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How Exemptions and Dependents Can Reduce Taxable Income

Most taxpayers can claim an exemption for themselves and reduce their taxable income on their tax return. They may also be able to claim an exemption for each of their dependents. Each exemption normally allows them to deduct $4,050 on their 2016 tax return. Here are seven key points to keep in mind on dependents and exemptions:

1. Personal Exemptions.  Taxpayers can usually claim exemptions for themselves and their spouses on a jointly filed tax return. For married taxpayers filing separate returns, an exemption can only be claimed for a spouse if that spouse:

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Olear Team Plans Informational Seminars for Older Adults and Caregivers

Olear Team Plans Informational Seminars for Older Adults and Caregivers

Michael Olear, a licensed real estate broker and member of the Olear Team at MJ Peterson, will present educational seminars at senior communities this spring. Seminar locations include Sandra Lane Apartments in North Tonawanda and the Elderwood Residences at Wheatfield. 

The seminars are open to the community and focus on real estate topics relevant to older adults and their loved ones and caregivers, including right-sizing and simplifying a living situation, legal and regulatory issues to be aware of, and available resources and tools related to these matters. 

Seminars will be held on the following dates:
• March 18 at 11:30 a.m. at the Sandra Lane Apartments, 705 Sandra Lane, North Tonawanda.
• March 23 at 11:30 a.m. at Elderwood, 100 Crestwood Court, Wheatfield.

Author Sinéad Tyrone to Visit Dog Ears Bookstore

Author Sinéad Tyrone to Visit Dog Ears Bookstore

Dog Ears Bookstore & Café, 688 Abbott Road, Buffalo, will host author Sinéad Tyrone for a book-signing event from 11 a.m. to 2 p.m. Saturday, March 11. Tyrone will be signing copies of her books, “Walking Through The Mist” and “Crossing The Lough Between.” 

Things to Remember When Choosing a Tax Preparer

 

Taxpayers should choose their tax return preparer wisely – with good reason. Taxpayers are responsible for all the information on their income tax return. That’s true no matter who prepares the return. Here are ten tax tips to keep in mind:

1. Check the Preparer’s Qualifications. Use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications. This tool helps taxpayers find a tax return preparer with the qualifications that they prefer. The Directory is a searchable and sortable listing of preparers with a credentials or filing season qualifications. It includes the name, city, state and zip code of:

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Explore Buffalo Lists March 2017 Tours and Events

Explore Buffalo Lists March 2017 Tours and Events

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

Inside St. Mary’s School for the Deaf
March 1 • 6 p.m.
Meet: St. Mary’s School for the Deaf, 2253 Main St., Buffalo. Enter the driveway from Main Street to use the parking lot which is behind the buildings; the main entrance faces the parking lot and is up a flight of stairs to the right of the bridge that the driveway goes underneath.
Cost: $15, Students $5, Explorer Pass holders $10

Claim the Earned Income Tax Credit

The Earned Income Tax Credit has helped workers with low and moderate incomes get a tax break for 40 plus years. Yet, one out of every five eligible workers fails to claim it. Here are some things taxpayers should know about the EITC:

Sports Card & Memorabilia Expo to Feature Appearance by Rob Ray

Sports Card & Memorabilia Expo to Feature Appearance by Rob Ray

Western New York’s next Sports Card & Memorabilia Expo, the area’s largest biannual sports card and memorabilia show featuring over 100 tables of merchandise, will take place from 9:30 a.m. to 3:30 p.m. Sunday, March 26, at the Grapevine Banquet Hall, 333 Dick Road, Depew.

Former Buffalo Sabres great Rob Ray will be on hand to sign autographs at the event from 11 a.m. to 1 p.m. The cost is $15 per autograph on any item. 

This show will feature local and out-of-state dealers showcasing vintage as well as newer sports cards and memorabilia, including items from Memorial Auditorium, publications, programs, pennants, autographs, photos, videos, souvenirs and much more. J.M. Bobbing Head Restorations, specializing in paper mache dolls, will also take part in the event; bring in any paper mache dolls needing repair for evaluation.