Few Businesses Took Advantage of NYS Tax Loophole

Back in April, New York Governor Andrew Cuomo introduced a program for workers in the state that would act as an end-around to President Trump’s $10,000 State and Local Tax (SALT) deduction cap by deferring payments that exceed the cap. Eight months later, the program has become a flop as very few businesses in New York State took the governor up on his offer. Continue reading “Few Businesses Took Advantage of NYS Tax Loophole”

Deducting Long-Term Care Costs On Income Tax Return

Long-term care includes the ongoing medical and social services that address the needs of those living with a chronic illness, disability or lack of mental capacity, such as Alzheimer’s disease. Long-term care involves assistance with daily tasks, such as bathing, dressing or eating. It may also include assistance with daily living activities, such as house cleaning and transportation. Continue reading “Deducting Long-Term Care Costs On Income Tax Return”

Tax Filing Considerations for Divorced Couples

As April 15 quickly approaches, more people are seeking to file their taxes each day. However, for couples who have recently divorced, filing taxes may present unique challenges. Many find themselves asking similar questions regarding how each individual will file their taxes during and after divorce proceedings, which spouse can claim the child or children as dependents, and whether or not alimony and child support are tax-deductible. Continue reading “Tax Filing Considerations for Divorced Couples”