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Tax Tips to Help You Determine What Makes a Gift Taxable

Taxpayers who give money or property to others may wonder about the federal gift tax and if it applies. Most gifts are not subject to the gift tax.

Here are seven tax tips about the gift tax and giving:

1. Nontaxable Gifts. The general rule is that any gift is potentially taxable. However, there are exceptions to this rule. The following are nontaxable gifts:

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Know these Helpful Tips about Employee Business Expenses

Taxpayers who pay work-related expenses out of their own pocket may be able to deduct them. Generally, employee business expenses are deductible if they are more than two percent of adjusted gross income. In most cases, they go on IRS Schedule A, Itemized Deductions.

Other key points about employee business expenses:

1. They must be Ordinary and Necessary. People can only deduct unreimbursed expenses that are ordinary and necessary to their work as an employee. An ordinary expense is one that is common and accepted in the industry. A necessary expense is appropriate and helpful to a business.

2. Expense Examples. Some potentially deductible costs include:  

·         Required work clothes or uniforms not appropriate for everyday use.

Elmwood Village Farmers Market Lists 2017 Winery Schedule

Elmwood Village Farmers Market Lists 2017 Winery Schedule

Following is a list of local wineries that will offer wine-tasting at the 2017 Elmwood Village Farmers Market at the corner of Elmwood Avenue and Bidwell Parkway in Buffalo’s Elmwood Village. The market will take place from 8 a.m. to 1 p.m. Saturdays, May 13 through Nov. 25.

May 20: Arrowhead Spring Vineyards, Eveningside Vineyards

May 27: 21 Brix Winery, Leonard Oakes Estate Winery

June 3: Eveningside Vineyards

June 10: Victorianbourg Wine Estate, Arrowhead Spring Vineyards

June 17: 21 Brix Winery, Schulze Vineyards & Winery

June 24: Schulze Vineyards & Winery, Arrowhead Spring Vineyards

July 1: Leonard Oakes Estate Winery, Victorianbourg Wine Estate

Licensed Associate Real Estate Broker Sally Ball Conover Joins the Olear Team at MJ Peterson

Licensed Associate Real Estate Broker Sally Ball Conover Joins the Olear Team at MJ Peterson

Sally Ball Conover, SRES, has joined the Olear Team at MJ Peterson Real Estate as a licensed associate real estate broker. In this role, she will provide expert guidance and service to clients who are buying and selling homes throughout Western New York. 

A resident of Irving, Sally began her real estate career in 1977. She has certifications as a Seniors Real Estate Specialist, Certified Buyer Representative and Relocation Specialist. She has a thorough knowledge of Western New York real estate and extensive experience in assisting clients in finding all types of residences, including single family homes, multi-family homes, condos and patio homes. 

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Five Tax Tips on Making Estimated Tax Payments

Taxpayers usually will have taxes withheld from their pay if they are an employee. However, if a person doesn’t have taxes withheld, or they don’t have enough tax withheld, they may need to make estimated tax payments. Taxpayers that are self-employed normally have to pay their taxes this way.

Here are five tips about making estimated tax payments:

1.         When the tax applies. Taxpayers should pay estimated taxes if they expect to owe at least $1,000 in tax for 2017 after subtracting their withholding and refundable credits. Special rules apply to farmers and fishermen.

Last Minute IRS Tax Tips to Consider

The IRS urges taxpayers to avoid waiting until April 18 to file their taxes. For those who do wait, the IRS has easy-to-access online resources to help.

These eight tips from the IRS can help make filing less taxing:

Elmwood Village Farmers Market adds two dates with the Buffalo Philharmonic String Quartet

Elmwood Village Farmers Market adds two dates with the Buffalo Philharmonic String Quartet

Local entertainment — including two special appearances by the Buffalo Philharmonic String Quartet — will be among the highlights of the 2017 Elmwood Village Farmers Market, which will take place every Saturday from May 13 through Nov. 25 at the corner of Elmwood Avenue and Bidwell Parkway in Buffalo’s historic Elmwood Village.

The market will feature entertainment from approximately 9:30 a.m. to 12:30 p.m. each week, unless otherwise noted. Following is the 2017 lineup, subject to change and weather conditions.

May 13: No Illusions, Acousticopia

May 20: Tina Marie Williams, David Adamczyk

May 27: Chris Jones, Porcelain Train

June 3: Nickel City String Band, Rockabilly Steve and BR3