Author Archive

Clergy Tax-Free Housing Allowance Ruled Unconstitutional

January 2, 2014

Clergy Tax-Free Housing Allowance Ruled Unconstitutional Courtesy of: http://www.huffingtonpost.com/2013/11/25/clergy-tax-free-housing-unconstitutional_n_4339673.html A federal judge has ruled that an Internal Revenue Service exemption that allows clergy to shield a portion of their salary from federal income taxes is unconstitutional. The clergy housing exemption applies to an estimated 44,000 ministers, priests, rabbis, imams and others. If the ruling stands, […]

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Posted in Politics, Tax 1 Comment »

IRS Updated Mileage Rates Released for 2014

December 16, 2013

IRS Updated Mileage Rates Released for 2014 Beginning on January 1, 2014, the standard mileage rates for the use of a car, van, pickup or panel truck will be: A. 56 cents per mile for business miles. B. 23.5 cents per mile driven for medical or moving purposes C. 14 cents per mile driven in […]

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Posted in Accounting, Tax No Comments »

Disappearing Tax Deductions

December 16, 2013

Disappearing Tax Deductions While many of the usual temporary tax deductions and credits were made permanent in 2012, there's still a large number that weren't, and that are currently slated to expire or change significantly at the end of the year. 1. Educator's Expenses – IRC Sec. 62(a)(D) What it is now: Grades K-12 teachers, instructors, counselors, […]

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Posted in Accounting, Tax No Comments »

Top 10 Mistakes Investors Make with Taxes

December 16, 2013

Top 10 Mistakes Investors Make with Taxes 1. Short-term vs. long-term gains Realized gains on appreciated securities held for one year or more qualify for favorable tax treatment. Long-term capital gain tax rates are significantly lower than short-term rates. Holding a security an extra day, week or month can significantly reduce the tax burden. 2. […]

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Posted in Accounting, Tax No Comments »

IRS May Delay the Start of the Tax-Filing Aeason by One to Two weeks

December 16, 2013

  The IRS delayed the start of the tax-filing season for one to two weeks, citing the recent 16-day federal government shutdown. The IRS, which had been scheduled to open filing Jan. 21, 2014, will now begin accepting returns for tax year 2013 as early as Jan. 28. The agency will make a final decision on […]

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Posted in Accounting, Tax No Comments »

Tax practitioners will be charging more this year for tax preparation, according to an annual survey by the National Society of Accountants

December 16, 2013

Taxpayers can expect to pay an average of $261 for an itemized Form 1040 with Schedule A and a state tax return, the survey found, compared to the $246 reported in last year’s survey. The fee for non-itemized return will also rise, to $152 for a Form 1040 and state return, against $143 last year. […]

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Posted in Accounting, Tax 2 Comments »

We Are Now Taking Appointments for the 2016 Tax Season

December 16, 2013

We have been preparing tax returns for our financial counseling/coaching clients for many years. We prepare 1040's (individuals), 1120's (corporations), 1120S's (Sub-S corporations), and 1065's (partnerships). Our goal is to provide quality tax prep at the lowest cost possible for our clients. We will begin preparing tax returns starting January 26th, 2016.  Appointments can be scheduled by calling 716-200-9359 or email […]

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Posted in Accounting, fcg-slides, Tax 1 Comment »

Cease the Day!

May 16, 2013

Cease the Day! By K Loos I recently said good-bye to a dear friend and mentor who was suddenly called to move to Oklahoma. We had only a few short weeks to prepare for her departure and time was not on our side. The evening before she left, the Lord blessed us with many good memories […]

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