tax credits

This is the second of two tax tips providing an overview of ways the American Rescue Plan may affect some people’s 2021 taxes. You can read part one here. Changes expanding EITC for 2021 and beyond New law changes expand the EITC for 2021 and future years....

The American Rescue Plan has introduced changes to these key 2021 tax credits related to child and dependent care which can be a valuable way to lower your tax obligations. Child & Dependent Care Credit Increased for 2021 Only In 2021 the amount of the child credit...

The Tax Cuts and Jobs Act (otherwise known as tax reform) has brought with it many changes for freelance taxpayers, three of the key ones are highlighted below—with some helpful hints to mitigate your tax burden. The “backdoor” Roth IRA is still available. The “backdoor” Roth...

Developing new products and services is one of the key ways to expand and grow your freelance business—and it’s also an activity that can benefit you from a tax perspective, thanks to the federal and state Research and Development (R&D) Tax Credit programs. It is...

The President recently unveiled his administration’s long-awaited tax reform proposal called the “2017 Tax Reform for Economic Growth and American Jobs.” As it stands, the preliminary plan features significant tax cuts and a sweeping simplification of the tax code. How could these potential changes impact...

If you filed your taxes on time this year, you may be breathing a sigh of relief about not having to think about them again until next April. Before you wipe any traces of tax-induced sweat off your brow completely though, consider this: Sprinting to...

If you’re an independent software developer or a self-employed IT professional, having knowledge of key tax issues relevant to your business is critical to your success. Take note of the following tax tips to stay in compliance from our nyc cpa, mitigate unnecessary tax burdens...

New York State’s Excelsior Jobs Program provides job creation and investment incentives to companies in specific industries including biotechnology, clean-technology, green technology, financial services. More recently the program was expanded to include entertainment, music, and video game production. In a nutshell, the Excelsior Jobs Program provides...