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Posted 1 month ago

UPBlack & Associates CPA

Did not file your 2015 Federal Income Tax Return and you are due a refund?
In cases where a federal income tax return was not filed, the law provides most taxpayers with a three-year window of opportunity to claim a tax refund. If they do not file a tax return within three years, the money becomes the property of the U.S. Treasury. For 2015 tax returns, the window closes April 15, 2019, for most taxpayers. That means you need to file that return on or before that date. The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by that date.
Were you a student or a part-time worker and overlooked filing for 2015? Had taxes withheld and is due a refund of those taxes? Will not get it back unless you file a return. There is no penalty for filing a late return if you're due a refund.
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Posted 2 months ago

UPBlack & Associates CPA

OWE TAXES? READ THIS.
The IRS continues to warn taxpayers who need to resolve tax debt, that they may not be able to renew a current passport or obtain a new passport.
A taxpayer with a seriously delinquent tax debt is generally someone who owes the IRS more than $52,000 in back taxes, penalties and interest, for which the IRS has filed a Notice of Federal Tax Lien and, the period to challenge it has expired or the IRS has issued a levy.
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Posted 3 months ago

UPBlack & Associates CPA

TREATMENT OF 529 DISTRIBUTIONS FOR K-12 DISTRIBUTIONS
The Tax Cuts and Jobs Act of 2017 was signed into law in December 2017. The Act included provisions that allow 529 Plan account owners to withdraw Plan assets to pay for K-12 tuition expenses up to $10,000 per year, per beneficiary, beginning in 2018. These withdrawals will have no federal tax impact, just as 529 contributions do not.
Under New York State law contributions to the New York State 529 plans are tax-deductible on New York Returns. Distributions for K-12 tuition expenses are considered nonqualified withdrawals and will require the recapture of any New York State tax benefits that have accrued on contributions.
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Posted 4 months ago

UPBlack & Associates CPA

New York opted not to follow many of the federal itemized deduction changes made by the TCJA for tax years 2018 and after, so you may be able to claim some deductions on your New York personal income tax return that are no longer available for federal purposes. For example, you may be able to claim deductions for:
• state and local real estate taxes paid, including amounts over the $10,000 federal limit;
• casualty and theft losses, including those incurred outside a federally declared disaster area;
• unreimbursed employee business expenses; and
• certain miscellaneous deductions that are no longer allowed federally (e.g. tax preparation fees, investment expenses, and safe deposit box fees).
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Posted 4 months ago

UPBlack & Associates CPA

Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
• 58 cents per mile driven for business use, up 3.5 cents from the rate for 2018,
• 20 cents per mile driven for medical or moving purposes, up 2 cents from the rate for 2018, and
• 14 cents per mile driven in service of charitable organizations.
The business mileage rate increased 3.5 cents for business travel driven and 2 cents for medical and certain moving expense from the rates for 2018. The charitable rate is set by statute and remains unchanged.
It is important to note that under the Tax Cuts and Jobs Act, taxpayers can no longer claim a miscellaneous itemized deduction for unreimbursed employee travel expenses.
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