admin

Author Archives
1031 exchange

How to Use a 1031 Exchange to Help with Your Investment

Are you in the business of buying and selling real estate? Tired of paying out your gains at tax time? Let us introduce you to the 1031 exchange!

Usually, when you sell a business or investment property and have a gain, you have to pay a tax on that gain at the time of the sale. With a 1031 exchange there is an exception that allows you to postpone paying taxes on that gain if you reinvest gains into a similar property in a like-kind exchange.

To help you save at tax time and reinvest your gains we will explain key aspects of a 1031 exchange, who qualifies for a 1031 exchange and what a like-kind exchange involves.


high tax refund

Why a High Tax Refund Doesn’t Payoff

Why put off to tomorrow what you can have today? A high tax refund at year’s end can be a poor choice for many, because inflation devalues a government refund of your own money. Aside from the threat of scams, there are four main reasons to beware of high tax refunds.


vehicle tax deductions

Deduct the Batmobile: Vehicle Tax Deduction for Real Estate Agents

For real estate agents, their vehicle is used much more than the office. Many could even stretch that to say, “The only ones in the car more than us are Dale Earnhardt Jr. and truck drivers. Running house to house and office to property, the amount of driving for work that real estate agents do is incredible, that’s why vehicle tax deduction for real estate agents is so important.

Because real estate agents are considered self-employed, independent contractors they are entitled to certain tax deductions and the vehicle tax deduction for real estate agents is the big one. It is important to remember it’s just for gas mileage. Because of the expected business use, vehicle tax deductions for real estate agents also include insurance, parking, repairs, maintenance, license, loan interest and depreciation. To maximize your business profits you need to be aware of the tax breaks and deductions, but first let’s outline available vehicle tax deductions for real estate agents.


outsourced accounting for small businesses

Outsourced Accounting for Small Business Will Help You Edge Past Your Competitors

When you think “outsourced accounting” you might think yet another industry has abandoned the United States of America for cheaper prices abroad. Cheaper prices that leave you, the customer, sitting on a phone line for hours wondering, “Why can’t I just speak to my accountant face-to-face? Like in the good old days!” Luckily, outsourced accounting has nothing to do with exporting accounting resources to other countries and has everything to do with giving you the best accounting services money can buy. Here’s how a bit of outsourcing could save your small business.


obamacare and taxes

Obamacare and Taxes: 2014 Tax Year’s Big Question

The big question of the 2014 tax year is, how will we be effected by Obamacare and taxes?

Do you understand the effect Obamacare has on your taxes? If you aren’t up to date on the health insurance situation, your tax return could be at risk.

Obamacare (the Affordable Care Act) requires almost all U.S. citizens and legal residents (and their dependents) to have health insurance for the entire year (starting January 1, 2014). For all those without health insurance there will be a tax fee during 2014 and beyond. This fee will be paid when filing for your tax return.

Let’s dive into Obamacare and taxes.


filing taxes after divorce

Filing Taxes after Divorce for Personal Exemptions

Jeeze, as if divorce wasn’t stressful enough, now tax season is almost here. If you haven’t taken the time to consider how filing taxes after divorce will impact you, it’s time to start thinking about it. When there is a divorce or separation, who is the custodial parent? And, is the custodial parent the one claiming the child as a dependent?  For most cases, the qualifying dependent can be distinguished using the residency test (as discussed in our last blog). Sometimes, the noncustodial parent can have the child as an exemption when filing taxes after divorce, and here is how.


personal exemption for parents

Personal Exemptions for Parents

Taxes are the inevitable drain of your yearly earnings to Uncle Sam — but understanding the different aspects of taxes will save you a ton at tax time, if you prepare. With tax season drawing ever-near, the window is slowly closing and your chances to save along with it. After you have established your deductions and adjustments to your income you have one last chance to save; personal exemptions. It’s one of your last opportunities to further decrease your taxable income before you determine your tax. Personal exemptions for parents can greatly impact the life of your family, especially ones in or nearing college.

If you are confused about how personal exemptions for parents work, or personal exemptions in general, keep reading. This article will shed light onto the different aspects of personal exemptions and filing for the 2014 tax year.


file your 2014 taxes early

5 Reasons to File Your 2014 Taxes Early

Tax season is approaching fast. You have three and a half months to file your 2014 taxes, but why wait until the last minute. You can file your 2014 taxes early instead of stressing out about them until April 15, 2015. There are no disadvantages when filing your taxes early. In fact, there are many advantages to doing that.

DMCPA has a couple reasons as to why you should file your 2014 taxes early, thanks to the help of U.S. News.


lower your tax bill

10 Simple Ways to Lower Your Tax Bill

Tax season is rapidly approaching. Last minute tax tips are on everyone’s mind before April 15th. Some quick tax moves and saving on returns can make all the difference. See if you are eligible for these credits and deductions that will lower your tax bill.


tax saving tips

5 Holiday Tax Saving Tips

The holiday season is always a great time of year to be charitable, but you don’t need to send yourself to the poor house in the process. There are many ways to make the most of what you already have, and turn what you don’t need into a charitable donation. For many, the giving process is not thought out and cost more than is necessary. Having tax saving tips can make a huge difference when it comes to the holidays, make sure you have a plan.


Page 1 of 8123...Last
Sign up for the CPA Chronicle monthly newsletter by clicking here

Contact Info

30 Jericho Executive Plaza Suite 500W, Jericho, NY 11753

Phone - 516.746.6322
Fax - 516.746.8679