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Edward Torres
  • Home
  • About Us
  • Our Services
    • Tax Preparation
    • Trust & Estate Filings (1041)
    • Bookkeeping & Payroll
    • Sales Tax
    • Tax Resolution and Audit Representation
    • Financial Audits, Reviews, Compilations
    • Tax Consulting
    • Business Formation & Reporting
    • Business Advisory
  • Blogs
  • Contact Us
  • Appointment

Blog

accounting services in Forest hills
December 11, 2023

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After a Surprising 2023, a Cautiously Optimistic Economic Outlook for 2024

Despite high interest rates and unsettling geopolitical conflict, the U.S. economy outperformed the expectations of most economists in 2023. Inflation-adjusted gross domestic product (Real GDP) accelerated to an annualized rate of 5.2% in the third quarter, after growing 2.1% in Q2 and 2.2% in Q1. Inflation, as measured by the 12-month change in the price […]

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business consulting services in Forest hills
November 24, 2023

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College Cost Data Released for 2023-2024

published are average cost figures based on a survey of approximately 4,000 colleges across the country. Over the past 20 years, the average price for tuition, fees, and room and board has increased 38% at public colleges and 29% at private colleges over and above increases in the Consumer Price Index, straining the budgets of […]

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tax accountant in Forest hills
November 16, 2023

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Most Medicare Costs Are Increasing in 2024

Premiums, deductibles, and coinsurance amounts for Original Medicare generally change every year. Here’s a look at some of the costs that will apply in 2024. Medicare Part A (Hospital Insurance) costs for 2024 Medicare Part B (Medical Insurance) costs for 2024 Monthly standard premium: Most people with Medicare who receive Social Security benefits will pay […]

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accounting services in Forest hills
November 8, 2023

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With Holidays Ahead, Can Consumers Keep Carrying the Economy?

Consumer spending accounts for about two-thirds of U.S. gross domestic product (GDP), so it plays an outsized role in driving economic growth or slowing it down. For the last 18 months, U.S. consumers have kept the economy strong despite high inflation and rising interest rates. The question now is whether consumers can maintain this momentum […]

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corporate accounting in Forest hills
October 26, 2023

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Medicare enrollment started on October 15th, 2023

If you are covered by Medicare, it’s time to compare your current coverage with other available options. Medicare’s Open Enrollment period begins on October 15 and runs through December 7. Medicare plans can change every year, and you may want to switch to a health or prescription drug plan that better suits your needs or […]

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accountants in Forest hills
October 10, 2023

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Rising Oil Prices Could Pose the Latest Threat to the Economy

Oil prices have increased more than 30% since late June, driving up transportation costs for consumers and businesses and putting financial markets on edge. On September 27, West Texas Intermediate crude — the U.S. benchmark for oil prices — topped $93 per barrel, the highest level since August 2022. Brent crude (the global oil benchmark) […]

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accounting services in Forest hills
September 21, 2023

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Claiming the Home Energy Audit Tax Credit

When considering making energy-saving home improvements, it may be helpful to have a home energy audit done. Fortunately, there is a federal income tax credit available equal to 30% of the amount paid for home energy audits, up to $150 per tax year. (There are also credits available for many other energy-saving expenditures.) The IRS […]

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accounting services in Forest hills
September 17, 2023

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U.S. Economy: Soft Landing or Delayed Recession?

Economists have been predicting a recession for the U.S. economy ever since the Federal Reserve began aggressively raising interest rates in 2022. This is Econ 101. High interest rates, which make it more expensive to borrow, are intended to tame inflation by slowing business and consumer spending. A rapid and extreme increase in rates, as […]

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professional tax accounting services in Forest hills
September 6, 2023

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Department of Education Launches New SAVE Income-Driven Repayment Plan

The Department of Education recently launched the most generous federal student loan income-driven repayment (IDR) plan to date — the Saving on a Valuable Education (SAVE) Plan. The SAVE Plan comes after the U.S. Supreme Court blocked federal student loan cancellation in June and before payments are set to restart in October after more than […]

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professional tax accounting services in Forest hills
August 24, 2023

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Why Did Retirement Confidence Falter in 2023?

In its annual Retirement Confidence Survey of current workers and retirees, the Employee Benefit Research Institute found that workers’ confidence in their ability to fund retirement fell by the largest extent since the financial crisis of 2008, to levels not seen since 2018. Retirees’ confidence also took a substantial hit. Overall, just 20% of respondents […]

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