Get Us Your Complete Tax Materials Now....Before It's Too Late! The tax filing deadline for Individuals, C Corporations, and most Trusts is quickly approaching. Please note that Newburg & Company, LLP is working expediently on the returns for those Clients who have already provided the materials to complete the [...]
When a taxpayer purchases a vehicle for business use there are a number of important considerations to maximize deductions and tax benefit. First and foremost, the IRS allows two different methods for calculating the deduction for using vehicles within your business: The Actual Expense Method The Standard Mileage Method [...]
Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was just extended under the recently passed Bipartisan Budget Act [...]
SPOTLIGHT ON TAX REFORM This is the first in a new series of articles we will be sending you addressing several major areas of Tax Reform. Newburg & Company LLP's SPOTLIGHT ON TAX REFORM articles take a deeper dive into certain sections of Tax Reform to help unravel [...]
As anticipated, we now have clarity that the bill caps the deduction for real estate taxes and state taxes at $10,000 starting in 2018. Depending on your income level and tax situation, we had been recommending that clients pre-pay their real estate taxes before year end. In addition, we [...]
What is the Research and Development Credit? The Research & Development (R&D) Tax Credit is a general business tax credit under Internal Revenue Code section 41 for companies that incur research and development (R&D) costs in the United States. This is a dollar for dollar tax credit primarily designed [...]
BEAT THE DEADLINE RUSH! Get Us Your Complete Tax Materials Now....Before It's Too Late! The tax filing deadline for Partnerships, and S Corporations is quickly approaching. Please note that Newburg & Company, LLP is working expediently on the returns for those clients who have already provided the materials to [...]
OVERVIEW Many businesses have expenditures on meals and entertainment (M&E) as a part of normal business operations. Whether it is providing meals to employees, bringing staff and clients to sporting events or impressing prospects for new business, it is often part of the regular work week. Most business owners have the notion [...]
The Tax Cuts and Jobs Act has doubled the federal gift and estate tax exemption, with inflation-adjustments projected to raise it to $11.18 million for 2018.This means federal estate taxes are a concern for fewer families, at least in the short term. (The doubled exemption expires December 31, 2025.) But [...]
Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or eliminating some while [...]
