BRIAN SCAVO FIGHTS OPPORTUNITY BUSTERS

BRIAN SCAVO FIGHTS OPPORTUNITY BUSTERS
Legislator Brian Scavo fights character assassination

Sunday, April 6, 2014

GET MORE TAX REFUND MONEY THIS YEAR.

GET MORE TAX REFUND MONEY!

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Reducing your tax burden doesn't have to be complicated with these strategies

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Closeup of hands with tax form




By Barbara Weltman

Knowing what you're entitled to write off on your tax return might seem complex and mysterious, but it doesn't have to be. This year, popular write-offs include deductions for alimony payments, moving expenses (if the move is related to a job relocation or self-employment) and IRA and health savings account contributions. Tax credits include the dependent care credit for child care costs (if you work), education costs (including tuition and fees), retirement contributions to IRAs or 401(k)s and the earned income tax credit for low-income tax payers. Student loan interest can be deducted up to $2,500 annually, and if you itemize deductions, mortgage interest and real estate taxes as well as state and local income taxes or sales taxes can be added to that list.

Ready to dive in deeper? Here are five more easy ways to pay fewer taxes:

1. Check for ordinary losses on stock losers.

Last year was a great year for the stock market, but not every investment was a winner. Ordinarily losses on the sale of stock are deductible as capital losses. These losses can offset capital gains (including capital gain distributions frommutual funds) as well as up to $3,000 of ordinary income ($1,500 for married persons filing separately).

But you may be able to obtain even better tax results if the stock was in your own corporation or another closely held corporation that meets the requirements to be treated as "Section 1244 stock." That means if you invested in your brother-in-law's business that meets the Section 1244 requirements and it failed, causing you to dump the stock for pennies on the dollar or you simply walked away, then you can deduct up to $100,000 of losses as ordinary losses on a joint return ($50,000 for singles). Losses in excess of this dollar limit are treated as capital losses subject to the limits above. (IRS Publication 550 spells out the details of this rule.)

2. Check for worthless securities.

Unfortunately not all investments work out; some corporations -- public or closely held -- go belly up, leaving investors with worthless stock and othersecurities. If you have a security that's become worthless, you can deduct your loss.
You're treated as having sold the security on the last day of the year in which it became worthless.

You have seven years from the year in which worthlessness occurred to file a refund claim, so look for securities you owned that became worthless in 2006 or later so you can file a refund claim before April 15, 2014.

Caution: The stock must be completely worthless. The fact that a company declares bankruptcy does not mean its stock is worthless. Remember that Kodak filed for bankruptcy protection in 2012 and all looked hopeless, but Kodak emerged from bankruptcy and its stock was relisted on the New York Stock Exchange in November.

3. Pay no tax on gain from your home sale.

Did you sell your home in 2013? If you owned and used it as your principal residence for two of the five years preceding the date of sale, then you can exclude from income the gain up to $250,000, or $500,000 on a joint return. If you bought your home a long time ago and had a large gain, you may still use this shelter to avoid paying any tax on the sale by correctly figuring your tax basis and gain realized.

Gain is the difference between the amount realized (the selling price less broker's commissions) and your tax basis. Tax basis is the original cost of the home increased by capital improvements you made to it over the year. Capital improvements include a new roof, an addition, fencing, a new alarm system or even new appliances. IRS Publication 523 gives an overview of this rule.

Caution: If you took a home energy tax credit in past years for adding insulation, storm windows, or solar panels, then you must reduce your basis for these capital improvements by the amount of the credit.

4. Deduct your out-of-pocket costs for charity.

If you do volunteer work for a nonprofit organization and itemize your personal deductions, then you can write off the expenses you incur. For example, if you deliver meals on wheels in your car, you can deduct your costs at the rate of 14 cents per mile (provided you have a record of this driving).

If you buy items on behalf of a charity, then you can deduct these costs as long as you correctly substantiate your costs. Receipts aren't enough if the costs are $250 or more. In this case, you need a written acknowledgment from the charity.

Note: You can never deduct the value of your time and effort expended on behalf of a charity. IRS Publication 526 contains more details about the ins and outs of this approach.

5. Make smart tax elections.

The tax law has many elections that allow you to choose the most beneficial way to handle certain tax items. For example, if you suffered a casualty loss in a FEMA-declared disaster in 2013, you can opt to deduct the loss on an amended return for 2012. Or, if you'd get a bigger write-off in 2013 because your adjusted gross income (the threshold for claiming this deduction) is smaller, simply claim your loss on the 2013 return. FEMA disaster declarations are listed atwww.fema.gov/disasters. If you sold property on an installment basis, then you can choose to report it all on your 2013 return rather than spreading the gain over the years in which installment payments are received. This choice makes sense if you have losses now to offset the gains.

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If you prepare your own return, your tax software should ask questions to help you chose the most favorable option; tax pros should do the same.

