Tax Preparation, Insurance, Payroll, Medicare and Business Advisement in Jamestown NY
Learn about tax tips and articles from our advisory section from Gleason Tax Advisory.
Either choice brings large deductions Eventually all business owners will need to purchase or replace assets. When this happens, they need to determine how the cost of those assets will be recovered. Typically, the cost of business assets is … [Read more...] about Section 179 vs. Bonus Depreciation
As you may already know, on April 3rd, 2020 NYS signed into law that large employers with 100 or more employees can accumulate 56 hours of paid sick leave per year and small employers with 5-99 employees can accumulate 40 hours of paid sick leave per … [Read more...] about 2021 Changes to Paid Sick Leave
Know what's deductible? If you’re self-employed and use part of your home for business, you may be able to deduct expenses allocable to the business use. The home office deduction is available for homeowners and renters. To qualify for the … [Read more...] about Working From Home?
Nonitemizers can claim a deduction The CARES Act makes two significant changes to the rules governing charitable deductions for individuals. Individuals will be able to claim a $300 above-the-line deduction for cash contributions made to public … [Read more...] about New charitable contribution rules
CARES Act eases the rules In 2017, the Tax Cuts and Jobs Act (TCJA) provided that net tax losses from businesses in excess of an inflation-adjusted $500,000 for joint filers, or an inflation-adjusted $250,000 for other taxpayers, are to be treated … [Read more...] about Handling business losses
Having a baby changes your life in every way. One of those ways is taxes. There are a variety of tax benefits related to having children. The Child Tax Credit provides up to $2,000 of credit for each child under age 17. This benefit is … [Read more...] about Having a Baby
