SCL Tax Services

SCL Tax Services We do all kinds of Tax Services (Preparation & Accounting) in and near the Bronx, NY. https://scltaxservices.com/

But if you are not in the Bronx, or it is hard for you to come to the office, don't worry, we do online tax services as well.

β€’ Interest Rates Increase for the First Quarter of 2023Over the past 40 years, the inflation rate has risen to an all-ti...
03/02/2023

β€’ Interest Rates Increase for the First Quarter of 2023

Over the past 40 years, the inflation rate has risen to an all-time high. To avoid harmful effects, inflation needs to be controlled. An effective strategy to combat inflation is to raise interest rates. The IRS just announced an increase in interest rates starting on January 1 for the first quarter of 2023.
The Specifics of the Interest Rate Increase
For both overpayments and underpayments, there will be a daily compounded interest rate rise of 7% per year.

The new rates:
- For overpayments, it will be 7%, and for companies, 6%.
- The rate is 4.5% for business overpayments exceeding $10000.
- The rate for underpayments is 7%. (Taxes that are only partially covered)
- The rate for significant corporate underpayments will be 9%.

In accordance with IRS norms and regulations, the interest rate is determined quarterly. Overpayment and underpayment rates for non-business taxpayers are 3 percentage points higher than the federal short-term rate. Corporations pay slightly different rates. The federal short-term rate will rise by 3 percentage points and 2 percentage points in the event of an underpayment and an overpayment, respectively.

Have questions? Our tax services are here to help! Our tax consultants will guide you through your tax preparation with a tailored plan. At SCL Tax Services In & Near Bronx, NY, we can help you with business taxes, IRS trouble, tax accounting, and all sorts of tax problems. Call our tax office now!



We also have friendly tax accountants who are ready to help. Call our tax office for any tax help!

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β€’ Prepare for Tax Season with These TipsTo avoid issues during tax season, you must plan ahead. Here are some suggestion...
02/01/2023

β€’ Prepare for Tax Season with These Tips

To avoid issues during tax season, you must plan ahead. Here are some suggestions to help with tax preparation:

1. Pay attention to important occurrences
Important life events like getting married or having a child can have an impact on your taxes. Therefore, you should be aware of any additional tax breaks or credits for which you might be eligible due to your new circumstances.

2. Keep up with tax news
Tax regulations are always changing, so there are always new surprises. By signing up for news alerts from trustworthy tax services, you can be informed on the most recent developments in business tax news.

3. Report any updates to your address, marital status, or other details
Notify your accountant if your address, marital status, number of children, or other information has changed. Updates that are appropriate are quite beneficial and will save you headaches later. These adjustments can result in some credits and deductions.

4. Digital records are wonderful
Paper documents take time to arrange. Digital recording is simpler and will improve your ability to classify spending for tax preparation.

Our tax professionals are always available to steer you toward the biggest refunds. At SCL Tax Services In & Near Bronx, NY, our tax consultants can help you with business taxes, IRS trouble, and all sorts of tax problems. Contact our tax office now!
Call 347-305-4348 now!



We also have friendly tax accountants who are ready to help. Call our tax office for any tax help!

https://scltaxservices.com/blogs/tips-to-stay-ahead-of-tax-season/

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β€’ The Risks of Filing Your Own Business TaxesMany businesses attempt to do their taxes on their own, which can result in...
01/18/2023

β€’ The Risks of Filing Your Own Business Taxes

Many businesses attempt to do their taxes on their own, which can result in several errors. There are several liabilities to be aware of while filing your taxes on your own:

1. You Might Fail to Meet the Deadline
It takes a lot of time and effort to finish business taxes. Due to a lack of time and energy, business owners typically postpone filing their taxes. A business owner may find out all of a sudden that they have a big tax debt but are unable to pay it. To avoid this problem, you must start filing your taxes in January.

2. You Might Not Pay the Estimated Tax
The need to pay estimated taxes cannot be avoided. When filing as a sole proprietor, you must ensure that your debt is less than $1000. If you are unsure, the best course of action is to make a small estimated tax payment. You must make payments as a corporation if you estimate your debt to be $500 or higher.

3. An Accurate Expense Report Is Necessary
It's crucial to keep complete records of deduction expenses. The IRS recommends businesses save receipts for at least three years, and some tax professionals even suggest six. Deductibles are important and can result in significant financial savings.

4. Avoid Conducting Business Using Your Personal Bank Account
If you own a business, you should open a separate account for it immediately. Most banks will offer you a free business account if you have a qualifying personal checking account. Since all business money must be kept in one account, having a debit and credit card for that account is preferable. Refrain from funding your business with personal finances.

5. You Might Make Math Errors
A business case involves a lot of figures, and you might make errors. If you compute the expenses incorrectly, you could lose the deductions or face an IRS audit. A spreadsheet can be quite useful in this situation. Giving your spreadsheet to someone else to review is preferable.

6. Pay Attention to Significant Changes to Tax Law
You must keep up with the changes in tax regulations since they are always changing. Check all the details before filing to ensure you have the most recent updates and revisions. Occasionally, they can raise or lower your company's liability.

To ensure you avoid these mistakes, you can contact a reputable tax office and ask them to handle your business tax preparation if you require tax help.
Call 347-305-4348 now!

We also have friendly tax accountants who are ready to help. Call our tax office for any tax help!
https://scltaxservices.com/blogs/risks-of-doing-your-own-business-taxes/
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β€’ Great Tips for End-of-Year Tax Planning1. Examine Your Paycheck WithholdingIf you have a sizable tax burden this year,...
11/30/2022

β€’ Great Tips for End-of-Year Tax Planning

1. Examine Your Paycheck Withholding
If you have a sizable tax burden this year, you should unquestionably take a few crucial steps to prevent one the following year. Keep in mind to withhold the required amount to prevent IRS issues. Your tax refund can be computed using the IRS Tax Withholding Estimator.

2. Think About Paying Your Bills Right Away
Payment in advance is advised for itemized deductions' deductible costs. To maximize your itemized deductions, you must carefully examine your medical bills. Additionally, you need to pay your property taxes and tuition in advance.

3. Increase Your Retirement Account Contributions
To lower your tax liability, it makes sense to make contributions to tax-advantaged retirement plans. These donations not only make excellent long-term investments, but they are also quite helpful when it comes time to file. Certain donations have restrictions, including 401(k) and IRA contributions.

4. Withdraw RMDs from traditional retirement accounts
If you are 72 years of age or older, you must take RMDs from your traditional retirement funds since they are classified as taxable income.

Need tax help? Contact Bronx Tax Services and consult with our experienced tax professionals to get ahead with your tax planning. At SCL Tax Services In & Near Bronx, NY, we are always happy to answer your questions and solve your tax problems.

Call 347-305-4348 now!



We also have friendly tax accountants who are ready to help. Call our tax office for any tax help!

https://scltaxservices.com/blogs/6-tax-planning-tips-for-end-of-year/

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β€’ Which Home Improvements Are Eligible for the Energy Tax Credit?Green incentives underwent numerous changes as a result...
11/16/2022

β€’ Which Home Improvements Are Eligible for the Energy Tax Credit?

Green incentives underwent numerous changes as a result of the Inflation Reduction Act. The EV tax credit for 2023 and later was one of the changes. As a result of these changes, the Energy Efficient Home Improvement credit was created. It entails the use of renewable energy resources such as solar energy, home battery storage, and others.

⁃Tax Credit for Residential Renewable Energy

The Residential Renewable Energy Tax Credit is available for fuel cell, wind, solar, and geothermal energy equipment:

- Solar panels or photovoltaics can generate energy; however, the generated electricity must be used at home.
- Water heaters powered by the sun are also acceptable. Warm water generated by the system must be used within the home. Solar energy must account for at least 50% of a home's water heating capacity. Hot tubs and swimming pool heaters are not qualified.
- Geothermal heat pumps are qualified when they meet the Energy Star requirements.
- Fuel cells that generate electricity for residential buildings are also qualified due to their reliance on renewable resources. These cells must produce at least 0.5 kW of electricity to qualify.

Need tax help?
SCL Tax Services in and near Bronx, NY, is your best option!
The professionals at our tax office can help you with business taxes, payroll services, tax problems, IRS trouble, bookkeeping services, and much more. Contact our Bronx tax services now!

