One of the most generous tax deductions available to businesses, as well as not-for-profits, is the ability to deduct an employee's pay. For the most part, this is not controversial. After all, all but the smallest companies need to have employees to help with the...
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Month: October 2019
Not-for-profits can run in to tax trouble
Many people in White Plains and other parts of New York may wish to set up a not-for-profit corporation and then apply for an exemption from income taxes and, by extension, other state taxes as well. This is most often referred to as 501(c)(3) status.The idea behind...
What self-employed individuals need to know about taxes
Working for yourself comes with many benefits. It is the concept of freedom that draws most people to this career path. However, self-employment also requires a great deal of responsibility. While an employer used to take care of matters like withholding income for...
Can I use bankruptcy to take care of my tax debt?
Many New Yorkers may wonder what good it would do to work out payment arrangements directly with the IRS and other taxing authorities if they are able just to file for bankruptcy protection.While, contrary to popular belief, it is possible to discharge certain tax...
Reality stars reach civil settlement with state collectors
This blog recently reported on the fact that two famous real estate professionals and reality stars were facing federal tax evasion charges which they adamantly denied. Their case with the federal government remains pending.It recently came to light that the couple...
More on the tax consequences of family loans
Although this blog has touched on the subject before, it may be helpful to review the possible consequences of family loans.Many residents of White Plains and other parts of the greater New York City area may find family loans to be both advantageous and convenient....