Last month, New York and three other states filed a federal lawsuit to prevent a reduction in the State and Local Tax (SALT) deduction, which was included in last year’s tax reform package. The new SALT cap, which is part of the 2017 tax reform law, could cost Long Island homeowners thousands of dollars at tax time.
Although the recent Federal tax overhaul probably padded your paycheck a little, your old tax withholding form could cause you to receive a financial surprise when you submit your 2018 tax return.
“Following the major changes in the tax law, the IRS encourages employees to check their paychecks to help ensure they’re having the right amount of tax withheld for their personal situation,” said Acting IRS Commissioner David Kautter.
If you are a new homeowner or have never applied for the New York State STAR credit, you may be able to save hundreds of dollars on your next tax bill. The state School Tax Relief Program, also known as the STAR Program, is a school tax rebate program that annually reduces homeowners’ school district property taxes on their primary residences.
If you live in New York, you must pay state income tax to support municipal services. Although New York State’s personal income tax is structured similarly to the Federal income tax, it has its own tax rates and brackets.
A sole proprietorship is the simplest type of company to start and operate. It is an unincorporated business owned by one individual in which there is no legal separation between the company and the owner. Sole proprietorships are also known by the IRS as “pass-through” entities, which means that business revenue passes through the company and are taxed as personal income. Sole proprietorship taxes are relatively simple to calculate, but there are several important things you need to know before you file.
When a small business starts out, bookkeeping may not seem like a difficult task. But as your business evolves and your client base expands, you may not have the necessary time, money or know-how to properly manage it all. At a certain point, any growing company should seriously consider hiring a full-time certified accountant. Besides payroll and tax returns, they can be of great assistance when it comes to compliance and legal issues.
Since your family owned businesses is built on the strength of its lasting relationships, you need a qualified accounting partner you can trust. The objective input and counsel of Long Island accountants can help you set and reach all your financial goals.
Since the tax deadline clock is ticking, it’s time to get to get down to business. Even if you haven’t done any tax preparation yet, it’s still not too late. Our five tips will help you get everything done by April 18.
Tax season can be a trying time for many Americans. Individuals and business owners often have a lot on their plate as they scramble to meet the tax return deadline. If you are one of those people experiencing a high level of stress, these three tips can help make tax time less taxing.
Small businesses often perform bookkeeping and payroll tax duties in house to cut costs. But, many make mistakes that cost them time and money. According to one survey, 26 percent of small businesses spend three to five hours a month on these type of tasks. This time can add up significantly over the course of a year.
If you are new to payroll or could use a refresher, our answers to common questions will help guide you through the process.