A financial services firm based in New York, Doonan Tax Services operates in the tri-state area as well as in Texas, Florida, and California. Committed to corporate social responsibility, Doonan Tax Services donates to Catholic Charities USA (CCUSA). CCUSA is the official domestic relief agency of the Catholic Church in the United States. The organization provides much-needed financial support to Catholic charities in localities across the country that have been affected by natural disasters. The emergency financial support is used to help survivors in the most vulnerable situations rebuild their lives. This includes survivors with greater need than the government can alleviate as well as those to whom the government has no available programs, such as people living in RVs who are unable to establish a permanent residence. All are served regardless of their faith. In line with its mission, between December 2015 and December 2016, CCUSA disbursed over $4 million in disaster relief grants to 19 local Catholic charities around the country. These funds went to finance the rebuilding work of agencies in regions most affected by severe weather events such as flooding and hurricanes. Some of the areas that benefited from the grants were Beaumont, Texas; Baton Rouge and New Orleans, Louisiana; Charleston, South Carolina; Raleigh, North Carolina; Fort Wayne, Indiana; and St. Petersburg and St. Augustine, Florida.
Dedicated to providing comprehensive support for taxpayers, Doonan Tax Services offers both return preparation and audit response. Doonan Tax Services stands ready to represent clients in IRS audit proceedings and to help clients prepare for those proceedings. Although the average risk of a federal tax audit is only 1 percent, they may happen if the IRS believes that it needs to re-examine a taxpayer's return. For the taxpayer, this typically means that the IRS needs to verify the accuracy of income and expenses. The IRS provides audited individuals with information about which return it is auditing and what information it needs to examine. It also specifies whether the audit will take place by mail or in person. Experts recommend that those facing in-person audits either bring or send tax professionals, as the IRS representative may ask questions that are beyond the average taxpayer's knowledge base.A professional can also help the taxpayer gather the appropriate documentation, particularly if written evidence on a particular topic is difficult to identify. Copies of original documents are ideal, although a taxpayer may be able to provide a detailed description of the rationale behind a particular figure. For example, if the audit is regarding a taxpayer's business deductions, the taxpayer may be able to present a sample of what his or her business life entails.Verifiable documentation tends to be best, however, and this may involve reaching out to third parties. Charities may be able to provide written records, though some deductions are more challenging to prove. In such cases, the advice of a representative can be invaluable in helping the taxpayer to make his or her case.
Founded in 1981 and expanded in 2016, New York City-based Doonan Tax Services provides individualized tax preparation services to hard-working taxpayers across the tri-state area and beyond. Open throughout the year, Doonan Tax Services is committed to helping its clients protect their assets at all times.Many people wait to think about taxes until the deadline is looming, but a bit of advance planning may lead to significant savings. For example, because traditional 401(k) and individual retirement account (IRA) plans offer pre-tax contributions, some taxpayers can reduce their taxable income by channeling money into these accounts throughout the year. Depending on the taxpayer's income and employment situation, some IRA contributions are tax deductible.Contributions to employer-based health savings accounts may be not only tax deductible, but also effective in offering tax-deferred earnings and tax-free withdrawals for any qualified expenses. For employees, higher contributions to these accounts can not only lower tax bills in immediate but also provide additional resources for future medical needs.Experts also advise taxpayers with employment income to evaluate withholding amounts on a regular basis. By analyzing the amount withheld from each paycheck and comparing that to expected tax responsibilities, employees can determine whether they are allowing their employers to take too much or too little from their take-home pay. In cases where too much is being withheld, an adjustment can give the taxpayer more to invest and place into tax-efficient vehicles throughout the year. A correction of underwithholding, however, can save the taxpayer penalties in the following tax year.
