Category: Taxes

IS DISABILITY INCOME TAXABLE?

Blog brought to you by Gentile Stephen T CPA – Warwick Rhode Island Certified Public Accountants. Many Americans receive disability income. If you’re one of them or know someone who is, you may wonder whether it’s taxable. As is often the case with tax questions, the answer is “it depends.” Key factor The key factor… Read more »

Apply For a PPP Loan Before June 30, 2020

The deadline to apply for a PPP loan is June 30, 2020. Blog by Gentile CPA, On June 5, 2020 the Paycheck Protection Program Flexibility Act (PPPFA) was signed into law. The PPPFA modifies the PPP to allow businesses whose PPP loans are forgiven to continue to defer Social Security taxes through the end of… Read more »

Where’s My Refund

How can you track your refund? Brought to you by Warwick accountants Stephen T Gentile CPA firm. There are 2 options to check you refund status. You can download the IRS2GO app or you can go online and check Where’s My Refund for your personalized refund date. The IRS does have a refund hotline at 800-829-1954 but the wait… Read more »

Rhode Island Enacts Pass-Through Entity Level Tax

RI New Legislation – Gentile Stephen T CPA The new legislation amends the state’s Business Corporation Tax by adding an elective pass-through entity-level tax effective for tax years on or after January 1, 2019. Entities now may elect to be taxed at the entity level. A qualifying pass-through entity includes a corporation, that is an… Read more »

House Mortgage Interest Deduction

Catching up with the house Mortgage Interest Deduction A house is the foremost valuable plus many folks own. So, it’s vital to stay awake to the tax impact of home possession and to rigorously track the debt you incur to shop for, build or improve your home-known as “acquisition indebtness.” Among the most important tax perks… Read more »

Developing a Household Budget

Tax tips from Warwick RI accountants Stephen T. Gentile C.P.A. When developing a household budget, the first thing to do is to summarize what you are currently spending. You generally want at least three months summarized, but six to twelve months is better. You can develop this summary in one of several ways: 1) pencil, paper and… Read more »