Join our Journey - Our NAACP Award

When I arrived in Brooklyn, NY in August 1985, I had just completed a union strike at Barclays Bank/ Republic Bank in Trinidad & Tobago. At the Bank, the Trinidadian French Creole, the white man, through racist tactics had prevented Blacks and East Indians from entering the financial sector, because it provided the most lucrative jobs in the job market.  Additionally, business loans were not given to Blacks and East Indians as it was for the French Creole. 

 

As a shop steward, my union career focused on giving Blacks and East Indians equal job opportunities at the Bank: equal opportunity in promotions through a structured grading and promotion system and equal business loan opportunity for Black and East Indian businesses.  Eventually, ironically, as a Loans Officer, I later observed, discrimination by an East Indian Bank Manager against Black business people. Luckily, I shortly left the Bank for Brooklyn, NY after the Bank paid me to leave, we were both disenchanted with each other.

At Brooklyn College, I majored in Accounting as my career goal was to be a CPA. I participated in the student government, was Floor Leader of the Black and Hispanic Party, the United Students League, (USL) and was the President of the National Association of Black Accountants. I used these various positions to address issues of inequality at the campus. I advocated for justice on the campus for a Haitian student who was assaulted by the college’s baseball team, accountability for student activity fees, that is, contributions outside of tuition that was wasted by college officials, and for accountability in the Accounting & Economics Department for exams that was continuously leaked to Jewish students.  Inequality, whether in Trinidad & Tobago, or Brooklyn, NY, is inequality. 

While at Brooklyn College, Michael Griffith, a citizen of Trinidad & Tobago, was killed by a white mob, on December 20, 1986. The mob members were later prosecuted by Special Prosecutor, Charles J. Hynes, now, the District Attorney for Kings County. Yusef Hawkins, was killed by a white mob on August 23, 1989 and members of this mob were later convicted. The Rev. Al Sharpton, Civil Rights Leader and Carl W. Thomas, colleague, attorney and friend, now deceased, all motivated me to become an attorney. At Figeroux & Associates, we have worked on many civil rights cases, the most famous being Abner Louima and Bert Dewgard. The cases that did not get media attention, such as, wrongful death issues, stop and frisk issues, sexual harassment, police beatings, and many other civil rights issues, are dearest to the attorneys, paralegals, investigators, and other staff of Figeroux & Associates. 

I am honored to accept this award today, Thursday, October 11, 2012, from the NAACP- NYCHA Branch. This award means a lot a lot to me, our staff and our non-profit organizations: CARE, (Concerned Americans for Racial Equality), IJLEF (the Immigrant’s Journal Legal & Educational Fund, Inc.), NACC (the New American Chamber of Commerce), and AAICC (the African American International Chamber of Commerce). 

As a special note, AAICC, President, Randal Toure, Esq., will be making a trip to China, this month to open a gateway for minorities for EB5 business partnership opportunities. This is an initiative of NACC, under Ms. Pearl Phillip’s presidency to secure capital for Black, Caribbean and Hispanic businesses.  This is real capital that American Banks like Barclays Bank have racially refused to address for over a hundred years.  Through this project, we hope to economically empower our community, like we already empower it through our civil rights litigation. Finally, our attorneys, staff, non-profit organizations and partnerships, are led by minorities that are intelligent, that execute and most of all are thoughtful. Through our various organizations, this is how we contribute. If you have time, we invite you to be part of what we do. Volunteer with us, we execute.

Figeroux & Associates

26 Court Street, Suite 701

Brooklyn, NY 11242

718-834-0190

www.falaw.us

ELECTION TIME FAQs

 

 

 

For all those who maybe confused concerning whether or not it is permissible to vote under certain criminal restrictions, please read this or share with someone who maybe in need of this very important voter information.

 

I have a criminal history. Am I eligible to vote?According to New York State Election Law § 5-106, individuals who are either in jail/ prison for a felony conviction OR are on parole for felony conviction cannot vote. While this means that some persons with criminal convictions are legally prohibited from voting, the majority of individuals with criminal histories can and should vote.

The following list has examples of individuals with criminal histories who are eligible to register and vote:• those convicted of a misdemeanor, not a felony;
• those currently in jail awaiting grand jury action, trial or disposition of a case, but not yet convicted;
• those convicted of a felony who do not receive a sentence of imprisonment;
• those convicted of a felony who did receive a sentence of incarceration, but who are no longer in prison and not on parole.