Call 347-305-4348 right now!



We also have friendly tax accountants who are ready to help. Call our tax office for any tax help!

https://scltaxservices.com/blogs/home-improvements-energy-tax-credit/

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β€’ Educators will be eligible for a $300 deduction in 2022The IRS has great news for educators and teachers doing their t...
11/09/2022

β€’ Educators will be eligible for a $300 deduction in 2022

The IRS has great news for educators and teachers doing their tax preparation for 2022: they can deduct $300 from their taxes for that year as classroom expenses. The annual limit has not been raised since 2002. This cap was set at $250 per year from 2002 to 2021. The $50 increase is due to inflationary changes.

- Who Is Eligible for This Deduction?

Teachers are eligible for this deduction regardless of whether they claim the standard deduction. Qualified educators work in kindergarten through grade 12 as teachers, principals, counselors, or others who contribute to the school for at least 900 hours per academic year. The deduction is available to both public and private educators.

- What Are the Deductible Expenses?

β€£ Books, notebooks, and other materials used in class.
β€£ Various tools and software.
β€£ Items necessary for preventing COVID-19.
β€£ Professional development programs in your line of work that are intertwined with the curriculum. You can learn more about these types of spending' other educational tax benefits by visiting the IRS website.

Are you looking for tax services in & near Bronx, NY? We are the best option! We offer low-cost bookkeeping in addition to other services such as business taxes, payroll services, and tax accounting. If you have a tax problem and are having IRS trouble, our tax professionals can walk you through the entire process.
Call 347-305-4348 right now!


We also have friendly tax accountants who are ready to help. Call our tax office for any tax help!
https://scltaxservices.com/blogs/educators-can-deduct-more-in-expenses/

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β€’ Which Tax Records Should You Keep?Since the IRS is currently overburdened with unprocessed documents, it advises taxpa...
10/26/2022

β€’ Which Tax Records Should You Keep?

Since the IRS is currently overburdened with unprocessed documents, it advises taxpayers to undertake their own tax preparation and submit their forms electronically. The IRS will process your tax return within three years. You have three years after filing your return to make modifications. Have IRS trouble? Call Bronx Tax Services for guidance.

- Which Records Must Landlords keep?
The homeowners must keep all records. If you have made significant modifications to your house, you may be able to eliminate or significantly reduce your taxes. Upgrades necessitate documentation.

- Tax on investments
If you trade stocks or cryptocurrencies, you may have made money in recent years. You must record all investment transactions. When you sell stocks, you must preserve the statements for four years. If the exchanged stocks are worthless, keeping records for seven years is preferable.

- Retirement Account Tax Rates
If you have a retirement account, the provider will send you an annual update. The account provider will send you statements for all collaborations completed within that year. Keep such records for at least four years.

Need Help?

SCL Tax Services In & Near Bronx, NY can help significantly if you have business tax problems. Tax professionals can guide you to the best solution. Correct recording of files is an important issue that affects your future tax payments.

Call 347-305-4348 right now!



We also have friendly tax accountants who are ready to help. Call our tax office for any tax help!

https://scltaxservices.com/blogs/which-tax-records-should-you-keep/

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β€’ Schedule H (Form 1040), Household Employment Taxes: Everything You Need to KnowNeeded Information:Employer Identificat...
09/07/2022

β€’ Schedule H (Form 1040), Household Employment Taxes: Everything You Need to Know

Needed Information:
Employer Identification Number (EIN)
The total amount you paid your household employees
Federal income tax withheld
Contributions to state unemployment insurance
Paid sick and family leave wages to employees
Social Security taxes paid by the employer on those qualified leaves
Portions of the employer tax credit for paid leave
Part I of Schedule H
This section covers cash wages, Social Security, Medicare, and federal income taxes. Paid leave tax credit is also calculated.
Part II of Schedule H
Part II asks for federal and state unemployment tax payments.
FUTA is 6% of cash wages over $7,000. Employers pay the tax.
Part III of Schedule H
In this section, you add the paid leave tax credit to the amount of employment tax you owe for your household. Then, put the total amount of household employment taxes owed from Schedule H, line 26, on Schedule 2 (PDF), line 9. On line 26 of Form 1040 (or Form 1040-SR), you can enter quarterly payments made on Form 1040-ES for household employment tax.
If a payroll service sends in your taxes every three months, you should think of that as an estimated tax payment.
Need Help?
SCL Tax Services in & near Bronx, NY, provides all the tax assistance you require as a household employer. To speak with one of our tax professionals, please contact our tax office in Bronx, NY. Call 347-305-4348 right now!

