Tax

Stimulus money: When are stimulus checks being sent out? Find out if you qualify

You’ve probably heard that the IRS will be making millions of “economic impact payments” (also known as “recovery rebates”) in the coming months to help people stay afloat during this time of economic uncertainty related to the COVID-19 pandemic. Here’s what you need to know about this program. Amount of Payment: The IRS will soon …

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Important changes to your tax filings and payments due to Coronavirus

Extension Date for Tax Filings and Payments On Friday, March 20, 2020, U.S. Secretary of Treasury Steven Mnuchin announced the extension of tax payments to July 15th, 2020. With this postponement, you will not accrue any interest or deal with penalties on tax payments until July 16th. The postponement of payment is up to $1 …

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Retirement Planning: Why it’s not so bad to be a Resident of New York after all

As residents of Westchester County there are many options for assisted living and nursing home facilities in nearby CT. However, there are tax reasons you may want your loved one to reside in New York. In New York all Social Security Benefits are subtracted in arriving a taxable income. CT taxes a large portion of …

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Deadline approaching for Self-Employed Retirement Plan Contribution

Simple Contributions Timing “When do I need to make my SIMPLE Retirment Contribution by for 2019”? Salary reduction contributions to a SIMPLE must be made to the financial institution no later than January 30. Benefits “How much can I contribute to my SIMPLE IRA”? A SIMPLE is a good alternative for a self-employed individual as an …

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