Tax Breaks for Teachers and Educators

While many schools are switching to hybrid or remote learning models, teachers and other educators should remember that they can still deduct certain unreimbursed expenses such as classroom supplies, training, and travel. Deducting these expenses helps reduce the amount of tax owed when filing a tax return. To qualify for the deduction, the taxpayer must…

Filing an Amended Tax Return

If you discover a mistake on your tax return after you’ve already filed, don’t panic. In most cases, all you have to do is file an amended tax return. Here’s what you need to know: Taxpayers should use Form 1040X,¬†Amended U.S. Individual Income Tax Return, to file an amended (corrected) tax return. An amended tax…

Tax Scams: 2020 Edition

Compiled and issued annually every year by the IRS, this year it includes many aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. The criminals behind these bogus schemes view everyone as potentially easy prey and everyone should be on guard, especially vulnerable populations such as the elderly. While tax-related scams…

LVBW Announces Three New Partners

LVBW promotes three employees to partnership positions   Mindy Elniski, CPA, has been promoted to Partner. Elniski, formerly a Senior Manager, focuses on financial audits, reviews, compilations, and provides outsourced CFO and consulting services.¬† Elniski holds a BS in Finance and an MBA in Public Accounting from Canisius College. She is a member of the…

Rebuilding Company Value During COVID

Join us as we speak at Amherst Chamber of Commerce and offer our advice on rebuilding company value during COVID-19. Our firm has developed a process, Value Reconstruction: Rebuilding Company Value, to help businesses assess risk, review operations and develop a plan to sustain a healthy organization. Our Value Reconstruction approach creates a Growth Blueprint…

Here’s How to Pay If You Owe Money to the IRS

Here’s How to Pay If You Owe Money to the IRS The federal tax deadline is quickly approaching. If you owe money to the IRS – including estimated and other business taxes – here are six options for quick and easy electronic payments: Taxpayers who owe a 2019 income tax liability, as well as estimated…

July 15 Deadline for Reporting Foreign Income

July 15 Deadline for Reporting Foreign Income If you live or work outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. Due to the coronavirus pandemic, people who live and work abroad have until Wednesday, July…

Small Business Financing: Securing a Loan

Small Business Financing: Securing a Loan At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting a loan for expansion or scrambling to find cash from other sources. Unfortunately, many…

Paying off Debt the Smart Way

Paying off Debt the Smart Way With a potential economic downturn in the wings due to COVID-19, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, this is unrealistic for most people – especially those of pre-retirement age. Instead, it’s better to start by focusing on managing debt.…

Paycheck Protection Program Flexibility Act

Paycheck Protection Program Flexibility Act On Wednesday, June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act of 2020. The PPP Flexibility Act passed the House last week and will now be sent to President Trump for signature into law. The PPP Flexibility Act provides some relief and flexibility in the use of…