Avoiding the Penalty on Early Distributions

Avoiding the Penalty on Early Distributions Many people use IRAs, SEP Plans, SIMPLE IRA plans, and employee-sponsored retirement savings plans such as the 401(k) to save money for their retirement years, but what if you need to tap that money before age 59 1/2? The bad news is that you generally have to pay a…

Five Facts about the Opportunity Zone Tax Incentive

Five Facts about the Opportunity Zone Tax Incentive Providing tax benefits to investors who invest eligible capital into distressed communities throughout the U.S. and its possessions, Qualified Opportunity Zones (QOZs) were created under the Tax Cuts and Jobs Act of 2017 to spur economic development and job creation. If you’re considering investing in a QOZ,…

Tax Tips for Older Americans

Tax Tips for Older Americans Everyone wants to save money on their taxes, and older Americans are no exception. If you’re age 50 or older, here are six tax tips that could help you do just that. 1. Standard Deduction for Seniors. If you and/or your spouse are 65 years old or older and you do…

The Tax Consequences of Losing your Job

The Tax Consequences of Losing your Job If you’ve lost your job you may have questions surrounding unemployment compensation, severance, and other issues that could affect your tax situation. Here are some answers: Q: What if I receive unemployment compensation? A: Unemployment compensation you receive under the unemployment compensation laws of the United States or of…

Employers Beware: Identity Theft and W-2 Scam Alert

Employers Beware: Identity Theft and W-2 Scam Alert The 2019 tax season is quickly approaching and with it an increase in identity theft and W-2 scams. Small business identity theft is big business for identity thieves. Just like individuals, businesses may have their identities stolen, and their sensitive information used to open credit card accounts…

Year-End Tax Planning for Individuals

Year-End Tax Planning for Individuals Once again, tax planning for the year ahead presents a number of challenges, this year, primarily due to tax laws changes brought about the passage of the Tax Cuts and Jobs Act of 2018. These changes include the nearly doubling of the standard deduction, elimination of personal exemptions, and numerous…

Year-End Tax Planning for Businesses

Year-End Tax Planning for Businesses There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2018. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2019 by delaying end-of-year invoices, so payment is not…

Welcome Our New Tax Manager Katherine Ziolo

LVBW is proud to announce that Katherine Ziolo has been hired onto our firm as a Tax Manager. Katherine graduated from Canisius College with a Bachelor of Science in Professional Accounting and Accounting Information Systems. Katherine is an active member of the American Institute of Certified Public Accountants, New York State Society of CPA’s,  and…