Joseph R. Seimer CPA

https://www.accountingtoday.com/news/irs-sets-the-opening-of-tax-season

IRS sets the opening of tax season Filing will begin on Monday, Jan. 27, 2020.

Joseph R. Seimer CPA updated their phone number.

We are proud to announce that we have been nominated for best accountant/CPA in the services section of the Bethpage Best of LI 2020 contest. Thank you for your continued support! You can follow the link below to vote:

https://bestof.longislandpress.com/voting

Interesting facts for self-employed individuals (based on 2017 tax filings):

Sole proprietors with gross income before deductions between $100,000 and $200,000; 1 in 48 returns were audited.

S corporation returns; 1 in 358 were audited

S corporations have many advantages; the fact that they are audited less is one of them!

Check out these 10 planning ideas to consider in 2019.

https://www.accountingtoday.com/list/10-financial-planning-tips-for-starting-2019-right

10 planning tips for starting 2019 right CPA financial planners share their favorite moves for kicking off the year right.

https://www.accountingtoday.com/news/tax-season-to-start-jan-28-irs-confirms

Tax season to start Jan. 28, IRS confirms Despite the shutdown, Commissioner Rettig commits to on-time refunds, too.

The IRS has offered guidance on the meals and entertainment deduction. Please remember that the deadline for personal tax returns on extension and calendar year C-Corps on extension is 10/15.

https://www.accountingtoday.com/news/irs-offers-guidance-on-business-meals-and-entertainment-deduction-after-tax-reform

IRS offers guidance on meals and entertainment deduction after tax reform The Internal Revenue Service released guidance Wednesday on the business expense deduction for meals and entertainment in the wake of the Tax Cuts and Jobs Act.

I hope everyone is enjoying their summer! Take a look at this article regarding the proposed W-4.

https://www.accountingtoday.com/list/a-new-look-for-the-form-w-4

A new look for the Form W-4 A proposed revision to the standard withholding document heralds major changes.

2018 taxes will be more complicated for taxpayers with pass through businesses!

https://www.accountingtoday.com/news/pass-throughs-just-got-much-more-complicated

Pass-throughs just got much more complicated The deduction under new Code Sec. 199A comes with a host of calculations.

https://www.accountingtoday.com/news/irs-updates-withholding-tables-for-new-tax-law

IRS updates withholding tables for new tax law The Internal Revenue Service released updated tax withholding tables for 2018 Thursday to reflect changes for the Tax Cuts and Jobs Act, amid warnings that the tables may not be accurate and will need further refinements.

The IRS has announced the filing season will begin on Monday 1/29/18. However, you can still come in prior to that date to prepare your return.

The final tax deadline will be Tuesday 4/17/18.

Due to the inclement weather our office will remain closed the rest of today.

Happy New Year!

I want to wish my friends and clients a very Merry Christmas and Happy New Year. Here are a few year end tips to consider. Please be sure to consult your tax adviser first, since every taxpayer is in a different situation.

1. In 2018, the standard deduction will be $12,000 for single filers and $24,000 for joint filers. If you don't think you will have enough deductions to itemize in 2018, you should maximize your itemized deductions this year. For example, you can make your January 2018 mortgage payment now to get a higher mortgage interest deduction in 2017. Also, if you were planning on donating to a charity in 2018, consider making the donation in 2017 to be sure you get the write-off.

2. If you are a business and have the option of deferring some of your income into 2018, you may want to do so, since I believe most businesses will be taxed at a lower rate in 2018.

3. In 2018, the combined deduction for State and Local Taxes (SALT) and real estate taxes will be capped at $10,000. If you have any state estimated taxes due on 1/15/18, I would advise paying them in 2017 to take advantage of the deduction this year. Also, if you will hit the $10,000 cap in SALT and real estate taxes in 2018 and have real estate taxes due in January 2018, I would consider paying them before year-end. Keep in mind this strategy won't help you if you get hit with AMT.

The House and Senate negotiators who are finalizing a tax package will hold an official meeting Wednesday; lets see what happens. I will keep you up to date.

Please also remember that as of 12/31/17, the NYS general minimum wage for Long Island will be $11.00. There are different rates for NYC small and large employers as well as tipped and food service workers.