Gary B. Carbo, CPA

The IRS for begin accepting tax returns on January 24th 2022

Sunrise yoga with my Beach Buddies Theresa and Pilar

Gary B. Carbo, CPA updated their website address.

https://www.forbes.com/sites/alangassman/2019/01/20/what-to-ask-your-tax-advisors-about-the-new-section-199a-regulations/

What To Ask Your Tax Advisors About The New Section 199A Regulations Internal Revenue Code Section 199A was enacted as part of the 2017 Tax Cuts and Jobs Act (TCJA), and slightly modified in 2018. This provision provides a tax deduction of up to 20% of the net income that a taxpayer receives from an active trade or business, which may include rental real estate

https://www.dealnews.com/features/Should-You-Do-Your-Own-Taxes/1920701.html

Should You Do Your Own Taxes?

http://www.heraldtribune.com/news/20180128/trading-in-bitcoin-does-require-paying-taxes

Trading in Bitcoin does require paying taxes For tax purposes, the Internal Revenue Service views bitcoin and its cryptocoin cousins as property

https://www.journalofaccountancy.com/news/2018/feb/tax-provisions-budget-act-201818370.html?utm_source=mnl:alerts&utm_medium=email&utm_campaign=09Feb2018&utm_content=button

Bipartisan Budget Act contains several tax provisions The Bipartisan Budget Act of 2018 has many tax provisions, including retroactive extensions of a number of tax credits.

https://www.ny.gov/new-york-state-paid-family-leave/paid-family-leave-information-employers

Paid Family Leave: Information for Employers Nearly all private employees in New York State will be eligible for Paid Family Leave.

https://www.journalofaccountancy.com/news/2017/dec/tax-reform-bill-changes-for-individuals-201718070.html?utm_source=AICPANewsupdate&utm_medium=email&utm_content=news32&utm_campaign=A17DC108

What the tax reform bill means for individuals The tax reform legislation that Congress will consider this week contains many provisions affecting individuals—and many changes from both the House and Senate bills.

https://www.smllp.ca/blog/giving-us-charities-canada-us-tax-treaty-not-simple-process

Giving to U.S. Charities & the Canada-U.S. Tax Treaty... not a simple process Giving to U.S. Charities & the Canada-U.S. Tax Treaty... not a simple process U.S. citizens/residents/greencard holders filing a U.S. Tax Return Charitable contributions made are not always deductible in the year they are incurred. Unlike Canada, which issues a non-refundab...

https://www.garytax.com/2017/10/30/giving-to-u-s-charities-the-canada-u-s-tax-treaty-not-a-simple-process/

http://www.kiplinger.com/article/taxes/T056-C000-S001-how-can-i-avoid-the-amt.html

How Can I Avoid the AMT? One of the best things that can be said about the alternative minimum tax is that Congress was successful in making it difficult to get around this tax. To avoid the AMT, you need to understand how the AMT differs from the regular tax system.

https://www.bonadio.com/news-events/articles/not-resident-new-york-not-liable-new-york-state-income-taxes-think-again

Not a Resident of New York? Not Liable for New York State Income Taxes? Think again! It’s important to have a basic understanding of how New York defines a resident and what a taxpayer has to do to actually change his or her residence, ...

http://www.usatoday.com/story/money/personalfinance/retirement/2017/03/21/3-awful-reasons-to-take-social-security-at-67/99088734/

3 awful reasons to take Social Security at 67

https://www.thebalance.com/communicating-expense-versus-travel-expense-398676

Business Travel Expenses vs. Commuting - What's Deductible? Confused about business travel vs. commuting expenses? Business travel expenses are deductible but not commuting. The difference is explained.

http://money.cnn.com/2015/04/01/pf/taxes/irs-penalties/

You've never seen IRS penalties like these It doesn't matter if you're not a millionaire or don't know the law. Eye-popping penalties may await U.S. taxpayers who have never told the IRS about their foreign financial accounts.

http://smallbusiness.chron.com/tax-advantages-small-retail-business-cash-vs-accrual-accounting-76308.html

