Roy Vargis CPA, CMA, CFM, CITA, EA, ACMA, CGMA

  Whether you’re a recent high school graduate going to college for the first time or a returning college student, it will soon be time to get to campus—and payment deadlines for tuition and other fees are not far behind. Students or parents paying such expenses should keep receipts and be aware of some tax benefits that can help offset college costs. Typically, these … [Read more...] about Back to School Tips for College Students and Parents

A rumor has been circulating for some time that home sales will be subject to a 3.8% federal sales tax beginning in 2013.  Like most rumors, it has been initiated by someone who doesn’t have all the facts – in this case, someone who does not understand taxes. Unfortunately, the misinformation has been perpetuated through our modern means of communication. It is true that some … [Read more...] about Sales Tax on Home Sales Rumor

  September 1 - Fall 2011 and 2012 Tax Planning Contact this office to schedule a consultation appointment. September 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than September 12. Your employer is required to withhold FICA … [Read more...] about September 2011 Individual Due Dates

For years, the IRS has had the ability to identify the gross sales of taxpayers from broker transactions, including security (reported on a 1099-B) and property sales (reported on 1099-S forms). However, these identified only the sales price, quantity sold (for securities), and dates of the transactions. To determine the profit or loss, you must also know the tax basis of the … [Read more...] about Your Broker’s 1099 Statement Will Be Different for 2011