If you are a sales tax enthusiast, you may be tired of hearing people say the name Wayfair! If you are not such an enthusiast, this is probably the first time you have heard the name. Michele Murray, Farm Credit East Financial Services Leader, explains the general rules of this post-Wayfair environment in our Northeast states.
Following a positive trend over the last few years, 2018 saw some favorable changes for NYS farmers. Three important items for farmers and their advisers to keep in mind are the food pantry credit, the property abatement and exemption changes, and the ways that changes made by the Tax Cuts and Jobs Act to section 1031 exchanges could jeopardize the farmers’ school tax credit (FSTC).
In 2018, New York introduced the Empire State Apprenticeship Tax Credit Program. The tax credit is available to employers in select industries who hire an apprentice to learn their business. Grey Bennis, Farm Credit East Tax Associate, talks about the details of this tax credit.
As we approach the holiday season, or tax-planning season as we like to call it, there are major tax changes that will require proactive planning with your tax professional. The tax law changes that have been in the news may seem overwhelming, but it is more important than ever to spend time optimizing tax strategies to reduce your tax liability. Here are some of the important tax planning strategies to consider.