With tax season upon us and with the deadline steadfastly approaching, having a tax expert help you through the ambiguity will save you time, stress, and a lot of money. Don’t fear the repercussions of the IRS. Selig and Associates are tax attorneys and experts at dealing with the confusing and often unclear tax law of New York City.
Experienced and well-versed in everything tax related, Selig and Associates offer a wide range of services and guidance, allowing you to file your taxes with confidence & peace of mind. Many times confusion stems from unclear direction and mistaken deductions. Selig and Associates offer some basic information to avoid audits and allow you to get your maximum refund.
Most types of income are taxable. Income can include money, property, or services that you receive. Some income, like child support payments, inheritances, welfare benefits, damage awards for physical injury, cash rebates from a manufacturer for a purchased item, or reimbursements for qualified adoption expenses are not taxable.
Some special conditions apply. For example, life insurance proceeds paid to you from an insured person’s death are not usually taxable. However, if the insurance policy is redeemed for cash, any amount more than the cost of the policy is taxable. Scholarship funds allocated to tuition, course textbooks and materials are similarly not taxable. However, amounts used for room and board are taxable.
All income, such as wages and tips, is taxable unless the law specifically excludes it. This includes non cash income from bartering. Both parties must include fair market value of goods or services received as income on their tax return.
Contact Selig and Associates for more information on taxable and nontaxable income. Experienced specifically in New York State tax law, Selig & Associates will stop at nothing to ensure that your tax concerns are answered.
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