Our Blog

Paperless Tax Process

Peter VanderWoude, CPA, CGMA

August 1, 2017

The bank calls you while processing your loan application and asks for a copy of your income tax return. Can you put your hands on it without turning the house upside down? If you can’t find it quickly, you end up calling your tax preparer to get another copy. If you did it yourself…perhaps you will have to order a transcript from the IRS.

All in all, keeping paper tax...

Read More...

Going Into Business, Part II

Peter VanderWoude, CPA, CGMA

July 1, 2017

Last month we covered the income and self-employment tax ramifications of going into business as a sole proprietor. The key takeaway from that article is that a change of mindset is needed when a person makes the transition from employee to business owner. This month we will go over another area where I have seen misunderstandings: Sales Tax.

Most of the time when a person goes into...

Read More...

Going Into Business, Part I

Peter VanderWoude, CPA, CGMA

June 1, 2017

You or someone close to you, through necessity or to fulfill a dream, has left employment and gone into business for themselves as a sole proprietor. Congratulations! For many of you there may be misconceptions about taxes that may dampen your enthusiasm come April 15th. Let’s make sure that doesn’t happen.  

Setting up a sole proprietorship can be as simple as...

Read More...

Lifetime Learning Credit

Peter VanderWoude, CPA, CGMA

May 1, 2017

Last month we covered the more valuable of the two education tax credits, the American Opportunity Credit (AOC), which is used for the first four years of post-secondary education. The other education credit, the Lifetime Learning Credit, does not have a limit on how many tax years it may be taken, but there are some differences with how it is calculated compared to the AOC.

With the...

Read More...

American Opportunity Credit

Peter VanderWoude, CPA, CGMA

April 1, 2017

Many high school seniors by the beginning of April have a good idea where they are going to college in the fall. As a parent, you and your child may now be studying college financing packages. Your next decision with your student is to decide where to send in the deposit to secure a place in this fall’s freshman class. Congratulations to your child!

The American Opportunity...

Read More...

Tax Preparation Choices

Peter VanderWoude, CPA, CGMA

March 1, 2017

If you need your income taxes prepared and filed, there are a number of options in which to complete this yearly task. The level of service you need depends on what you are looking for in a tax advisor.

There are two directions to go in. If your tax situation is simple or straightforward and you just want your tax returns prepared, you could use just about anybody who puts out a...

Read More...

A Little History On Taxes

Peter VanderWoude, CPA, CGMA

February 1, 2017

Taxes have been around as long as…well, thousands of years! Some are simple to calculate, others, like income tax, are much more complicated. In the United States of America, we had our first income tax in 1861 during the Civil War, which was repealed in 1872. We got another round in the mid-1890s. Then in 1913, the 16th Amendment to the Constitution was ratified which ushered in a...

Read More...

New with the Old: Accounting and Tax Firms Combine to Serve Clients Better

Peter VanderWoude, CPA, CGMA

January 1, 2017

The roots of Equus Advisors and Cortland Bookkeeping and Tax Service extend back to 1943 when Clarence Green opened his practice in the Cortland Savings Bank Building. Since then there have been two owners before Peter VanderWoude assumed ownership in 2015.

Charles Cook purchased the practice in the late 1950s and Paul Lorenzo purchased it in 1976. In 2015, Peter and Paul joined...

Read More...

New Year Tax Refund Filing Tidbits

Peter VanderWoude, CPA, CGMA

January 1, 2017

Soon we’ll have a new President and likely there will be some tax changes made for the 2017 tax year. Before that happens, we have to worry about filing our 2016 income tax returns.

There are some things to keep in mind in the next month or two that will likely delay the e-filing of your tax return or at least delay the expected receipt of your income tax refund.

With...

Read More...

Tis The Season For Giving 1099s

Peter VanderWoude, CPA, CGMA

December 1, 2016

The end of another calendar year is almost upon us. For those of you with a business, reporting payments made to individuals during 2016 of $600 or more is required by January 31. Rather than scramble at the last minute to determine whom you should send a Form 1099, let’s go over some criteria and a process to help alleviate any stress.

