Withum

MAY 12, 2025

Millionaires tax: The budget extends the higher personal income tax rate on individuals who make over $1.1 million annually through 2032. When first enacted in 2021, this higher tax rate for millionaires was set to expire in 2027. However, like most temporary tax hikes, it looks to be permanent.

New York

Withum

DECEMBER 4, 2024

Section 179 expensing, unlike bonus depreciation, can give rise to state income tax benefits. Cost segregation is recognized as an engineering-based tax study accepted by the IRS. years) to a shorter depreciable tax life (e.g., For-profit entities can apply clean energy credits against their federal income tax due.

Tax

ThomsonReuters

DECEMBER 19, 2023

Renewable energy tax credits incentivize the adoption of eco-friendly energy sources, benefiting both the environment and the economy. You must claim the credit for the tax year when the property is installed, not merely purchased. Residential Clean Energy Tax Credit If you invest in renewable energy (i.e.,

Tax

Withum

OCTOBER 17, 2024

With the Presidential election less than one month away, private and family-owned businesses are in limbo when dealing with 2024 year-end tax planning. However, the individual income tax policies that could increase pass-through owners’ federal income tax by over 30% are still uncertain.

income tax