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2018 Preview Of Tax Law Changes

Big tax law changes are coming for 2018. We can explain the changes to you, discuss how they impact you, and help you plan for them. We will be glad to discuss these changes when we do you 2017 income tax returns. These changes may affect business and personal tax returns for 2018 (which will be filed in 2019) as well as income tax returns filed subsequently. Some changes may be huge, especially for New York taxpayers. Don’t believe everything you hear or read; we will have all the facts and we will be glad to update you. Our team of professionals are ready.

Until these new Tax Laws are enacted, we are advising clients to pre-pay Real Estate Taxes and State and Local Taxes in 2017, if able.

New York employees are entitled to Paid Family Leave effective January 1, 2018. The premium for employees is $85.56 for the year. This amount will be deducted by employers from employees’ pay and used to offset the employers’ cost of mandatory insurance. The amount of Paid Family Leave received by the employee is taxable to the employee at the end of the year. The benefit is up to $652.96 per week, for up to eight weeks, limited to 50% of the employee weekly wages.