Kim M. Cook, CPA

Under the CARES Act, an individual can claim an above-the-line deduction of up to $300 for donations made to qualified charitable organizations. As a result, donors may be entitled to a charitable deduction whether or not they itemize. The charity doesn’t have to be associated with assistance relating to the COVID-19 pandemic. However, the deduction isn’t available for contributions to private foundations or donor-advised funds (DAFs).

Official Information regarding NYS tax deadlines.

STIMULUS UPDATE: The IRS has posted an online portal to enter your banking information. Please visit: https://www.irs.gov/coronavirus/economic-impact-payments

The IRS has given relief for the payment of you federal income tax due, but not the filing of your income tax return! Your return is still due April 15th! We have heard nothing in regards to the state, so as of now, your state return and payment are still Due April 15th!

In light of the current pandemic we are requesting our clients to assist us in limiting direct contact with our staff and other clients. We have implemented an ...area in our office for you to drop off or pick up your tax documents. Please call the office prior to your arrival so we can ensure that your information is ready for you. Our goal is to keep our services available to everyone we serve and be there for you and your businesses. Thank you for your cooperation and for doing your part in helping to keep our staff and clients safe. Please do not hesitate to call with questions.It is our intention to complete everyone's tax returns in a timely manner. See more

It’s important to understand that while you can file an IRS Form 4868 for an extension, you cannot get an extension on what you owe the government. While you can postpone filing the return, you’re expected to make a good-faith estimate and pay that amount.

During tax season, the IRS is said to send out an average of eight billion pieces of paper. If each sheet of paper were laid out end-to-end, it would circle the earth 28 times.

Tax Quiz: Q: How much does it cost taxpayers for each $100 collected by the IRS? A) $10; B) $2.45; C) 41 cents; D) 89 cents. A: "C" reports the IRS.

Did you know that if you hire household workers (such as a house cleaner, in home caregiver, or a nanny), you must pay and report payroll taxes beyond a certain income threshold? Failure to do this can result in an audit and penalty fees.

Tax Trivia: If you live in New Mexico and live to be 100, you don't have to pay any income tax. That's a gift for a life well lived, courtesy of the IRS.

If you have made any charitable contribution, even if it is money or other donations, proper documentation is required. This may be required to realize the tax benefits when filing returns.

Not everyone has the ability to patiently understand the complex taxation system and make fast and accurate mathematical calculations. A professional can help you simplify the process with their vast knowledge and experience.