New York State Tax

Tax Law Changes In The New York State Budget Act, Part 3

In early spring of 2016, Governor Cuomo of New York signed into law the 2016-2017 Budget Act (S6409C/A9009C) (“Budget Act” or “Act”). This legislation includes amendments to the New York tax reform legislation contained in the 2014-2015 New York State Budget and the New York City tax reform legislation contained in the 2015-2016 New York State Budget. It also contains provisions which affect certain state credits and incentives, and state sales tax provisions. This is the third part of a three-part series summarizing some of the more significant provisions of the Budget Act.

Interest or bad debt deductions

Tax Law Changes In The New York State Budget Act, Part 2

In early spring of 2016, Governor Cuomo of New York signed into law the 2016-2017 Budget Act (S6409C/A9009C) (“Budget Act” or “Act”). This legislation includes amendments to the New York tax reform legislation contained in the 2014-2015 New York State Budget and the New York City tax reform legislation contained in the 2015-2016 New York State Budget. It also contains provisions which affect certain state credits and incentives, and state sales tax provisions. This is the second part of a three-part series summarizing some of the more significant provisions of the Budget Act.

Change in due dates for filing

Tax Law Changes In The New York State Budget Act, Part 1

In early spring of 2016, Governor Cuomo of New York signed into law the 2016-2017 Budget Act (S6409C/A9009C) (“Budget Act” or”Act”). This legislation includes amendments to the New York tax reform legislation contained in the 2014-2015 New York State Budget and the New York City tax reform legislation contained in the 2015-2016 New York State Budget. It also contains provisions which affect certain state credits and incentives, and state sales tax provisions. This is the first part of a three-part series summarizing some of the more significant provisions of the Budget Act.

Tax credits and incentives

New York State Property Tax Cap Will Be Under 1 percent In 2017

In July of 2016, New York Comptroller Tom DiNapoli announced that local governments in New York State may only raise their property-tax levies by no more than 0.67 percent unless they vote to override the state’s cap. This is a slight decrease from 2016. Currently, the cap for local government in the state of New York is 0.73 percent this year, and thus will remain below 1 percent again in 2017.

A Discussion Of New York State Income Tax Credits

Individuals and businesses in the State of New York are both subject to income tax. New York enacted a sweeping tax-reduction bill in 2011, creating the lowest mid-bracket tax rates in the state in 58 years. These tax breaks affected over four million taxpayers. Despite this legislation and other New York tax breaks, New York still has one of the highest state income tax rates in the nation.

New York Personal Income Tax

A Discussion Of New York State Income Tax Deductions

Income tax deductions are expenses that may be deducted from pre-tax gross income. Of course, deductions reduce New York income tax and maximize a refund. One of the experienced tax professionals at the Thorgood Law Firm can assist any New Yorker in determining the deductions for which they qualify under New York law.

New York has a standard state income tax deduction. For 2015, they are as follows:

Filing Status Amount  of Standard Deduction
Single (and can be claimed as a dependent on another taxpayer’s federal return) $3,100

A Discussion Of New York State Personal Income Tax & Corporate Income Tax

Individuals and businesses in the State of New York are both subject to income tax. New York enacted a sweeping tax-reduction bill in 2011, creating the lowest mid-bracket tax rates in the state in 58 years. These tax breaks affected over four million taxpayers. Despite this legislation and other New York tax breaks, New York still has one of the highest state income tax rates in the nation.

New York Personal Income Tax

State Income Taxes & NBA Free Agency

After the Cleveland Cavaliers won their first NBA championship back in June, interest in the NBA hardly waned. Soon after the LeBron James and company hoisted the championship trophy in Oakland, the NBA free agency began and a multitude of players changed teams including Kevin Durant, Dwayne Wade, Joakim Noah and Brandon Jennings (the latter two to our hometown Knicks). For NBA players it seemingly is just another contract and another (out-of-this-world) payday. Well, it is of course but there’s more to it than this.

Can New York State Audit My Federal Tax Return?

Can the state of New York audit a federal tax return? Well, there’s nothing to prevent it from doing so. Often, a New York taxpayer may claim a state tax refund based upon the result of some calculation on the taxpayer’s federal tax return. Then, a New York state auditor questions the result and decides to inquire further by auditing the taxpayer’s state and federal return. At the Thorgood Law Firm, we’ve been seeing such audits occur much more frequently in the last few years.

Extending Time To File A New York State Income Tax Return

It’s no surprise that not every taxpayer timely prepares and files their taxes in any given year. Whether there are no funds available to pay the tax bill or there is simply insufficient time to prepare the return, a variety of reasons exist for this failure. However, a little information and foresight may alleviate the stress caused by the realization that a tax return will be untimely filed. The tax professonals at the Thorgood Law Firm can help any New York taxpayer deal with any looming tax deadline.

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