The Retirement Savings Contributions Credit, commonly called the Saver’s Credit, is a federal tax credit designed to encourage low- and moderate-income workers to save for retirement. It provides a dollar-for-dollar reduction of the tax owed, supplementing other tax benefits available for retirement contributions. In recent years, millions of taxpayers have benefited, with the credit averaging several hundred dollars per eligible return.
7 Questions to Ask Before Hiring an NYC Accountant
Congratulations! If you’re an entrepreneur or business owner on the hunt for an NYC accountant, it’s a sign of growth. It’s also a smart move. In a survey of 393 small business leaders, an accountant was ranked as the most important professional used by their business.
From potential tax savings to improved cash flow, an accountant is worth the investment – if you hire the right one. Before hiring an NYC accountant, ask these 7 questions:
2026 Tax Law Changes for Businesses
Here’s a sampling of some significant tax law changes going into effect this year:
Which Parent Gets the Tax Breaks After Divorce?
IRS rules determine who can claim many child-related federal income tax breaks after parents divorce or legally separate.
If You’re Closing Your Business, Don’t Forget These Tax Steps
Closing a business can be overwhelming. But it’s important not to let tax duties fall through the cracks. File a federal income tax return for your business’s final year and, if you have employees, make final federal tax deposits and report employment taxes.
There’s Still Time to Set Up a SEP and Save on Taxes
If you own a business or are self-employed and haven’t already set up a tax-advantaged retirement plan, consider establishing one before you file your 2025 tax return.
Tax Planning Includes Keeping Good Records — Seven Helpful Tips
It’s January, and tax season is right around the corner. For many people, that means scrambling to collect receipts, mileage logs, and other tax-related documents needed to prepare their tax returns. If this describes you, chances are, you’re wishing you’d kept on top of it during the year so you could avoid this scenario yet again. With this in mind, here are seven suggestions to help taxpayers like you keep good records throughout the year:
Last-Minute Tax Strategy: Accelerating Deductions
Have you been claiming the standard deduction the last few years? If so, you may want to rethink that for this tax year.
The expanded state and local tax (SALT) deduction may cause your total itemized deductions to exceed the standard deduction, and itemizing to make sense.
Simplify Expense Reporting With High-Low Travel Per Diem Rates
The “high-low” per diem method is a simplified way to reimburse employees who travel for your business compared to tracking actual lodging, meal, and incidental expenses.