How to file New York Tax Extension?

Question: How to file New York Income Tax Extension? Answer: The income tax deadline is April 15 and if you can’t make the deadline, you have to file a tax extension.  For Federal tax extension, you need to file Form 4868 and will extend the Federal tax deadline by six months […]

How to file Ohio Tax Extension?

Question: How to file Ohio Income Tax Extension? Answer: The income tax deadline is April 15 and if you can’t make the deadline, you have to file a tax extension.  For Federal tax extension, you need to file Form 4868 and will extend the Federal tax deadline by six months to October […]

Is Lump Sum Death Benefit payment taxable?

Question: Is the lump-sum death benefit Social Security payment taxable? Answer: The lump-sum payment also known as the lump-sum death benefit is NOT taxable and should NOT be reported on your tax return. The lump-sum death benefit is $255 and has been that amount for the last 60 years.

Is Private School Expenses Tax Deductible?

Question: Is Private School expenses tax deductible? Answer:  As a general rule, private school expenses for children attending kindergarten through 12th grade are NOT deductible.  The reason being is that the United States offers education through high school.  The choice between public and private is your choice and not a necessity. […]

Is Pet Expenses Deductible?

Question: Is Pet expenses deductible? Answer: Raising a Pet takes a lot of time and money but according to IRS, pet expenses are NOT tax-deductible.   A few exceptions to this rule are service animals and guard dogs for business.

Is Plastic Surgery Expense Tax Deductible?

Question: Is Plastic Surgery expenses tax deductible? Answer: If Plastic Surgery is a treatment for a specific disease diagnosed by a physician then it is tax-deductible.  But 99% of plastic surgery procedures like breast augmentation or botox procedures are never a deductible expense.  Plastic surgery expenses are NOT tax-deductible.

I received an IRS email. Is it a Scam?

Question: I received an IRS email regarding my taxes.  Is it a scam? Answer: Yes, it is a scam.  IRS does NOT send emails asking for taxpayer’s personal information.  It is another phishing attempt in getting your personal and financial information.  In the email, there might be a fake link to […]

Is Child Support Tax Deductible?

Question: I’m paying for Child Support now.  Is it tax deductible? Answer: No, child support payments are NOT tax-deductible by the payer.  It is also not considered taxable income for the receiver.  Alimony (payment to the spouse) is tax-deductible.  If the child live with you for more than 6 months of […]

What is Use Tax?

Question: What is Use Tax? Answer: Use tax is a form of sales tax designed to distribute the tax burden fairly among consumers and assure fair competition between in-state and out-of-state businesses.  For example, You live in New York City where there is an 8.875% sales tax on general merchandise.  You […]