Klinger and Associates, CPA

New tax brackets, standard deduction and retirement contribution limits have just been announced for 2023!

Be sure to consult with your tax professional to see how these changes may affect your tax liability.

IRS Announces New Tax Brackets And Standard Deduction For 2023 The higher your income, the more valuable proactive tax planning guidance can be. There is some good news from the IRS as they announce the new standard deduction and new tax brackets for 2023.

Happy Tax Myth Tuesday! Does this one sound familiar?

"I claim my child every other year so this year I'm filing as Head of Household..."

Its easy to see where this myth originated. It's pretty common for parents to alternate years that they claim their child as a dependent.

The confusion however arises from the misunderstanding that having a dependent alone qualifies someone to utilize the Head of Household filing status.

To be clear - while claiming a dependent and certain credits associated with that dependent may be agreed upon, this does not automatically qualify someone for the Head of Household filing status.

In fact, in many cases the parent who has forfeited claiming the dependent may still qualify as Head of Household.

As always, be sure to consult with your tax professional and feel free to reach out to us if you need assistance with your tax return preparation!

The return of Tax Myth Tuesday!

While filing for an income tax extension does grant you additional time to file your return, don't forget that this is just an extension of time to file - not an extension of time to pay.

All income tax you owe is still due by the original income tax return deadline. If you believe you will likely owe tax upon filing your return, be sure to discuss this with your tax preparation professional.

Reminder: Today is the deadline for all NYS quarterly and monthly sales tax filers!

Need help with your filing?

Give us a call to find out how we can make your filing process quick and convenient.

GO BILLS!!!

Game predictions | Bills vs. Titans | Monday Night Football Will Buffalo end its two-game losing streak against Tennessee? Find out what the NFL's top analysts are predicting for Monday night's home opener.

Congratulations to the owner of our firm on another successful trip around the sun! Happy birthday Mark Klinger!

Go bills!!!

Game predictions | Bills vs. Rams | Thursday Night Football Can the Bills beat the defending Super Bowl champs? Check out who NFL experts are picking for tonight's NFL season opener.

Happy Labor Day! Hope you and your family have a wonderful long weekend.

Just a reminder that our office will be closed today but we will be back to our regular office hours on Monday.

Happy National Dog Day! We tried telling this guy it was casual Friday but he wasn't hearing it.

Make sure if you have not filed your income tax returns for these years that you do so by September 30, 2022 so you don't miss out!

Need help filing by that date? Give us a call ASAP.

https://www.journalofaccountancy.com/news/2022/aug/irs-relieves-penalties-for-2019-2020.html

IRS relieves penalties for 2019 and 2020 As part of COVID-19 pandemic relief, the IRS will automatically abate failure-to-file penalties for certain tax and information returns and refund those penalties already paid.

Happy Tax Myth Tuesday!

It is true that if your only source of income is your social security check, it isn't taxable.

BUT, the tax assessed on your social security benefits really depends on your filing status and the other income you receive.

Think this affects you? Give us a call and we can help you plan accordingly!

Go Bills!

How to watch, stream and listen | Bills vs. Broncos Preseason Week 2 Buffalo's final home preseason game is set for Saturday afternoon. Here's how to tune in

Hope everyone has a great weekend!

7 things to do in Western New York this weekend: August 19 - August 21 Are you looking for something to do this weekend? Several family-friendly events are taking place across Western New York.

Great new article from the IRS Taxpayer Advocate Service.

We can't stress enough the importance of planning for your tax return filing before the end of the year, especially for small business owners.

Very frequently, if you have waited until the year's over, the opportunities to reduce your tax bill have all passed you by.

If you think you might benefit from some tax reduction planning, contact a qualified tax professional.

TAS Tax Tip: Mid-Year Tax Checkup - TAS It’s time for a quick mid-year tax checkup. This will help avoid being surprised with a potentially large tax bill when you file your taxes.

Happy Tax Myth Tuesday everyone!

There's been a lot of confusion around cryptocurrency and taxes, so if this one tripped you up you are not alone.

The IRS treats cryptocurrency exchanges as taxable transactions, so if you have exchanged or plan on exchanging any crypto in 2022, don't forget to let your tax professional know.

Of course, if you have any other questions about your cryptocurrency trading and taxation, give us a call!

Drive for Uber, Lyft, Doordash, Grubhub or any others? Don't get caught owing taxes at the end of the year!

Give us a call to discuss and avoid any surprises.

Over the past several years, this has become much more common than you'd hope.

Don't stress and don't overpay. Give this a read and if you still need help give us a call!

https://www.taxpayeradvocate.irs.gov/news/tas-tax-tip-what-to-do-if-you-receive-an-irs-balance-due-notice-for-taxes-you-have-already-paid/

What to do if you receive an IRS balance due notice for taxes you have already paid.- TAS Know your rights and what to do if the IRS sends you a bill after you already paid your taxes. This will help you if you received a CP14.

Happy Tax Myth Tuesday! This one is a common misunderstanding nowadays.

As a result of the 2017 tax law, for the years 2018 through 2025, employees can no longer deduct unreimbursed expenses.

Your friendly Friday reminder everyone!

Get caught up on the latest scams!

Is your tax preparer still sending your sensitive information in emails?

Give us a call and lets talk about how a secure client portal can keep your information safe.

https://www.wolterskluwer.com/en/expert-insights/new-irs-2022-dirty-dozen-transactions-and-tax-avoidance-schemes-taxpayers-should-avoid

IRS continues its list of the 2022 dirty dozen transactions and tax avoidance schemes The Internal Revenue Service continues its

Employers... is payroll frustrating you?

We're proud to announce the official launch of our payroll service. A simple, affordable, and convenient option is now available for New York small businesses.

Give us a call to find out how easy it can be!

It's now easier to call Klinger and Associates, CPA.

Klinger and Associates, CPA updated their phone number.

Klinger and Associates, CPA updated their business hours.