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  • A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead…

  • The following is a summary overview of some of the important changes to individual taxation in the new legislation. All changes are effective for tax years beginning in 2018 unless specifically noted, with a general phase out on January 1, 2026. Rates: There are now…

  • The following is a summary overview of some of the important changes to business taxation in the new legislation. All changes are effective for tax years beginning in 2018 unless specifically noted. Corporate Tax Rates: The corporate tax rate is a flat 21%. Previously, the…

  • Part of the tax law changes for 2018 and beyond is a limitation of the itemized deduction for state income and property taxes to $10,000 that can be claimed on a personal income tax return.  However, there is no cap on the amount of taxes…

  • Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts…

  • The Tax Cuts and Jobs Act (TCJA) eliminates the deduction for business-related entertainment expenses for amounts incurred or paid after Dec. 31, 2017.  The TCJA also modifies the rules for deducting meals in certain situations.  This chart shows the tax treatment of some of the…

  • Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which…

  • In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options. Insurance…

  • Governor Cuomo released finalized materials and guidance on New York’s sexual harassment prevention laws. All employees working in New York State must now receive sexual harassment training by or before October 9, 2019 instead of January 1, 2019 as the draft guidance previously suggested.  New…

  • If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts and Jobs…