News
When life moves fast, you need the latest information at your fingertips. Let us keep you up to date with the latest tax updates and information.
IRS News
The New Pass-Through Income Deduction
Designed as a tax break for small business owners, the Tax Cuts and Jobs Act includes a 20% deduction for "pass-through" income. This includes income you receive from a sole proprietorship or other pass-through entities such as partnerships, LLCs, and...
No More Obamacare Penalties, Starting In 2019
While the Republican administration and Congress have thus far been unsuccessful in repealing the Affordable Care Act, the Tax Cuts and Jobs Act did eliminate the individual mandate -- aka the "Obamacare penalty." This is the penalty you pay for not having health...
The SALT Deduction: Bad News For High-Tax States
The biggest tax deduction by dollar amount that Americans have taken advantage of in recent years is the deduction for state and local taxes -- also known as the SALT (State and Local Taxes) deduction. Specifically, Americans have been able to deduct the following:...
Charitable Contributions
The charitable contributions deduction is another wildly popular tax break and was never really on the chopping block. In fact, highly charitable taxpayers can now deduct donations of as much as 60% of their AGI -- a boost from the previous 50% maximum. One...
Mortgage Interest Still Is Deductible, But…
The deduction for mortgage interest is one of the most popular U.S. tax breaks. In fact, tax benefits like these are often a primary reason Americans decide to buy a home. Fortunately for many homeowners, the mortgage interest deduction survived the tax...
The Medical Expense Deduction Is Lower For 2018, But…
The Tax Cuts and Jobs Act lowered the threshold for medical expense deductions to 7.5% of AGI from the prior threshold of 10%. In other words, a taxpayer with an AGI of $100,000 can now deduct medical expenses exceeding $7,500. The IRS has a long list...
Expanded Use Of 529 Savings Plans
The two main college savings accounts, 529 savings plans and Coverdell Education Savings Accounts, or ESAs, both remain in the revised tax code. These accounts provide a tax-advantaged way for parents and other relatives to save and invest money for educational...
Most Education Tax Breaks Remain
The two popular tax credits for college expenses, the American Opportunity Credit and the Lifetime Learning Credit, both survived tax reform unscathed. These are designed to lower the tax bills of people who paid college tuition. The American Opportunity...
The Child Tax Credit Has Doubled
Although families with several children may feel the sting from the repeal of the personal exemption, there's some good news. Not only has the Child Tax Credit been increased, but more of the credit now is refundable and the income limitations are far less...
The Personal Exemption Is Gone
To be perfectly clear, although the standard deduction has roughly doubled, it doesn't mean that people are getting double the tax break -- far from it, actually. While the standard deduction has increased, the valuable personal exemption has gone away. The...
NYS News
Estimated Tax Requirements For Corporations
A New York S corporation or continuing §186 corporation whose tax for the preceding tax year exceeded $1,000 is required to pay a mandatory first installment (MFI) with its tax return for the previous year or with the request for an extension of time to file...
Products, services, And Transactions Subject To Sales Tax
Products and services subject to tax Sales and use tax (sales tax) is applied to: tangible personal property (unless specifically exempt); gas, electricity, refrigeration and steam, and telephone service;selected services;food and beverages sold by restaurants,...
STAR Resource Center
The School Tax Relief (STAR) program offers property tax relief to eligible New York State homeowners. If you are eligible and enrolled in the STAR program, you’ll receive your benefit each year in one of two ways: STAR credit check. If you are registered for the STAR...
Family And Medical Leave Act (FMLA)
The federal Family and Medical Leave Act (FMLA) is a United States labor law that provides job-protected, unpaid leave for employees for qualified medical and family reasons. If an employee has an event that qualifies for leave under both FMLA and...
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