Higher SALT cap could mean bigger tax breaks for certain Capital Region filers “It’s great to see taxpayers getting a benefit from the state taxes they’re paying,” Mallette said. The enhanced deduction for seniors, no tax on overtime and no tax on tips have all been benefiting taxpayers who haven’t hit the income phaseout limits…. [keep reading…]
Tag: SALT
2025 Year End Tax Planning for Individuals
As 2025 draws to a close, individual taxpayers face a familiar but evolving tax landscape. Many provisions from the Tax Cuts and Jobs Act (TCJA) have been preserved or extended under the One Big Beautiful Bill Act (OBBBA), while a handful of new deductions and adjustments take effect for the 2025 tax year. This guide… [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…]