If you have a business or rental property,...

Read More...

Receiving Assets Through An Estate

Peter VanderWoude, CPA, CGMA

November 1, 2016

Many senior citizens give sizeable gifts during their lifetimes to their children. Last month we went over the tax aspects of making gifts. A scenario was presented in which a mother gave her five children Google stock valued at $100,000 which she bought years ago for $10,000. Each of those children, if they sold the stock right away, would report one fifth of the $90,000 capital gain of...

Read More...

Are Large Gifts Taxable?

Peter VanderWoude, CPA, CGMA

October 1, 2016

Sometimes clients ask me if a large gift they received from someone during the year is taxable income. Receiving a gift is not an income taxable event. However, if you then sell the gift you may have taxable gain on sale to report on your income tax return. More on that later.

If you give a large gift to someone this year and its value is over $14,000 (referred to as the Annual Gift...

Read More...

What is Use Tax?

Peter VanderWoude, CPA, CGMA

July 1, 2016

Prior to the internet shopping boom, many saavy people in our area of New York State used to enjoy shopping at the outlet stores in Reading, Pennsylvania. There was a large selection of goods, low prices and…the icing on the cake…no Pennsylvania sales tax on clothing.

As these folks drove back home up I-81 and crossed the state border, those bags of clothing purchased...

Read More...

Hobby or Business?

Peter VanderWoude, CPA, CGMA

June 1, 2016

The US Treasury recently pointed out that the IRS is missing opportunites to identify taxpayers who offset their income with “hobby losses.” Uh-oh! Whether a person’s business is regarded as a hobby, where losses are not deductible, or a business, where losses are deductible, has confused many of us. There is not a clear set of rules, but there are guidelines to make the...

Read More...

IRS Phone Scams

Peter VanderWoude, CPA, CGMA

May 1, 2016

Have you recently received a set of telephone calls  purportedly from the IRS that worried you? If you called the phone number left as part of those messages, you probably spoke with a scammer who told you that you have a tax bill overdue and if you don’t pay it immediately then two Revenue Agents will be at your door in short order!

If this happened to you and you found...

Read More...

How to Reduce Your Tax Burden

Peter VanderWoude, CPA, CGMA

April 1, 2016

It’s early April and most people have already filed their tax returns for 2015. If you were dismayed by a tax due, perhaps you asked your tax preparer, “How can I reduce my taxes?”

The answer to that question can fill books and your tax advisor generally does not have enough time during tax season to give you a thorough answer for your specific situation. Let’s...

Read More...

How to Choose Your Tax Advisor

Peter VanderWoude, CPA, CGMA

March 1, 2016

If there is ever a hot topic this time of year, it is “who do you use to prepare your taxes and what do you pay?” How you answer that question depends on what you look for in a tax advisor.

There are two directions to go in. If you just want your tax returns prepared, you could use just about anybody who puts out a shingle. If you are looking for more than that, then you...

Read More...

Taking the Pain Out of Tax Season

Peter VanderWoude, CPA, CGMA

February 8, 2016

If preparing for a visit with your tax advisor leaves you fretting over what to bring with you, then relax! This article will help guide you to complete the task in an organized and efficient manner.  

Following the flow of the income tax return, let’s organize your tax documents and receipts into five categories: income, adjustments to income, deductions, tax credits and...

Read More...

Our New Website

Equus Accounting Group is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.

Take a moment to look around our...

Read More...

Client Center

- Individual Clients
- Business Clients
- Client Employee

(QuickBooks Online)

(Bill.com)

Using Your Client Organizer
How to Review My 1040
Using File Exchange
Remote Payroll

Phone: (607) 756-5691 • Fax: (607) 753-1998
Email: CortlandBookkeeping@EquusCPA.com