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Miscellaneous Deductions Can Trim Taxes

Miscellaneous deductions may reduce your tax bill. These may include certain expenses you paid for in your work if you are an employee. You must itemize deductions when you file to claim these costs. Many taxpayers claim the standard deduction, but you might pay less tax if you itemize. Here are some IRS tax tips you should know about these deductions:

The Two Percent Limit. You can deduct most miscellaneous costs only if their sum is more than two percent of your adjusted gross income. These include expenses such as:

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Explore Buffalo Tour to Examine the Role of Buffalo’s Leading Ladies

Explore Buffalo Tour to Examine the Role of Buffalo’s Leading Ladies

Leading Ladies: Women’s History by Bus, a special tour offered by Explore Buffalo and made possible through the generosity of the Junior League of Buffalo, will take place at 10 a.m. Saturday, Aug. 13. The tour will meet at Buffalo Seminary, 205 Bidwell Parkway, Buffalo.

Women have played a critical role in shaping the Buffalo community since the city’s earliest days. On this guided bus tour, which includes lunch at the Pan-American Grill in the Hotel Lafayette, guests will learn about many of Buffalo’s leading ladies! Along the tour, participants will also see the homes, workplaces and social gathering places of women who were community leaders and philanthropists, along with many well-known authors, actresses and artists. You’ll be amazed by the tremendous impact Buffalo’s women have had on both the community and the nation!

2016 Trustees Reports Project Social Security COLA, Medicare Premiums, and Long-Term Outlook

Every year, the Trustees of the Social Security and Medicare trust funds release reports to Congress on the current financial condition and projected financial outlook of these programs. The 2016 reports, released on June 22, 2016, project a small Social Security cost-of-living adjustment (COLA) and Medicare premium increases for 2017, and discuss ongoing financial challenges.

What are the Social Security and Medicare trust funds?

Explore Buffalo Lists August Adventures

Explore Buffalo Lists August Adventures

Explore Buffalo, a nonprofit organization providing tours and other opportunities where guests can discover Buffalo’s great architecture, history and neighborhoods, has announced an extensive lineup of August tours and events. 

Brick by Brick: Residential Allentown Revealed!

10 a.m. August 1, 6 p.m. August 30

Meet: Theodore Roosevelt Inaugural Site, 641 Delaware Ave., Buffalo. Parking is available in the TR Site’s parking lot accessible from Franklin Street or Delaware Avenue.

General Admission: $15, Student Admission: $5, Explorer Pass Holders: Free, TR Site Members: Free

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Employers: Here’s a Mid-Year Affordable Care Act Refresher

 

As an employer, the size and structure of your workforce helps determine which parts of the health care law apply to your business. Work forces typically fluctuate, so it’s important to annually determine the size of your workforce.

The number of employees you have during the current year determines whether your business is an applicable large employer for the following year. Applicable large employers are generally those with 50 or more full-time employees, including full-time equivalents. Employers with fewer than 50 full-time employees, including full-time equivalents, are not applicable large employers.

Fewer than 50 Employees

Information Reporting

Canalside to Host Second Annual Auto & Boat Show

Canalside to Host Second Annual Auto & Boat Show

The second annual Canalside Auto & Boat Show, featuring more than 250 new cars, trucks, RVs, sailboats, powerboats and personal watercraft, will take place Aug. 5-7 at Canalside in downtown Buffalo. Sponsored by Canalside, the Niagara Frontier Automobile Dealers Association and Anchor Marine, the event is free and open to the public.

Event hours are 5 to 8 p.m. Friday, Aug. 5; 10 a.m. to 8 p.m. Saturday, Aug. 6; and 10 a.m. to 6 p.m. Sunday, Aug. 7. Food and drink offerings, and entertainment, will also be featured throughout the weekend show.

Click on Over to IRS.gov this Summer

Summertime is a great time to get the tax help and information you need on IRS.gov. Our many online tools and services make it easy for you to interact with the IRS. Here are the top reasons to visit IRS.gov this summer: