Allied CPAs - Allied Financial Services

Tax planning requires more than preparing returns at filing time. We work with individuals and businesses throughout the year to identify tax-saving opportunities, address compliance requirements and respond to changing tax laws. Call us at (585) 410-6733 to schedule an appointment to discuss your tax needs.

"Follow your passion, be prepared to work hard and sacrifice, and, above all, don't let anyone limit your dreams." (Donovan Bailey) Today, we celebrate your hard work, sacrifice, and dreams. Happy Labor Day!

Committed to increasing your financial literacy? Don't be afraid to ask questions.

The Financial Literacy Crisis Many Americans are operating their personal finances with only the barest minimum of knowledge.

🍂 September is here—and autumn is calling. 🍁

“As long as autumn lasts, I shall not have hands, canvas and colors enough, to paint the beautiful things I see.”
— Vincent Van Gogh

As we head into fall, take a moment to catch up with our September eblast, including upcoming webinars and other news and updates.

📬 Read the September eblast: https://conta.cc/3UGNla9

Roth IRA and Roth 401(k) accounts help you save for retirement with after-tax dollars. Both accounts grow tax-free, and distributions are also tax-free if you meet certain conditions. However, higher earners may be ineligible to contribute to a Roth IRA. Income limits don’t apply to Roth 401(k)s, which also allow higher annual contributions. If you’re unsure where to put your retirement savings, contact us at (585) 410-6733 for more information on the tax considerations.

Do you know the difference between IRS liens and levies? A federal tax lien arises when you fail to pay taxes after receiving an IRS bill or notice. It’s a legal claim against your property, including real estate and other assets, which can affect your ability to secure credit or complete financial transactions. A levy may be the next step if your debt remains unresolved. The IRS can seize assets — such as wages or bank funds — to satisfy the debt. In short, a lien protects the IRS’s interest, while a levy enforces collection. If you receive collection notices, don’t ignore them! Acting quickly can help open the door to resolution options. Call us at (585) 410-6733.

Whether you’re a first-time homebuyer or a long-time homeowner, mortgage interest may save you taxes. If you itemize deductions rather than claim the standard deduction, interest you pay on mortgage debt to buy, build or substantially improve a primary or second home generally is deductible. Points paid related to your primary residence may also be deductible. Beginning in 2026, mortgage insurance premiums potentially can be deducted as mortgage interest. The $750,000 debt limit for most mortgage debt incurred after Dec. 15, 2017, is now permanent. Contact us at (585) 410-6733 to discuss your tax situation.

Scholarship awards can provide significant financial relief to families of college-bound students. Most, but not all, of the awards are tax-free. To qualify for tax-free status, scholarships must meet three criteria: 1) The student must be a degree candidate at an eligible educational institution, 2) the award must be used to pay for tuition and fees, books, and certain supplies (not room and board or travel), and 3) the award can’t represent wages for teaching or research. Many graduate student awards have employment compensation components, so they may be taxable. Also, taxable scholarship money could potentially be subject to the “kiddie” tax. Contact us at (585) 410-6733 for more information.

How much do you know about stocks?

How Stocks Work Understanding how a stock works is key to understanding your investments.

Running a successful business requires more than keeping up with the day-to-day. It also requires taking time to evaluate your financial position, identify opportunities and plan for what’s ahead. Whether you need assistance with accounting, bookkeeping, tax planning or strategic business advice, we can help you gain clarity. Our team provides practical guidance tailored to your specific needs, so you can focus on running and growing your business. Contact us at (585) 410-6733 to learn more.