#Tax relief near Queens NY

[taxreliefrus]

If you’re the driving force behind a small or medium-sized business, you know that cash flow is the lifeline of your operations. Yet, in the daily whirlwind, an incredible opportunity often gets overlooked—tax credits. These aren’t just numbers on a financial statement; they’re transformative tools that can give your cash flow the boost it needs. Let’s explore how you can unlock these hidden advantages and secure the cash flow to fuel sustainable growth.

[morethanonepage]

Some Of The Realest Reasons To Love NYC Are Found In This 1976 Listicle

Certainly there are some through lines connecting our communal love for the city, though—many listicles have tackled this, but the closest-to-perfect list we've ever seen comes from The NY Times circa June 1976, if only for its brutal honesty and specificity. 

1. Being nostalgic about things in New York that never were so great. 2. Ethnic impurity. 3. Habitually fitting your thumbnail in the Y-cutout of a subway token. 4. Leaving New York. 5. Coming back to New York. 6. The Staten Island Advance. 7. The night they move the jet pattern over another neighborhood. 8. Dialing 873-0404. 9. Not having defaulted yet. 10. Not writing your Account Number in the box on the Con Edison envelope. 11. Hating Con Edison. 12. It's 10 P.M. Do you know where YOUR children are? 13. Libraries that haven't closed yet. 14. Hospitals that haven't closed yet. 15. Day-care centers that haven’t closed yet. 16. People who haven't left yet. 17. How no one ever takes the top newspaper off the pile. 18. Getting off the Roosevelt Island tramway. 19. Volunteers. 20. Zip 10001 . 21. The night sound of a distant fire engine that comes closer and closer, and then passes your street. 22. New York's proximity to Montauk. 23. Its distance from Washington. 24. A broken parking meter. 25. The best water-supply system in the nation. 26. The worst public image in the nation. 27. Bus herds.

28. Bus drivers who get coffee in mid-route, and the restaurant countermen who get them out quick. 29. How everyone else hates New York. 30. Hating New York. 31. Imagining New York without  anyone in it. 32. Losing yourself in a crowd. 33. A really good street musician. 34. Alternate side of the street parking suspended. 35. Flipping the change tray in the plastic taxicab divider. 36. Austin Street, Queens. 37. How 9 out of 10 people on the subway platform move back when the train approaches. 38. Thinking -that iridescent pigeon necks are beautiful. 39. Hating pigeons. 40. Army-Navy store windows. 41. The orange highway lights on the Henry Hudson under the George Washington Bridge. 42. The little red lighthouse still under the great gray bridge. 43. Page 1,029 of the Manhattan telephone directory under "Ng." 44. How no one moves to the back of the bus. 45. Degree days. 46. More movies, plays and ballet than anywhere else, and not going. 47. The coldest wind in the world on 125th Street and 12th Avenue. 48. Intake workers. 49. Standing on the elevated platform and feeling it sway as trains stop down the line. 50. The Parachute Jump In

51 . Northern Boulevard. 52. Demanding a refund of less than a dollar on Line 25 or the New York City Tax Return ("Amount of $1.00 or less will be refunded only if requested"). 53. Never having been to Grant's Tomb. 54. Manhattan schist. 55. Inwood marble. 56. Fordham gneiss. 57. The personals in The Irish Echo. 58. Pvt. Joseph Merrill, Staten Island ferryboat. 59. Cornelius J . Kolff, Staten Island ferryboat. 60. A winning OTB ticket. 61. The Episcopal Bishop of New York. 62. Hero sandwiches that are called hero sandwiches. 63. The ragweed count. 64. W.P.A. park benches. 65. The background teletype noise on WINS. 66. Bags a beer. 67. Dead Horse Bay. 68. A wino with a theatrical talent for abuse. 69. East Siders on the West Side. 70. N.Y.U. 71. L.I.U. 72. Pace. 73. The Brooklyn Museum serving Nathan's hot dogs. 74. The smell of malathion. 75. Firemen in your supermarket doing a week's shopping for the firehouse kitchen. 76. Looking for a place you know on the dirty restaurant list.

77. Elevator repairmen. 78. People who whistle down cabs using thumb and pinky finger. 79. The exactly even number of seats in the City Hall marriage bureau. 80. Brooklyn Day. 81. "Power Dept." lettered on city trucks. 82. Cream soda in Van Cortlandt Park. 83. The Sea Beach Express. 84. Thinking what New York could be, if only. 85. The rabbit hanging out near the World of Birds at the Bronx Zoo. 86. Japanese tourists. 87. The day the old snow disappears from Jerome Avenue. 88. The fourth-floor brontosaurus in the Am. Mus. Nat. Hist. 89. The Fennel Cab Company. 90. Blue and white police-horse trailers. 91. The apostrophe missing from DONT WALK. 92. Johnny Carson is gone. 93. Chevy Chase isn't. 94. Zeppole vans. 95. Subway cars with public-address speakers that don't work. 96. American flags on Bay Ridge houses. 97. The rush of relief when you're not mugged after you thought you would be. 98. Tickler Numbers in Toe City Record. 99. No tornadoes. 100. Strikes that arc over. 101. Aviso: La via del tren subterraneo es peligrosa.

[jam2289]

Political Math and Creative Accounting

Amazon recently had to abandon a major construction project in New York City because of various political protests. It's a great illustration of how politicians do math.

We have to get a few basic viewpoints and then we'll look at how the math is done. New York Governor Andrew Cuomo posted an "Open Letter From New York State Budget Director Robert Mujica Regarding Amazon" on his website last week. Here are a few pieces from it.

