Financial Focus: The Path to a Bigger Tax Refund for 2021 (Part 5 of 7)

Neighborhood Notes: Free Immigration Service

By PROFESSOR ANTHONY RIVIECCIO, MBA PFA

Many people own a home or property that they rent out. People do it for many reasons, most notably for additional income, but is this non wage gross income taxable? Yes. Notice I said gross? Because, like a simple math problem, now that you’ve added up your income, now it’s time to subtract your income from your expenses, because your net income is what you are finally taxed on. Not your gross income. Figuring out gross income is pretty simple, right? If you own a home or property that you now decide to rent out then you have rental income.

Multi-Service Group at the JGHBID Offers Tax Prep and Insurance to Fit Your Needs

By JEROME GUN HILL BID

Klajd Gazulli opened Main Street Group Holdings LLC at 254 E. Gun Hill Rd. in January 2015. Originally from Albania, Gazulli came to New York in 1993 and settled in Queens. He has been in business in the Bronx for the past few years and just recently expanded to East Hanover, NJ. With a background in retail banking, Gazulli transitioned into the insurance business in 2006 and started tax preparation services in 2015. Main Street Group Holdings LLC offers a variety of services to local residents and business owners at affordable prices. “We offer the whole tax suite and the

Inquiring Photographer: The Bronx Driving Experience

By DAVID GREENE

After a recent 15-car pile-up on the Bronx River Parkway on Jan. 18, we asked readers about their driving experiences in the Bronx. I’m new to the Bronx, but the few highways I’ve been on have potholes, signs that say construction, and where they are going to dig. I keep asking myself, ‘why do they keep digging?’ They dig, they resurface the roadway and then they dig again and that has an effect on the ground. The road sinks, because it’s unsettled because of all the digging. Patrick Sing Belmont The problem with the highways for me is I

The Bronx political landscape was thrown into a tailspin when Borough President Ruben Diaz Jr. announced out of nowhere that he would not be running for mayor of New York City. For anyone following Diaz Jr.’s career such as this publication, one would know that rumors of a mayoral run began more than a decade ago. Then Diaz Jr., then in his 30s and with a receding hairline, represented the energy the Bronx needed at the moment. He brought a charisma that sought mega projects arrive to the Bronx, though some remain pending. Even so, he had the makings of

The Push to Expand Right to Counsel, Diaz Jr. to Retire: Latest Edition of the Norwood News is Out!

By DAVID CRUZ

Dear Fellow Readers, The year’s third edition of the Norwood News for 2020 is out with plenty of community stories to read and share. We have packed 28 pages full of news from this corner of the Bronx, so let’s start with page one! Our top story focuses on a bill being championed by Councilman Andrew Cohen and housing advocacy groups that expands Right to Counsel. The act–which provides free legal counsel to those facing eviction–covers those considered extreme low income. New legislation looks to expand the income eligibility standards. Jose A. Giralt breaks it all down for us. Inside the

By PROF. ANTHONY RIVIECCIO, MBA, PFA

If you have been keeping track of our income tax deduction series, you should have learned much already on our first two subjects: children and itemized deductions. Please go to our prior issues to look up these subject matter specifically, this issue will be special, geared toward the world of small business and self employment. Whether you own a storefront or provide goods or services in your home for other income, entrepreneurship, over the last 30 years, has helped to spur economic growth. And in the last two years, the federal government has lowered business tax rates, significantly even more,

Inquiring Photographer: New Legislative Season Begins

By DAVID GREENE

With state lawmakers from the Bronx back to work for the new legislative session, we asked readers what are some of the current issues our local politicians should be addressing? Well, believe it or not, there is still a lot of racism here still. And it’s not just white people, it’s Africans and Dominicans; so it’s not a white thing. It’s all the races. And they’re (the NYPD) are doing the stop and search again that they were ordered not to do. Yes, they’re starting it again. You can thank [President] Trump for all of this and half the people

While the majority of Americans probably may not be eligible to itemize, I encourage you to give yourself what I call the “Itemized Deductions” test: Add up all the sections below and if that number is higher than your standard deduction then itemize, itemize, itemize, with Form Schedule A. First, understand all taxpayers, based on filing status, get a no-questions-nor-receipts asked, automatic standard deduction. According to the IRS, “for tax year 2019, the standard deduction amounts will increase to $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples filing jointly and surviving spouses. For 2019, the additional standard deduction amount for

By DAVID CRUZ

Farewells are never easy. At least not for me. There’s this propensity to think that the people in your life, be personally or professionally, will somehow be in your life forever when in truth they’re like a rotating cast of a television series. I was struck by that when I heard a few months ago that Sally Dunford, the executive director of West Bronx Housing, was retiring after 28 years of service leading the agency. Running a nonprofit with the kind of demand needed for such a service—the group helps with landlord-tenant disputes, Section 8, SCRIE/DRIE applications, and navigating the

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Serving Norwood, Bedford Park, Fordham and University Heights

Opinion

Financial Focus: The Path to a Bigger Tax Refund for 2021 (Part 5 of 7)

Multi-Service Group at the JGHBID Offers Tax Prep and Insurance to Fit Your Needs

Inquiring Photographer: The Bronx Driving Experience

Editorial: Making Sense of the Bronx Borough President Ruben Diaz Jr.’s Announcement

The Push to Expand Right to Counsel, Diaz Jr. to Retire: Latest Edition of the Norwood News is Out!

Financial Focus: The Path to a Bigger Tax Refund for 2021 – Business & Self-Employment (Part 4 of 7)

Inquiring Photographer: New Legislative Season Begins

Financial Focus: The Path to a Bigger Tax Refund for 2021 – Itemized Deductions (Part 3 of 7)

Opinion: A Happy Retirement to Sally Dunford