3 results for tag: Personal Income Taxes

Year-End Tax Thoughts for New Yorkers

December 20, 2018 , , , ,

At the end of last year, Congress passed the Tax Cuts and Jobs Act, which took effect in 2018. Although it’s expected to “sunset” as of January 1, 2026 (in 8 years), you may need planning now.  $10,000 Cap on State, Local and Property Taxes For NewYorkers, the new $10,000 cap on deductions available on your federal tax return for state and local taxes, could be costly. Let’s say your wages are subject to $9,000 of state and city taxes, and your property taxes are $14,000. In the past you got a state tax deduction of $23,000 on your federal return. Under the new tax rules, that $23,000 deduction will be shaved to $10,000. What does ...

Why You Must Have a Will!

November 7, 2018 , , , ,

Time and again, I see clients feel great relief when they write a will. They have chosen the executor who will take charge of their estate, named a guardian to care for young children (if needed) and selected a trustee to manage a trust they create – to protect assets or avoid probate. Things feel settled. That difficult task is done. Phew. It’s not too late to give yourself this gift. Contact us today to have this off your “to-do” list by the holidays.   You absolutely need a will if you want to provide for your significant other, best friend or favorite aunt. Otherwise, they will only inherit if they are named as an account ...

Will the GOP’s Tax Plan Affect You?

November 9, 2017 , , ,

Typically, I don’t write about tax bills because they may never become law. Congress’ latest plan for tax reform stands out, though, because it proposes to change many longstanding tax rules. But a lot of horse-trading goes on before final laws are enacted, and that’s already started. While there is a lot of talk about the proposed reduction in corporate taxes (from 35% to 20%), individuals may face tax changes that aren’t so beneficial. That will be the focus here. When it comes to personal tax deductions, many of us benefit from deductions for home mortgage interest, property taxes and state income taxes. Under the current proposal, ...