- - - - - - -

"In my 23 years in the State Capitol, three as Budget Director, Amazon was the single greatest economic development opportunity we have had. Amazon chose New York and Virginia after a year-long national competition with 234 cities and states vying for the 25,000-40,000 jobs. For a sense of scale, the next largest economic development project the state has completed was for approximately 1,000 jobs."

...

"Incredibly, I have heard city and state elected officials who were opponents of the project claim that Amazon was getting $3 billion in government subsidies that could have been better spent on housing or transportation. This is either a blatant untruth or fundamental ignorance of basic math by a group of elected officials. The city and state 'gave' Amazon nothing. Amazon was to build their headquarters with union jobs and pay the city and state $27 billion in revenues. The city, through existing as-of-right tax credits, and the state through Excelsior Tax credits - a program approved by the same legislators railing against it - would provide up to $3 billion in tax relief, IF Amazon created the 25,000-40,000 jobs and thus generated $27 billion in revenue. You don't need to be the State's Budget Director to know that a nine to one return on your investment is a winner."

"The seventy percent of New Yorkers who supported Amazon and now vent their anger also bear responsibility and must learn that the silent majority should not be silent because they can lose to the vocalminority and self-interested politicians."

...

"Make no mistake, at the end of the day we lost $27 billion, 25,000-40,000 jobs and a blow to our reputation of being 'open for business.' The union that opposed the project gained nothing and cost other union members 11,000 good, high-paying jobs."

- - - - - - -

From that we can get the basic numbers. Amazon was going to spend billions in construction and employee a bunch of people in high paying jobs. New York decided that it didn't want that. Why?

There were two major groups that opposed this. One was the union RWDSU that Mujica said did some illegal things like paying people to go to council meetings to protest. The other was a vocal group of politicians and activists led by New York Congresswoman Alexandria Ocasio-Cortez, often known as AOC.

There were other good propaganda pieces, like headlines in major news outlets that read "Here’s Why New York Is Resorting to Paying Amazon $3 Billion for What Google Will Do for Free" and "NY taxpayers to pay $48,000 per Amazon HQ job", but Alexandria Ocasio-Cortez seems to have a unique ability to spread the various Communist, Socialist, and Anti-Capitalist ideas. When Amazon pulled out of the deal she Tweeted:

- - - - - - -

Anything is possible: today was the day a group of dedicated, everyday New Yorkers & their neighbors defeated Amazon’s corporate greed, its worker exploitation, and the power of the richest man in the world.

- - - - - - - -

It's interesting because Amazon was defeated. They wanted to build a business center and now they are not. But who won? And what did they win? Here's what AOC said to a reporter:

- - - - - - -

"If we were willing to give away $3 billion for this deal, we could invest $3 billion in our district ourselves if we want to. We could hire more teachers, we can fix our subways, we can put a lot of people to work for that money if we wanted to."

- - - - - - -

Now, this obviously makes no sense. How can you spend 3 billion dollars that you didn't get? Well, I'm sure AOC and the other politicians can find a way, because they do math differently. AOC has a degree in economics and she's a politician, she knows the game that she's playing. She just got caught this time. Usually the public isn't able to see through these scams.

Here's how this math works. Let's use smaller numbers so it's easier to grasp, I'm not used to having numbers in the billions. Let's say you have a business and you get a prospective client. This client is going to pay you 30,000 dollars. But, because they're spending so much on your products and services they want a discount. You negotiate with them and decide to give them a 10 percent discount. So, they're going to pay you 27,000 dollars. But, your partner says, "Hey, that's not fair. They're a big company and I don't like them, and they're taking 3 grand from us." Because of the mess that your partner causes the other company decides to take their business elsewhere. Now your partner comes to you and says "Great, now we have an extra 3 thousand dollars to spend on anything we want." You would obviously look at your partner in disbelief and ask, "Where is the extra 3 thousand dollars coming from?" Your partner would then talk about her mother being poor, that she's a woman, that she was poor, slavery, climate change, dancing, and then excuse herself to go to a meeting. This would seem ridiculous. But, in the world of politicians like Alexandria Ocasio-Cortez, this is just another week in politics.

To be fair there are two perspectives that can be taken on this. Either: A) AOC doesn't understand basic math despite having a degree in economics, or B) she's purposefully lying and being deceitful. Either way I don't think it's good. I've met more than one economics major that have said the same thing, so maybe it's just what they're taught in school. That's a scary option. What's even more amazing is that people like and respect her. The people in the Bronx and Queens voted her into public office to represent them.

When businesses do this type of math they go bankrupt, or the IRS puts them in prison. But, AOC didn't do anything illegal, that I know of. She just lied and deceived.

The thing is this isn't unique. People just seem to be a bit more aware of the crazy math this time. This type of corrupt math is the past, present, and future of politics. Coming to a tv news channel or magazine near you right now.

________________________________________________

You can find more of what I'm doing at http://www.JeffreyAlexanderMartin.com

[businessliveme]

Virus Update: U.S. Cases Climb 3.2%; Saudis Face ‘Painful’ Cuts

(Bloomberg) — U.S. cases of coronavirus rose 3.2%, which is higher than the one-week daily average. New York’s new deaths rose slightly while hospital admissions fell. The U.K. toll edged closer to Italy, which reported a jump that kept its fatalities the highest in Europe.

Governor Phil Murphy said reopening New Jersey will be driven by how much “knucklehead” behavior is apparent as limits are lifted. Saudi Arabia faces deep spending cuts, a top official said.

Spain’s runners, walkers and cyclists took to the streets for the first time in almost two months as the nation began to ease one of Europe’s tightest lockdowns.

Key Developments

Virus Tracker: global cases near 3.4 million; deaths 242,000

America’s retailers lure virus-weary shoppers to malls

Stir-crazy Italians ask, who can we visit now?

