Donald Crotty, Tax & Business Services Senior Manager, Featured in Newsday Article, "Tax Tips: Experts Answer Frequently Asked Questions."
Newsday
By Lynn Brenner
Excerpt:
The April 15 tax deadline is closing in. Get organized now, or you may be caught in a last-minute scramble that results in mistakes and missed opportunities.
To help you begin, here are highlights from Newsday’s recent Tax Help webchats, during which six hours of taxpayer questions were fielded by members of the Nassau County and Suffolk County chapters of the New York State Society of CPAs. (But remember, these answers can’t substitute for an adviser who knows your individual situation.)
Question: I had my first child in 2013. What should I know when filing my tax return?
Start by getting your child a Social Security number, which you must report on your return to claim tax benefits. You’ll get another exemption and a child tax credit, and a child and dependent care credit too if you paid for day care. You may also qualify for the earned income credit. And if you’re single, you can file as a head of household, which lowers your overall tax bill.
– Donald R. Crotty, Marcum LLP
Question: I bought a house I’m turning into a rental property. Can I deduct expenses — like $10,000 for a new roof?
You can usually deduct minor repairs to a rental property in the year you pay for them, but more significant repairs must be “capitalized” — i.e., you take a portion of the expense each year through depreciation. A new roof is capitalized over 27.5 years, so you’d get an expense deduction of $364 ($10,000 / 27.5 years) per year.
– Donald R. Crotty, Marcum LLP
