When Do You Need Appraisals and Valuations?

When Do You Need Appraisals and Valuations?

There are various reasons why individuals may need to obtain an appraisal or valuation of property. These reasons include buying or selling a home, seeking financing for a business, or preparing for its sale. The information included in an appraisal or valuation depends on the characteristics of the assets and the nature of the transaction. It is important that the individuals conducting the appraisal or valuation are independent and possess specialized knowledge, education, and experience.

The Dirty Dozen

The Dirty Dozen

The “Dirty Dozen” is a list compiled annually by the IRS that features the most common scams used to prey on taxpayers as well as scams devised for tax evasion.

Trends indicate that taxpayers should be most wary of scams during tax season, however, they could happen at any time and people should be on the lookout all year long. Those who fall victim to these scams are subject to losing money, sensitive personal information, or even having their identities stolen.

Beyond the Numbers: Mentoring During Tax Season

Beyond the Numbers: Mentoring During Tax Season

As accountants, tax season is the busiest time of year for us. Everyone is working hard to provide a smooth tax filing process for each and every client. As important as this work is, we also believe that happy office culture and positive interoffice relationships are crucial pillars of our firm, and a large part of what separates Dermody, Burke & Brown apart from other accounting firms.

Mark Your Calendar- Deadlines for Tax Payments & Extensions

Mark Your Calendar- Deadlines for Tax Payments & Extensions

As we make our way through tax season it can be confusing trying to keep all the different deadlines straight. We have a solution: a brief and comprehensive overview on what is due when, so you can plan accordingly! It is best to start early, collecting all necessary documents and staying in touch with your accountant to ensure a timely and stress-free tax filing process.

S Corporations & Partnerships

Commonly Overlooked Tax Deductions

Commonly Overlooked Tax Deductions

The busiest time of year for accountants is back, and often the same question is being posed to all tax professionals, “Am I missing out on any tax savings?”

The ultimate goal is to reduce taxable income, and maximize available credits. We’ve compiled this list of commonly overlooked ways to reduce your tax liability and keep more money in your pocket.

Minimize Capital Gains – Reinvested Dividends

Beyond The Numbers: Healthy Heart Awareness

Beyond The Numbers: Healthy Heart Awareness

This month in honor of Heart Health Awareness, we hosted a Healthy Heart step competition within the firm. Despite the busy time of year and harsh weather, several people participated! To keep everyone on track, we went on group walks, took breaks on our own throughout the day for a stroll, and incentivized with an hour-long massage prize for the winner! On mild days, we walked outside. On colder days, we got creative with our walking locations! 

New York State Tax Updates

New York State Tax Updates

On April 9th, 2022, Governor Kathy Hochul signed the state budget bill, setting significant changes into effect. These changes include adjustments to the New York State Pass-through Entity Tax (PTET) for 2022 and the creation of the New York City PTET, which will start for tax year 2023. We also saw tax cuts for middle class income brackets and extended credit programs to lower income filers. In addition, in late August, NYS formally confirmed that federal student loan forgiveness would be non-taxable for state tax returns.

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