New York – Internal Revenue Code Changes for 2018 and After

February 7, 2019

The link below addresses areas where New York’s tax treatment of certain federal items of income and deductions will now differ for tax years 2018 and after. Department of Taxation and Finance (Technical Memorandum) If you have any questions or concerns, please contact one of our tax partners. We are here to help you navigate…

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IRA employee benefits

The Pros and Cons of a Roth IRA Conversion

January 2, 2019

Most people recognize that Roth IRAs offer some significant tax advantages over traditional IRAs. For example, qualified Roth IRA withdrawals are free from federal income tax. In addition, unlike with traditional IRAs, there is no need to start taking required minimum distributions (RMDs) from Roth IRAs after reaching age 70½. This allows the assets held…

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tax advisors

Standard Mileage Rates for 2019

December 17, 2018

The IRS just issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. These will go into effect on January 1, 2019. Follow the link below to learn more and please contact one of our tax partners with any questions or…

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employee benefits

Effect of TCJA Employee Benefits Changes – Consequences to Your Business

December 10, 2018

The Tax Cuts and Jobs Act (TCJA) has created several changes to the tax treatment of employee benefits. It was not signed into law until December 2017, making it difficult for many employers to have adjusted their benefits offerings for 2018.  Even so, they will need to understand how the new law will affect their…

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Year-End Planning for the New Rules on Deductions

December 1, 2018

The sweeping Tax Cuts and Jobs Act (TCJA) makes many significant changes that will impact your year-end tax planning strategies. One of the biggest areas affected is planning for deductions. Itemizing: Will you or won’t you? When determining your year-end strategies, you first need to figure out whether itemizing will still be beneficial for you.…

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Investing in Your Business is Still a Powerful Year-End Tax Planning Strategy

November 19, 2018

With the end of the year rapidly approaching, many business owners are wondering what they can do to reduce their income taxes. One of the best strategies continues to be investing in business assets that will provide large depreciation-related deductions. In fact, such investments could provide larger deductions in 2018 than in 2017, thanks to…

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