It's 2016, we're in a new year and...tax time is right around the corner. Luckily there's a friendly, knowledgeable neighborhood Bayside/Flushing accountant who has the recipe for some tax savings tips and is now sharing them with his neighbors as his New Year's gift.
Flushing, NY -- (SBWIRE) -- 01/19/2016 -- It seems that everyone gets a bit frantic when they even think about filing their tax returns, but this year Angelo Cavaleri, accountant/enrolled agent and former NYC pizza restaurateur is happily serving the Flushing/Bayside areas some tasty tax saving treats.
Tax Saving Treats Compliments of Angelo Cavaleri
#1-A Tip About Tips -
If one works in a service industry and receives tips, well here's a tip...keep a tip diary in order to avoid any over reporting by your employer! In fact, there's a free form called 4070A (available from the IRS) that makes it easy and quick for anyone to record their tips. And always remember to report all your tips...they are taxable.
#2-Earned Income Tax Credit-
If one is eligible for the earned income tax credit -- get the most out of it! The earned income tax credit is available for tax payers both with and without kids. In fact check with your tax professional -- it's something you don't want to miss this year!
If one owns a second home and rents it out for 14 days a year or less, the rent they receive is -– drum roll -- tax free! Also make sure to deduct your mortgage interest and property taxes, every penny counts.
#4-Employee Business Expenses-
If one uses a personal car for the convenience of his or her employer, one can deduct that expense within limits – consult your tax professional.
This is a great idea for every working person. By contributing to an IRA it can increase ones refund or reduces their tax payments. Moreover when retirement rolls around there's a pot of gold that can be drawn upon as retirement income. Also IRA contributions are allowable up to April 15th 2016.
#6-Choose your tax preparer well!
Remember a licensed E.A (Enrolled Agent) is strictly focused on taxes and is authorized to represent clients before the IRS without the client being present. Furthermore an enrolled agent continuously studies the latest tax rules and regulations giving their clients the piece of mind that their taxes will be prepared properly and correctly while taking advantage of those tax savings afforded to them.
About Angelo Cavaleri
Angelo Cavaleri is an experienced accountant/enrolled agent and is located in Flushing Queens NYC (http://www.actaxny.com). All income taxes and accounting services are personally prepared by Mr. Cavaleri and he can be reached at 718-614-4091 for a free consultation for all personal and business tax needs.