Can I vote in New York if I'm on probation?Yes. If you are otherwise qualified to vote, anyone who is on probation, even if convicted of a felony, may register and vote in New York.

Do I have to have a Certificate of Relief from Disabilities or other documentation about my criminal history in order to register to
vote?No. You do not need to provide any documentation about your criminal history in order to register.

What address should I put on the voter registration form if I am in jail?If you are in jail or prison awaiting grand jury action or trial, or confined after conviction for an offense other than a felony, you should register to vote in the county of your permanent address. Put your permanent home address on the registration form, not the address of the facility where you are incarcerated.

How do I vote if I'm in jail?You will vote by absentee ballot. To get an absentee ballot, you must fill out an absentee ballot application form. You can request the application form by writing to your county board of elections or you can download one from the New York State Board of Elections website (http://www.elections.state.ny.us/). See the instructions below for writing to the board of elections; if the information you provide them in the letter is sufficient, they may consider the letter an absentee ballot application. Upon completion, your application must be mailed or delivered to your county board of elections. Once they have received your application, your county board of elections will mail your ballot to you. To vote by absentee ballot in New York State, your ballot must be post-marked on or before Election Day and must be received by the board of elections no later than seven days after Election Day.

How do I register to vote?You need to fill out and submit a Voter Registration form. Contact the League of Women Voters of New York State - 1-866-LWVNYS1, the New York State Board of Elections - 1-800-FOR-VOTE, or  download a voter registration form in New York
State from http://www.elections.state.ny.us/.

 

Thanks to Ms. James

 

 

Figeroux & Associates

26 Court Street, Suite 701

Brooklyn, NY 11242

718-834-0190

www.falaw.us

 

Alimony

All spouses have a duty to take care of each other, and that duty carries on even after divorce when one spouse needs financial assistance from the other, in the form of alimony payments.

Types of Alimony In New York, alimony is referred to in three different ways: as alimony, spousal support, and maintenance. Temporary maintenance is an order that one spouse must financially support the other while the divorce is being finalized. Once the divorce is finalized, the temporary maintenance stops and the judge decides whether permanent alimony is appropriate. A spouse could receive temporary maintenance but no permanent order once the divorce is finalized, or could receive no temporary maintenance during the divorce but later receive a permanent order. Judges decide whether or not to order spousal support based on individual circumstances of each case.                                                                                                                                                       

Making Alimony Decisions To decide whether spousal support is appropriate, the judge will look at the needs of the spouse asking for support and whether the other spouse has the financial ability to provide financial help. For example, if your income is lower than your spouse’s but you are able to support yourself, you may not be entitled to alimony. The court will also look at other factors when making a decision about support:
the length of the marriage
each spouse’s age and health status
each spouse’s present and future earning capacity
the need of one spouse to incur education or training expenses
whether the spouse seeking maintenance is able to become self-supporting
whether caring for children inhibited one spouse’s earning capacity
equitable distribution of marital property, and
the contributions that one spouse has made as a homemaker in order to help enhance the other spouse’s earning capacity.
The court will also look to see whether the acts of one spouse have inhibited or continue to inhibit the other spouse’s earning capacity or ability to obtain employment. The most common example of this would be domestic violence. If one spouse’s abuse of the other affected that abused spouse’s ability to maintain or to get a job, the court might consider those actions in making its order.

Duration of Alimony

Temporary maintenance orders terminate when a final judgment for divorce is entered. Even if you’ve been receiving alimony while your divorce was in process, you will only continue receiving payments if the judge makes a permanent order for it. Permanent alimony ends either on a date specified in the order, at the death of either spouse, or when the spouse receiving alimony remarries

Either of the spouses can ask the judge to modify the permanent order if there is a substantial change in circumstances. For example, if the spouse receiving support gets a better paying job, the court may reduce the payment amount or even terminate the payments.

