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Satty & Partners
SERVICES
• Accounting, Auditing, Assurance
• Tax Planning & Preparation
• Business Consulting Services
• Captive Insurance Consulting
• Personal Financial Planning
• Mergers & Acquisitions
• IRS Tax Exempt Filings
• Business Valuations
• Employee Benefits Audits
INDUSTRIES
• Closely Held Businesses
• Government
• Leasing
• Not For Profit
• Retail
• Real Estate
• Professional Services
• Manufacturing & Distribution
WHY SATTY
TAX TIPS
Tax Tips
Tax Tips Archive
ABOUT
TESTIMONIALS
Secondary Nav
Blog
My Satty/Client Portal
Contact/Support
(516) 338-9500
Folder: SERVICES
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WHY SATTY
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Back
• Accounting, Auditing, Assurance
• Tax Planning & Preparation
• Business Consulting Services
• Captive Insurance Consulting
• Personal Financial Planning
• Mergers & Acquisitions
• IRS Tax Exempt Filings
• Business Valuations
• Employee Benefits Audits
Back
• Closely Held Businesses
• Government
• Leasing
• Not For Profit
• Retail
• Real Estate
• Professional Services
• Manufacturing & Distribution
Back
Tax Tips
Tax Tips Archive
Back
Blog
My Satty/Client Portal
Contact/Support
(516) 338-9500
  • Small Business 66
    • Feb 21, 2023 Do you run a business from home? You may be able to deduct home office expenses Feb 21, 2023
    • Feb 27, 2023 Buying a new business vehicle? A heavy SUV is a tax-smart choice Feb 27, 2023
    • Mar 27, 2023 Choosing an entity for your business? How about an S corporation? Mar 27, 2023
    • Apr 4, 2023 The tax advantages of hiring your child this summer Apr 4, 2023
    • Apr 26, 2023 4 ways corporate business owners can help ensure their compensation is “reasonable” Apr 26, 2023
    • May 1, 2023 Education benefits help attract, retain and motivate your employees May 1, 2023
    • May 9, 2023 Use the tax code to make business losses less painful May 9, 2023
    • May 15, 2023 If you’re hiring independent contractors, make sure they’re properly handled May 15, 2023
    • Aug 31, 2023 The Trust Fund Recovery Penalty: Who can it be personally assessed against? Aug 31, 2023
    • Sep 7, 2023 Starting a business? How expenses will be treated on your tax return Sep 7, 2023
    • Sep 14, 2023 Use an S corporation to mitigate federal employment tax bills Sep 14, 2023
    • Oct 5, 2023 The advantages of using an LLC for your small business Oct 5, 2023
    • Oct 12, 2023 Receive more than $10,000 in cash at your business? Here’s what you must do Oct 12, 2023
    • Nov 7, 2023 Planning ahead for 2024: Should your 401(k) help employees with emergencies? Nov 7, 2023
    • Nov 14, 2023 Guaranteeing a loan to your corporation? There may be tax implications Nov 14, 2023
    • Nov 21, 2023 Divorcing business owners should pay attention to the tax consequences Nov 21, 2023
    • Nov 28, 2023 Update on depreciating business assets Nov 28, 2023
    • Dec 5, 2023 Spouse-run businesses face special tax issues Dec 5, 2023
    • Dec 28, 2023 How IRS auditors learn about your business industry Dec 28, 2023
    • Jan 16, 2024 2024 Q1 tax calendar: Key deadlines for businesses and other employers Jan 16, 2024
    • Jan 23, 2024 Choosing a business entity: Which way to go? Jan 23, 2024
    • Feb 6, 2024 Key 2024 inflation-adjusted tax parameters for small businesses and their owners Feb 6, 2024
    • Mar 14, 2024 Tax-favored Qualified Small Business Corporation status could help you thrive Mar 14, 2024
    • Mar 21, 2024 Should your business offer the new emergency savings accounts to employees? Mar 21, 2024
    • Apr 2, 2024 9 tax considerations if you’re starting a business as a sole proprietor Apr 2, 2024
    • Apr 11, 2024 What’s the best accounting method route for business tax purposes? Apr 11, 2024
    • Apr 16, 2024 Taking your spouse on a business trip? Can you write off the costs? Apr 16, 2024
    • Apr 23, 2024 Tax-wise ways to take cash from your corporation while avoiding dividend treatment Apr 23, 2024
    • Jun 18, 2024 Hiring your child to work at your business this summer Jun 18, 2024
    • Jul 23, 2024 When partners pay expenses related to the business Jul 23, 2024
    • Jul 25, 2024 Growing your business with a new partner: Here are some tax considerations Jul 25, 2024
    • Aug 1, 2024 The tax advantages of including debt in a C corporation capital structure Aug 1, 2024
    • Aug 15, 2024 Should you convert your business from a C to an S corporation? Aug 15, 2024
    • Sep 17, 2024 Consider borrowing from your corporation but structure the deal carefully Sep 17, 2024
    • Oct 1, 2024 If your business has co-owners, you probably need a buy-sell agreement  Oct 1, 2024
    • Oct 10, 2024 Business website expenses: How they’re handled for tax purposes Oct 10, 2024
    • Oct 17, 2024 The possible tax landscape for businesses in the future Oct 17, 2024
    • Oct 22, 2024 Coordinating Sec. 179 tax deductions with bonus depreciation Oct 22, 2024
    • Oct 31, 2024 Cash or accrual accounting: What’s best for tax purposes? Oct 31, 2024
    • Nov 7, 2024 Navigating tax complexities: Craft partnership agreements and LLC operating agreements with precision Nov 7, 2024
    • Nov 14, 2024 Reasons an LLC might be the ideal choice for your small to medium-size business Nov 14, 2024
    • Nov 25, 2024 It’s time for your small business to think about year-end tax planning Nov 25, 2024
    • Nov 29, 2024 Help ensure your partnership or LLC complies with tax law Nov 29, 2024
    • Dec 4, 2024 Understanding your obligations: Does your business need to report employee health coverage? Dec 4, 2024
    • Dec 17, 2024 Is your money-losing activity a hobby or a business? Dec 17, 2024
    • Dec 19, 2024 Employers: In 2025, the Social Security wage base is going up Dec 19, 2024
    • Jan 3, 2025 Understanding your obligations: Does your business need to report employee health coverage? Jan 3, 2025
    • Jan 17, 2025 Self-employment tax: A refresher on how it works Jan 17, 2025
    • Feb 3, 2025 Drive down your business taxes with local transportation cost deductions Feb 3, 2025
    • Feb 19, 2025 Operating as a C corporation: Weigh the benefits and drawbacks Feb 19, 2025
    • Feb 26, 2025 How Section 1231 gains and losses affect business asset sales Feb 26, 2025
    • Apr 9, 2025 Questions about taxes and tips? Here are some answers for employers Apr 9, 2025
    • Apr 11, 2025 Do you have an excess business loss? Apr 11, 2025
    • Apr 17, 2025 How a business owner’s home office can result in tax deductions Apr 17, 2025
    • Apr 24, 2025 Ways to manage the limit on the business interest expense deduction Apr 24, 2025
    • Apr 29, 2025 Exploring business entities: Is an S corporation the right choice? Apr 29, 2025
    • May 6, 2025 Planning for the future: 5 business succession options and their tax implications May 6, 2025
    • May 13, 2025 6 essential tips for small business payroll tax compliance May 13, 2025
    • May 20, 2025 Small business alert: Watch out for the 100% penalty May 20, 2025
    • May 22, 2025 Turn a summer job into tax savings: Hire your child and reap the rewards May 22, 2025