We also have friendly tax accountants who are ready to help. Call our tax office for any tax help!
https://scltaxservices.com/blogs/household-employment-taxes/
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☎️ Give us a call or visit our tax office In & Near Bronx, NY, to start working with us. Call us now at +1-347-305-4348!
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β€’ Do We Need to Pay Taxes for Lottery Winnings?According to the IRS, lottery winnings are similar to gambling winnings. ...
08/17/2022

β€’ Do We Need to Pay Taxes for Lottery Winnings?

According to the IRS, lottery winnings are similar to gambling winnings. So, lottery winnings are taxable because they will increase your income.
Many different factors affect lottery taxes. For example, states have different rules for lottery taxes. These taxes are unavoidable, but you can get deductions in some cases.
If the winnings are $600 and more, the lottery agency must give you Form W-2G. You must report the winnings on your federal tax return if the agency doesn't provide the form.
Whether you receive lottery winnings in a lump sum or a series of payments, you must pay taxes due to the growth of your annual income.
Sometimes, you need to pay both local and federal taxes for lottery winnings. Your lottery payout can be in a lump sum or yearly payment, depending on your state. When you play a lottery and win it, the IRS wants its cut. Fortunately, there are some simple ways to offset lottery taxes. For instance, if you are qualified, you can claim deductions.

Are you considering Bronx tax services? Do you have tax problems or IRS trouble?
SCL tax services in & near Bronx, NY, is the best solution. We provide various services like business taxes, payroll services, tax accounting, bookkeeping services, and more. We have educated tax professionals and tax accountants who can help you during the tax preparation process.

We also have friendly tax accountants who are ready to help. Call our tax office for any tax help!
https://scltaxservices.com/blogs/how-your-lottery-winnings-are-taxed/
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☎️ Give us a call or visit our tax office In & Near Bronx, NY, to start working with us. Call us now at +1-347-305-4348!
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β€’ Simple Ways to Avoid the IRS Penalties!The IRS aims to correct the behavior of taxpayers, so it has some penalties for...
08/03/2022

β€’ Simple Ways to Avoid the IRS Penalties!

The IRS aims to correct the behavior of taxpayers, so it has some penalties for violations like late filing or late payment. As a taxpayer, try to avoid these penalties because they are troublesome. Fortunately, there are some practical methods to avoid these challenging fines.

1- Try to file your return as soon as possible. If you fail to file your return ahead of time, some severe penalties are waiting for you.

2- Filing your return by the due date is not the only thing to avoid IRS penalties. You must also pay your taxes by the due date. Try to pay as much as you can by the deadline.

3- The IRS wants you to follow the β€œPay as You Go” system. It means you must pay taxes throughout the year.

4- Dishonored checks can bring about penalties from the IRS. So, check your balance before sending any check to the IRS.

5- Always take the notices from the IRS seriously. The lack of response to these notices is considered tax evasion and can be problematic.

Are you looking for Bronx tax services? Do you have tax problems or IRS trouble?
SCL tax services in & near Bronx, NY, is your solution.

We have talented tax professionals, tax accountants, and tax consultants who can help effectively.
We provide various services like business taxes, payroll services, tax accounting, bookkeeping services, and more. We have experienced tax accountants to resolve your issues.

Do you need any tax help? Call our tax office immediately!

https://scltaxservices.com/blogs/ways-to-avoid-or-reduce-irs-penalties/
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☎️ Give us a call or visit our tax office In & Near Bronx, NY, to start working with us. Call us now at +1-347-305-4348!

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06/08/2022

β€’RMD Deadlines for Those Reaching Age 72 in 2021

After decades of contributing to tax-advantaged retirement accounts, the script has flipped for investors entering their seventies. Once taxpayers turn 72 years old, Uncle Sam begins requiring them to take required minimum distributions from their retirement account savings. In addition to calculating how much must be withdrawn annually, you also have to pay taxes on the distributions.

