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New York Governor Signs 2025-2026 Budget That Includes Business Tax Hikes

Withum

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.

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Converting to a Roth IRA in 2022 Could Decrease Your Future Tax Burden

Anders CPA

Converting to a Roth IRA from a traditional IRA may result in an immediate tax liability but timing the conversion correctly can save on taxes in the long run. With the stock market’s instability and current income tax rates at a historical low, converting to a Roth IRA may be in your best interest, as long as you get the timing right.

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Renewable energy tax credits: Geothermal, solar, biomass, wind power, and more

ThomsonReuters

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.,

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2023 Year-End Tax Planning Strategies for the Real Estate and Construction Industry

Cherry Bekaert

Pass-through Entity Tax Elections The pass-through entity (PTE) tax election allows partnerships and s-corporations to elect to be taxed at the entity level for state income tax purposes. The key benefit to a PTE election is the federal deductibility of the entity’s state income taxes paid.

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What to Know about Tax Savings in the Inflation Reduction Act

CPA Practice

Not only does the IRA provide property owners with energy cost savings but it makes it simpler and less costly to incorporate clean energy and energy storage platforms through tax credits and other financial incentives.

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Take Advantage of New Section 45L Tax Credit Opportunities Under IRA

Cherry Bekaert

Changes to 45L In the IRA, the 45L tax credit was extended through 2032, with changes to qualifying standards beginning in 2023 when the credit transitions to the Energy Star criteria. Key 45L Updates: Beginning in 2023, new homes certified under the Energy Star programs are eligible for a $2,500 tax credit.

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Alternative Vehicle Refueling Property Credit Q&A

Withum

What Is the Federal Income Tax Credit for a Charging Station Utilized in a Trade or Business? Assume the charging stations meet all the requirements to be deemed qualifying charging stations for the federal income tax credits. How Do I Claim a Qualified Charging Station Federal Income Tax Credit?