gawel

MICHAEL S. GAWEL, CPA, JD NIAGARA BOOKKEEPING & ACCOUNTING FILING STATUS Get ready for Taxes! It is January and Tax time is here. Niagara Bookkeeping & Accounting is open and ready to prepare your 2024 tax returns. New clients can call Michael at (716)-622-0700 for an appointment and existing clients can email their tax information to [email protected]. Filing 2024 returns are for everyone, even if you are not required to file a 2024 return there are key reasons you may want to. This includes Star Credit, Stimulus Checks, Financial Aid, Child Support, upcoming New York State Tax Credits, loan applications

By Michael S. Gawel, JD, CPA Rental Income For Niagara Falls resident’s rental income is one of the most common forms of taxable income and one of the most misreported. People often start collecting rental income from a spare bedroom, garage apartment, upper apartment or inherited property but forget to report the income. This means they are also forgetting to take the deductions. All amounts received for rent is included in gross income and reported on Schedule E. Expenses attributable to property rented or held for rental are deductible in computing gross income; real estate taxes, mortgage interest, utilities, supplies,

Michael S. Gawel, JD, CPA Beneficial Ownership Information In 2021 Congress passed the Corporate Transparency Act. As of 2024 the US Department of the Treasury’s Financial Crimes Enforcement Network (FINCEN) requires most domestic and foreign businesses that are registered to do business in the US to report their Beneficial Ownership Information (BOI) to more effectively reduce fraud and financial crimes. If you own a business that is a LLC, S Corporation or a C Corporation you are required to file a BOI report on beneficial owners. A beneficial owner is anyone who has a stake of 25% or more in

By Tony Farina Entertainment begins at 4:30 this afternoon (Monday, Oct.14) at Wilbur’s Bar on Cayuga Dr., Niagara Falls, where former councilmember Michael Gawel will formally announce his candidacy for city council next year. Gawel, a CPA, pledges to run hard for a seat on the council to help bring a better financial mind to the table in city hall with many irons in the fire at this time on numerous development projects. Today’s announcement will feature Don Anderson and his Fusion Guitar followed by Elvis and The Tailgaters and then the Bills game against the Jets. Beer, hot dogs,

I rarely praise Democrats for legislation, but U.S. Senator Charles Schumer has been doing a great job for New York State. Senator Schumer spearheaded the Federal technology hub program that resulted in Buffalo, Rochester and Syracuse joint effort to win $40 million in a competition run by the U.S. Economic Development Administration under the NYS Smart I-Corridor the three cities are working together to bolster the semiconductor industry. This should be a booster to the Buffalo-Niagara region technology sector. Although Niagara Falls is not included in the plan it does not mean that the City of Niagara Falls and business

By Michael S. Gawel, CPA, JD I was at Wilbur’s Friday night enjoying a cold PBR and someone asked me, “Mike, what Income do I have to report on my Tax Return?” My simple answer was ALL. Gross income for Federal Income Tax purposes means all income from whatever source, except if specifically excluded. That includes wages, business income, interest, rent income, royalties, dividends, alimony, annuities, pensions and forgiveness of debt. What is not income? Gifts, inheritances, return of capital, governmental assistance and strike and lockout benefits. Wages on payment for personal services are always taxable. Wages, salaries, commissions, bonuses,

By Michael S. Gawel, CPA, JD Dependency? Who can be claimed as a dependent? Who can claim that person as a dependent? A dependent must be a person, not your dog cat or 56 Chevy. A dependent is an individual who is the taxpayer’s qualifying child or qualifying relative for the tax year being claimed. A qualifying child or relative must have a social security number and be a US citizen or resident of North America. A dependent cannot claim any dependents on their own return or file a return as married filing jointly. There are special rules for children

MICHAEL S. GAWEL, CPA, JD NIAGARA BOOKKEEPING & ACCOUNTING FILING STATUS After entering your Social Security number choosing your filing status is the first thing all taxpayers must do. There are five choices: single, married filing jointly, married filing separate, head of household and surviving spouse. Single is for an individual who on 12/31 is unmarried and not a head of household (no dependents). An individual who is legally divorced or legally separated under the law on the last day of the year is considered unmarried and may file single. Married individuals may elect to file a joint return if

MICHAEL S. GAWEL, CPA, JD My name is Michael S. Gawel and I have been a Certified Public Accountant since 1980. I have a BBA in Accounting and a JD from SUNY @ Buffalo School of Law. I am going to write a weekly tax advice column for the Niagara Falls Reporter geared towards the residents of Niagara Falls on Federal and New York State tax issues. I am also going to take email questions from readers and answer those each week. Who should File Form 1040? Form 1040 is due April 15 of the following year with an extension