Several taxpayers have been confused by the change in withdrawal age from 7012 to 72 years old in 2020. Because this is a complex matter, we recommend that you consult with an experienced tax professional. SCL tax services in and near Bronx, NY, offer all the tax help you need. Contact our tax office to get the tax help you deserve.
Based on the SECURE Act of 2019, you must start withdrawing from a retirement account on April 1, following the year you turn 72. Following the current RMD calculation, the retiree has to withdraw the RMD amount each year.

A required minimum distribution (RMD) refers to the amount of money that must be withdrawn from an employer-sponsored retirement plan, SEP, traditional IRA, or SIMPLE individual retirement account (IRA) by the owner or participant of the retirement plan.

β—— When You Must Start Taking RMDs
With the SECURE Act of 2019, the retirement contribution starting age has been raised from 701 to 72. As a result, many people turning 72 in 2021 assume that this is the year they will be able to begin contributing to their retirement accounts; however, the SECURE Act only applies to people who have not yet turned 7012 in 2019.

According to the RMD schedule (that began in 2019), those who reached 72 in the first half of 2021 should have taken their RMDs by December 31, 2021. Meanwhile, those who reach 72 in the second half of 2021 have until April 1, 2022, to withdraw their 2021 RMD.

Many 72-year-olds risk missing out on their 2021 required minimum distribution if they incorrectly believe the new age 72 RMD start date applies to everyone and that RMDs don't need to be taken in 2020. If they fail to take their RMD on time, they may owe more tax than necessary as a penalty tax. More to the reason to get help from tax professionals in Bronx tax services.

-In Summary
Here are the 2021 RMD rules for people 72 years and older
The due date for their 2021 RMD is December 31, 2021, if their birthday is between January 1, 1949, and June 30, 1949.
The due date for their 2021 RMD is April 1, 2022, if their birthday is July 1, 1949, to December 31, 1949.

β—— How to Calculate RMDs
Calculate your RMD by multiplying your previous year's year-end account balance by the IRS life expectancy factor based on your birthday in the current year.

401(k)s and other retirement accounts are also subject to RMDs at age 72. If you own more than one 401(k), you must calculate and take each RMD separately.

You can take your RMD as a lump sum or in piecemeal payments, such as monthly or quarterly. You will be able to grow your money tax-deferred if you defer your RMD until the end of the year. However, make sure you withdraw the full amount by the end of the year and if you feel like this is too much, visit our tax office in Bronx, NY, and we'll give you all the tax help you need.

β—— What Happens If You Miss RMD Deadlines
You could face a huge tax problem--50 percent of the shortfall.

However, the IRS is lenient in these situations so that you can ask for relief from the harshest of penalties.

The best way to avoid facing IRS trouble is to work with tax professionals. SCL tax services in and near Bronx, NY, has an extensive background in RMDs.

β—— Need a Hand?

RMD deadlines have been complicated by the SECURE Act of 2019. It is understandable that you may be unsure when to withdraw from your IRA. Working with tax professionals is the best way to ensure the IRS won't hit you with penalties. To start working with Bronx , give us a call or visit our tax office.
https://scltaxservices.com/blogs/rmd-deadlines/

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☎️ Give us a call or visit our tax office In & Near Bronx, NY, to start working with us. Call us now at 347-305-4348 !

πŸ”°https://scltaxservices.com/πŸ”°
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We do all kinds of Tax Services (Preparation & Accounting) in and near the Bronx, NY. But if you are not in the Bronx, or it is hard for you to come to the office, don't worry, we do online tax services as well.
https://scltaxservices.com/

05/25/2022

β€’ How and When to Report Tips for Tax Purposes

A great part of working in the service industry is the tips. Whether you work in the food or hospitality industries, the satisfaction of socking away money is far greater than the traditional paycheck. As soon as you earn money, you store it away on the spot without the government knowing.

Despite this, tips are still considered taxable income by the IRS. Tipsters are required to remit Uncle Sam's share of their income after reporting their tips. Tippers must calculate and withhold their taxes, whereas traditional wage earners are automatically withheld. Find out how and when the tax process for tips works, and if you need tax help, business taxes, payroll service, or bookkeeping services, contact Bronx Tax Services and start talking with a tax consultant.