    • May 29, 2025 What tax documents can you safely shred? And which ones should you keep? May 29, 2025
    • Jun 3, 2025 Explore SEP and SIMPLE retirement plans for your small business Jun 3, 2025
    • Jun 10, 2025 An education plan can pay off for your employees — and your business Jun 10, 2025
    • Jun 17, 2025 Corporate business owners: Is your salary reasonable in the eyes of the IRS? Jun 17, 2025
    • Jun 24, 2025 Can you turn business losses into tax relief? Jun 24, 2025
    • Jun 26, 2025 The tax rules for legal awards and settlements: What recipients should know Jun 26, 2025
  • Personal Finances and Taxes 48
    • Oct 3, 2023 Moving Mom or Dad into a nursing home? 5 potential tax implications Oct 3, 2023
    • Nov 2, 2023 The Social Security wage base for employees and self-employed people is increasing in 2025 Nov 2, 2023
    • Nov 9, 2023 Disabled family members may be able to benefit from ABLE accounts Nov 9, 2023
    • Nov 16, 2023 The tax consequences of employer-provided life insurance Nov 16, 2023
    • Nov 24, 2023 Selling your home for a big profit? Here are the tax rules Nov 24, 2023
    • Nov 30, 2023 Plan now for year-end gifts with the gift tax annual exclusion Nov 30, 2023
    • Dec 7, 2023 Investment swings: What’s the tax impact? Dec 7, 2023
    • Dec 14, 2023 Evaluate whether a Health Savings Account is beneficial to you Dec 14, 2023
    • Dec 19, 2023 What are the tax implications of winning money or valuable prizes? Dec 19, 2023
    • Jan 2, 2024 The tax implications of renting out a vacation home Jan 2, 2024
    • Jan 4, 2024 Business automobiles: How the tax depreciation rules work Jan 4, 2024
    • Jan 9, 2024 Are scholarships tax-free or taxable? Jan 9, 2024
    • Jan 11, 2024 Facing a future emergency? Two new tax provisions may soon provide relief Jan 11, 2024
    • Feb 1, 2024 11 Exceptions to the 10% penalty tax on early IRA withdrawals Feb 1, 2024
    • Feb 8, 2024 Key 2024 inflation-adjusted tax amounts for individuals Feb 8, 2024
    • Feb 15, 2024 The “nanny tax” must be paid for nannies and other household workers Feb 15, 2024
    • Feb 22, 2024 Court awards and out-of-court settlements may (or may not) be taxed Feb 22, 2024
    • Mar 12, 2024 The kiddie tax could affect your children until they’re young adults Mar 12, 2024
    • Mar 26, 2024 Filing jointly or separately as a married couple: What’s the difference? Mar 26, 2024
    • Apr 9, 2024 If you gave to charity in 2023, check to see that you have substantiation Apr 9, 2024
    • Apr 25, 2024 New option for unused funds in a 529 college savings plan Apr 25, 2024
    • May 2, 2024 A job loss is bad but the tax implications could make it worse May 2, 2024
    • May 9, 2024 Beware of a stealth tax on Social Security benefits May 9, 2024
    • May 14, 2024 Bartering is a taxable transaction even if no cash is exchanged May 14, 2024
    • May 16, 2024 How renting out a vacation property will affect your taxes May 16, 2024
    • Jun 25, 2024 Scrupulous records and legitimate business expenses are the key to less painful IRS audits Jun 25, 2024
    • Jul 9, 2024 The pros and cons of turning your home into a rental Jul 9, 2024
    • Jul 30, 2024 Pay attention to the tax rules if you turn a hobby into a business Jul 30, 2024
    • Aug 6, 2024 When do valuable gifts to charity require an appraisal? Aug 6, 2024
    • Aug 20, 2024 You may be entitled to tax breaks if caring for an elderly relative Aug 20, 2024
    • Aug 22, 2024 Inflation enhances the 2025 amounts for Health Savings Accounts Aug 22, 2024