U.S. beef output is down more than shutdowns suggest

Covid exit strategy needs a worldwide vaccine

From Houston to New York, muni finances in tatters

Subscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus.

Saudi Minister Warns of ‘Painful’ Steps (4:30 p.m. NY)

Saudi Arabia will need to take “painful” measures and consider deep spending cuts to deal with the pandemic and a meltdown in global oil markets, Finance Minister Mohammed Al-Jadaan said on Saudi television station Al-Arabiya.

A week ago, Al-Jadaan told reporters the kingdom had survived similar, “maybe even worse,” crises and would pass through this one as it had others. On Saturday, he said government spending would need to be “cut deeply” and even some programs in Prince Mohammed bin Salman’s “Vision 2030” economic plan face cuts as implementation is delayed by steps to slow the outbreak.

Read the full story.

U.S. Cases Rose 3.2%, Above Week’s Average (4 p.m. NY)

U.S. cases increased 3.2% from the same time on Friday to 1.12 million, according to data collected by Johns Hopkins University and Bloomberg News. The national increase was above the average daily increase of 2.9% over the past week.

New York reported 4,663 new cases, for a total of 312,977 — about 9% of total reported cases around the world. Deaths rose slightly, by 299, to 18,909, the Department of Health reported.

New Jersey registered 2,912 new infections, bringing total cases to 123,717. Governor Phil Murphy reported 205 deaths, down from 311 reported Friday, to bring the total to 7,742.

Massachusetts had 1,952 new cases, boosting the total to 66,263, while deaths rose by 130, to 3,846, the Department of Public Health said.

Illinois reported 2,450 new cases, boosting the total to 58,505, and deaths increased by 105, to 2,559, the Department of Public Health reported.

Florida added 735 new cases, up 2.1%, to 35,463, while deaths rose by 50, or 3.5% to 1,364, the state health department said.

Texas reported 1,293 new cases, the biggest one-day rise, bringing the state’s total to 30,552, with 31 additional fatalities, for a cumulative tally of 847, the state health service said.

California Deaths Rise (4:05 p.m. NY)

California added 98 new deaths from the outbreak, bringing the total toll to 2,171. The state added 1,755 new cases, with a total of 52,197. Hospitalizations increased by 5. Governor Gavin Newsom said Friday he could be making announcements on the easing of the state’s stay-home orders within days, not weeks.

House, Senate Decline Offer for Tests (3:55 p.m. NY)

Senate Republican leader Mitch McConnell and House Speaker Nancy Pelosi declined an offer from the Trump adminisrtation to use rapid coronavirus testing equipment for lawmakers until “these speedier technologies become more widely available.”

“Congress is grateful for the Administration’s generous offer,” the leaders said in a statement. “Congress wants to keep directing resources to the front-line facilities where they can do the most good the most quickly.”

Earlier, U.S. Health and Human Services Secretary Alex Azar tweeted that three Abbott point-of-care machines and 1,000 tests are being sent to Capitol Hill. President Donald Trump noted “tremendous” testing capacity for lawmakers and tweeted that that the House — which opted to remain out next week — also should return to work.

Read the full story.

N.J. Alert for ‘Knucklehead’ Behavior (2:50 p.m. NY)

New Jersey Governor Phil Murphy, who is reopening state parks, said the pace of returning to normal would be driven in part by how much “knucklehead” behavior emerges as restrictions are relaxed.

“If we hear reports of people not taking either their health or the health of — maybe even more importantly — the health of other park-goers seriously then we won’t hesitate to — and I don’t say this with any joy — to close them again,” Murphy said.

Murphy reported signs of progress. Some 5,713 Covid-19 patients are currently hospitalized in the state, a drop of 1,000 on the week. Those in intensive care and on ventilators are also down.

Read the full story.

French Deaths Fewest in Almost Six Weeks (2:10 p.m. NY)

France reported 166 new deaths, bringing the total number to 24,760 since March 1. The country reported 1,530 new cases in 24 hours, for a total of 201,667. The French health ministry also said hospitals in Southern France are under less pressure.

Ethiopia Offers Business Tax Break (1:30 p.m. NY)

Ethiopia offered tax relief to companies affected by the outbreak, including cancellation of interest and penalties on outstanding taxes due for 2015-2018, state television said.

In addition, underlying taxes due for the period can be paid in installments, the Ethiopian Broadcasting Corporation reported, citing Finance Minister Eyob Tekalign. The government will grant a one-month grace period on payment of value-added and turnover tax payments.

Cuomo Orders Police Enforcement (1:20 p.m. NY)

New York Governor Andrew Cuomo ordered police to enforce social distancing and made it clear that he would not immediately follow other states in reopening or easing restrictions.

“I disagree with people who say ‘open the economy’ even though you know there’s a public health risk,” Cuomo said at a briefing in Queens. “I’m not going to put dollars signs over human lives.”

Cuomo noted trends that continue to show that the outbreak in New York has receded significantly: new and ongoing hospitalizations continued to drop, as did admissions to intensive care units.

Italy’s Deaths Rise, Cases Stable (12:10 p.m. NY)

Italy’s daily death count rose and new cases remained stable as the nation prepares to gradually ease its two-month lockdown as of Monday.

Figures from civil protection authorities showed 1,900 new cases, compared with 1,965 a day earlier. There were 474 deaths, compared with 269 on Friday, bringing the total number of fatalities to 28,710. The daily tally includes 282 deaths from April that were only communicated at the end of the month, the Lombardy region said on its website. Without the addition of the Lombardy numbers, which include Milan, the daily toll would be the lowest in more than a month.

U.K. Deaths Rise to More Than 28,000 (11:06 a.m. NY)

The U.K. reported an additional 621 deaths on Saturday, bringing its total to 28,131, Communities Secretary Robert Jenrick said, adding that 76 million pounds ($95 million) will be made available for victims of domestic abuse.

Jenrick also outlined measures to prevent homeless people who have been housed during the crisis from returning to the streets.

Eurostar Passengers Must Cover Faces (10:45 a.m. NY)

Passengers on Eurostar trains between London and Paris and Brussels must cover their faces starting Monday, the rail operator said on its website. “Any type of mask is suitable as long as it effectively covers your nose and mouth,” Eurostar said. “If you don’t have a mask you may be refused travel on our services.”

Eurostar said the move is in line with guidelines announced by governments in France and Belgium, where fines may be imposed on passengers not wearing masks.

Portugal Hospitalizations Decline (9:36 a.m. NY)

Portugal reported 203 new confirmed coronavirus cases in a day, taking the total to 25,190, Health Minister Marta Temido said. The total number of deaths rose by 16 to 1,023. The number of hospitalized cases and of patients in intensive care units fell. Deaths so far indicate a fatality rate of 4.1%, while for those more than 70 years old it’s 14.5%, Temido said. Figures for confirmed cases from previous days are being revised to remove some duplicated cases, according to Temido.

France May Isolate Those Who Enter Country (9:05 a.m. NY)

The French government unveiled a proposal to put mandatory isolation for anyone who enters France and tests positive for Covid-19. Borders won’t reopen when France lifts its lockdown on May 11th, Interior Minister Christophe Castaner said. The government’s plan, which extends the emergency state until July 24 and gives extra power to the executive branch, will be discussed in parliament next week.

Ireland Guarantees Loans (7:54 a.m. NY)

Ireland’s government set up a program guaranteeing 2 billion euros ($2.2 billion) worth of loans for small and medium-sized companies, as it prepares to reopen the economy from May 18, Finance Minister Paschal Donohoe said Saturday. In addition, the state is preparing to provide 2 billion euros worth of capital to larger companies, as it tries to fully reopen the economy by mid-August.

Turkey Rolls Back Curbs on Medical Exports (6:46 a.m. NY)

Turkey lifted the bulk of medical exports restrictions following signs that the nation’s coronavirus outbreak is subsiding.

Turkish companies will no longer need official authorization for exports of machinery such as ventilators and related equipment, according to a trade ministry decree published on Saturday. Similar restrictions on shipments of disinfectants and related chemicals were also lifted.

Tehran Transit Mandates Face Masks (6 a.m. NY)

Wearing face masks became mandatory in Tehran’s subway and bus service from Saturday, state TV reported. The measure comes as Tehran’s thoroughfares became busy after authorities allowed the nationwide reopening of some businesses and shopping malls last month in a bid to cope with the impact of the pandemic on the country’s sanctions-hit economy.

Iran’s daily coronavirus infections fell to the lowest since March 9 as the country reported 802 new cases and 65 deaths overnight, bringing fatalities to 6,156 from a total of 96,448 infections.

Spain Allows Outdoor Exercise (5:30 p.m. HK)

Spain reported 276 deaths from coronavirus in the 24 hours through Saturday, taking total fatalities from the pandemic to 25,100, according to Health Ministry data. The number of new cases rose by 1,147 to 216,582.

On Saturday, Spaniards were allowed out of their homes to exercise for the first time in seven weeks. The government set time slots in which age groups are allowed onto the street for different activities, with exercise permitted in the early part of the morning. The next stage of the government’s plan to phase out of the lockdown will start May 4, when restaurants, stores, bars and hotels are allowed to open under certain strict rules in four islands.

The post Virus Update: U.S. Cases Climb 3.2%; Saudis Face ‘Painful’ Cuts appeared first on Businessliveme.com.

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[taxreliefrus]

How to Prepare for Your Year-End Financial Review: A Guide for SMBs

As the year draws to a close, it’s time to take stock of your business’s financial health. A year-end financial review isn't just a box to check—it’s a crucial opportunity to assess your profit and loss, evaluate growth potential, and ensure your business is on track for continued success. Whether you're looking to maximize tax savings or streamline operations, being organized and prepared will save you time and set the stage for smoother cash flow.

Here's how to get your financials in order before the year ends.

1. Gather and Organize Your Financial Statements

The first step in your year-end review is to compile all the necessary financial documents. These include:

Profit and Loss Statement (P&L): This shows your revenue and expenses over the year, helping you assess your net income.

Balance Sheet:This provides a snapshot of your business’s financial position at the end of the year, including assets, liabilities, and equity.

Cash Flow Statement:Essential for understanding how cash is moving through your business, this document shows the inflow and outflow of cash over the year.

Tip: Use accounting software to pull these reports automatically. This can save hours of manual tracking and ensure accuracy.

2. Review Your Profit and Loss

Take a close look at your P&L statement to evaluate how your business performed this year. Are your revenues up? What about your expenses? Here are a few questions to guide your analysis:

Are there any significant fluctuations in revenue or expenses compared to last year?

Did any new revenue streams develop, and are they profitable?

Are there expenses you could reduce or eliminate to improve profitability?

This step not only gives you a better understanding of your business’s health but also helps identify areas where you can cut costs or invest more resources for future growth.

3. Assess Cash Flow

Cash flow is the lifeblood of any business. A thorough review of your cash flow statement will help you see if your business is consistently generating enough cash to cover operating expenses, taxes, and potential reinvestments.

Look for periods where cash flow was tight and consider whether you need to adjust your payment schedules, invoicing policies, or even pricing structure to improve it. This is especially important as you enter a new year, as poor cash flow can stifle growth and lead to stress when it comes to meeting financial obligations.