The state of New York provides an online guideline calculator for temporary spousal support, which can be found here. The calculator only looks at each spouse’s income and does not take into consideration any of the factors listed above, so you’ll get an estimate but not necessarily the exact amount the judge would order. Alimony is tax deductible to the paying spouse and reportable as income by the receiving spouse. New York Statutes. §236: Special controlling provisions (all alimony)

click here for calculator

Figeroux & Associates

26 Court Street, Suite 701

Brooklyn, NY 11242

718-834-0190

www.falaw.us

Equitable Distribution

Introduction

The law in general, and family law in particular, embodies social values. In 1980, the New York State Legislature enacted Domestic Relations Law section 236 part B, which implemented equitable distribution as the means by which judges should distribute property upon divorce. One of the bill’s supporters hailed the legislation as achieving "the adaptation of law to current social values." The new law sought to eradicate financial inequities suffered by divorcing women by distributing marital assets without regard to which spouse held title. Equitable distribution embraced the modern concept of marriage as an economic partnership and allowed wives to receive a share of the marital assets upon divorce because of their contributions as a homemaker. If you are getting divorced in New York, do you know what property you get to keep and what you have to split with your spouse? You may also have questions about who will be responsible for the marital debt.

Equitable Division
New York is an equitable distribution state, meaning that the marital property will be divided between spouses in a way that is equitable, or fair. The court decides what’s fair based on a set of factors that show what each of you contributed to the marriage and what each spouse will need to move forward after divorce. The division does not have to be equal to be considered fair.

The court will be involved in the division only if you could not work together with your spouse to resolve your property disputes. Throughout the divorce process, you will have opportunities to decide with your spouse how you want to split your property between yourselves. The court will usually accept a written separation agreement on how you want to divide your property. It is only if you cannot reach a compromise with your spouse that the court will step in and divide your property for you.

Only Marital Property Will be Divided  Before the court can divide your property, it needs to know which property belongs to the marriage, which belongs to each spouse separately, and how much there is of each. Generally, marital property is all property acquired or earned during the marriage, regardless of what the title says. Separate property is property you owned before marriage. It also includes some property you receive during marriage, like a gift, an inheritance, or personal injury award to you alone. If you exchange your separate property for new property during marriage, then that new property remains yours alone. There are circumstances, however, when an increase in the value of your separate property will be characterized as marital property.

For example, if you owned a vacation home before marriage that your spouse updated and remodeled during marriage, then the increase in that house’s value is marital property because it comes from your spouse’s efforts. On the other hand, if you bought an apartment in an up-and-coming neighborhood before marriage and it improves in value during the marriage simply because the rest of the homes in the area do the same, then that increase in value remains your separate property.

At divorce, the court divides only the marital property. It can’t award any property that was yours alone before or during marriage to your spouse. It can, however, consider all your financial resources – both your share of the marital property and your separate property – when deciding how much spousal maintenance (alimony) to award, if any.

Factors Considered in Dividing Property  The types of property commonly divided at divorce are real property like the family home, personal property like jewelry, and intangible property like income, benefits, and debts. The court treats debts the same as any other real, personal, or intangible property. Before dividing an asset or debt, the court will have to characterize it as either marital or separate and then assign ownership or responsibility for it based on a set of factors designed to give an equitable result.

These factors include the length of the marriage; each spouse's age, health, income, potential earnings or future financial circumstances; and property. The court also looks at how each spouse contributed to the acquisition of marital property and, for these purposes, the court treats a spouse’s efforts as a homemaker the same as monetary contributions. For the family home, if you have custody of your children, then you have a better chance of keeping that property, or at least the right to live there while you raise the children.

In addition to any other factor that might be relevant to the particular circumstances of your marriage, the court specifically considers what the spouses may have lost at divorce, such as an interest in an inheritance, pension rights, or health insurance. It also evaluates future losses the spouses face in terms of taxes.

Some assets aren't easy to divide between two people. Something like cash, which is very liquid, can easily be split between the spouses. But an interest in a business isn't as easy to divide. The court has the option to order a distributive award – a payment to balance out an uneven distribution of property – if it is impractical to divide a substantial asset.

Although fault in causing the marriage to fail is not part of the calculation, the court can award less of the marital property to you if you wasted marital assets. You can’t spend marital funds flying your lover to Paris, for example, without having to pay for it later. Likewise, you can’t sell, transfer, or otherwise encumber property in anticipation of your divorce. If you do, the court can penalize you for it during the division.

Is a business or professional practice subject to equitable distribution?

Yes. Businesses, professional practices, and enhanced earning capacity attributable to the attainment of a career, or professional license, educational degree, profession or license is considered "property" subject to equitable distribution. However, as noted above, interests in a business or career may be difficult to divide, or it may be undesirable to do so. In this situation, the court will typically award the actual business or practice to the spouse who is running it, awarding the other spouse property to make up the difference.

