Gabor Tax Law Associates

Year end financial moves

If you deal in crypto you need to contact us! The IRS is coming after you!

Long Term Care Insurance is a vital part of anyone’s financial planning. Contact us to learn more

TO ALL BUSINESS OWNERS: WORKERS’ COMP INSURANCE!!! Your workers’ comp insurance MUST be reviewed by you and your carrier before making payments! The insurance i...s based on the risk of injury while working. If your employees are not working THERE IS NO RISK! Or are they working at a less risky position? See more

REALTORS ATTENTION: What financial benefits are available to you under COVID-19. I am creating an outline for you. Interested?LMKREALTORS ATTENTION: What financial benefits are available to you under COVID-19. I am creating an outline for you. Interested?LMK

WHERE IS MY STIMULUS PAYMENT? The IRS does not have my direct deposit information. What can I do? In the coming weeks, Treasury plans to develop a web-based por...tal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail. See more

ATTENTION MEDICAL FIRST RESPONDERS IN THE WAR ON COVID-19!!! At Gabor & Marotta, Attorneys at Law, and Gabor & Associates, Certified Public Accountants, we supp...ort you and applaud you for your efforts. We wish to provide you with the support that we can. If you are a medical personnel providing care to our sick, we will prepare your tax return, wills, health care proxy, and power of attorneys for you at no charge. Please call Richard Gabor on his cell. 646-874-9311. God bless you all, and In the words of the original Tiny Tim, God bless us, everyone! Please share this so the word gets to those who need it.

LOVE OUR CLIENTS!!! Just got this from a client Hi Richard -- In this time of uncertainty in our country and the concern of how families and business' are going to get through this difficult time, I have to write to you and commend you and your staff on the professionalism that is consistently displayed to me as I continue to work with your company. I felt compelled to write and say that Greta has been amazing from when I first started to work with her. She is on top of all m...y financial issues and takes care of everything that needs to be done financially for my company. Never once did I leave my office with worries that things didn't get done and what is going to be down the road. Greta is professional, creative, and caring about me as a customer. Today I sent her an email about my wanting to apply for a Grant and could she send to me information that I need to state on the application. Like you, she immediately contacted me and started working with me to help me get to where I need to be in order to apply for the Grant. I am impressed with the integrity of your company and I would certainly recommend you to anyone concerned about their taxes. Lucky day for me that your marketing letter fell on my door step. 5 Stars for Gabor & Associates

CURRENT TAX PROCEDURES Yesterday, the Department of the Treasury formally extended to July 15, 2020 the tax payment deadline for income tax payments (including ...payments of tax on self-employment income) due on April 15, 2020 in respect of a taxpayer’s 2019 taxable year and federal estimated income tax payments (including payments of tax on self-employment income) in respect of a taxpayer’s 2020 taxable year. The due date for filing (or requesting an extension) has not been postponed. Taxpayers still must file their returns or their extension requests by April 15, 2020. A C corporation that does not file a consolidated federal income return can postpone payments of up to $10 million in the aggregate as can a group of C corporations that file a consolidated federal income tax return. Other taxpayers (including individuals, trusts and estates) can postpone up to $1 million in the aggregate. Any amounts due in excess of those limits not paid by April 15, 2020 will accrue penalties and interest from that date until the date of payment. Taxpayers, such as certain trusts and estates, that find themselves subject to penalties and interest despite the relief described above, may seek reasonable cause abatement of such penalties and interest from the Internal Revenue Service. Taxpayers who are expecting a refund in respect of their 2019 taxable years, of course, should file their returns as soon as possible. This relief is a good first step. We at Gabor & Marotta, Gabor & Associates, and Gabor, Greenstein & Associates will continue to monitor the situation and will keep you advised. Please stay safe.

Everyone knows we love our STACKS! From bookstacks to our new 14k gold filled bracelet stacks! Customize these pieces as you wish. These are shown with Swarovsk...i pave balls, jet black Swarovski bicones, and acrylic letters. Comes in 14k filled yellow or rose gold filled or sterling silver. Any color Swarovski available. Gold letters available as well. There are AMAZING Christmas and Hanukkah gifts for any wife, momma, and baby! #jewelry #gold #stacks #bracelet #personalized #love #wifey #momma #bestgift #14kgold See more

230 books later...Yes, we were very busy! So happy to have made these beautiful books and sign for the most beautiful bride and groom. Thank you for sharing in ...this new chapter of our lives. Customize yours today! #wedding #married #bride #groom #love #perfect #beautiful #books #bookworm #bookstagram #wood #wooden #woodworking #woodensign #flowers #bling #party #weddingplanner #eventplanner See more

ARE YOU RUNNING A SMALL BUSINESS FROM YOUR HOME? If you're a small business owner who uses your home for business you may be eligible to claim the home office deduction, which allows you to deduct certain home expenses on your tax return. The benefit to this, of course, is that it can reduce the amount of your taxable income. Here are seven tips to help you understand the home office deduction and determining whether you can claim the home office deduction on your tax return:... 1. The home office deduction is available to both homeowners and renters. 2. There are certain expenses taxpayers can deduct including mortgage interest, insurance, utilities, repairs, maintenance, depreciation, and rent. 3. Taxpayers must meet specific requirements to claim home expenses as a deduction; however, the deductible amount of these types of expenses may be limited. 4. The term "home" for purposes of this deduction is defined as a house, apartment, condominium, mobile home, boat or similar property. It also includes structures on the property such as an unattached garage, studio, barn or greenhouse. It does not include any part of the taxpayer's property used exclusively as a hotel, motel, inn or similar business. 5. To qualify for the home office deduction your home must meet two basic requirements: There must be exclusive use of a portion of the home for conducting business on a regular basis. For example, a taxpayer who uses an extra room to run their business can take a home office deduction only for that extra room so long as it is used both regularly and exclusively in the business. The home must be the taxpayer’s principal place of business. A taxpayer can also meet this requirement if administrative or management activities are conducted at the home and there is no other location to perform these duties. Therefore, someone who conducts business outside of their home, but also uses their home to conduct business may still qualify for a home office deduction. 6. Expenses that relate to a separate structure not attached to the home qualify for a home office deduction only if the structure is used exclusively and regularly for business. 7. Taxpayers who qualify may choose one of two methods to calculate their home office expense deduction: Simplified option. This option uses a rate of $5 a square foot for business use of the home. The maximum size for this option is 300 square feet. The maximum deduction under this method is $1,500. Regular method. Deductions for a home office are based on the percentage of the home devoted to business use. Taxpayers who use a whole room or part of a room for conducting their business need to figure out the percentage of the home used for business activities to deduct indirect expenses. Direct expenses are deducted in full. Please contact the office if you have any questions about the home office deduction.

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We couldn’t love this antique French, hand painted, decorative bottle, platter and candle featuring sculpted designs, stones, pearls and decoupage. Absolute per...fection in every way! #homedecor #home #sculpture #bottle #beautiful #personalized #bestgift #gifts #home #wine #decorative #wedding #engagement #engaged #shower #bride #bridal #centerpiece #vino #unicorn #books #bookstagram #bookworm #wood #wooden #woodworking See more