Tax Extenders

Tax Extenders

What is going on with the tax extender? We are getting a lot of questions about the fate of the 26 tax breaks that expired at the end of 2017. They include the private mortgage insurance write-off, the $2 million exclusion for forgiven debt on a home, the deduction for college tuition, faster depreciation for motor sports complexes, the biodiesel credit, plus lots of other business and energy incentives. Continue reading “Tax Extenders”

TAXES 2019: WHEN TO FILE AND WHAT BIG CHANGES TO EXPECT

2019 Taxes

Sitting down to do your taxes in the next few weeks – or talking with your tax preparer – will involve tackling the most sweeping changes in the federal income tax rules in more than 30 years. You’ll need to keep in mind that more than 600 rule changes took place under the Tax Cuts and Jobs Act, which was passed by Congress in late 2017. All those changes even drove some industry experts to raise concern early on about possible delays to the typical, late January start of the tax season – and that was long before the federal government shutdown hit on Dec. 22. President Donald Trump announced a deal on Friday to temporarily end that shutdown. Even with that disruption, the Internal Revenue Service promises to kick off tax season as of Jan. 28, the earliest date you can file your returns. Continue reading “TAXES 2019: WHEN TO FILE AND WHAT BIG CHANGES TO EXPECT”

New York State Decouples from Certain Federal Personal Income Tax Changes

The Tax Cuts and Jobs Act of 2017 (TCJA) made significant changes to personal income taxation. In response to the federal tax law changes made under the TCJA, New York State has decoupled from certain income tax changes. This is an overview of how some of these critical changes will impact the upcoming tax season: Continue reading “New York State Decouples from Certain Federal Personal Income Tax Changes”