4. Check Your Tax Readiness

With tax season on the horizon, it’s wise to ensure all your tax-related documents and deductions are in order. Review any significant purchases or expenses that can be claimed as deductions and make sure all invoices and receipts are documented properly.

Now is also a good time to review any tax strategies with our office. Are there opportunities to defer income or accelerate expenses to reduce your taxable income? Making these moves now can save your business money and ensure smoother tax preparation.

5. Plan for Next Year’s Growth

Your year-end financial review is also an opportunity to set the stage for future growth. Use the insights you've gained to create a roadmap for the upcoming year. Consider:

Revenue Projections: Based on this year’s performance, set realistic revenue targets for next year.

Expense Budgeting: Identify areas where you can cut costs or invest more for business expansion.

Growth Opportunities: Whether it’s hiring new staff, investing in new technology, or expanding services, now is the time to lay out those plans.

Setting clear financial goals and benchmarks will give you a solid foundation for growth and ensure that your business continues to thrive.

6. Stay Organized for the Long Term

Being organized isn't just about preparing for year-end—it's about creating habits that streamline your financial management throughout the year. Regularly updating your books, keeping receipts organized, and maintaining good communication with our office will save you time and headaches in the long run.

Plus, staying organized ensures that your financial records are always up to date, which can help with cash flow management and allow you to focus on providing expert advice to your customers, rather than worrying about paperwork.

Take Control of Your Financial Future

A year-end financial review is more than just closing the books—it’s your chance to reflect, reassess, and plan for the future of your business. By staying organized and prepared, you can save time, keep your cash flow healthy, and focus on what really matters: growing your business.

Need Help with Your Year-End Financial Review?

Contact our office today for expert guidance. We’ll help you organize your finances, assess your growth potential, and ensure you’re ready for the year ahead. Let us handle the details so you can focus on what you do best—running your business.

Contact Us :

Address - 8315 Northern Blvd. Suite 2, Jackson Heights, New York 11372

Phone -  (844) 829-2292

Email - info@taxreliefrus.com

Website - Tax Relief R Us

Blog - How to Prepare for Your Year-End Financial Review: A Guide for SMBs

[taxreliefrus]

Tax-Free Weekends Guide: September – December 2024

Looking to stretch your dollars further before the end of the year? Tax-free weekends offer a fantastic opportunity to save on essential purchases. From school supplies and clothing to technology and holiday gifts, these special state-sponsored events allow you to shop without the burden of sales tax. 

Whether you’re gearing up for the school year or preparing for the holidays, this comprehensive guide covers all the tax-free weekends across the U.S. from September through December 2024. Discover when and where you can take advantage of these savings and make the most out of these limited-time offers.

1. Colorado

Dates: September 14-16, 2024

Details: Colorado’s tax-free weekend includes:

Clothing: Items priced up to $150 per item are exempt from sales tax. This covers most clothing and footwear, but excludes items such as formalwear and certain accessories.

School Supplies: Supplies up to $50 per item are exempt. This includes items like notebooks, pencils, and art supplies. Technology items are generally excluded.

Important Notes: The exemption applies to both in-store and online purchases. Certain items, like high-end electronics, are not covered.

2. Mississippi

Dates: September 28-29, 2024

Details: Mississippi’s tax-free weekend includes:

Clothing: Items priced under $100 are tax-free. This covers most clothing and footwear, with exclusions for items like formalwear and jewelry.

School Supplies: Supplies priced up to $100 per item, such as backpacks, notebooks, and pens, are exempt. Exclusions may apply to items like graphing calculators and electronics.

Important Notes:  Exemptions apply to both in-store and online purchases, with some restrictions on specific items.

3. Arkansas

Dates: October 25-27, 2024

Details: Arkansas’ tax-free weekend includes:

Clothing: Items priced at $100 or less per item are exempt. This includes most clothing and shoes but excludes luxury items and accessories.

School Supplies: Supplies under $50 per item are tax-free. This includes items like notebooks, pens, and backpacks. Technology items are generally excluded.

Important Notes: The exemption applies to all qualifying in-store purchases, but not all online transactions may be eligible.

4. South Carolina

Dates: November 1-3, 2024

Details: South Carolina’s tax-free weekend covers:

Clothing: Items under $100 per item are tax-free. This includes most clothing and shoes, but excludes accessories and certain types of footwear.

School Supplies: Supplies priced up to $50 per item, including backpacks and notebooks, are exempt. Certain exclusions may apply.

Important Notes: Both in-store and online purchases are eligible for the tax exemption. Specific conditions may apply to different types of items.

5. Florida

Dates: November 15-17, 2024

Details: Florida’s tax-free weekend includes:

Clothing: Items under $75 per item are exempt. This includes most everyday clothing and footwear, but excludes formalwear and certain accessories.

School Supplies: Supplies up to $25 per item are tax-free, including items like notebooks, pens, and backpacks. Exclusions may apply to electronics and non-essential items.

Important Notes: The exemption applies to in-store and online purchases, with specific rules for certain items.

6. New Jersey

Dates: November 30 - December 1, 2024

Details: New Jersey’s holiday sales tax holiday covers clothing and footwear under $100, as well as specific holiday decorations.

Important Notes: This event is applicable for both in-store and online purchases.

7. Georgia

Dates: December 6-8, 2024

Details: Georgia’s tax-free weekend includes:

Clothing: Items under $100 per item are exempt. This covers most clothing and shoes, excluding high-end accessories and formalwear.

School Supplies: Supplies priced up to $50 per item, such as notebooks and pens, are tax-free. Technology items may be excluded.

Important Notes: Both in-store and online purchases qualify for the exemption, but specific conditions apply.

