In May of 2009, the governor of New York signed into effect the Metropolitan Commuter Transportation Mobility Tax (also referred to as simply the “mobility tax”). The MCTMT imposes a tax on both businesses and self-employed individuals provided they meet certain income thresholds. The MCTMT was
The Basics of Balance Sheets
The world of finance can be a bit complicated at times, in part because financial professionals often have an interest in portraying matters to be more complex than they actually are. However, one of the more straightforward items in finance is the balance sheet. Put simply, a balance sheet is a
The 3 Most Common Scams Aimed at Tax Professionals
Taxpayers are not the only ones who fall victim to scams by criminals during tax season. Professionals who prepare taxes can also be made victims of scams which target them for money. For this reason tax professionals need to be educated about the most common scams aimed toward them. Below is a list
What are the Penalties for Filing a Late Tax Return?
Having to file a tax return late is always a tough situation. The extra fees can be steep and the longer you wait the more in danger you are of being subject to the failure-to-pay penalty. However, if you find yourself in this position it’s important to know what the penalties are so you plan for
How to Grow Your Retirement Fund without Growing Your Taxes
Preparing for your retirement is the responsible thing to do. You will need to make sure that you have plenty of income available when you are done working. Retirees will also need to make sure that their retirement is not taxed too heavily once it comes time to withdraw the money. Here are some
The Tax Challenges of the Digital Economy
The digital age has made many things easier. Everything from checking a bank account, checking your stock values and finding a new financial institution can be accomplished with the click of a button. Even filing taxes is easier in the digital age. However, the nature of the digital age has made a
The Worst Tax Form
When it comes to filling out taxes there isn't much fun in the process. On every tax form, you will have to pay attention to make sure you fill out the form correctly and entirely. Many forms will also require you to look up the actual numbers to support what you are writing on the form. While many
Five Tax Benefits for Sole Proprietors
Sole proprietors are in a good position when it comes to tax because they have a range of benefits exclusive to them. If you are a sole proprietor and you aren’t yet claiming these five tax benefits, you are missing out on a lot of money. Health Insurance Deductions The big benefit you have