Doonan Tax Services, a New York-based firm, works with clients in the tri-state area as well as in Texas, Florida, and California. Dedicated to helping its community, Doonan Tax Services makes annual donations to Catholic Charities.In November, Catholic Charities USA (CCUSA), an organization dedicated to serving people in need, provided an additional $2 million to Caritas de Puerto Rico to assist with recovery and relief efforts following Hurricane Maria. CCUSA CEO and president, Sister Donna Markham, presented the support during a trip to Puerto Rico. While there, she also met with Padre Enrique Camacho, executive director of Caritas de Puerto Rico, along with clients aided by the organization. Her trip underscored CCUSA’s support for Caritas de Puerto Rico and its work following Hurricane Maria. Prior to its new award, CCUSA had provided Caritas de Puerto Rico with $1.5 million in donations. Caritas de Puerto Rico will use this funding to address four objectives: 1. Managing the distribution of supplies from warehouses to neighborhood
2. Setting up disaster case management teams
3. Establishing a health clinic
4. Providing mental health counselorsBoth grants were made possible thanks to donations from individuals across the country.
Founded in 1981, Doonan Tax Services relaunched upon its expansion in 2016. The expansion saw the tax preparation company grow to a new Bronx, New York, location and introduce two new partners, Timothy Mitchell and Kenneth Doonan. In addition to tax services, Doonan offers life, home, and auto insurance policies.In September of 2017, USA Today announced that homeowners insurance premiums and auto insurance premiums might increase in 2018 due to hurricanes Harvey and Irma. Even people who didn’t live in areas affected by the hurricanes may see their rates increase.However, those who live in Texas and Florida could see the highest increases, though residents of states adjacent to those two may face automobile insurance rate hikes. This increase is due to insurers calculating car insurance rates regionally. A similar increase occurred after Hurricane Sandy in 2012. In New York, a motorist paid around $1,110 for car insurance in 2012 while the rate increased to $1,180 in 2013.
Founded in 1981 and expanded in 2016, Doonan Tax Services offers advice and return preparation for taxpayers in New York City and beyond. Doonan Tax Services is able to explain any forms involved in tax calculation and preparation, the W-9 being only one example.The W-9 form is a part of the financial life of most independent contractors, self-employed professionals, and consultants. It allows a person or organization to provide contracted services to a business, which uses the information provided to report related payments to the Internal Revenue Service. Even those who are employees of a company may see a W-9 if they receive interest or dividends from a bank.The W-9 requires only basic information from the entity completing it. Individuals must provide a name and social security number, while businesses replace the social security number with an employer identification number (EIN). Because this is identifiable and vulnerable information, the person filling out the form should ensure its secure transmission.The person filling out the W-9 must also indicate whether he or she, or the relevant organization, is subject to backup withholding. This is a flat withholding rate that applies to persons or organizations whose name and tax identification numbers do not match IRS records, or who have outstanding tax debts. These circumstances do not apply to most people filling out a W-9. Individuals not subject to backup withholding simply indicate such on a specified certification area of the form. If the person in question is subject to backup withholding, however, he or she will need to strike out the wording that would certify to the contrary.
Although the number of taxpayer audits by the Internal Revenue Service (IRS) has been in decline, having decreased nearly 16 percent from 2015 to 2016 alone, certain characteristics of a tax return still increase a person's risk. Any taxpayer whose income is above $200,000, for example, has an audit risk of around 2 percent, while an individual with an adjusted gross income (AGI) of $50,000 to $75,000 has a risk of only 0.47 percent. A taxpayer whose AGI is between $1 million and $5 million, meanwhile, has a more than 8 percent chance of audit.The IRS is also more likely to audit taxpayers who are self-employed, as these individuals tend to take more deductions for expenses. Those who claim home office deductions may be particularly susceptible to audit, as there is a high rate of abuse for this type of allowance. Relatedly, if a taxpayer's deductions are significantly higher than expected, that individual may receive an audit.All taxpayers, regardless of situation, must ensure that all income and expenses are reported correctly. Taxpayers should be particularly precise regarding information reported on 1099s, W-2s, and similar forms, as the IRS can cross-check these and audit any return on which the numbers fail to match.