Keep in mind that the IRS won't voluntarily send you a refund; you must file a return showing why you're entitled to it. To hold onto more of your hard-earned money, take the time to see what you might be missing by considering the strategies that apply to your own life.

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Tuesday, January 7, 2014

DAN MCCOY ,,,,, WHERE IS THE LOVE?

DAN MCCOY ,,,,, WHERE IS THE LOVE?

Albany : NY : USA | Dec 03, 2013 at 1:13 AM PST

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Albany, New York, The Real story is these two men Jennings and McCoy can't stand each other.
NO BROMANCE HERE FOLKS!

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McCoy and Jennings though out their respective political careers Jennings and McCoy have made screwing you're buddy a fine art .
Dan McCoy appointed to the county legislature by the request of Mayor Jennings to Majority Leader Frank Commiso, McCoy has never had a political opponent in a election, you might see that in 2011 McCoy made a deal with Thomas Marrcell the republican Minority counsel and Richard Stack, conservative party chairman and Mayor jennings to exclude any and all democrats and republicans and conservatives from the ballot so McCoy could run opposed also
McCoy with the Direct help of Jennings became county Chairman and county executive
" Jennings thought he could control the sidewinder Dan McCoy" .
"Jennings thought wrong"
When Jerry Jennings was running for mayor last time around against Corey Ellis,,,, McCoy did nothing for Jennings , my boy Jerry never forgot that.
How did McCoy become county executive you ask, I told McCoy that Breslin was weakened by the numerous Albany county nursing home scandals and Breslin could be forced out and the numerous overrides to Breslins veto's led by Albany county Legislator Brian Scavo , who fought Breslin over the closing of the Albany county nursing home and 50% proposed tax increase and 3% sales tax increase and defeated him on all these issues and did all of this on television and radio while my gutless fellow democrats just stood back in fear of the Breslin, Jennings machine.
The Simple fact is Dan McCoy is running scared as well he should be scandal after scandal and failure to close the the Albany county nursing home and his battles with the county Legislature has left him weakened and McCoy ironically who pushed out Breslin on the nursing home issue, the Breslin clan wants payback , McCoy has adopted a republican conservative agenda, but still every year McCoy has raised taxes and as county chairman of the county legislature was the first in New York state to override the Governor,s tax cap ,
let's face it McCoy is considered by the liberal elite to be a one term county executive as of now only Legislator Tim Nichols is considering challenging McCoy in 2015 am sure there will be many more candidates and the first time in Dan McCoy's political career he will have an opponent.
The relationship between the county's two top elected Democrats has been, at best, complicated, LOL.
Behind the scenes, Jennings was said to have been searching determinedly in 2011 for a candidate to challenge McCoy, who had quickly risen from relative obscurity as one of 39 county lawmakers to a pair of powerful seats as the head of the county's Democratic Party and chairman of the Legislature.
McCoy's ascent to party chief, with Jennings' blessing, was seen as a compromise among warring urban and suburban factions of the party. But over the last two years, the two have often chafed — if not publicly feuded – on issues large and small. But McCoy said the fundraiser — with tickets priced at $250, $500 and $1,000 — is Jennings' way of acknowledging their cooperation.
"He just wanted to help me out and say thanks for all of these years working together," said McCoy, who worked on Jennings' initial 1993 mayoral campaign. "I appreciate him and his 20 years."
Of course, there may be another force at play here. Jennings is departing without having left behind an obvious successor and with the progressive faction of the Democratic Party with which he often sparred sweeping the mayor's and treasurer's races and having numerous allies in the other citywide offices and on the Common Council a year after picking up an Assembly seat.

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contact Hon. Brian Scavo
518-4658915
brisca5@aol.com

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LegislatorBrianScavo is based in Albany, New York, United States of America, and is a Stringer for Allvoices.
 
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Wednesday, December 4, 2013

WHERE IS THE LOVE,,,,,,,Brian Scavo

DAN MCCOY and JERRY JENNINGS,,,,, WHERE IS THE LOVE?

Albany : NY : USA | Dec 03, 2013 at 1:13 AM PST

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Albany, New York, The Real story is these two men Jennings and McCoy can't stand each other.

