Tax Preparation and Tax Planning for High-Net-Worth Individuals and Business Owners in Scarsdale, NY Personalized Tax Services for Individuals, Families, and Small Business Owners in Scarsdale Scarsdale is home to successful professionals, entrepreneurs, executives, investors, and business owners who often face more complicated tax situations than the average taxpayer. Whether you have substantial investment income, multiple sources of income,...
What Happens to Your 401k When You Die
When you die your 401k becomes part of your estate and is ultimately transferred to your beneficiaries. When you open your 401k at least one beneficiary is named who will inherit the funds upon your passing. If no beneficiary is named the 401k becomes part of your estate. If your spouse is the named beneficiary of the 401k, he or she would be able to roll it into their own 401k or IRA. The advantage is that your spouse will avoid the early...
What Does Your Return is Being Processed Mean?
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Do You Pay Extra Tax if You Work in Yonkers?
Yonkers is the third largest city in New York State. Located in Westchester County it is conveniently located just 17 miles from Manhattan. If you work in Yonkers, NY, you may have to pay additional income tax. Yonkers has its own income tax system separate from New York State and New York City. Yonkers residents and non-residents who work in Yonkers are subject to the Yonkers Resident Income Tax or the Yonkers Nonresident Income Tax,...
What Does IRS Code 806 Mean?
One of the documents used to determine someone’s true tax situation is the IRS tax transcript. When you owe money to the IRS it is not uncommon for them to send a variety of letters explaining your tax situation. The longer the tax goes unpaid the more threatening the letters seem to become. These letters should not be ignored as they contain important instructions and deadlines that should not be overlooked. An IRS tax transcript helps you...
Can You Deduct Starbucks on Your Taxes
It’s surprising the number of people who want to know if they can deduct their Starbucks orders on their taxes. For this reason we want to answer that question and educate you on the IRS rules. The tax code allows you to deduct 50% of the cost of meals (including that Starbucks coffee), if it is considered a business meal. In other words the meeting should be for business purposes. One other requirement to deduct business meals on your taxes is...