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    SLAMMED BY SANDY- GET A TAX REFUND NOW

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    Taxes are probably the last thing on your mind. However, with disasters comes property loss. For a casualty loss in a federally declared disaster area, you can choose to treat the loss as having occurred in the year immediately preceding the tax year in which the disaster occurred. This can be a great way to get immediate relief instead of waiting for the tax year to end to get a refund check.

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    Gary B Carbo, CPA
  • Year End Tax Saving Tips

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    There is a great deal of uncertainty around tax rates for 2011, and we may not hear about definite changes until later in December. Still, there are some moves you can make right now to potentially reduce your financial exposure to Uncle Sam come April 15.

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    Gary B Carbo, CPA
  • Haven’t Filed an Income Tax Return? What to Do

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    Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether or not full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. All payment plans require continued compliance with all filing and payment responsibilities after the plan is approved. It is important, however, to know that full payment of taxes saves you money.

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    Gary B Carbo, CPA
  • Obama’s New Tax Credit

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    Most of you have heard that under the Obama Administration’s American Recovery and Reinvestment Act you will be receiving a “Making Work Pay” tax credit. But what does this actually mean to you? When can you expect to receive the money? In 2009 and 2010, the “Making Work Pay” provision of the American Recovery and Reinvestment Act will provide a refundable tax credit of up to $400 for working individuals and up to $800 for married taxpayers filing joint returns.

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    Gary B Carbo, CPA