An amended tax return is simply a revision of a previously filed return. It’s not uncommon for a tax return to be filed only to realize that a mistake was made. Perhaps you had a net operating loss (NOL) that can be carried back to previous years. In some cases a credit or deduction was not taken. Sometimes you can call the IRS to straighten things out. In other cases the IRS makes a change to your federal tax return which then requires that...

Haven’t filed taxes in several years? Need help with back taxes? Don’t panic. You’re not alone. There are millions  in the same boat. Just because you have unfiled taxes does not mean that the IRS, or State, does not know or has forgotten. Why You Should File Back Tax Returns If you have a filing requirement and do not file your tax returns timely you could be hit with penalties and interest.  Let’s talk penalties for a second....

Business Loan Calculator The IRS has increased their customer service staff but sometimes it is still can be tough to reach a real person on the phone. That’s why we created this guide to help increase your chances of getting through to speak with someone. What IRS Number to Call The IRS has several phone numbers available for the public to reach them. The number you dial will depend on the type of tax issue. Here are some of the most...

The average cost of a home in Westchester County is $683,904. If you are like most homeowners you have a mortgage on your property typically at a fixed interest rate over 15 or 30 years. If you took out that mortgage several years ago it is possible that the interest rate is higher than today’s rate. The amount of money paid in interest can add up. In fact, over the life of your mortgage much of your payments will go to interest. Many people...

The current pandemic has led many people to work from home whether by choice or necessity. The new work arrangement has meant no commute, more time with family and less money on gas. For individuals who work for an out-of-state employer remote work can have unexpected consequences. Typically employees are taxed in the state where they live or where they earn income. Some states have reciprocity agreements that obligate employees to pay tax only...

The United States tax law can be confusing to say the least. There are certain types of income that is taxed, some that is taxed at reduced rates and some that is tax-free. To add to the mix taxes may be owed at the state and in some cases at the city level.  We are often asked whether green card holders have to file and pay U.S. taxes if they are not U.S. citizens. As a green card holder you are treated, for tax purposes, as if you are a...