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IRS Warnings Regarding Scams Targeting Tax Payers As a reminder the IRS will not contact you by phone.
Never
give out any personal information, call our office if you have any concerns.
If you have been the target of an IRS impersonation scam you can report the incident on the U.S. Treasury website by
clicking here
.
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Child & Dependent Care Tax Credit
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If you have children, or other dependents for whom you pay for care so that you can work, you may be eligible for certain tax credits. These tax credits may be applied to in-home care, daycare facilities and even day camps!
The tax credit, which is contingent upon your income, falls between 20 - 35 percent of your allowable expenses and has a limit of $3,000 for one qualifying person or $6,000 for two or more. Note: Parents who are full-time students are also eligible for this tax credit!
In order to file for this credit you will need receipts listing the name, address and
tax payer identification number of the care provider so be sure to keep your receipts throughout the year!
For more details about the Child & Dependent Care Credit call our office at
(585) 410-6733 or
click here to visit the IRS website.
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Tax Requirements For Short-term Rentals
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Living in the beautiful Finger Lakes Region, many of our clients rent out their homes, cottages or apartments as short-term (vacation) rentals. Websites such as Airbnb and HomeAway make it easy to connect with potential renters and to figure out what to charge for your space.
In addition to the income tax that a property owner is required to declare on their annual tax return, property owners are also required to collect and remit sales and lodging taxes on the gross rent collected from their renters – the same taxes that hotels are required to collect.
To properly calculate the applicable tax rate and pay the lodging taxes property owners are required to register with city, county and state agencies. If you have a short-term rental property, we encourage you to contact our office at (585) 410-6733 ext. 100 or [email protected]. We can assist you with the registration process and proper remittance of the lodging taxes.
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Allied Financial Partners offers a variety of QuickBooks training opportunities from basic to more in depth learning.
QuickBooks Up & Running - Introductory Package
QuickBooks Intensives - One-Hour Topic Centric Sessions
Customized QuickBooks Training
Having the right tools in place can help you achieve success!
Contact us today (585) 410-6733 ext. 100 or [email protected] if you are interested in learning more about how QuickBooks can help you run your business.
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AFP Community Service Events
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In July, along with over 7,400 runners and walkers, members of our team participated in the JP Morgan Corporate Challenge.
This was our first year participating in the Corporate Challenge but we are already looking forward to next year!
Community Service -
To sow back into the community some of our good fortune with our time and financial support.
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This summer our team also participated in the Small Business Council of Rochester's Backpack Give Back school supply drive.
AFP employees donated enough money to purchase 47 backpacks full of school supplies for Rochester area children - beating last year's donation of 33 bags!
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HR360 Featured Video
Denying A Time Off Request
HR360 is an interactive online human resource library that gives you access to attorney reviewed HR tools, guidelines, forms, training videos and so much more.
If you would like information about how you can subscribe to HR360 please contact
Teresa Solano at (585) 410-6733 ext. 123 or via email [email protected].
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Allied Payroll Services is bonded
Securities offered through Cambridge Investment Research, Inc. a broker-dealer, member FINRA/SIPC, Investment Advisor Representative, Cambridge Investment Research Advisors, Inc. a Registered Investment Adviser. Cambridge does not provide tax services. Accounting, Payroll, Fixed & Health Insurance, and HR Services are offered through Allied Financial Partners. This communication is strictly intended for individuals residing in the states of AZ, CA, CO, FL, IL, KY, MA, MD, NC, NY, PA, TN, VA and WA. No offers may be made or accepted from any resident outside the specific state(s) referenced. Cambridge and Allied Financial Partners are not affiliated.
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