Spousal Maintenance Determined Separately   Spousal maintenance is a payment from one spouse to the other to help sustain the recipient spouse after divorce. Similar to the division of property, the court’s order for spousal maintenance must be equitable. Payments can be periodic (monthly, for example) or in a lump sum, and for a set or indefinite period of time. A spouse can request temporary maintenance payments during the divorce process, the amount of which will be based on specific income guidelines.

When the court orders the divorce and the property has been divided, the court can also make a permanent maintenance award. In New York, an award for spousal maintenance is based on many of the same factors as the division of property. Some other factors include the spouses’ level of education and earning capacity, the marital standard of living, and the needs of any children. The court also considers domestic violence during the marriage, which may have kept the battered spouse from seeking or improving employment. The court is also free to look at any factor relevant to the award of maintenance, such as a spouse’s ability to pay.

Sources                                                                                                                                                                                  You can read the law on division of property and spousal maintenance in the New York Consolidated Statutes, Article 13 of Domestic Relations, Section 236, which is divided into parts A and B. Part A applies only to divorces filed in New York before July 19, 1980. For all later cases, use part B.

Figeroux & Associates

26 Court Street, Suite 701

Brooklyn, NY 11242

718-834-0190

www.falaw.us

Lending Money to Family? Make it a Tax-Smart Loan

Lending money to a cash-strapped family member or friend is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications down the road.

Let's say you decide to loan $5,000 to your daughter who's been out of work for over a year and is having difficulty keeping up with the mortgage payments on her condo. While you may be tempted to charge an interest rate of zero percent, you should resist the temptation. Here's why.

When you make an interest-free loan to someone, you will be subject to "below market interest rules". IRS rules state that you need to calculate imaginary interest payments from the borrower. These imaginary interest payments are then payable to you and you will need to pay taxes on these interest payments when you file a tax return. Further, if the imaginary interest payments exceed $13,000 for the year, there may be adverse gift and estate tax consequences.

Exception: The IRS lets you ignore the rules for small loans ($10,000 or less), as long as the aggregate loan amounts to a single borrower are less than $10,000 and the borrower doesn't use the loan proceeds to buy or carry income-producing assets.

In addition, if you don't charge any interest, or charge interest that is below market rate (more on this below), then the IRS might consider your loan a gift, especially if there is no formal documentation (i.e. written agreement with payment schedule) and you go to make a nonbusiness bad debt deduction if the borrower defaults on the loan--or the IRS decides to audit you and decides your loan is really a gift.

Formal documentation generally refers to a written promissory note that includes the interest rate, a repayment schedule showing dates and amounts for all principal and interest, and security or collateral for the loan, such as a residence (see below). Make sure that all parties sign the note so that it's legally binding.

As long as you charge an interest rate that is at least equal to the applicable federal rate (AFR) approved by the Internal Revenue Service, you can avoid tax complications and unfavorable tax consequences.

AFRs for term loans, that is, loans with a defined repayment schedule, are updated monthly by the IRS and published in the IRS Bulletin. AFRs are based on the bond market, which change frequently. For term loans, use the AFR published in the same month that you make the loan. The AFR is a fixed rate for the duration of the loan.

Any interest income that you make from the term loan is included on your Form 1040. In general, the borrower, in this case your daughter cannot deduct interest paid, but there is one exception: if the loan is secured by her home, then the interest can be deducted as qualified residence interest--as long as the promissory note for the loan was secured by the residence.

If you have questions about the tax implications of loaning a family member money, don't hesitate to call us. We're here to help.

Figeroux & Associates

26 Court Street, Suite 701

Brooklyn, NY 11242

Phone: 718-834-0190

Fax: 718-222-3153

www.falaw.us

Figeroux & Associates - Tax Practice

The Law Offices Of Figeroux & Associates, is headed by Brian Figeroux, Esq., a member of the New York Bar, Mr. Figeroux earned his JD from Rutgers University, Newark, NJ, his M.A. in Economics and B.S. in Accounting from the City University of New York, Brooklyn College.

Mr. Figeroux is supported by an experienced legal and professional staff that helps to level the playing field when it comes to tax issues. If you are seeking a corporate or income tax attorney in New York with expertise in handling complex financial issues, then engage Brian Figeroux, Esq., the lead attorney at Figeroux & Associates in New York to defend you and your property.

