Klinger and Associates, CPA

10/27/2022

New tax brackets, standard deduction and retirement contribution limits have just been announced for 2023!

Be sure to consult with your tax professional to see how these changes may affect your tax liability.

The higher your income, the more valuable proactive tax planning guidance can be. There is some good news from the IRS as they announce the new standard deduction and new tax brackets for 2023.

10/25/2022

Happy Tax Myth Tuesday! Does this one sound familiar?

"I claim my child every other year so this year I'm filing as Head of Household..."

Its easy to see where this myth originated. It's pretty common for parents to alternate years that they claim their child as a dependent.

The confusion however arises from the misunderstanding that having a dependent alone qualifies someone to utilize the Head of Household filing status.

To be clear - while claiming a dependent and certain credits associated with that dependent may be agreed upon, this does not automatically qualify someone for the Head of Household filing status.

In fact, in many cases the parent who has forfeited claiming the dependent may still qualify as Head of Household.

As always, be sure to consult with your tax professional and feel free to reach out to us if you need assistance with your tax return preparation!

10/18/2022

The return of Tax Myth Tuesday!

While filing for an income tax extension does grant you additional time to file your return, don't forget that this is just an extension of time to file - not an extension of time to pay.

All income tax you owe is still due by the original income tax return deadline. If you believe you will likely owe tax upon filing your return, be sure to discuss this with your tax preparation professional.

09/20/2022

Reminder: Today is the deadline for all NYS quarterly and monthly sales tax filers!

Need help with your filing?

Give us a call to find out how we can make your filing process quick and convenient.

09/19/2022

GO BILLS!!!

Will Buffalo end its two-game losing streak against Tennessee? Find out what the NFL's top analysts are predicting for Monday night's home opener.

09/15/2022

Congratulations to the owner of our firm on another successful trip around the sun! Happy birthday Mark Klinger!

09/08/2022

Go bills!!!

Can the Bills beat the defending Super Bowl champs? Check out who NFL experts are picking for tonight's NFL season opener.

09/05/2022

Happy Labor Day! Hope you and your family have a wonderful long weekend.

Just a reminder that our office will be closed today but we will be back to our regular office hours on Monday.

08/26/2022

Happy National Dog Day! We tried telling this guy it was casual Friday but he wasn't hearing it.

08/25/2022

Make sure if you have not filed your income tax returns for these years that you do so by September 30, 2022 so you don't miss out!

Need help filing by that date? Give us a call ASAP.

As part of COVID-19 pandemic relief, the IRS will automatically abate failure-to-file penalties for certain tax and information returns and refund those penalties already paid.

08/23/2022

Happy Tax Myth Tuesday!

It is true that if your only source of income is your social security check, it isn't taxable.

BUT, the tax assessed on your social security benefits really depends on your filing status and the other income you receive.

Think this affects you? Give us a call and we can help you plan accordingly!

08/20/2022

Go Bills!

Buffalo's final home preseason game is set for Saturday afternoon. Here's how to tune in