New Taxes in New York State

This Spring, a series of new taxes for certain New York State employers and self0employed individuals was enacted. The Metropolitan Commuter Transportation Mobility Tax is a new tax umposed on those businesses and individuals engaging in business in the downstate counties, including all of New York Cty, Nassau and Suffolk counties, and others in the Westchester area.

The tax applies to employers having a payroll exceeding # 2,500. in any quarter and self-employed individuals having self-employment income tax exceeds $ 10,000. The yax also applies to individuals having self-employment income from entities in which they have an equity interest.

The tax rate is .34% and the initial period of taxation is March 1, 2009 through September 30, 2009, onclusive. The tax is payable no later than November 2, 2009.

If you have any questions, please contact me at nathan@nathaneichnercpa.com.

Avoid this Seasonal Scam

Among the scams one should avoid is this one which surfaces around this time of year-You receive an official-looking email which tells you that the IRS has discovered that you are owed an additional tax refund. All you have to do is prove your identity by providing some basic facts such as your name, social security number and birthdate. Unfortunately, many people have already fallen to this scam already.

How do you avoid falling prey? Remember this-the Internal Revenue Service NEVER initiates contact with a taxpayer by email.

Tips on Staying Employed in a Downward Economy

The current economic downtown we are in has resulted in many good hard-working people to lose their jobs. Despite this, there are quite a few people whose jobs seem to be quite secure. How is this possible?

What can you do to try to remain employed? I would suggest some self-analysis. For example, ask yourself what type of attitude you are displaying. You need to differentiate yourself from the pack-show an eagerness to work, arrive early, stay late, take on additional responsibility and look to make yourself even more valuable than you already are to your employer.

While these thoughts will not guarantee that your job is secure, you will show yourself to be an invaluable part of your organization and if someone needs to be terminated due to the economic slowdown, other, more complacent employees may be the first to be de-hired.

How To Combat Identity Theft

Identity theft continues to be a grwing problem . Every day, thousands of new victims find themselves having to defend and restore their credit-standing.

What can you do to defend against this ever-growing problem? Here are some simple things you can do:

• Be mindful of your garbage. Believe it or not, identity thieves pour thriough the garbage of unwitting people, obtaining names, addresses and personal information such as social security numbers and birthdays. Armed with this information, theives can obtain credit cards in your name.
• Shred all documents and envelopes with your name and address on them. Personal shredders are reasonably-priced and may be purchased at local office supply stores or online.
• Speaking about online purchases, ALWAYS purchase from a secure website or use paypal. Secure websites have a certification certificate contained on the site, and this certification can and should be verified when purchasing from a vendor you have not used in the past.
• When using a credit card to make an in-person purchase, especuially when paying for restaurant checks, keep your card in view. Rather than handing your crad to your server, bring the card up to the cashier.
• Debit cards, unlike credit cards, are like cash. Once your account is accessed, the funds are ( permanently) removed from your bank account.
• Keep purchase receipts for all purchases made by credit and debit cards and match the charges on your monthly statement.
• Periodically obtain a credit report and make sure there are no unknown accounts in your name.
• Governmental agencies, including the Internal Revenue Service, and banks and other financial institutions will never make initial contact by email. So, should you be contacted by email containing questions of a personal nature, especially asking for a social security number, be suspect and do not provide that information.

Potential relief to borrowers on the horizon

The potential for some mortgage relief still appears to be on the horizon. Many experts believe that a 4 1/2 % fixed rate for 30 year mortgages is around the corner, possibly as early as January 2009.

Many people have been affected by their credit card company's adjustments of interest on unpaid balances to as high as 29%. Both federal and state legislators have been made aware of this and are attempting to provide regulations outlawing this practice. Some banks allow the debtor to remain at the lower initial rate with the provision that the account be closed upon repayment. It is still possible, if you shop craefully, to find lower interest rate credit cards and transfer the outstanding balance to the lower-rate card.

Credit Counselling


Some of my credit counselling clients have reportted that recenly their lenders have increased the interest rates on open balances 20 a whopping 24 %. Please be aware of what your lenders are doing and look to replace high interest rate debt with either a lower rat credit card or your home equity line of credit. Additionally, many lenders have been eliminating the unused portions of vredit lines, which is another reason why you might wish to use your credit line before it is reduced, thus preserving a lifeline of credit sources.