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Jan 21, 2020Can you deduct charitable gifts on your tax return?
Can you deduct charitable gifts on your tax return? Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the…
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Jan 14, 2020Help protect your personal information by filing your 2019 tax return early
The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing as soon as you can this…
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Jan 07, 2020New York State Increases Exempt Salary Levels and Minimum Wage
Beginning December 31, 2019, the required minimum salary levels for executive and administrative employees to qualify as overtime exempt in New York State will increase (New York does not have a minimum salary level for professional employees although most of these employees would still be…
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Jan 07, 2020Expanded Protections to Victims of Domestic Violence
New York State recently expanded protections under the New York Human Rights Law to victims of domestic violence. NYS already bans discrimination against victims of domestic violence and this new amendment adds to those protections. The law has now added new requirements concerning an employer’s obligation to…
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Jan 07, 20204 new law changes that may affect your retirement plan
If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes….
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Dec 31, 2019New law provides a variety of tax breaks to businesses and employers
While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It…
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Dec 26, 2019Congress gives a holiday gift in the form of favorable tax provisions
As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also includes a…
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Dec 17, 2019Do you have a side gig? Make sure you understand your tax obligations
The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking…
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Dec 10, 2019Adopting a child? Bring home tax savings with your bundle of joy
If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to claim a nonrefundable credit against their federal tax for up to $14,080 of “qualified adoption…
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Dec 03, 2019Holiday parties and gifts can help show your appreciation and provide tax breaks
With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules…