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What Can Voters Really Learn From Donald Trump’s Tax Returns (if they are ever released)

Leave a comment Charitable Contributions, Donald J. Trump, Income, Income Tax, Income Tax Return

What will we really learn If Donald Trump ever releases his tax returns? While no technical, legal requirement compels him to do so, it is but a time-honored tradition among presidential candidates acting in the spirit of full disclosure. Trump has acted like it’s not a big deal and that little, if anything, will be revealed by any divulgence. If it’s not such a big deal, why doesn’t he simply disclose them like other candidates? What might he be concerned that voters will really learn from the release of his tax returns?

  1. Trump pays little or nothing in taxes
This is a preview of What Can Voters Really Learn From Donald Trump’s Tax Returns (if they are ever released). Read the full post (518 words, 1 image, estimated 2:04 mins reading time)

Tax Benefits For Education Part 4

Leave a comment Business Expenses, Education Tax Credit, Qualified Education Expenses, Qualified Expenses, Tax Credit

This is the fourth part of our multi-part series of blogs on tax benefits for education. Any present or former student should utilize the knowledge, experience and expertise of the tax professionals at the Thorgood Law Firm to ensure that they take advantage all the credits and deductions that the law allows for students of higher education.

Tax credits, deductions and savings plans offer taxpayers ways to reduce their expenses for higher education.

  • A tax credit may reduce the amount of potential income tax.
  • A deduction reduces the amount of income that is subject to tax, thus reducing the amount of tax paid.
This is a preview of Tax Benefits For Education Part 4. Read the full post (449 words, 1 image, estimated 1:48 mins reading time)

Tax Benefits For Education Part 3

Leave a comment Education Tax Credit, Expenses Deductions, Qualified Education Expenses, Qualified Expenses, Student Loans

This is the third part of our multi-part series of blogs on tax benefits for education. Any present or former student should utilize the knowledge, experience and expertise of the tax professionals at the Thorgood Law Firm to ensure that they take advantage of all the credits and deductions that the law allows for students of higher education.

Tax credits, deductions and savings plans offer taxpayers ways to reduce their expenses for higher education.

  • A tax credit may reduce the amount of potential income tax.
  • A deduction reduces the amount of income that is subject to tax, thus reducing the amount of tax paid.
This is a preview of Tax Benefits For Education Part 3. Read the full post (483 words, 1 image, estimated 1:56 mins reading time)

Tax Benefits For Education Part 2

Leave a comment Deductions, Education Tax Credit, Income Tax, Student Loans, Tax Credit, Taxable Income

This is the second part of our multi-part blog on tax benefits for education. Any present or former (or future) student should utilize the knowledge, experience and expertise of the tax professionals at the Thorgood Law Firm to ensure that they take advantage all the credits and deductions that the law allows for students of higher education.

Tax credits, deductions and savings plans offer taxpayers ways to reduce their expenses for higher education.

  • A tax credit may reduce the amount of potential income tax.
  • A deduction reduces the amount of income that is subject to tax, thus reducing the amount of tax paid.
This is a preview of Tax Benefits For Education Part 2. Read the full post (377 words, 1 image, estimated 1:30 mins reading time)

Tax Benefits For Education Part 1

Leave a comment American Opportunity Tax Credit, Education Tax Credit, Income Tax, Lifetime Learning Tax Credit, Tax Credit

This is the first part of our multi-part blog on tax benefits for education. Any present or former (or future) student should utilize the knowledge, experience and expertise of the tax professionals at the Thorgood Law Firm to ensure that they take full advantage all the credits and deductions that the law allows for students of higher education.

Tax credits, deductions and savings plans offer taxpayers ways to reduce their expenses for higher education.

  • A tax credit may reduce the amount of potential income tax.
  • A deduction reduces the amount of income that is subject to tax, thus reducing the amount of tax paid.
This is a preview of Tax Benefits For Education Part 1. Read the full post (358 words, 1 image, estimated 1:26 mins reading time)

Extending Time To File A New York State Income Tax Return

Leave a comment New York Income Tax, New York State Tax, New York State Tax Law

It’s no surprise that not every taxpayer timely prepares and files their taxes in any given year. Whether there are no funds available to pay the tax bill or there is simply insufficient time to prepare the return, a variety of reasons exist for this failure. However, a little information and foresight may alleviate the stress caused by the realization that a tax return will be untimely filed. The tax professonals at the Thorgood Law Firm can help any New York taxpayer deal with any looming tax deadline.

This is a preview of Extending Time To File A New York State Income Tax Return. Read the full post (448 words, 1 image, estimated 1:48 mins reading time)

U.S Supreme Court Denies Certiorari In Sprint Nextel Corp. v. New York, U.S.

Leave a comment New York Sales Tax, New York State Tax, New York State Tax Law, Sales Tax

In Sprint Nextel Corp. v. New York, U.S., No. 15-1041, cert. denied May 31, 2016,  the U.S. Supreme Court denied Sprint’s petition for review of a closely watched tax case from New York. Sprint petitioned the SCOTUS for certiorari in February, asking it to overturn the New York decision that allowed the state to proceed with a False Claims Act case against the company for its failure to collect and pay sales taxes on flat-rate calling plans.

This is a preview of U.S Supreme Court Denies Certiorari In Sprint Nextel Corp. v. New York, U.S.. Read the full post (311 words, 1 image, estimated 1:15 mins reading time)

Can I Deduct My Law School Tuition?

Leave a comment Business Expense, Business Expenses, Deductions, Education Tax Credit, Qualified Education Expenses

Many professionals, whether lawyers, accountants or physicians, experience and endure difficult economic times before finally earning their graduate degree. On one hand, the high cost of tuition must be paid, which requires either a significant student loan or form of employment. Yet, graduate school leaves little or no time for anything other than study. After such an economically, physically, and mentally draining ordeal, is there a way to recoup some of the blood, sweat and cash exchanged for a graduate degree? Is tuition for law or graduate school a deductible educational expense?

This is a preview of Can I Deduct My Law School Tuition?. Read the full post (356 words, 1 image, estimated 1:25 mins reading time)

State Of New York Lowers Corporate Tax Rate In 2016

Leave a comment Corporate Tax, New York State Corporate Tax

In the last few years, the State of New York has attempted to make major reforms to the state’s corporate income tax system. In the spring of 2014, Governor Cuomo signed into law the state’s annual budget which contained many provisions that some experts have said are the most significant in the state since the corporate tax was first enacted in 1944. Many of the new provisions attempt to reduce business tax complexity, while another important change was the simple reduction of the corporate tax rate for New York businesses, thus diminishing their tax burden.

This is a preview of State Of New York Lowers Corporate Tax Rate In 2016. Read the full post (303 words, 1 image, estimated 1:13 mins reading time)

Business Owners, Don’t Forget To Make Your Sales Tax Refunds! – Matter of New Cingular Wireless PCS, LLC

Leave a comment Business Expenses, Sales Tax, Tax Refunds

This case, Matter of New Cingular Wireless PCS LLC, DTA No. 825318 (N.Y.S. Tax App. Trib., Feb. 16, 2016), presents a fact pattern that reflects the cost to a business owner for failing to make sales tax refunds. Here, New Cingular Wireless, now known as AT&T Mobility (“AT&TM”), improperly collected and remitted sales tax on charges for Internet access. It was then eligible for a refund from the State of New York but applied for such without first actually refunding the over-collected amounts back to customers!  Most importantly, it was not entitled to remedy its error resulting in a cost to the company of $100 million.

This is a preview of Business Owners, Don’t Forget To Make Your Sales Tax Refunds! – Matter of New Cingular Wireless PCS, LLC. Read the full post (545 words, 1 image, estimated 2:11 mins reading time)
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