As the year progresses, these tax-free weekends offer excellent opportunities for savvy shoppers to save on essential items and back-to-school supplies. From September through December, various states across the U.S. provide relief from sales tax on a range of products, making it easier for families to budget and plan their purchases. Be sure to check the specific details and limitations for each state's tax-free event to maximize your savings and make the most of these limited-time offers. Happy shopping!

Contact Us :

Address - 8315 Northern Blvd. Suite 2, Jackson Heights, New York 11372

Phone -  (844) 829-2292

Email - info@taxreliefrus.com

Website - Tax Relief R Us

Blog - Tax-Free Weekends Guide: September – December 2024

[taxreliefrus]

Did you know you can claim additional solar tax credits when expanding your existing system? Adding new panels or a battery can qualify you for a 30% tax credit! Watch this video to learn how the Solar System Expansion Tax Credit works and make the most of it before the credit rate drops in 2032.

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Marketing Your Tax Resolution Services: Tips for Success

Tax resolution services play a crucial role in helping individuals and businesses navigate the complexities of tax issues, such as back taxes, audits, and penalties. For tax professionals, the ability to effectively market our services can make a significant difference in attracting and retaining clients in desperate need of expert help. Here are some strategic marketing tips to enhance visibility and credibility in this specialized market.

Understanding Your Target Audience

Identify Pain Points: Knowing your potential clients' specific problems and stressors is key. Understanding these pain points allows you to tailor your marketing message effectively, whether it's fear of legal repercussions, financial burden, or the complexity of tax laws.

Segment Your Market: Not all tax problems are the same, and neither are your clients. Differentiate your services by targeting specific niches, such as small businesses, freelancers, or large corporations, depending on your expertise and resources.

Establish a Robust Online Presence

Professional Website: Your website is the hub of all your marketing efforts. Ensure it is professionally designed, easy to navigate, and filled with actionable information that addresses common tax issues and demonstrates your expertise.

SEO: Invest in search engine optimization to increase your visibility online. Focus on keywords that potential clients might use to find help with their tax problems, such as "tax relief services" or "help with IRS audit."

Content Marketing: Develop a blog or resource center where you can share insightful articles, guides, and case studies. This helps with SEO and establishes your firm as an authority in tax resolution.

Social Media Engagement: Utilize platforms like LinkedIn, Twitter, and Facebook to share updates, tax tips, and legislative changes that could affect your clients. This keeps your audience engaged and positions your brand at the forefront of their minds.

Leverage Client Testimonials and Case Studies

Trust is a major factor in choosing a tax resolution service. Displaying testimonials and case studies on your website and marketing materials can significantly impact potential clients' decision-making processes. These testimonials highlight the client's initial problem and your services' relief, emphasizing your expertise and success rate.

Utilize Email Marketing

Email marketing lets you keep in touch with potential clients who may only need your services after some time but could become clients. Regular newsletters that provide useful information about tax laws, deadlines, and tips for tax compliance can keep your audience engaged. Each email should offer value, whether it's a reminder about upcoming tax deadlines, tips for financial health, or case studies showing how you've helped others.

Offer Free Workshops or Seminars

Hosting free workshops or seminars on topics related to tax issues can attract potential clients who are actively seeking help but are still determining where to turn. This positions you as an expert in the field and offers a direct opportunity to interact with potential clients, answer their questions in real time, and build relationships.

Networking and Partnerships

Developing relationships with other professionals like accountants, lawyers, and financial advisors can lead to referrals. Join local business associations, chambers of commerce, and professional groups to network effectively. Additionally, consider forming partnerships with complementary services that can offer reciprocal referrals.

Invest in Pay-Per-Click Advertising

Pay-per-click (PPC) advertising can be an effective way to drive traffic to your website. Platforms like Google Ads allow you to target specific demographics and keywords related to tax resolution. This method can be particularly effective when many are seeking immediate help with their taxes during tax season.

Monitoring and Adjusting Your Strategies

Finally, it's crucial to monitor the effectiveness of your marketing strategies and make adjustments as needed. Use analytics to track which marketing efforts drive traffic, generate leads, and convert prospects into clients. Feel free to experiment with new tactics and refine your approach based on the data.

Conclusion

Marketing tax resolution services effectively requires empathy, clear communication, and strategic use of digital and traditional marketing methods. By understanding your audience, building a strong online presence, leveraging client testimonials, and staying engaged through email marketing and community outreach, you can attract more clients and establish your firm as a leader in the tax resolution industry. Remember, the goal is to attract new clients and build lasting relationships and a reputation as a trusted advisor in tax resolution.

Contact Us :

Address - 8315 Northern Blvd. Suite 2, Jackson Heights, New York 11372

Phone -  (844) 829-2292

Email - info@taxreliefrus.com

Website - Tax Relief R Us

Blog - Marketing Your Tax Resolution Services: Tips for Success

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Are you struggling with the costs of adoption? The Adoption Tax Credit can help ease the financial burden of expanding your family. At Tax Relief R Us, we specialize in helping families navigate the complexities of tax credits and deductions, including the Adoption Tax Credit.

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As you approach retirement age, the thought of returning to work might be on your mind. Whether you're considering part-time roles or fully immersing yourself back into the workforce, this article is designed to provide insights into the financial aspects of such a decision.

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In the wake of the pandemic, remote work has become the new norm for many American workers. As businesses across a wide range of industries have shifted to a remote model, employees and employers alike have experienced numerous benefits such as reduced overhead costs, increased employee satisfaction, and access to a broader talent pool.

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8 Steps to Avoid Common Tax and Accounting Mistakes

Successfully steering a small business involves adeptly managing its financial intricacies. Amid the myriad responsibilities, tax and accounting often prove to be a potential minefield for entrepreneurs, with common mistakes capable of significantly impacting a business's fiscal health. We will delve into each of the eight common tax and accounting mistakes, providing insights into why they occur and, more importantly, offering detailed strategies to prevent them.

