Our Accounting Articles
Rising State Income Taxes Lead to Relocations
Last year, President Trump signed into law a sweeping $1.5 trillion tax reform bill. Residents of high-tax states, like New York, could possibly be most affected by the changes, which included reducing the federal tax deduction for state and local taxes. As IRS data indicates, New Yorkers take the highest deduction, averaging $21,038.02 in state and local tax (SALT) deductions. Come April, that’s money that will be owed to the government. So, it’s not surprising that some residents have considered leaving the state as a solution to avoid a tax increase.
Donating Artwork to Charity? Tax Deduction Ins and Outs Of Donating to Charity
September 25, 2018
If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit from donating artwork comes from the fact that the top long-term capital gains rate for art and other “collectibles” is 28%, as opposed to 20% for most other appreciated property.
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2018 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers
September 18, 2018
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.
Do You Need to Make an Estimated Tax Payment by September 17?
September 11, 2018
To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17.
Back-To-School Time Means a Tax Break For Teachers
September 4, 2018
When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. read more…
Play Your Tax Cards Right With Gambling Wins and Losses
August 27, 2018
If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact.