With the passage of the Tax Cuts and Jobs Act of 2017 (TCJA), the landscape has changed dramatically on how personal and business income tax returns are filed. Standard deductions have doubled, and personal exemptions have disappeared. The Child Tax Credit (CTC) has been adjusted, and a new Family Tax Credit has appeared. There are limitations on deducting property taxes, mortgage interest, tax preparation fees and investment fees on Schedule A. The taxability and/or deduction of alimony payments have changed. If you run a business or a farm, there is the Qualified Business Income Deduction, which can potentially deduct up to 20% of qualified business income from a partnership, S Corp or sole proprietorship. Add that these Federal changes are decoupled from New York State, who did not agree to many of the changes in the TCJA, and tax preparation became much more complicated. These changes are just the tip of the income tax iceberg, and we suggest that you contact a tax professional to make sure that your taxes are filed properly, and that you are getting the most out of your income tax return. Appointments are available now to discuss your tax returns for 2018 and forward.
Cosentino Snyder & Quinn updated their website address.
Tax relief is a legal method that the IRS and states have to help debtors reduce and pay off tax debt. There are many programs available for debtors, and tax attorneys can help choose the best option for you.
Don't think that estate planning is something for only older to people to do. Particularly if you have children, it's important to have a will and a plan in place should something happen to you and your spouse simulteneously and unexpectedly.
The Internal Revenue Service as we know it today came into being in 1862. The Commissioner of Internal Revenue, the original version of the IRS, had the power to collect and raise taxes and enforce the tax law through various means.
If you get all the way to the closing in a real estate transaction and a title defect shows up, then it’s time to contact your attorney. It’s critical that you get this resolved before you sign, as a lien, judgment, or other title issue can end up causing huge problems over the long term.