1. Overstating Cash Flow: Takeaway:

Cash flow is the heartbeat of any business, and misjudging its volume can lead to operational challenges and financial strain. Regularly updating and meticulously reviewing cash flow statements, facilitated by cutting-edge accounting software, emerges as a critical practice. This not only ensures the accuracy of tracking funds but also empowers businesses to make informed financial decisions.

2. Inaccurate Income Tracking:

The precision of tracking business revenue is pivotal in steering clear of tax complications. Establishing a robust system for recording income sources and instituting regular reconciliations with bank statements are indispensable practices. This not only prevents potential reporting errors but also provides a reliable foundation for strategic financial planning.

3. Inadequate Expense Tracking:

Failure to comprehensively track business expenses can distort taxable income and result in increased tax liabilities. Implementing advanced expense tracking tools or software proves transformative, automating the process and guaranteeing the accurate recording and categorization of all business-related expenses.

4. Neglecting Invoice Payments:

Late payments due to overlooked due dates for vendor invoices can strain relationships and incur additional costs. By implementing an effective accounts payable system and proactively setting reminders for due dates, businesses can cultivate positive relationships with vendors and avoid unnecessary financial burdens.

5. Ignoring Fraud Indicators:

Outsourcing accounting tasks without active monitoring or implementing internal controls can expose a business to potential fraud. Regularly reviewing financial statements, establishing robust internal controls, and conducting periodic audits fortify a business against fraudulent activities, fostering financial integrity.

6. Failing to Hire a Finance Professional:

The allure of handling accounting tasks independently can mask the potential for costly errors. Investing in the expertise of a finance professional proves to be a strategic move. Their insights not only contribute to meticulous bookkeeping but also aid in tax planning and trend identification.

7. Inaccurate Business Cost Tracking:

Accurate record-keeping of business costs is foundational to avoiding budget overruns and financial mismanagement. Instituting a reliable system for tracking business costs and maintaining regular reviews and updates of cost records ensure alignment with current expenses and a clear understanding of financial health.

8. Facing IRS Tax Problems Alone:

Navigating IRS tax issues independently can lead to costly mistakes and heightened stress levels. Seeking professional help during IRS audits or other tax-related challenges is a prudent strategy. Experienced tax professionals guide businesses through the intricacies, minimizing the risk of penalties and negotiating favorable terms.

Understanding the nuances of these common accounting mistakes is the first step toward safeguarding a small business's financial health. However, merely recognizing these pitfalls is insufficient; proactive measures are essential. By implementing the detailed prevention tips provided for each mistake, businesses can not only avoid potential errors but also fortify their financial foundations. Investing in professional tax and accounting services emerges not as an expense but a proactive strategy, ultimately saving money in the long run. Our team of tax and accounting experts stands ready to assist your business in navigating these challenges, ensuring a robust and resilient financial future. Connect with our office today to explore how we can fortify your business against these common accounting pitfalls and set it on a path of sustained success.

Contact Us :

Address - 8315 Northern Blvd. Suite 2, Jackson Heights, New York 11372

Phone -  (844) 829-2292

Email - info@taxreliefrus.com

Website - Tax Relief R Us

Blog - 8 Steps to Avoid Common Tax and Accounting Mistakes

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Are you concerned about gift and estate taxation? Tax Relief R Us is here to help. We specialize in providing expert advice and guidance on all aspects of gift and estate taxation. Our team of experienced professionals will ensure that you have the knowledge and strategies to navigate this complex area of tax law. Don't let gift and estate taxes take a toll on your finances - contact us today for a consultation.

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Converting a rental property to a personal residence raises unique tax implications.  If you own a home that you currently rent out and are thinking of converting the property to use as your personal residence, here are issues you should be considering.

Website - https://taxreliefrus.com/

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Embarking on an entrepreneurial journey is exhilarating, yet careful consideration is paramount. Starting a business involves a myriad of decisions that can influence success. From conceptualization and market analysis to financial planning and legal intricacies, this guide explores essential factors to contemplate, ensuring a solid foundation for your venture's prosperity.

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TAKE ADVANTAGE OF THE EDUCATION TAX CREDITS

As with everything taxes, the devil is in the details, and that includes the education tax credits, which come in two types with some different rules for each. Many people think the credits are for sending their children to college, which is true, but the credits are also available to you and your spouse (if you are married) as well as to your dependents. So even taxpayers attending school part-time may qualify for a tax credit.American Opportunity Tax Credit (AOTC) – The AOTC provides a credit of up to $2,500 per year per eligible student. Generally, tax credits are non-refundable, meaning they can only be used to offset any tax liability the taxpayer may have for the year. However, up to 40% of the AOTC is refundable, even when the taxpayer has no tax liability. Thus, it can result in a refund of as much as $1,000 (40% of $2,500).The credit amount is 100% of the first $2,000 of tuition and related expenses plus 25% of the next $2,000 of qualifying expenses. However, the AOTC is only allowed for four tax years and only for the first four years of post-secondary education. The student must be enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential for at least one academic period beginning in the tax year in which the credit is claimed.This credit phases out for joint-filing taxpayers with modified adjusted gross income between $160,000 and $180,000, and between $80,000 and $90,000 for others. The credit is not allowed for married taxpayers using the filing status of married filing separately.Lifetime Learning Credit (LLC) ‒ The LLC is a non-refundable credit worth up to $2,000 per year, and there is no limit on the number of years that the LLC can be claimed. Unlike the AOTC, there is no “half-time student” requirement, and single courses can qualify. The credit is 20% of the costs of tuition and related expenses. However, while the AOTC is determined on a per student basis, the LLC is based upon the tax family’s qualified education expenses for the year. If a student qualifies for the more beneficial AOTC, that student’s expenses cannot also be used for the LLC.Like the AOTC, this credit phases out for higher-income taxpayers, but unlike the AOTC, the phaseout income levels are annually adjusted for inflation. For 2019, the LLC phases out for joint filing taxpayers with modified adjusted gross income between $116,000 and $136,000, and between $58,000 and $68,000 for others. The credit is not allowed for taxpayers who file married filing separate returns.Who Gets the Credit? – As you would expect, the credit for dependents attending college or the taxpayer (and spouse, if any) attending college will be claimed on the taxpayer’s tax return. You may qualify for this credit even if you did not pay the tuition. If a third party (someone other than the taxpayer or a claimed dependent) directly makes a payment to an eligible educational institution for a student’s qualified tuition and related expenses, then the student would be treated as having received the payment from the third party and, in turn, as paying the qualified tuition and related expenses. Furthermore, qualified tuition and related expenses paid by a student would be treated as being paid by the taxpayer if the taxpayer claims the student as a dependent.

