Niagara Gazette

Local News

April 15, 2014

Some tax offices were 'crazy' Tuesday

Niagara Gazette — Today is a holiday of sorts for local accountants and tax preparers, who can all put their pens and pencils down for a moment.

A check with several who were helping clients file their last minute tax returns before the Tuesday's midnight deadline, showed a flurry of last minute filings and an eagerness to get back to less frenetic days. 

And while one local office, DiMarco and Co. on Military Road, had a fairly quiet Tuesday as the last clients picked up their documents to mail, this year's season provided more than a little frustration for owner, Vincent DiMarco, who felt as if he was the bearer of bad news for his high-income clients.

"High income tax payers are getting hit with the additional tax on interest and dividends if their income is above a certain amount," DiMarco said, "and there is an additional Medicare tax for people with high wages and high income which is surprising some of them.

"It's kind of getting to the point where wealthy people should stop making money and relax a little bit," he added, noting: "They have to partner with the government, the government is taking about 50 percent of what they make."

DiMarco said next year is likely to be worse for tax preparers, as tax forms will likely include penalties for businesses with a hundred or more workers that don't provide employee health care.

Over at Genovese CPA on Main Street, owner Ralph Genovese said that the Tuesday deadline for filing taxes meant he was seeing the same people as he sees every year filing for tax extensions.

"A lot of people know they owe and that's why they keep coming in later and later," he said. "The extension doesn't give you time to pay. You still have to pay 90 percent. You have to estimate your taxes."

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