Sickler, Torchia, Allen & Churchill CPAs PC

Individual Taxpayers: Year-End Tax Planning Strategies With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2020. GENERAL TAX PLANNING STRATEGIES General tax planning strategies for individuals include accelerating or deferring income and deductions, as well as careful consideration of timing-related tax planning strategies concerning investments, charitable gifts, and retirement planning. For example, taxpayers might consider using one or more of the following strategies:

The Difference: Tax Preparation vs. Tax Planning Many people assume tax planning is the same as tax preparation, but the two are quite different. Let's take a closer look: https://www.stac-cpa.com/newsletter.php#1

Tax Headaches? Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional. Contact Sickler, Torchia, Allen & Churchill CPAs today to help you get the best returns possible. https://www.hudsonvalleyaccountants.com

Six Tips for Starting Your Own Business Which type of business entity should you start? Sole proprietorship Partnership Corporation ... S Corporation or a Limited Liability Company??? https://www.stac-cpa.com/newsletter.php#1 See more

Bitcoin and Taxes Tax Treatment of Virtual Currency Transactions Whether you've invested in Bitcoin and sold it at a profit or loss or received it for services performed, you'll need to report it on your tax return. Here's what you should know: BACKGROUND Prior to 2014, there was no IRS guidance and many people did not understand that selling virtual currency was a reportable transaction. They may have found themselves with a hefty tax bill https://www.stac-cpa.com/newsletter.php#2

Choosing a Retirement Destination: Tax Considerations With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they currently reside. https://www.stac-cpa.com/newsletter.php#4

Taking Early Withdrawals From Retirement Accounts While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here's what you need to know. https://www.stac-cpa.com/newsletter.php#3

Small Business Accounting & Bookkeeping at STAC As a small business owner you have more important things to do than to keep your own books. At Sickler, Torchia, Allen & Churchill CPAs, we take care of your books for you, so you can get back to the job of running your business and generating profits! Each month or quarter we'll do the following things for you... Reconcile your bank account Generate an income statement ... Generate a balance sheet Clean up your general ledger Provide unlimited consultations These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services. Learn more how we can help https://www.stac-cpa.com/smallbiz.php See more

Thinking of owning your own business? Opening your own business is exciting and thrilling. It's everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. It's up to you to maintain and stretch out the "thrill and excitement" period forever. A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. Success lies in the approach you choose to take. We help you avoid the common pitfalls that many new small business owners make when starting their new venture. We help you...https://www.stac-cpa.com/formation.php

Preparing for a Successful Retirement As you approach retirement, it's vital that you pay attention to several important financial matters to ensure a smooth transition. Here are five of them: 1. HEALTH INSURANCE Are you among the lucky few who will continue to be covered after retirement? If not, then you'll need to replace your health coverage. If you will be eligible for Medicare at the time of your retirement, then you may want to start checking into https://www.stac-cpa.com/newsletter.php#3

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Your Partner When It Counts for tax, accounting, and auditing services for businesses and individuals in the Hudson Valley

Tax Tips for Workers in the Gig Economy The gig economy, also called sharing or access economy, is defined by activities where taxpayers earn income providing on-demand work, services, or goods. This type of work is often carried out via digital platforms such as an app or website. There are many types of sharing economy businesses including two of the most popular ones: ride-sharing, Uber and Lyft, for example, home rentals such as Airbnb, and TaskRabbit. If taxpayers use one of the many online platforms to rent a spare bedroom, provide car rides or other goods or services, they may be part of the sharing or gig worker economy. If so, there are several things taxpayers should keep in mind. INCOME IS TAXABLE Income from these sources is taxable, regardless of https://www.stac-cpa.com/newsletter.php#5

Tax Considerations When Hiring Household Help If you employ someone to work for you around your house, it is important to consider the tax implications of this type of arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down the road. HOUSEHOLD EMPLOYEE DEFINED If a worker is your employee, it does not matter...https://www.stac-cpa.com/newsletter.php#4