Tax Advantages for a Small Retail Business With Cash Vs. Accrual Accounting Cash and accrual are the primary choices for business accounting. With cash accounting, you report expenses when you pay them and income when someone pays you. With accrual accounting, you record ...

http://blog.aicpa.org/2017/02/3-reasons-every-client-should-complete-a-fafsa.html .9AA9NjzG.dpbs

3 Reasons Every Client Should Complete a FAFSA - AICPA Insights Are you wondering if all of your clients should complete the Free Application for Federal Student Aid (FAFSA) for their college-aged children even if they don’t anticipate qualifying for any federal aid? Consider the following scenario: A successful couple own and operate a business and have two chi...

http://dealnews.com/features/Should-You-Do-Your-Own-Taxes/1920701.html

Should You Do Your Own Taxes?

https://www.realwealthnetwork.com/learn/1031-exchange/how-to-do-a-1031-exchange-rules-definitions/

How To Do a 1031 Exchange: Important Rules & Definitions To Know 2017 Wondering how to do a 1031 Exchange in 2017? What is a starker exchange exactly? Learn rules & definitions investors MUST know in the new year!

http://www.forbes.com/2010/01/26/capital-gains-tax-1031-vacation-home-personal-finance-robert-wood.html

Ten Things to Know About 1031 Exchanges Real estate swaps grow popular, but traps are many. Beware new rules on vacation homes.

http://www.forbes.com/2010/01/26/capital-gains-tax-1031-vacation-home-personal-finance-robert-wood.html

http://www.marketwatch.com/story/here-is-how-much-you-need-to-save-for-retirement-2017-02-18

Here is how much you need to save for retirement You should have 10 times your salary saved by the age of 67.

http://www.investopedia.com/ask/answers/091715/how-often-do-mutual-funds-pay-capital-gains.asp

How often do mutual funds pay capital gains?

https://turbotax.intuit.com/tax-tools/tax-tips/Self-Employment-Taxes/10-Tax-Tips-for-Airbnb--HomeAway---VRBO-Vacation-Rentals/INF29184.html

10 Tax Tips for Airbnb, HomeAway & VRBO Vacation Rentals - TurboTax Tax Tips & Videos

http://www.cpapracticeadvisor.com/news/10896331/seven-tax-saving-tips-for-small-business-tax-returns

Seven Tax Saving Tips for Small Business Tax Returns

Six Tax Tips for the Self-Employed
Self-employed taxpayers normally earn income by carrying on a trade or business. Here are six important tips from the IRS for the self-employed:
• Self-Employed Taxpayers. Sole proprietors and independent contractors are two types of self-employment. Taxes can be complex for the self-employed. Check out the IRS Self Employed Individuals Tax Center.
• Estimated Tax. Self-employed taxpayers generally need to make quarterly estimated tax payments. IRS Publication 505, Tax Withholding and Estimated Tax, has details on making those payments.
• Schedule C or C-EZ. Self-employed taxpayers must file a Schedule C, Profit or Loss from Business, or Schedule C-EZ, Net Profit from Business, with their Form 1040. For expenses less than $5,000, use Schedule C-EZ. Each form’s instructions provide the rules for which form to use.
• SE Tax. For those making a profit, self-employment and income tax may need to be paid. Self-employment tax includes Social Security and Medicare taxes. Use Schedule SE, Self-Employment Tax, to figure the tax.
• Allowable Deductions. Taxpayers can deduct expenses paid to run a business that are both ordinary and necessary. An ordinary expense is one that is common and accepted in the industry. A necessary expense is one that is helpful and proper for a trade or business.
• When to Deduct. In most cases, taxpayers can deduct expenses in the year paid or incurred. Some costs must be ‘capitalized,’ however. This means deducting the cost over a number of years.
All taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity. Taxpayers can learn more about how to verify their identity and electronically sign tax returns at Validating Your Electronically Filed Tax Return.
Additional IRS Resources:
• Form 1040-ES, Estimated Tax for Individuals
• Publication 505, Tax Withholding and Estimated Tax
• Publication 535, Business Expenses

http://money.usnews.com/money/blogs/the-smarter-mutual-fund-investor/2014/03/11/17-legal-secrets-to-reducing-your-taxes

16 Legal Secrets to Reducing Your Taxes Don't miss these tax deductions and credits, which can add up to significant savings over the years.

https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/Tax-Tips-After-January-1--2014/INF12070.html

Tax Tips After January 1, 2017 - TurboTax Tax Tips & Videos TurboTax gives you ten tax saving tips for the new year. Find strategies to lower taxes, save money when preparing your tax return, and avoid tax penalties.

