Jun 21, 2023 | Firm Updates, Retirement Planning, Tax Tips
Charitable giving affords crucial support to nonprofit organizations that are providing essential services to communities. With a little planning, they also offer potential income tax savings to the donor. For income tax purposes, the amount of a deductible...
Feb 27, 2023 | Firm Updates, Small Business, Tax Tips
The New York State Pass-Through Entity Tax (PTET) is an optional tax that partnerships or New York S corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. Who is eligible? Any partnership [including a limited...
Dec 19, 2022 | Firm Updates, Small Business, Tax Tips
With year-end rapidly approaching, the 1099 filing due date of January 31, 2023, is right around the corner. If your business pays an individual or company more than $600 for services or rent, you may be required to file Form 1099. The information below explains the...
Dec 16, 2022 | Firm Updates, Individual Tax, Retirement Planning, Tax Tips
The “Setting Every Community Up for Retirement Enhancement” Act, or SECURE Act, was enacted on December 20, 2019. Over two years after the law was enacted on February 23, 2022, the IRS issued proposed regulations on the SECURE Act, which include changes to inherited...
Dec 16, 2022 | Firm Updates, Individual Tax, Tax Tips
The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions. Donating to charity In 2022, in order to receive...
Dec 16, 2022 | Firm Updates, Individual Tax, Tax Tips
The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use of paper losses and actual losses from your stock market investments. Tax rates on sales Individuals...