRBg8gutPksyZwtMefhb1-xKmWf5dnm237wMHEGG3MvyZNkyvvsS3s5tKwDaBUe-agKv0XkTElgM-x3LPjjCH6XeCDZlYtpgbeEtLxyiHepug/s1600/entertainment+blog.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1056" data-original-width="816" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRf9yXdNXcyRLDRfYl2lLUri3jMqoNO2fIRBg8gutPksyZwtMefhb1-xKmWf5dnm237wMHEGG3MvyZNkyvvsS3s5tKwDaBUe-agKv0XkTElgM-x3LPjjCH6XeCDZlYtpgbeEtLxyiHepug/s320/entertainment+blog.jpg" width="247" /></a></div>
SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-60427830444294692672018-10-03T11:11:00.001-04:002018-10-03T11:13:52.603-04:00What are the rules for NYS Sales tax for my profession? --This blog’s industry is Interior Decorating and Design Services.<br />
<div class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">What are the rules for NYS Sales tax for
my profession?</b></div>
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="MsoNormal">
In this blog we are highlighting another industry with a
few of the broad guidelines to follow! Our hope is to not only provide helpful
information for the business owners, but the consumers as well!<o:p></o:p></div>
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This blog’s industry is <b style="mso-bidi-font-weight: normal;"><u>Interior
Decorating and Design Services.<o:p></o:p></u></b></div>
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First, it is important to know what an interior decorating
and design service is. An interior decorating and design service is any service
that generally relates to the planning and design of interior spaces. Such
services include:<o:p></o:p></div>
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<span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Preparation of layout drawings pertaining to the
planning and design of interior spaces<o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Furniture arranging<o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Staging<o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Interior floral design<o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Any similar services<o:p></o:p></div>
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Any interior decorating or design service is taxable if
those services are delivered in New York State or if they have a place of
business in New York State. Interior decorating and design services do not include
services that consist of the practice of architecture or engineering. However,
if a drawing or plan is sold to a licensed architect or engineer, that is a
taxable service. If an engineer or
architect uses an interior decorating or design service, the use of that service
is subject to a use tax. The tax rate for an interior decorating and design service
depends on where the service is delivered or used. In other words, the sale of
an interior decorating or design service is taxable where the plan was
delivered to the purchaser. For example, a plan that is purchased in Nassau County is
subject to the Nassau County sales tax rates, regardless of where the property
that is subject of the plan is located. On the other hand, a plan that is
purchased in Delaware is not subject to New York State and local sales tax
since the plans were delivered outside of New York State. This is just a brief overview of the sales tax laws
regarding the sale of interior decorating and design services. Feel free to
give our office a call for more information.</div>
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<o:p></o:p></div>
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<b>By Renee Greenspan<o:p></o:p></b></div>
<br />
<br />
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<br />SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-32472628248225880912018-09-19T11:01:00.002-04:002018-09-19T11:01:28.783-04:00Watch Out for These Warning Signs of Small Business Fraud!<br />
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<b>Watch Out for These Warning Signs of Small Business Fraud!<o:p></o:p></b></div>
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A business owner wears many hats. One of those hats should be fraud detective
because small businesses are by far the most vulnerable to employee fraud. While you may want to believe the best about
your employees, you should be proactive to prevent someone from taking
advantage of you.<o:p></o:p></div>
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<div class="MsoNormal">
1.<span style="white-space: pre;"> </span>Is the person who takes payment from customers the same person to make a bank deposit and reconcile receivables? These tasks should be split among employees to prevent one person from having unlimited access.</div>
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2.<span style="white-space: pre;"> </span>Who approves expenditures and writes checks for payables? Make sure you review invoices and recognize all the vendors or purchases you write or sign checks for each month. Are all checks accounted for each month? Do you have a signature stamp laying around the office unsecured? Make sure that you have division of these duties and safeguard checks in order to prevent opportunity and temptation.</div>
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3.<span style="white-space: pre;"> </span>Do your employees seem to spend more than they make? If there doesn’t seem to be a good explanation for this, you may want to pay closer attention.</div>
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4.<span style="white-space: pre;"> </span>Do you require employees to take vacation every year? Many frauds are detected when an employee is away and someone else is performing his/her duties.</div>
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<br /></div>
<div class="MsoNormal">
5.<span style="white-space: pre;"> </span>Are you paying employees for time they did not work? Review employee timecards and compare against work schedules to discourage an employee from claiming and being paid for more hours than they actually worked. </div>
