Reynolds & Reynolds Accounting & Insurance

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Currently open from 9 am to 5 pm weekdays only our direct# (631)286-1760

During Covid 19, we are open 9-3 pm weekdays only. Masks are required and we only allow 1 person in the office at a time. Our counters are all plexi-glassed. For payments please call instead of coming down - All credit card fees are waived during this time. Please note that our payroll is very reduced and we are doing the best to help you through this trying situation.

Really pleased to announce that we have just received bank indicators showing our first federal refunds will arrive and be printed in our office on Monday 2/4. Arriving are 9 federal refund checks!! this certianly shows the Tax season is up and running!! If you have not already drooed or emailed your stuff to me - lets get going :)

Happy Holidays from the Reynolds family to yours!

BREAKING NEWS The Internal Revenue Service announced today that it is providing taxpayers an additional day to file and pay their taxes following system issues that surfaced early on the April 17 tax deadline. Individuals and businesses with a filing or payment due date of April 17 will now have until midnight on Wednesday, April 18. Taxpayers do not need to do anything to receive this extra time.

Happy Holidays from the Reynolds family to yours!

Great News! IRS has informed us that they have released 62 Federal Refunds which we will Print tomorrow (figure around 1 pm)- these are the first of the "credit" delayed returns. Looks like we will soon be at refunds 5 to 7 days from E-filing!! If you haven't already given us your tax papers - Now is the time - Most returns are prepared within 24 hours and are ready to sign and file thereafter!!!

The IRS will begin accepting tax returns on Jan. 29, with nearly 155 million individual tax returns expected to be filed in 2018. The nation’s tax deadline will be April 17 this year so taxpayers will have two additional days to file beyond April 15

Prepaying real estate taxes now can get you your deduction before it is lost if over 10,000 (and that also includes NYS local taxes which will no longer be deducted when in conjunction with Property taxes are over 10K - So pay them NOW before 12/31/17 and get your tax relief on your 2017 taxes - See below for more ideas!!!

Standard deduction increases will take a while For the 2017 tax year, the standard deduction for single taxpayers is $6,350. In other words, you won’t get to use the newly passed $12,000 standard deduction when you file your 2017 taxes in April 2018. Likewise, married couples filing jointly will see a bump from $12,700 to $24,000, but that won’t impact their household finances until they file in April 2019. So, don’t start budgeting around that big tax return, yet.

From Fortune News briefing: Make your 2018 charitable donations now If you’re one of the many filers who will benefit by taking the GOP tax bill’s increased standard deductions and you previously deducted charitable contributions under the old tax plan consider making your 2018 charitable donations before the ball drops on New Year’s Eve. By using the new, bigger standard deductions, you’re agreeing not to itemize your returns, which means it’s not financially beneficial for you to give to charities in 2018. This is a point of contention for nonprofits and opponents of the bill. But there is one way to make sure both you and charities benefit (at least at the moment), and that’s by putting your 2018 contribution on your 2017 taxes instead.

The ReformTax Bill Passed Last Night!!! Once President Trump signs it, here are some of the highlights: Child Tax credit is increasing from $1000 to $2000. The standard deduction will increase to $24,000 for married joint and $12,000 for single filers. Property tax deduction will cap at $10,000- Mortgage interest deduction will continue (capped at $500,000) Not clear about the medical expenses deduction- if left in, it will still require exceeding 10% of your adjusted... gross income. A new deduction for small business (sch C, sub-chapter S, LLC) giving a 17.4% "pass-through" taxation deduction. Looks like tax bracket at 39.6 will drop to 25%. The bill currently includes a repeal of forced health insurance. (no more fines for not having Obamacare) ... That is some of the highlights - once the President signs it into law, I will update our fact sheets and let you know what is needed to get the most deductions and refunds when I prepare your 2017 taxes in January!! See more