DONATE HERE

NO BROMANCE HERE FOLKS!           
McCoy and Jennings though out their respective political careers Jennings and McCoy have made screwing you're buddy a fine art .
Dan McCoy appointed to the county legislature by the request of Mayor Jennings to Majority Leader Frank Commiso, McCoy has never had a political opponent in a election, you might see that in 2011 McCoy made a deal with Thomas Marrcell the republican Minority counsel and Richard Stack, conservative party chairman and Mayor jennings to exclude any and all democrats and republicans and conservatives from the ballot so McCoy could run opposed also
McCoy with the Direct help of Jennings became county Chairman and county executive
" Jennings thought he could control the sidewinder Dan McCoy" .
"Jennings thought wrong"
When Jerry Jennings was running for mayor last time around against Corey Ellis,,,, McCoy did nothing for Jennings , my boy Jerry never forgot that.
How did McCoy become county executive you ask, I told McCoy that Breslin was weakened by the numerous Albany county nursing home scandals and Breslin could be forced out and the numerous overrides to Breslins veto's led by Albany county Legislator Brian Scavo , who fought Breslin over the closing of the Albany county nursing home and 50% proposed tax increase and 3% sales tax increase and defeated him on all these issues and did all of this on television and radio while my gutless fellow democrats just stood back in fear of the Breslin, Jennings machine.
The Simple fact is Dan McCoy is running scared as well he should be scandal after scandal and failure to close the the Albany county nursing home and his battles with the county Legislature has left him weakened and McCoy ironically who pushed out Breslin on the nursing home issue, the Breslin clan wants payback , McCoy has adopted a republican conservative agenda, but still every year McCoy has raised taxes and as county chairman of the county legislature was the first in New York state to override the Governor,s tax cap ,
let's face it McCoy is considered by the liberal elite to be a one term county executive as of now only Legislator Tim Nichols is considering challenging McCoy in 2015 am sure there will be many more candidates and the first time in Dan McCoy's political career he will have an opponent.

DONATE HERE

The relationship between the county's two top elected Democrats has been, at best, complicated, LOL.
Behind the scenes, Jennings was said to have been searching determinedly in 2011 for a candidate to challenge McCoy, who had quickly risen from relative obscurity as one of 39 county lawmakers to a pair of powerful seats as the head of the county's Democratic Party and chairman of the Legislature.
McCoy's ascent to party chief, with Jennings' blessing, was seen as a compromise among warring urban and suburban factions of the party. But over the last two years, the two have often chafed — if not publicly feuded – on issues large and small. But McCoy said the fundraiser — with tickets priced at $250, $500 and $1,000 — is Jennings' way of acknowledging their cooperation.

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"He just wanted to help me out and say thanks for all of these years working together," said McCoy, who worked on Jennings' initial 1993 mayoral campaign. "I appreciate him and his 20 years."
Of course, there may be another force at play here. Jennings is departing without having left behind an obvious successor and with the progressive faction of the Democratic Party with which he often sparred sweeping the mayor's and treasurer's races and having numerous allies in the other citywide offices and on the Common Council a year after picking up an Assembly seat.

DONATE HERE

contact Hon. Brian Scavo
518-4658915
brisca5@aol.com

DONATE HERE

LegislatorBrianScavo is based in Albany, New York, United States of America,

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Sunday, November 24, 2013

BRIAN SCAVO FIGHTS AGAINST TAX INCREASES

Hon. Brian Scavo expert on Cyber and School bullying has created the toughest law against cyber bullying in New York State.

Albany County legislators pass revised budget

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YNN: Albany County legislators pass revised budget
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It may seem like a victory for Albany County residents who were faced with the possibility of a 19.2 percent property tax hike, but the budget with an 8 percent increase has forced legislators to override the governor's will. Innae Park has more.

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ALBANY, N.Y. -- Despite strong opposition by some, it was a one-two punch for Albany County legislature Monday night as they first approved Local Law "L," overriding the Governor's two percent property tax cap and then approving a modified budget for the 2012 fiscal year.
To some, the budget was a step in the right direction.
Democrat Shawn Morse, who is also the chair of the Audit and Finance committee, said, “We're going to keep our services, seniors will have their nursing home, the hungry will be fed, the homeless will have a roof over their head and I think the middle class people in the county can be proud that we pay $2, $3 per month for those services now, but they know where that money is going and what it means to these people.”
The revised budget cuts the initial proposal of a 19.2 percent property tax hike by more than half. However, the just-adopted eight percent increase is still too much for some.
Democrat Brian Scavo voiced his opposition vehemently during the meeting.
“It means a massive tax increase for homeowners, the property owners, the seniors, the renters, the rent is going to go up,” he said. “This sends a bad signal, all across New York state. 'If Albany can do it, we can do it.'”

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Other cuts include more than 100 jobs in the county: All funded, but currently vacant.
According to Morse, the committee worked with a number of departments to try to find cuts. The Sheriff’s Department will see at least 25 to 28 correction officers cut out of the budget. Morse says they will have the option of personal savings for some departments, where the administrator or the department will be given a certain amount to save annually, but where and how will be left up to the employees themselves.
Also outlined in the budget is $750,000 in cuts that the county executive will be expected to come up with and the county will be reducing overtime expenditures.
Nonetheless, even those who voted to adopt the budget say overriding the cap isn't ideal, but they'll get there eventually.
Albany County Legislature Chairman Daniel McCoy said, “You can't take 2,300 employees and all the services that we provide to Albany County residents and shut it off overnight.”
Morse added, “I assure you we'll work diligently starting the first of the year to make sure we get as low as possible next year and hopefully within the two percent.”
Another point of contention was a resolution that provided annual scheduled pay raises for certain officials, including the county executive, the sheriff and legislators themselves. It too passed, though not with as wide of a margin.