β——What Counts as a Tip?
Tips come in many forms. You can also consider non-cash items such as sports tickets or gift cards in addition to cash tips.

Anything received with a value that is:

- Not compulsory
- Discretionary
- Not required by company policy, or
- Based on the customer receiving the payment
is considered a tip.

β—— Are Service Charges Considered Tips?
There is a difference between a tip and a service charge. A service charge is a mandatory charge imposed by the company.

The service charge is taxable, but you do not need to track it like tips. Your employer will take care of that for you. Box 1 of your IRS Form W-2 lists your portion of the service charge.



β—— How Are Tips Taxed?
Tips are taxed just like hourly wages or annual salaries. Federal income tax, Medicare tax, and Social Security tax are all imposed on tips. If you live in a state with an income tax, you will also have to pay tax on your tips.

Your tip income must be reported on your tax return. Your employer will not know about non-cash tips if you don't report them.

You must attach Form 4137, Social Security and Medicare Tax on Your Unreported Tip Income, to your tax return if you have unreported tip income. To enjoy a smooth tax journey and avoid facing a tax problem, contact our tax office and start talking with one of our tax professionals at Bronx Tax Services.

β—— How To Report Tips Tax
The IRS requires that tip-receiving employees notify their employers of all tips received. Keep a daily record of your tips, notify your employer in writing, and report all tips on your tax return.

To keep track of tips you receive, consider using IRS Publication 1244, which contains Forms 4070A and 4070. When tax season comes, you will have a record of your tip income to provide to your employer and the IRS.


β—— Reporting to Your Employer
By the 10th of the month following when you receive tips, you must report them to your employer. You must report tips received in October by November 10 if you received $500 in tips.
There is no set format for reporting tips, but they must include basic information such as name, Social Security number, address, signature, and the amount of tips you received.

Employers are responsible for calculating and paying their portion of Social Security and Medicare taxes.



β—— Reporting to the IRS
As When you file your taxes as a tip-receiving employee, you must report the total tips you received for the entire year on your Form 1040. The amount in box 1 will be added to any other tips you received that year. If you did not report any other tips to your employer that year, you would add the amount in box 1.

You may also have unreported tip income from allocated tips, which your employer assigns to you in addition to the tips you report. These tips can be reported on IRS Form 4137. If you have an amount included on your W-2 statement4 in box 8, "Allocated Tips," you must include Form 4137 with your return. SCL tax services in & near Bronx, NY, has been helping small businesses with accounting, bookkeeping, and payroll service. To get the tax help you need, contact our tax office, and one of our tax professionals will assist you.

β—— What Happens If I Don’t Report My Tips?
If you do not report your tips correctly to the IRS and your employer, you may be subject to fines and penalties. The IRS has audited both individuals and businesses in the past.
In the event the IRS discovers that you did not report your tip income correctly, they can charge you a penalty equal to 50% of the Medicare, Social Security, and federal income tax due on the tip income.

β—— The Takeaway
Tip earnings should be recorded carefully and regularly communicated to your employer. Therefore, your income will be correctly reported on your tax return at year-end and you will be protected in case of an audit. Working with experienced tax professionals is the best way to ensure that you will not face any IRS problems. SCL Tax Services in & near Bronx, NY, is ready to help. With our full-service approach, we will handle all your tax needs.
https://scltaxservices.com/blogs/how-to-report-tips-for-tax-purposes/

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Contact our tax office, give us a call and let us handle your taxes.
Give us a call or visit our tax office In & Near Bronx, NY, to start working with us. Call us now at 347-305-4348 !

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We do all kinds of Tax Services (Preparation & Accounting) in and near the Bronx, NY. But if you are not in the Bronx, or it is hard for you to come to the office, don't worry, we do online tax services as well.
https://scltaxservices.com/

Address

The Bronx, NY
10470

Opening Hours

Monday 10:30am - 8pm
Tuesday 10:30am - 8pm
Wednesday 10:30am - 8pm
Thursday 10:30am - 8pm
Friday 10:30am - 8pm

Telephone

+13473054348

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