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<br /></div>
<div class="MsoNormal">
<b>Honorine M. Campisi, CPA</b></div>
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<br /></div>
<div class="separator" style="clear: both; text-align: center;">
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SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-20764732022787516732018-09-05T11:41:00.002-04:002018-09-05T11:41:57.449-04:00Tax Reform Impact of Moving Expenses<br />
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The moving expense deduction used to mean less taxes for
those who made a qualified move for employment.<span style="mso-spacerun: yes;">
</span>If you met the required time and distance tests, you were able to deduct
costs to pack, transport and store belongings, as well as reasonable
transportation and lodging expenses for you and your family while moving.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
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Additionally, in the past when you received reimbursement
for moving expenses from your employer, the reimbursement was not included in
taxable income as long as certain conditions were met.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
The Tax Cuts and Jobs Act suspended these moving expense
rules beginning in 2018 and continuing through 2025.<span style="mso-spacerun: yes;"> </span>There is one exception to the suspension, and
that is for active duty Armed Forces members and their families who move due to
a military order requiring a permanent change of station.<o:p></o:p></div>
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<br /></div>
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<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Honorine M. Campisi,
CPA<o:p></o:p></b></div>
<br /><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNg6OcCrgnXfROvFdfJYg5DyqoDMFP-lJ7swnoqKrrMWzeawskGoDVBhXrrEs5Z9zm8aXgXz9HM0NHsI_W5zkOUJcKsOwOtRucMzVCvyf0ukfeGcldsYJQ8Hx0vcvfRSLAmsXhbFMskvfe/s1600/moving+house.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="643" data-original-width="933" height="220" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNg6OcCrgnXfROvFdfJYg5DyqoDMFP-lJ7swnoqKrrMWzeawskGoDVBhXrrEs5Z9zm8aXgXz9HM0NHsI_W5zkOUJcKsOwOtRucMzVCvyf0ukfeGcldsYJQ8Hx0vcvfRSLAmsXhbFMskvfe/s320/moving+house.jpg" width="320" /></a></div>
<br />SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-89675965340575862542018-08-15T15:19:00.002-04:002018-08-15T15:19:25.517-04:00Tax Reform Impact Meals & Entertainment Deduction<br />
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<b style="mso-bidi-font-weight: normal;">Tax Reform Impact Meals & Entertainment Deduction<o:p></o:p></b></div>
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<br /></div>
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<br /></div>
<div class="MsoNormal">
The Tax Cuts and Jobs Act made changes to meals and
entertainment expenses that businesses are allowed to deduct. Going forward from January 1, 2018, businesses are no longer
able to deduct most business entertainment expenses including; tickets to
sporting events and theater, private boxes for sporting events, golf dues and
golf outing for clients. Meals with clients are still 50% deductible if business
owner is present, business is conducted and the expense is not lavish or
extravagant. If the taxpayer is not
present, or no business is conducted, then there is no deduction available. Overtime employee meals, meals provided for employer
convenience are now only 50% deductible, as long as they are excluded from the
employee’s income as a de minimis fringe benefit.</div>
<div class="MsoNormal">
<o:p></o:p></div>
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Do you provide coffee, water or snacks for your employees
while at work? Those expenses are also
now only 50% deductible.<o:p></o:p></div>
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<br /></div>
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<o:p> </o:p><o:p> </o:p><o:p> </o:p> </div>
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<o:p></o:p></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Honorine M. Campisi,
CPA<o:p></o:p></b></div>
<br />
<br />
<div>
<img alt="See the source image" data-bm="9" data-reactid="29" src="https://media.tumblr.com/tumblr_m6js0bbWWm1r879mr.gif" style="height: 150px; width: 150px;" width="150" /></div>
SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-40511814136848009222018-07-31T09:42:00.000-04:002018-07-31T09:47:39.244-04:00Tips for Renting Your Vacation Home This Summer<div style="text-align: center;">
<b>Tips for Renting Your Vacation Home This Summer</b></div>
<div style="text-align: center;">
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One of the ways to defray the costs of owning and maintaining a vacation home, is to rent it out when you are not using it. Income earned from those rentals may be reportable on your income tax return. For income tax purposes, a vacation home may include a house, apartment, condo, mobile home, boat, or similar property. In order to be considered a “home”, the vacation property must have basic living accommodations, such as sleeping space, a toilet, and cooking facilities. Read on for some helpful tips.<br />
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<li>Income and
expenses related to renting a vacation home are reported on Schedule E of your
personal income tax return.</li>
<li>As long as
you (or your family) also use the home, your rental expenses cannot exceed the
rent you receive (meaning you cannot claim a loss.)</li>
<li>Special
rules must be followed when you rent out a home that you also use
personally. Expenses must be allocated
based on the number of days the unit is rented or available for rent, and the
number of days it is used by you and your family. Any expenses that cannot be deducted on
Schedule E, may be deducted on Schedule A.</li>
<li>If you you
rent a vacation home for less than 15 days a year, you are not required to
report the rental income on your tax return.
