The SALT CAP deduction has been getting a lot of airtime. Is the temporary increase in the CAP from $10,000 to $40,000 going to reduce your taxes? The short answer is it depends.
Author Archives: Ken Rogers
Your personal financial plan when running your own business in New York
Running your own business (including 1099 work) introduces different elements that aren’t always easy to factor into your personal financial plan.
Reduce your capital gains tax bill when selling your home
If you sold a home, part of your profit could be subject to capital gains taxes.
Leasing a Car for Your New York Business: Is It Tax Deductible?
Leasing a car for your business can be a smart move both operationally and financially. By understanding the rules around tax deductions and keeping thorough records, you can reduce your tax burden while keeping your business on the move. Ready to hit the road? Just make sure your paperwork is as smooth as your ride!
Donor-Advised Fund Tax Strategy for Small Business Owners
How small business owners can use a Donor-Advised Fund to reduce taxes in high-income years and donate appreciated assets strategically.
What Tax Documents You Need This Year
Filing taxes doesn’t have to be stressful! With a little preparation and guidance, gathering your documents can be a much smoother process, having a clear plan helps you ensure nothing gets overlooked.
Should You File Taxes Jointly or Separately?
Tax season brings plenty of decisions, and if you’re married, one big question might be: Should we file jointly or separately?
1099 vs W-2: The IRS Rules That Put Small Businesses at Risk of Costly Audits
Hiring 1099 contractors may seem smart—but misclassification can trigger IRS and NY DOL audits, massive penalties, and payroll tax bills. Learn the risks every small business owner must know.
The Hidden Pitfalls of Having Too Many Business Bank Accounts
If you’ve ever heard of the Profit First method by Greg Michalowicz or Simple Numbers by Greg Crabtree you know they emphasize creating separate bank accounts for different business purposes.
Why Filing a Tax Extension Might Be a Smart Move
Filing taxes can feel overwhelming, especially when life’s twists and turns make it hard to hit the April deadline. Luckily, the IRS offers a helpful solution: filing for a tax extension. While some might see an extension as just kicking the can down the road, there are actually several strategic reasons why it could be the right choice for you.