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

Withum

While there are no major tax changes in the budget bill, several items are worthy of note for taxpayers. Including a payroll tax hike and new rules related to partnership audits. Below is a summary of some of the more important tax changes. However, certain smaller employers will receive a 50% reduction in their payroll taxes.

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Year-End Tax Strategies for Businesses

Withum

The corporate tax rate is currently a flat 21% rate. There is also a 15% corporate alternative minimum tax (CAMT) based on book income for companies with average annual adjusted financial statement income exceeding $1 billion. Please work with your tax advisor for future planning.

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More winners and losers from the Trump tax bill

Accounting Today

Kent Nishimura/Bloomberg The massive tax and spending bill that President Trump signed into law on July 4 contains plenty of provisions that will benefit companies, unless theyre in the renewable energy industry. The taxes can add up for the larger universities. The taxes can add up for the larger universities.

Tax
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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.

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

ThomsonReuters

Jump to: How do renewable energy tax credits work? What renewable energy tax incentives does the IRS offer for individuals vs. businesses? To encourage this shift, the IRS offers a range of renewable energy tax credits for alternative energy sources like solar, wind, and geothermal power.

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

Cherry Bekaert

Contributor: Chelsea Payne , Senior Manager, Tax Services As the end of the year approaches, strategic planning remains crucial for taxpayers looking to optimize their financial positions and set the stage for a strong start in the upcoming fiscal year. Generally, taxpayers must reinvest the gains realized within 180 days of the transaction.

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What to Know about Tax Savings in the Inflation Reduction Act

CPA Practice

Yet, in this case, identifying them is worth the time and effort since they can make a big difference in tax filings for eligible homeowners and business property owners. consumer tax credit for lower/middle income individuals of $4,000 to buy used clean vehicles and up to $7,500 tax credit to buy new clean vehicles.

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