Contact us to schedule a consultation with a Figeroux & Associates tax attorney today, and get tax relief now! Evening and weekend hours are available by appointment.

Our tax practice expertise focuses in three areas:
Tax planning and tax controversies, including: Audits & Tax Court, Delinquent Tax Returns, Offers in Compromise, Payment Agreements, Tax Liens & Levies, Innocent Spouse, Tax Id Assistance, Wage Garnishment, Tax Preparation Federal & All States, Income Tax Planning and assistance with IRS debt problems. If returns from years past remain unfiled back taxes accrue unpaid, or offshore accounts go unreported, we can help. We can also assist with an IRS lien before the government levies property. No one should face IRS audits or tax problems without a qualified tax lawyer in New York on their side.

Tax issues in estate planning, probate, power of attorney and guardianships. This includes creation of well-thought-out estate plans for both U.S. citizens and non-U.S. citizens, estate tax planning, probate administration and litigation, and assistance with guardianships. We can assist with the range of complex issues associated with estate planning.

Tax issues in business transactions, including what is the best type of entity to conduct business and contract review and preparation. We can assist with the range of complex issues associated with business startups, succession planning and resolving shareholder disputes.

Figeroux & Associates

26 Court Street, Suite 701

Brooklyn, NY 11242

Phone: 718-834-0190

Fax: 718-222-3153

www.falaw.us

TAX PLANNING FOR SMALL BUSINESS OWNERS

Tax planning is the process of looking at various tax options in order to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability.

Many small business owners ignore tax planning. They don't even think about their taxes until it's time to meet with their accountants, but tax planning is an ongoing process and good tax advice is a valuable commodity. It is to your benefit to review your income and expenses monthly and meet with your CPA or tax advisor quarterly to analyze how you can take full advantage of the provisions, credits and deductions that are legally available to you.

Although tax avoidance planning is legal, tax evasion - the reduction of tax through deceit, subterfuge, or concealment - is not. Frequently what sets tax evasion apart from tax avoidance is the IRS's finding that there was fraudulent intent on the part of the business owner. The following are four of the areas most commonly focused on by IRS examiners as pointing to possible fraud:


Failure to report substantial amounts of income such as a shareholder's failure to report dividends or a store owner's failure to report a portion of the daily business receipts.

Claims for fictitious or improper deductions on a return such as a sales representative's substantial overstatement of travel expenses or a taxpayer's claim of a large deduction for charitable contributions when no verification exists.

Accounting irregularities such as a business's failure to keep adequate records or a discrepancy between amounts reported on a corporation's return and amounts reported on its financial statements.

Improper allocation of income to a related taxpayer who is in a lower tax bracket such as where a corporation makes distributions to the controlling shareholder's children.
Tax Planning Strategies  Countless tax planning strategies are available to small business owners. Some are aimed at the owner's individual tax situation, and some at the business itself, but regardless of how simple or how complex a tax strategy is, it will be based on structuring the strategy to accomplish one or more of these often overlapping goals:
Reducing the amount of taxable income
Lowering your tax rate
Controlling the time when the tax must be paid
Claiming any available tax credits
Controlling the effects of the Alternative Minimum Tax
Avoiding the most common tax planning mistakes
In order to plan effectively, you'll need to estimate your personal and business income for the next few years. This is necessary because many tax planning strategies will save tax dollars at one income level, but will create a larger tax bill at other income levels. You will want to avoid having the "right" tax plan made "wrong" by erroneous income projections. Once you know what your approximate income will be, you can then take the next step: estimating your tax bracket.

The effort to come up with crystal-ball estimates may be difficult and by its very nature will be inexact. On the other hand, you should already be projecting your sales revenues, income, and cash flow for general business planning purposes. The better your estimates, the better the odds that your tax planning efforts will succeed.

Maximizing Business Entertainment Expenses   Entertainment expenses are legitimate deductions that can lower your tax bill and save you money--provided you follow certain guidelines.

In order to qualify as a deduction, business must be discussed before, during, or after the meal and the surroundings must be conducive to a business discussion. For instance, a small, quiet restaurant would be an ideal location for a business dinner. A nightclub would not. Be careful of locations that include ongoing floor shows or other distracting events that inhibit business discussions. Prime distractions are theater locations, ski trips, golf courses, sports events, and hunting trips.