Example: If one divorced parent pays qualified tuition to a college for a child but the other parent has custody of the child (and is eligible to claim the child as a dependent), then the custodial parent is treated as having directly paid the tuition to the college and would get the credit.Example: If a grandparent, or someone else, pays the qualified tuition directly to the institution, then the parents, assuming they claim the student as a dependent, would be the ones qualified to claim the education credit. This would also apply if the tuition was paid for the taxpayer or spouse. This makes for some interesting tax planning since the tuition paid directly to an educational institution is also excluded for gift reporting or gift tax consequences, allowing individuals who wish to make gifts above the $15,000 per year per recipient limit to pay the tuition for a non-dependent child or grandchild and avoid any gift tax complications, while at the same time providing the education credit.

Qualified Tuition and Related Expenses – Unfortunately, recent law changes affecting qualified expenses only applied to the AOTC, creating another difference between the two credits.

AOTC – Qualified expenses include tuition, books, supplies, and equipment required for enrollment or attendance at an eligible institution. For this purpose, “required for enrollment or attendance” means that the course materials are needed for “meaningful attendance or enrollment” in a course of study, whether or not the materials are purchased from the institution or an outside vendor. A frequent question is whether a computer qualifies as an AOTC expense. The IRS has indicated a computer does qualify if it is needed for attendance at the educational institution. Generally, in this day and age, a computer is necessary.

LLC – Qualified expenses include tuition and amounts paid for books, supplies, and equipment, but only if these items are purchased from the educational institution as a condition of attendance.

Eligible Educational Institutions – Eligible institutions generally include any accredited public, nonprofit, or proprietary post-secondary institution eligible to participate in the student aid programs administered by the Department of Education. This includes most colleges and universities. Vocational schools or other post-secondary schools may also qualify. If you aren’t sure if the student’s school is eligible, ask the school if it is an eligible educational institution. This requirement will rule out foreign educational institutions.Special Tuition Prepayment Rule – A special rule allows the tuition for an academic period that begins in the first three months of the next year to be paid in advance; thus, it increases the amount of tuition qualifying for the credit in the year when the tuition is paid. This allows for planning of when to make tuition payments to maximize credits, especially in the first partial calendar year.

Tax Tip: Since the American Opportunity credit is only allowed in the first four tax years (calendar years for nearly all individuals) for each eligible student, taxpayers may benefit from prepaying the education expenses for an academic period beginning in the first three months of the next year. This is especially important when you consider that most students enter college in the last half of the first tax year and qualify for the credit with only half a year’s expenses in the first year. Working out a payment plan in which the tuition is prepaid under the three-month rule for each of the academic years would more evenly spread the tuition over the four years.

Form 1098-T ‒ In most cases, you (or the student) should receive Form 1098-T, Tuition Statement, from the school reporting qualifying expenses to the IRS and to you. The amount shown on the form will be the amount paid to the school for the student’s qualifying tuition and related expenses, not reduced by scholarships or grants. Therefore, the amount shown on the form in box 1 may be different from the amount eligible for the credit and may not be the amount you actually paid. You can only claim an education credit for the qualifying tuition and related expenses that you paid in that tax year. As discussed earlier in the Tax Tip, a provision allows the tuition for the first three months of the next year to be prepaid and deducted on the tax return for the year of payment. However, any prepaid tuition cannot be deducted in the subsequent year.Scholarships – For education credit purposes, qualified tuition must be reduced by tax-free scholarship amounts (including fellowships) that are excluded from income.Tax Fraud – The education credits are frequent targets for tax fraud, especially the AOTC, because a portion of it is refundable. So, the IRS has integrity provisions in place, including (1) that a taxpayer cannot amend a prior year return in which the individual qualifying for the credit did not have a taxpayer identification number (TIN) when the original return was filed and (2) that the employer identification number (EIN) of the educational institution must be included on Form 8863, which is the IRS form used to claim the credit. The EIN is included as part of the information on the Form 1098-T that the school issues to you.In addition, paid tax preparers are subject to a monetary penalty if they do not abide by certain due diligence requirements and complete and submit the due diligence worksheet when filing a return.

As you can see, several nuances associated with the education credits must be considered. Please call this office if you need assistance with education planning or want more information on how the education tax credits apply to your particular circumstances.

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Address - 147-08 235 Street Rosedale, NY 11422

Email - info@taxreliefrus.com

Phone -  (844) 829-2292

Website - TAX RELIEF RUS

Blog - TAKE ADVANTAGE OF THE EDUCATION TAX CREDITS