In this case, any mortgage interest or real estate taxes for the home
would be deducted on Schedule A.</li>
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If you are currently renting, consider owning your own vacation home! See <span style="font-family: "calibri" , sans-serif; font-size: 11pt;"><a href="https://www.oceanfronthhi.com/stop-renting-and-buy-home/"><span style="color: blue;">https://www.oceanfronthhi.com/stop-renting-and-buy-home/</span></a> <span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; font-size: small;">for some reasons why!</span></span><br />
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<b>By: Honorine M. Campisi, Senior Tax Manager</b><br />
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SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0tag:blogger.com,1999:blog-7217480126911547151.post-12075203297202444342018-07-18T10:21:00.001-04:002018-07-18T10:21:17.416-04:00Tax Reform Impact on Itemized Deductions<br />
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The Tax Cuts and Jobs Act made changes to expenses that
taxpayers are allowed to deduct if they itemize.<span style="mso-spacerun: yes;"> </span>Among these changes are: a reduction on the
mortgage balance for which interest may be deducted, reduction of state and
local taxes deduction, elimination of miscellaneous expense deductions,
casualty losses (except in the case of federal disaster declarations).<o:p></o:p></div>
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The mortgage interest deduction has been changed for
mortgages taken out after December 15, 2017.<span style="mso-spacerun: yes;">
</span>Any new mortgage after that date must be $750,000 or under for the
interest to be fully deductible.<span style="mso-spacerun: yes;"> </span>New
mortgages that exceed $750,000, will be only partially deductible.<span style="mso-spacerun: yes;"> </span>The previous limit was $1 million.<o:p></o:p></div>
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Beginning with 2018, the state and local tax deduction is
limited to $10,000.<span style="mso-spacerun: yes;"> </span>The $10,000 limit is
applied to the combination of income taxes and real estate taxes.<span style="mso-spacerun: yes;"> </span>So, if you pay $12,000/ year in real estate
taxes and pay $6,000 of state income tax, instead of taking the total deduction
of $18,000 – you will be limited to $10,000.<o:p></o:p></div>
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Also beginning with 2018, the miscellaneous expense
deduction is gone.<span style="mso-spacerun: yes;"> </span>In the past,
miscellaneous expenses that exceeded 2% of your adjusted gross income were
deductible.<span style="mso-spacerun: yes;"> </span>This included expenses such
as: unreimbursed employee expenses, union dues, job search expenses, tax
preparation fees, investment advisory fees and safe deposit box rental fees.<o:p></o:p></div>
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Finally, casualty losses are no longer deductible unless
they are a result of an event that is declared a federal disaster.<span style="mso-spacerun: yes;"> </span>That means your flooded basement, fire damaged
home, and theft losses are no longer deductible. <o:p></o:p></div>
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<b style="mso-bidi-font-weight: normal;">Honorine M. Campisi,
CPA<o:p></o:p></b></div>
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<br />SANDRA G. JOHNSONhttp://www.blogger.com/profile/04923223736039362528noreply@blogger.com0