Tax Alternative Group
Category
General Information
Locality: Poughkeepsie, New York
Phone: +1 845-242-2151
Address: 695 Dutchess Turnpike, Suite 206 12603 Poughkeepsie, NY, US
Website: www.taxalternativegroup.com
Likes: 1061
Reviews
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In my 30 years in the Tax Business, I’ve never heard anyone say they wanted to pay more tax to the Government. I think the 2018 Tax Cuts missed the mark for some segments of the population, particularly with large family, outside sakes people, and corporations with less than $50k in profit. All of these things should have been fine tuned by Congress. Biden’s plan has two concerns for me. One is the elimination of the stepped up basis on inheritance, which will hurt people at the lower end, and the stacking of taxes for people earning over $400k a year a big increase of which are additional contributions to Social Security.
The Tale of Two Men. One who spent more time covering up his tracks than making the money for which he avoided tax; And another that avoided taxes and then used that tax savings to pay off student loans for the entire 2019 graduating class at Morehouse College.
I read somewhere that 63% of the PPP loans were under $50,000. This streamlined processes should help small businesses get their PPP loan forgiveness..
If you mailed in your return instead of electronically file your return, there may be a significant delay in your return’s processing.
The IRS budget today is 20% less than what it was in 2010 left understaffed and with antiquated IT resources.
Should incarcerated taxpayers get the Stimulus Payment? https://www.washingtonpost.com//federal-ruling-incarcerat/
Extensions are extra time to file but doesn’t extend your payment due date. Unpaid taxes accrue penalties and interest back to the 7/15/20 due date.
People wonder why their mailed in return has not been processed yet... more mail coming in everyday.
Congress creates Tax Credits to influence spending to meet prescribed Social Goals. It doesn't make sense to dissuade taxpayers from taking advantage of the Tax Credits Congress created to persuade certain actions, like restoring Historic Buildings, investing in Green Energy, hiring Veterans, Etc. https://www.nytimes.com//op/irs-tax-income-inequality.html
You don't need to be wealthy to do tax planning. One of the benefits of using a tax professional is having the opportunity to review your return and discuss opportunities to change outcomes in the future. Most large businesses monitor their tax liability monthly. We suggest small businesses review their tax strategy at least in last two months of the year.... because its hard to plan after the fact.
Its no secret in the Tax World, that Real Estate Professionals pay little in income tax. Most rental properties show a loss when they are debt financed. Losses occur from the interest expense and depreciation on the real estate. Depreciation represents the return of principal paid for real estate over its useful life, which is 40 years for commercial buildings. A Million dollar building would yield depreciation of $25,000 a year. Developing strategies to minimize tax is what we do here at Tax Alternative Group, because we've never met anyone who wanted to pay more in tax.
People always call us and ask if something is taxable. Basically anything that increases your wealth is taxable unless it’s specifically excluded from taxation. The IRS considers it a treasure trove ascension to wealth, a position that was reinforced in the Court Case Cesarini v. United States 396 F. Supp. 3 1969
The PPP is more efficient than Unemployment Benefits and keeps Employees connected to their Employers. #FoxBusiness
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