IRS Guide to Community-Based Free Tax Preparation
The Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs help people every year. Through these IRS-sponsored programs, millions of lower-to-moderate income individuals and families get their taxes done free.
The IRS works with local community groups to train and certify VITA and TCE volunteers to offer this service. Eligible taxpayers, including those with disabilities or limited English, should take advantage of these free programs.
Here are several important details about VITA and TCE:
• VITA. VITA offers free tax return preparation to eligible taxpayers who generally earn $54,000 or less.
• TCE. TCE is mainly for people age 60 or older but offers service to all taxpayers. The program focuses on tax issues unique to seniors. AARP participates in the TCE program through AARP Tax-Aide.
• Local Sites. The IRS works with community organizations to offer free tax services at thousands of sites nationwide. These sites usually open in late January and early February.
• Free Electronic Filing. VITA and TCE provide free electronic filing. E-filing is the safest, most accurate way to file a tax return. Combine e-file with direct deposit for quicker refunds.
• Tax Benefits. VITA and TCE volunteers help people to get all the tax benefits for which they are eligible. These include the Earned Income Tax Credit, American Opportunity Tax Credit, the Child Tax Credit or the Credit for the Elderly.
• Bilingual Help. Some VITA and TCE sites provide bilingual help.
• Help for Military. Many military bases have VITA sites that offer free tax assistance to members of the military and their families. Volunteers can help with military tax topics. Some of these include special rules and tax benefits that apply to those serving in combat zones.
• Self-Preparation Option. At many VITA sites, people who earn $64,000 or less may be able to prepare their own tax returns using free web-based software. This option is for those who do not have a home computer or do not need much help.
• Site Information. Taxpayers can find the nearest VITA site by using the VITA Locator Tool at IRS.gov or by downloading the IRS2Go app. Site information is also available by calling the IRS at 800-906-9887. Find more on AARP Tax-Aide locations at by using the AARP Tax-Aide Locatoror by calling 888-227-7669.
All taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity. Taxpayers can learn more about how to verify their identity and electronically sign tax returns at Validating Your Electronically Filed Tax Return.
IRS YouTube Videos:
• Free Help Preparing Your Tax Return – English | Spanish | ASL
Share this tip on social media -- IRS Guide to Community-Based Free Tax Preparation. http://go.usa.gov/x9Frx
Back to Top
________________________________________

IRS Guide to Community-Based Free Tax Preparation The Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs help people every year. Through these IRS-sponsored programs, millions of lower-to-moderate income individuals and families get their taxes done free.

http://www.usatoday.com/story/money/personalfinance/retirement/2017/02/06/the-3-biggest-tax-mistakes-retirees-make/97239662/

The 3 biggest tax mistakes retirees make

http://time.com/money/4650470/obamacare-marketplace-plan-subsidy-save-taxes/

If You Had an Obamacare Plan in 2016, Do This One Thing Now It's not too late to adjust your income.

http://time.com/money/4239034/retirement-savings-average-household/?xid=homepage

The Average American Household Approaching Retirement Has This Much Saved Up -- The Motley Fool The simple answer: about $106,000. But there's much more to it than that.

http://www.manta.com/resources/small-business-advice/best-retirement-plan-options-small-business-owners/?utm_medium=Email_Marketing&utm_source=Newsletter&utm_campaign=SBT&utm_content=SBT_Template_New_LI&utm_term=31201

Best Retirement Plan Options for Small Business Owners - Manta Business owners and the self-employed have several smart choices when it comes to tax-deferred saving for your retirement.

http://time.com/money/4193016/how-pick-tax-preparer/

How to Pick the Best Tax Preparer Follow this guide to find tax help you can trust.