Daniel M. Conti Income Tax Preparation

07/03/2025

The Social Security Administration (SSA) is celebrating the passage of the One Big, Beautiful Bill, a landmark piece of legislation that delivers long-awaited tax relief to millions of older Americans.

The bill ensures that nearly 90% of Social Security beneficiaries will no longer pay federal income taxes on their benefits, providing meaningful and immediate relief to seniors who have spent a lifetime contributing to our nation’s economy.

“This is a historic step forward for America’s seniors,” said Social Security Commissioner Frank Bisignano. “For nearly 90 years, Social Security has been a cornerstone of economic security for older Americans. By significantly reducing the tax burden on benefits, this legislation reaffirms President Trump’s promise to protect Social Security and helps ensure that seniors can better enjoy the retirement they’ve earned.”

The new law includes a provision that eliminates federal income taxes on Social Security benefits for most beneficiaries, providing relief to individuals and couples. Additionally, it provides an enhanced deduction for taxpayers aged 65 and older, ensuring that retirees can keep more of what they have earned.

Social Security remains committed to providing timely, accurate information to the public and will continue working closely with federal partners to ensure beneficiaries understand how this legislation may affect them.

05/12/2025

First time a POTUS has stood up to big Pharma. Prescription drug prices coming down.

Major deal with China.

Big tax bill coming.

Stock market rallying….

And on and on. It makes your head spin what he is doing for our great country while all the Democrats can do is whine, protest and make major fools of themselves.

Still thinking of voting for a Democrat?

03/08/2024

There is still plenty of time to file your 2023 tax return with a tax professional who is available all year long and provides a concise and painless tax preparation experience.

Call me today !

02/03/2024

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INCOME TAX PREPARATION TAX CONSULTING TAX ACCOUNTING INCOME TAXES TAX PLANNING STATE TAXES EFILE 1040

01/26/2024

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INCOME TAX PREPARATION TAX CONSULTING TAX ACCOUNTING INCOME TAXES TAX PLANNING STATE TAXES EFILE 1040

12/31/2022

On December 23rd the IRS issued Notice 2023-10 delaying the requirement for electronic payment networks to report transactions over $600 to the IRS on a Form 1099K, payment card and third party network transactions UNTIL 2024.

The Notice creates a transition period of one year, postponing the $600 Form 1099-K threshold until the January 31, 2024 reporting date. In essence, the IRS is taking the rules back to the pre-March 2021 threshold ($20,000 and 200 transactions) for any calendar year beginning before January 1, 2023.

This is good news. The IRS and Congress have been under a mountain of pressure from taxpayers and the various financial companies who have been lobbying for the total revocation of this part of the legislation, or for more sensible thresholds, like 5 or 10 thousand dollars. Hopefully, during 2023 they will come to a more reasonable solution for this mess.

We must proceed as though this will take effect as indicated above, and for those using these financial tools, or those selling on eBay or Amazon, Etsy, etc., you MUST begin to keep better records of what you bought, when you bought it and what you paid for the item. If you sell the item, what you made on it, etc.

For those of you who are selling professional and have sales over $20,000 or over 200 transactions nothing he changed. You will receive a 1099K and it must be reported.

I will have more information on this during 2023.

Happy New Year!!

12/07/2022

11/25/2021

Happy and Healthy Thanksgiving to everyone !

05/21/2021

An entertaining and informative video on the current IRS refund delays ...

Millions of are delayed in the . As an IRS enrolled Agent and deep knowledge about the IRS internal systems we at give you the top...

03/13/2021

The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional information about a new round of Economic Impact Payments, the expanded Child Tax Credit, including advance payments of the Child Tax Credit, and other tax provisions will be made available as soon as possible on IRS.gov. The IRS strongly urges taxpayers to not file amended returns related to the new legislative provisions or take other unnecessary steps at this time.

The IRS will provide taxpayers with additional guidance on those provisions that could affect their 2020 tax return, including the retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable. For those who haven't filed yet, the IRS will provide a worksheet for paper filers and work with software industry to update current tax software so that taxpayers can determine how to report their unemployment income on their 2020 tax return. For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time, until the IRS issues additional guidance.