Schultheis & Panettieri, LLP - Accounting and Consulting Founded in 1927, Schultheis & Panettieri, LLP is a leading provider of accounting, consulting, information technology, and tax services throughout the United States.
We currently employ over 100 people in three offices in Hauppauge, Floral Park, and New York City. We credit our success not only to our employees, whose dedication to service is second to none, but also to our long standing valuable client relationships, many of whom we have served since their inception! We believe that actions speak louder words and that service matters, quality counts!
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Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.
The single biggest benefit of incorporating a business is limiting an owner's liability. In theory, a stockholder in a corporation risks only his or her investment in the corporation stock. A lawsuit against the company generally cannot be satisfied by attaching the stockholder's personal assets.
Scam Reminder: Initial contact with the IRS and their collection agents always uses the mail. So never respond via email or web or phone.
Keep a copy of your Form 1040 indefinitely. Do not toss or destroy any of your 1040s. You may need them to correct historic Social Security earnings statements or to prove that you filed a tax return.
Keep it: To prove your cost/basis and taxable gain or loss, all records relating to property that you own (your home, rental properties, stocks bonds and other investments) need to be kept for at least three years after it's sold or disposed.
The only source of knowledge is experience. Albert Einstein
Generally, people itemize if their itemized deductions add up to more than the standard deduction. A key part of their tax planning is to track their deductions through the year.
Tax deductions are specific expenses you’ve incurred that you can subtract from your taxable income. They reduce how much of your income is subject to taxes.
Small business owners have a number of options on how to organize their business for tax purposes. Many small, single owner, businesses are not incorporated, and are deemed "sole proprietors", in the eyes of the IRS. Other business entities, like C-Corporations, are taxed as a separate entity with distributions to owners taxed a second time as dividends. Still others are deemed "flow-through" entities like S-Corporations and Limited Liability Companies (LLC).
With the standard mileage accounting method, you simply multiply your business miles driven during the year by the IRS's standard rate. You can also deduct related tolls, parking fees, and the business portion of interest expense on your car loan.
To invent, you need a good imagination and a pile of junk. Thomas A. Edison
Proceeds from home equity debt that are not used to build, buy or substantially improve a qualified home are not tax deductible. This includes mortgage or home equity proceeds used to pay for college expenses, debt consolidation or other purposes. Mortgage companies issuing these loans will still send you a Form 1098, but it’s up to you to prove how you use the funds during the current year and any prior year.
Mortgage interest deductions have new loan amount limits. For new mortgages starting on or after Dec. 15, 2017, you can deduct interest on up to $750,000 of the loan (down from $1 million for mortgages initiated before Dec. 15, 2017). If your original mortgage is above the threshold, a calculation will be done to determine the deductible amount of interest. You can’t simply deduct the full amount of interest being reported on your Form 1098.
Vacation Home Tax Rules: If you never rent out your vacation home, you can generally deduct mortgage interest and property taxes. Or, if you rent it out for 14 days or less, the rental use is disregarded. The rental income is tax-free and any expenses related to the rental period are nondeductible.
It's not what happens to you, but how you react to it that matters. Epictetus
LLC Versus C Corp: What Is It? An LLC is a business entity that is legally separate from its owners, who are known as "members." An LLC can have one member or many members. A C Corporation refers to any corporation taxed separately from its owners.
If you or your spouse are over the age of 65 the income required to file a tax return goes up by $1,350 (Married) to $1,700 (Single/Head of Household) for each of you that meets the age threshold. So a single person, age 65 or older, for example, does not need to file a federal tax return if their gross income is $14,250 or below.
Mileage rates for travel are now set for 2022. The standard business mileage rate increases by 2.5 cents to 58.5 cents per mile. The medical and moving mileage rates also increases by 2 cents to 18 cents per mile. Charitable mileage rates remain unchanged at 14 cents per mile.
Question: When is my hobby considered a business?
Answer: The IRS is suspicious of any business activity that looks like it provides personal enjoyment, such as antiques, photography, horse racing, etc. If you make a profit in any three out of five consecutive years (two out of seven years for horse activities), your activity is presumed to be a business, and any business losses are deductible.
He who is not everyday conquering some fear has not learned the secret of life. Ralph Waldo Emerson
Internal accounting controls are vital to every business. The coffee shop owner needs to be sure that all sales are rung up and that all cash is deposited in the bank. The plumber needs controls to make sure that all time and material costs are captured and assigned to the right job. Proper internal controls should be part of everyday procedures in a business. They should work in a way that helps prevent fraud and theft or detects them early. Having an audit or review of your financial statements once a year will not necessarily detect fraud.
When you apply for a business loan, your request must meet certain basic requirements. Your banker needs to have: A written request for a specific amount of money. A detailed explanation of the use of the funds. A projection of how and when you will repay the loan. A list of the collateral you are offering as security for the loan.
The alternative minimum tax (or AMT) was created many years ago to insure that higher-income taxpayers with lots of deductions and credits pay at least a minimum amount of tax. The AMT is a separate tax calculation that disallows many of the deductions and credits used to calculate regular income tax. It also adds back certain income that is not normally taxed. The most common AMT adjustments are for certain itemized deductions and adjustments, such as state and local taxes. Also, if you exercise incentive stock options, sell investments with large long-term capital gains, or take depreciation on business property, you may be hit with the AMT.
Question: Is the sale of my residence taxable?
Answer: That depends on the amount of profit from the sale. Single taxpayers can exclude from tax up to $250,000 of profit on a home sale and married couples can exclude up to $500,000. To take the full exclusion, you must generally have owned and used the home as your principal residence at least two of the five years prior to its sale. Also, you can't use the exclusion more than once every two years. A reduced exclusion may apply in some cases. Prior to selling your home it is important to review your situation.
Never bend your head. Always hold it high. Look the world straight in the eye. Helen Keller
Unlike sole proprietors, partnerships, and LLCs, corporations pay income tax on their profits. In some cases, corporate profits are taxed twice — first, when the company makes a profit, and again when dividends are paid to shareholders on their personal tax returns.
Sole proprietorships do not produce a separate business entity. This means your business assets and liabilities are not separate from your personal assets and liabilities. You can be held personally liable for the debts and obligations of the business. Sole proprietors are still able to get a trade name. It can also be hard to raise money because you can't sell stock, and banks are hesitant to lend to sole proprietorships.
Question: Do I need to file a tax return after I retire?
Answer: You may need to file a return even after you retire. You're required to file a return if your income is over certain levels.
Section 529 plans (named after the IRS Code Section) allow individuals to set up an account on behalf of another individual (typically a child or grandchild) that can be used to pay college expenses. A recent law change has also allowed up to $10,000 to be used for tuition expenses for elementary and secondary public, private and religious schools.
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