Our network

Capital Gains and Losses – 10 Helpful Facts to Know

When a person sells a capital asset, the sale normally results in a capital gain or loss. A capital asset includes inherited property or property someone owns for personal use or as an investment.

Here are 10 facts that taxpayers should know about capital gains and losses:

Community Sponsors

Are you interested in promoting your business to local customers?

Annual Indoor Yard Sale to Benefit Pet Connection Programs Inc.

Annual Indoor Yard Sale to Benefit Pet Connection Programs Inc.

Pet Connection Programs Inc., a maternity and special care animal shelter located in Marilla, will host an indoor yard sale from 9 a.m. to 3 p.m. Saturday, May 6, at the Variety Club Banquet Hall, 6114 Broadway, Lancaster. For every $5 spent at the yard sale, shoppers will receive a chance to win one of many wonderful prizes.

A donation drop-off will take place at the yard sale location from 9 a.m. to 7 p.m. Friday, May 5. Items should be new or gently used; please, no electronics, broken, dirty or rusty items.

Itemize or Choose the Standard Deduction

Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money by figuring taxes both ways.

The IRS offers the following six tips to help taxpayers decide:

1. Use IRS Free File. Most taxpayers qualify to use free, brand-name software to prepare and file their federal tax returns electronically. IRS Free File is the easiest way to file. Free File software helps taxpayers determine if they should itemize. It files the right tax forms based on the answers the taxpayer provides. Free File software does the math and allows the user to e-file the tax return – for free.

Taxpayers can check on other e-file options if they can’t use Free File.

2. Figure Your Itemized Deductions.  Taxpayers need to add up deductible expenses they paid during the year. These may include expenses such as:

Workshop Scheduled to Plan for Future Development along Metro Rail

Workshop Scheduled to Plan for Future Development along Metro Rail

GBNRTC encourages community members to attend March 29 workshop to share ideas

BUFFALO, N.Y. – The Greater Buffalo-Niagara Regional Transportation Council (GBNRTC) is encouraging the community to explore ways to encourage Transit-Oriented Development along the existing Metro Rail line in the City of Buffalo as well as proposed Metro Rail extension to the Northtowns.

“Transit-Oriented Development is gaining momentum across the country as a way to leverage transit investment to enhance access to jobs and education, improve neighborhood connectivity to transit, and encourage community investment and economic development,” said GBNRTC Executive Director Hal Morse.

“Essentially, Transit-Oriented Development provides our region the opportunity to capitalize on the full potential of transit investment to strengthen neighborhoods and bolster the economy,” he added. 

Community Sponsors

Are you interested in promoting your business to local customers?

SUNY Fredonia and AT&T Stem Exploration Program’s Student Expo

SUNY Fredonia and AT&T Stem Exploration Program’s Student Expo

More than 30 high school students from Chautauqua County celebrated the completion of the Fredonia and AT&T STEM Exploration Program with an expo and demo event where they demonstrated some of their STEM projects, including virtual reality, mathematical posters, sealed seeded petri dishes with bacteria, gliders and Theremins, an electrical musical instrument that they learned to assemble, and other projects. The students that participated in the inaugural three week program also received recognition certificates from representatives from Rep. Tom Reed’s, New York State Senator Catharine Young’s and New York State Assemblyman Andy Goodell’s offices.

Use the “Where’s My Refund?” Tool

 

Taxpayers who have not yet received their income tax refunds can use “Where’s My Refund?” app to check the status. Find it on IRS.gov or the free IRS mobile app IRS2Go.

Here are five tips to know about “Where’s My Refund?”:

1. Some Refunds Delayed. Beginning in 2017, certain taxpayers will get their refunds later. By law, the IRS cannot issue refunds before February 15 for any tax return claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC). The IRS must hold the entire refund, not just the part related to the EITC or ACTC. The IRS began releasing delayed 2016 EITC and ACTC refunds on February 15.

Experts to Discuss New Refugee and Immigration Policies

Experts to Discuss New Refugee and Immigration Policies

President Donald Trump’s refugee and immigration policies, including a travel ban from several Muslim-majority countries, will be discussed by a panel of experts from 11:30 a.m. to 1 p.m. April 4 in Daemen College’s Wick Campus Center Social Room.

The panel discussion, “The Myths and Realities of Trump Policies on Refugees and Immigrants,” will examine the new administration’s policies, the controversial travel ban barring refugees from six Muslim-majority countries from entering the U.S. and its impact on area refugees, protecting refugee and immigrant rights, and strategies to address the policies.