The IRS allows up to a 50 percent deduction on entertainment expenses, but you must keep good records and the business meal must be arranged with the purpose of conducting specific business. Don't hesitate to call us if you need assistance with recordkeeping requirements.

Important Business Automobile Deductions  If you use your car for business such as visiting clients or going to business meetings away from your regular workplace you may be able to take certain deductions for the cost of operating and maintaining your vehicle. You can deduct car expenses by taking either the standard mileage rate or using actual expenses.

The mileage reimbursement rates for 2012 is 55.5 cents a mile for business, 14 cents per charitable mile and 23 cents for moving and medical miles.

If you own two cars, another way to increase deductions is to include both cars in your deductions. This works because business miles driven is determined by business use. To figure business use, divide the business miles driven by the total miles driven. This strategy can result in significant deductions.

Whichever method you decide to use to take the deduction, always be sure to keep accurate records such as a mileage log and receipts. If you need assistance figuring out which method is best for your business, please contact us.

Increase Your Bottom Line When You Work At Home   The home office deduction is quite possibly one of the most difficult deductions ever to come around the block. Yet, there are so many tax advantages it becomes worth the navigational trouble. Here are a few common tips for home office deductions that can make tax season significantly less traumatic for those of you with a home office.

Try prominently displaying your home phone number and address on business cards, have business guests sign a guest log book when they visit your office, deduct long-distance phone charges, keep a time and work activity log, retain receipts and paid invoices. Keeping these receipts makes it so much easier to determine percentages of deductions later on in the year.

Section 179 expensing allows you to immediately deduct, rather than depreciate over time, up to $139,000, with a cap of $560,000, in 2012 worth of qualified business property that you purchase during the year. The key word is "purchase". Equipment can be new or used and includes certain software. All home office depreciable equipment meets the qualification. Also, if you purchase more than $139,000 in equipment, you can expense the first $139,000 then depreciate the rest. In addition, a "Bonus Depreciation" of 50 percent is allowed on qualified assets (new equipment only--no used equipment and no software) placed in service during 2012.

Some deductions can be taken whether or not you qualify for the home office deduction itself. If you'd like to meet with us to learn more about home office deductions, please give us a call.

Figeroux & Associates

26 Court Street, Suite 701

Brooklyn, NY 11242

Phone: 718-834-0190

Fax: 718-222-3153

www.falaw.us

10 FACTS ABOUT MORTGAGE DEBT FORGIVENESS

Canceled debt is normally taxable to you, but there are exceptions. One of those exceptions is available to homeowners whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012.





Here are 10 things you should know about Mortgage Debt Forgiveness.

1. Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence.

2. The limit is $1 million for a married person filing a separate return.

3. You may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure.

4. To qualify, the debt must have been used to buy, build or substantially improve your principal residence and be secured by that residence.

5. Refinanced debt proceeds used for the purpose of substantially improving your principal residence also qualify for the exclusion.

6. Proceeds of refinanced debt used for other purposes, to pay off credit card debt for example, do not qualify for the exclusion.

7. If you qualify, claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attach it to your federal income tax return for the tax year in which the qualified debt was forgiven.

8. Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the tax relief provision. In some cases, however, other tax relief provisions -- such as insolvency -- may be applicable.

9. If your debt is reduced or eliminated you normally will receive a year-end statement, Form 1099-C, Cancellation of Debt, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed.

10. Examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven in Box 2 as well as the value listed for your home in Box 7.

Don't hesitate to give us a call if you need more information about mortgage debt forgiveness.

Figeroux & Associates

26 Court Street, Suite 701

Brooklyn, NY 11242

Phone: 718-834-0190

Fax: 718-222-3153

www.falaw.us

8 WAYS CHILDREN LOWER YOUR TAXES

 

Got kids? They may have an impact on your tax situation. Here are the top 8 things to consider if you have children.

Dependents: In most cases, a child can be claimed as a dependent in the year they were born. Be sure to let us know if your family increased this year and we'll take a look at whether you can claim the child as a dependent this year.

Child Tax Credit: You may be able to take this credit on your tax return for each of your children under age 17. If you do not benefit from the full amount of the Child Tax Credit, you may be eligible for the Additional Child Tax Credit. The Additional Child Tax Credit is a refundable credit and may give you a refund even if you do not owe any tax.

