Nacca & Capizzi, LLP

Thank you .. was great time

Our team spent part of the day volunteering at the Ronald McDonald Fall Sale!

Don't put off filling out your FAFSA and New York TAP applications. The early registration has opened and Nacca & Capizzi is ready to help. We offer full application filing services and we can help you get the financial aid you are entitled to. Contact David Weaver at (585) 225-9290 or email me at [email protected].

We had a great afternoon celebrating Lisa’s birthday we painted (and added our our own personal touch ) a picture of Lisa!! Please wish her a Happy Birthday

Our office will be closed on Thursday, August 8th from 1pm to 5pm. We are honored to be volunteering for the Ronald McDonald House Charity. If you have any cl...othing or household goods that you would like to donate for their Big Sale, please bring them to the old Macy's store at The Medley Center in Irondequoit between 2pm and 7pm and come say hello to us! www.rmhcrochester.org/the-sale/ See more

Bring your donations out to the Medley Center to support a wonderful charity.

The IRS announced the 2019 standard mileage rates. The optional mileage allowance for owned or leased vehicles (including autos, vans or pickups) will rise 1 cent to 58 cents per mile for business travel. Employers can also use the rate to reimburse employees who supply their own autos for business use and to value personal use of certain low-cost employer-provided vehicles. The rates for medical purposes will rise 2 cents to 20 cents per mile and the rate for driving in service of charitable organizations will remain 14 cents per mile. (Notice 2019-2)

U.S. House GOP lawmakers postponed a vote on their tax package. It includes the Retirement, Savings, and Other Tax Relief Act of 2018 and the Taxpayer First Act of 2018. Lawmakers said the decision was due to the absence of several GOP members who lost their re-election bids. The package addresses retirement savings, tax extenders, disaster relief, technical corrections and IRS reform. Senate Democrats indicated they have little enthusiasm for voting on the recently introduced legislation. GOP leadership didn’t announce when they might vote on the measure.

The IRS issues proposed regulations on the business interest deduction limit. The Tax Cuts and Jobs Act generally limits the deduction to the sum of the taxpayer’s current-year business interest income, 30% percent of the taxpayer’s adjusted taxable income and certain floor plan financing interest expense. There are exceptions to the limit for small businesses whose gross receipts are $25 million or less and for certain trades or businesses. The proposed regs, among other things, provide rules for calculating the limit and carrying forward disallowed interest.

With the next tax season rolling up fast, the IRS is reminding taxpayers of a few points. It’s important to keep copies of previous-year returns for at least 3 years, or 7 years if you claim certain security or debt losses. The information on those returns may be needed for current-year filing or to answer IRS questions. Return transcripts can be ordered for free online and by mail or phone, but plan ahead, as delivery can take up to 30 days. If you need a copy of an actual return, it can take up to 75 days and cost $50. For more details: https://bit.ly/2PHHEqm

The IRS reminds taxpayers to take advantage of their employers’ Flexible Spending Accounts (FSAs) in 2019. For 2019, the contribution limit is $2,700. If an employer chooses, employees can carry over up to $500 of unused funds into 2020. Otherwise, FSAs have a use or lose provision. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Amounts contributed aren’t subject to federal income tax, Social Security tax or Medicare tax. If the plan allows, an employer may contribute to an employee’s FSA.

The Tax Cuts and Jobs Act revised family tax credits for 2018. To help taxpayers prepare for the 2019 filing season, the IRS recently issued a reminder about the changes. The law doubled the maximum child tax credit to $2,000 and raised the income limits to claim the credit. A child must also have a valid Social Security number before the due date of the tax return, including extensions. A second credit of up to $500 per dependent is aimed at taxpayers supporting older children and other relatives who don’t qualify for the child tax credit.