Tax Doctor

Well, refunds are starting to go out - that's the good news. The bad news is that the average refund is down by 8%. We are working overtime to minimize the hit and maximize every refund!
Don't forget our "free look" program.
Let us ease the pain...
TAX DOCTOR

GOOD NEWS! THE IRS IS OPEN FOR BUSINESS!
Clients have been getting their checks, except for returns containing Child Tax Credit, the new Dependent Tax Credit and Earned Income Tax Credit, which can't be cut until February 15th. Less than three weeks!

There is some bad news though- refunds are smaller than last year in about 50% of the returns. It appears that the doubling of the Standard Deduction is overpowered by the loss of the employee business expense deduction.

Start thinking about starting a small business on the side - a great way to reduce taxable income and increase your refund moving forward.

Contact TAX DOCTOR for all of your tax needs!

718 702 8623

Starting January 25th, 20% Discount for all Union Workers including Police, Fire Department, Sanitation, Correction and Medical Field!! Filing early gets you your refund early! Call 718-702-8623 or go to www.TaxDoctorNYC.com for further information.

Tax Doctor – Income Tax Preparation | Staten Island NY | Specializing in IRS and New York Tax Resolutions

Happy New Year from all of us at Tax Doctor!

Today, January 8, 2019, is the first day business returns can be processed, We have already begun filing personal returns, Come see us because the sooner you file the sooner you will get your refund!
Come to Tax Doctor and we will help ease the pain.

BUSY SEASON!
THANKS FOR YOUR SUPPORT!

TAX CUTS and JOBS ACT

Reduces the corporate tax rate from 35% to 21%;

Repeals corporate Alternative Minimum Tax (AMT);

Permits deductions for qualified business income for pass-through entities (sole proprietorships, partnerships, LLCs, and S Corporations) of up to 20%;

Almost doubles the Standard Deduction from $6,350 to $12,000 for single taxpayers, from $12,700 to 24,000 for married filing jointly and $9,350 to $18,000 for head of household;

Repeals the personal exemption for taxpayer and spouse (was $4,050 each);

Doubles the maximum child tax credit to $2,000;

Caps the State And Local Tax (SALT) deductions at $10,000, including property tax;

Increases the estate and gift tax exemption to $10,000,000 (almost twice the current amount);

Repeals the deduction for Moving expenses, except for members of the armed services;

Repeals the Affordable Care Act’s individual mandate, effectively removing the teeth from Obamacare;

Changes withholding rates and tables – The new rates are: 10%, 12%, 22%, 24%, 32%, 35%, and 37% and provide tax breaks across the board compared to the old rates which topped out at 39.6%..

Starting in February of 2018, new payroll withholding rates will give all w2 employees a fatter paycheck.

Although these rates will sunset in a few years, they can be made permanent at any time by a majority vote of the House and Senate.



CRYPTOCURRENCY and BITCOIN on your Tax Return

Make sure that you know the tax implications of trading in these new currencies. TAX DOCTOR is experienced in the trading of Block chain in all of its various forms, and the tax planning required to preserve wealth by keeping as much as possible out of the hands of Uncle Sam (legally, of course). Make an appointment today by calling 718-702-9623 and ask about CRYPTOTAX.

Confused about the new Tax Law?
Come see us!
Our goal is to make you extremely happy🤑

Analysis Of President Trump’s Tax Plan


The future looks bright in the Brave New World of Tax Change!

With each passing day it becomes more unlikely that TrumpTax will affect the 2017 tax year. The October 20th 2017 Kiplinger Tax Letter stated that Treasury Secretary Mnuchin has hinted at retroactive changes, but the more likely scenario is for the changes to take effect January of 2018 for the 2017 tax year.

A few likely changes:

• Long Term Capital Gains will be taxed at a top rate of 20% and a substantial zero tax bracket for lower income individuals will be expanded.

• Business tax rates will be reduced from the current 35% to 20%.

• The Estate Tax and Alternative Minimum Tax will be eliminated.

• There is talk of repealing the Child Tax Credit, but nothing in writing so far

If that all sounds technical, it’s because it is. The tax plan may not be in effect for the upcoming season but it is already apparent that putting aside some money, even just a little, for Estimated Tax Payments, will benefit business owners by helping to prevent penalties for under withholding. It will be increasingly difficult for businesses to gross over $1,000,000 and convince the Government that they didn’t make any money.

Tax Doctor will update you as changes get implemented. Be sure to keep all of your receipts and leave the rest to your accountant, or Tax Doctor. Remember, Tax Doctor does a free evaluation of your tax return(s) upon request. About half the time, everything looks good. But frequently we find that money was left on the table, or untenuous positions are presented, putting the taxpayer at unnecessary risk. Our free look is free so it’s a win-win situation.

See you soon!

Steve Lombardo

TAX DOCTOR

Trump Tax Plan is abolishing the Child Tax Credit? That would mean smaller refunds for those with children under 17! How much smaller? $1000.00 per child! I'm writing to suggest that he leave the Child Tax Credit alone! We don't need our refunds to be any smaller -
I like big refunds and I cannot lie

Getting ready for the new tax season
Even though everybody is talking about changing the tax code it seems like It will S tay the same for a while

Sales tax due June 20,2017