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Important Facts about Filing Late and Paying Penalties

April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If taxpayers are due a refund, there is no penalty if they file a late tax return.

Taxpayers who owe tax, and failed to file and pay on time, will most likely owe interest and penalties on the tax they pay late. To keep interest and penalties to a minimum, taxpayers should file their tax return and pay any tax owed as soon as possible.

Here are some facts that taxpayers should know: 

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:

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.

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. 

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