(716) 634-2722
BLOG
BLOG
YOUR Success is OUR Business!
Arcara Lenda Eusanio & Stacey, CPAs is a certified public accountant serving Amherst, NY. Click here to learn more about what a Form 1099 is!
IRS Increasing Mileage Deductions
Happy New Year from our families to yours!
As we approach the end of the 2021 tax year, it’s important to consider the ways you can benefit from opportunities available in the tax code. Specifically for educators, there is a deduction up to $250 for unreimbursed trade or business expenses, or up to $500 if you’re married filing jointly, and both taxpayers are qualifying educators. If you’re an educator, a teacher, counselor, principal or aid working with kindergarteners through 12 th graders, this applies to you. To put it plainly, any amounts that you spend out of your own pocket related to being an educator, are deductible on your tax return in the year that you made the purchases. Have you had any of the following unreimbursed expenses for your classroom or professional development? · Fees for professional development courses · Books · Classroom supplies · Computer equipment (including software) · Supplementary classroom materials · Personal protective equipment (PPE) If any of the items above apply to you and were purchased before December 31, 2021, they count toward your deduction for the 2021 tax year, up to $250 (or $500 married filing jointly). At AZLA, your success is our business. We dedicate ourselves to your needs. Our full-service accounting firm is large enough to provide first-class professional service, but small enough to spend the necessary time to understand our clients’ needs and personalized, individual service.
The Most Wonderful Time of the Year!
As digital assets continue to grow in popularity, so does the oversight from the Internal Revenue Service (IRS). Have you done any of the following with digital assets: Donated directly to a 501(c)(3) organization Gifted more than the IRS limits Converted to cash Converted from one crypto to another Purchased goods or services Accepted payment and/or paid someone in crypto Mined crypto Earned staking rewards, airdrops, or received crypto from a hard fork If so, you may have tax reporting requirements. Whether it is gift tax reporting, ordinary income, or short-term/long-term capital gains, there could be tax implications. But the real question is, do you know the cost basis of your assets? At AZLA, your success is our business. We dedicate ourselves to your needs. Our full-service accounting firm is large enough to provide first-class professional service, but small enough to spend the necessary time to understand our clients’ needs and personalized, individual service.
Arcara Lenda Eusanio & Stacey, CPAs
Phone (716) 634-2722
Fax (716) 634-2721
Fax (716) 634-2721
Buffalo Office
5214 Main Street, Suite 200
Williamsville, New York 14221
Fredonia Office
One Park Place, Suite 214
Fredonia, New York 14063
Web Design by LocalEdge, all rights reserved. | SITEMAP
Privacy Policy
We are the sole owners of the information collected on this site. We only have access to/collect information that you voluntarily give us via email or other direct contact from you. We will not sell or rent this information to anyone.