A retirement plan is a great way for business owners and self-employed individuals to build wealth for retirement. Most plans are easy to set up and operate and offer significant tax advantages. Plus, you generally can contribute more to a business retirement plan than you can to a personal IRA. Here are a few types… [keep reading…]
Category: Tax
NEW NYS Tax Credit for Homeowners. Do You Qualify?
New York State has a NEW property tax credit for homeowners who make less than $250,000. To Qualify: You must be a NYS resident for the full year. In addition, the home must be your primary residence and you must have lived in the home at least 183 days during the year. The credit… [keep reading…]
Thinking about your 2021 personal tax return and items needed to file?
These are a few items to consider when gathering your personal income tax data for the upcoming tax year: Economic Impact Payment The IRS issued a third round of stimulus checks starting March 12, 2021. Be sure to let your tax preparer know how much you received. Payments were $1,400 for each individual plus an… [keep reading…]
Real Estate and the Current Local Economy
Real estate in the Capital Region is booming, rental prices are increasing and homes are selling at record highs. The local market inventory levels are still low which is resulting in local homes and apartments seeing an increase in value. Depending on your living situation it may be a great opportunity to take advantage of… [keep reading…]
LIFO Impacts on Auto Dealers
These last 2 years have certainly been a rollercoaster ride for most automobile dealers. From the fear and uncertainties caused by shutdowns at the start of the pandemic, to labor shortages, to parts inventory delays and shortages, to government assistance programs, to record high used vehicle prices, to new vehicle inventory supply issues caused by… [keep reading…]
Tax Planning for Businesses
With tax year 2021 coming to a close, we need to consider what can be done to help lower your tax bill for this year and next. With the uncertainty of pending legislation, here are some tax planning ideas for Businesses. Review your accounting method Businesses typically use either an accrual method of accounting or… [keep reading…]
Tax Planning for Individuals
With tax year 2021 coming to a close, we need to consider what can be done to help lower your tax bill for this year and next. With the uncertainty of pending legislation, here are some tax planning ideas for individuals: Income/Deduction Deferral or Acceleration Consider the following to accelerate income into the current year:… [keep reading…]
The Department Of Labor Guidance On Locating Missing Participants
The Department of Labor (DOL) issued guidance and best practices on January 12, 2021 to pension plans in hopes that Plan Sponsors can locate missing participants. The guidance provides various communication strategies and ways to search for missing participants. The end goal is to have zero missing plan participants, which may be difficult to accomplish,… [keep reading…]
Individual Tax Implications of Charitable Contributions
People support charitable organizations for a variety of reasons: they believe strongly in the organization’s mission, they’re an alumnus of a school, a business associate or a friend has asked for support, etc. Tax deductions may also be part of the decision to make charitable contributions. If you itemize deductions on your individual return, you… [keep reading…]
NY PTE Tax – Elections Due
On August 25, 2021 the New York State Department of Taxation and Finance issued TSB-M-21(1)C, (1)I providing guidance on the Pass-Through Entity Tax (PTET). See prior article HERE. In that guidance it was advised that elections need to be made by March 15 of the tax year, ie. 2022 tax year is due on March… [keep reading…]