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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:

Community Groups to Host Informational Tables at Elmwood Village Farmers Market

Community Groups to Host Informational Tables at Elmwood Village Farmers Market

The popular Elmwood Village Farmers Market returns to the corner of Elmwood Avenue and Bidwell Parkway in Buffalo’s historic Elmwood Village on Saturday, May 13, from 8 a.m. to 1 p.m. The outdoor market will take place every Saturday, rain or shine, through Nov. 25.

Each week, three different community groups will host an informational table at the market. The following groups are on the schedule for the 2017 season: 

May 13: West Side Community Services, United Healthcare, The Friends of the City of Buffalo Animal Shelter

May 20: Allentown Industries, Big Big Table Community Cafe, Lexington Co-op

May 27: D'Youville College School of Pharmacy, Massage & Mindful Health By Erin, The Friends of the City of Buffalo Animal Shelter

Licensed Associate Real Estate Broker Anne Kader Joins the Olear Team at MJ Peterson

Licensed Associate Real Estate Broker Anne Kader Joins the Olear Team at MJ Peterson

Anne Kader, SRES, CRP, has joined the Olear Team at MJ Peterson 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. 

As the daughter of Milton Kader who founded Kader Realty in 1954, Anne brings a lifetime of Western New York real estate experience to this role. She is a Seniors Real Estate Specialist and Certified Relocation Professional, and is also a New York State Licensed Residential Appraiser. 

Top IRS Tips to Know about the Home Office Deduction

 

Taxpayers who use their home for business may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or own their home. Use the simplified method or the regular method to claim a deduction.

Here are six tips to keep in mind about the home office deduction:

1. Regular and Exclusive Use. Generally, taxpayers must use a part of their home regularly and exclusively for business purposes. The part of a home used for business must also be:

·         A principal place of business, or

·         A place where taxpayers meet clients or customers in the normal course of business, or

Debt Cancellation May be Taxable

If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016.

Here are 10 tips about debt cancellation:

The Olear Team Earns Top Team Award from MJ Peterson

The Olear Team Earns Top Team Award from MJ Peterson

The Olear Team, led by Michael Olear, was recently named MJ Peterson’s top real estate team for 2016 at the company’s 33rd annual awards ceremony. The Olear Team produced more than $18 million is sales in 2016 to win the award for a second consecutive year.

“I am extremely proud of my talented team and to be part of a company that has been serving the people of Western New York since 1930,” said Olear. “Our team employs a transaction coordinator, a marketing coordinator and other administrative staff so that we can provide a well organized and comprehensive plan of action specifically tailored to our clients’ needs. We will do everything in our power to three-peat in 2017 by offering the quality service that our customers have come to expect!”