Child and Dependent Care Credit: You may be able to claim this credit if you pay someone to care for your child under age 13 so that you can work or look for work. Be sure to keep track of your child care expenses so we can claim this credit accurately.

Earned Income Tax Credit (EITC): The EITC is a benefit for certain people who work and have earned income from wages, self-employment, or farming. EITC reduces the amount of tax you owe and may also give you a refund.

Adoption Credit: You may be able to take a tax credit for qualifying expenses paid to adopt a child.

Coverdell Education Savings Account: This savings account is used to pay qualified expenses at an eligible educational institution. Contributions are not deductible; however, qualified distributions generally are tax-free.

Higher Education Credits: Education tax credits can help offset the costs of education. The American Opportunity and the Lifetime Learning Credit are education credits that reduce your federal income tax dollar for dollar, unlike a deduction, which reduces your taxable income.

Student Loan Interest: You may be able to deduct interest you pay on a qualified student loan. The deduction is claimed as an adjustment to income so you do not need to itemize your deductions.

As you can see, children can have an impact on your tax profile. If you're a parent, we'll go over your situation with you to make sure you're getting the credits and deductions you're entitled to.

Figeroux & Associates

26 Court Street, Suite 701

Brooklyn, NY 11242

Phone: 718-834-0190

Fax: 718-222-3153

www.falaw.us

Diversity Visa Program: DV-2014 Entry Instructions

The Diversity Immigrant Visa program is a United States congressionally mandated lottery program for receiving a United States Permanent Resident Card.   It is also known as the Green Card Lottery. The lottery is administered on an annual basis by the Department of State and conducted under the terms of Section 203(c) of the Immigration and Nationality Act (INA). Section 131 of the Immigration Act of 1990 (Pub. L. 101-649) amended INA 203 to provide for a new class of immigrants known as "diversity immigrants" (DV immigrants). The Act makes available 55,000,permanent resident visas annually to natives of countries deemed to have low rates of immigration to the United States.

      The Immigration Act of 1990 established the Diversity Visa (DV) program, where 55,000 immigrant visas would be available in an annual lottery, starting in fiscal year1995. The lottery aims to diversify the immigrant population in the United States, by selecting applicants mostly from countries with low rates of immigration to the United States in the previous five years.

      Starting in fiscal year 1999, 5,000 of the visas from the DV program are reserved for use by the NACARA program, so the number of immigrant visas available in the lottery is reduced to 50,000.

      Online registration for the DV-2014 Program will begin on Tuesday, October 2, 2012 at 12:00 noon, Eastern Daylight Time (EDT) (GMT-4), and conclude on Saturday, November 3, 2012 at 12:00 noon, Eastern Daylight Time (EDT) (GMT-4). After the entry period opens October 2, we recommend early entry, and we strongly encourage applicants not to wait until the last week of the registration period to enter DV-2014 Program Instructions The English version of the DV-2014 Program Instructions is available in PDF format for your convenience and required use. The English language version of the DV-2014 Program Instructions is the only official version. Unofficial translations in additional languages will become available below. Check back later for translations.

      Diversity Visa Program Information See the Diversity Visa Program webpage for information about:

            Important Fraud Warnings

Fraudulent websites are posing as official U.S. government sites. Some companies posing as the U.S. government have sought money in order to "complete" DV entry forms. There is no charge to download and complete the Electronic Diversity Visa Entry Form. To learn more, see the Department of State Warnings and the Federal Trade Commission Warning.

      The Department of State does NOT notify successful DV applicants by letter or email. Entrants can check the status of their entries, as explained below, by returning to the website at http://www.dvlottery.state.gov to find out if their entry was or was not selected.

         Qualifying Occupations

      Successful DV entrants must be eligible to receive a visa by qualifying based on education, work, and other requirements. The law and regulations require that every DV entrant must have at least:

A high school education or its equivalent; or Two years of work experience within the past five years in an occupation requiring at least two years' training or experience.

To learn more about qualifying occupations, see the Diversity Visa Instructions Frequently Asked Questions and the List of Occupations webpage.

For free processing with the Immigrant s Journal Legal & Educational Fund, Inc.,   courtesy Figeroux & Associates, call 718-243-9431.  No legal fees, free processing.

Figeroux & Associates

26 Court Street, Suite 701

Brooklyn, NY 11242

Phone: 718-834-0190

Fax: 718-222-3153

www.falaw.us