    • Aug 27, 2024 House rich but cash poor? Consider a reverse mortgage strategy Aug 27, 2024
    • Sep 3, 2024 The tax consequences of selling mutual funds Sep 3, 2024
    • Sep 10, 2024 Social Security tax update: How high can it go? Sep 10, 2024
    • Sep 12, 2024 What might be ahead as many tax provisions are scheduled to expire? Sep 12, 2024
    • Nov 22, 2024 Six tax issues to consider if you’re getting divorced Nov 22, 2024
    • Dec 11, 2024 Unlock your child’s potential by investing in a 529 plan Dec 11, 2024
    • Jan 24, 2025 How inflation will affect your 2024 and 2025 tax bills Jan 24, 2025
    • Jan 29, 2025 Senior tax-saving alert: Make charitable donations from your IRA  Jan 29, 2025
    • Feb 28, 2025 Saving for college: Tax breaks and strategies your family should know  Feb 28, 2025
    • Mar 5, 2025 Savings bonds and taxes: What you need to know Mar 5, 2025
    • Apr 15, 2025 Financial relief for families:  The benefits of the Child Tax Credit Apr 15, 2025
    • Apr 22, 2025 Can I itemize deductions on my tax return? Apr 22, 2025
    • May 8, 2025 Turning stock downturns into tax advantages May 8, 2025
    • May 27, 2025 The nanny tax: What household employers need to know  May 27, 2025
    • Jun 5, 2025 Understanding the “step-up in basis” when inheriting assets Jun 5, 2025
    • Jun 12, 2025 The “wash sale” rule: Don’t let losses circle the drain Jun 12, 2025
    • Jun 19, 2025 Still have tax questions? You’re not alone Jun 19, 2025
  • Deductions 28
    • Mar 1, 2023 Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances Mar 1, 2023
    • Mar 6, 2023 Protect the “ordinary and necessary” advertising expenses of your business Mar 6, 2023
    • Mar 8, 2023 Claiming losses on depreciated or worthless stock Mar 8, 2023
    • Mar 13, 2023 Changes in Sec. 174 make it a good time to review the R&E strategy of your business Mar 13, 2023
    • Apr 6, 2023 The tax rules for donating artwork to charity Apr 6, 2023
    • May 4, 2023 The IRS has just announced 2024 amounts for Health Savings Accounts May 4, 2023
    • May 22, 2023 The IRS clarifies what counts as qualified medical expenses May 22, 2023
    • Aug 15, 2023 Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses Aug 15, 2023
    • Aug 22, 2023 Advantages and disadvantages of claiming big first-year real estate depreciation deductions Aug 22, 2023
    • Aug 24, 2023 When can seniors deduct Medicare premiums on their tax returns? Aug 24, 2023
    • Oct 26, 2023 Can you deduct student loan interest on your tax return? Oct 26, 2023
    • Dec 21, 2023 Casualty loss tax deductions may help disaster victims in certain cases Dec 21, 2023
    • Feb 13, 2024 A company car is a valuable perk but don’t forget about taxes Feb 13, 2024
    • Feb 20, 2024 New per diem business travel rates kicked in on October 1 Feb 20, 2024
    • Feb 27, 2024 The standard business mileage rate will be going up slightly in 2024 Feb 27, 2024
    • Mar 7, 2024 It’s possible (but not easy) to claim a medical expense tax deduction Mar 7, 2024
    • Mar 28, 2024 Get ready for the 2023 gift tax return deadline Mar 28, 2024
    • Apr 2, 2024 If you didn’t contribute to an IRA last year, there’s still time Apr 2, 2024
    • May 7, 2024 Maximize the QBI deduction before it’s gone May 7, 2024
    • Jul 11, 2024 When businesses may want to take a contrary approach with income and deductions Jul 11, 2024
    • Dec 2, 2024 Is your home office a tax haven? Here are the rules for deductions Dec 2, 2024
    • Jan 8, 2025 You don’t have to be in business to deduct certain vehicle expenses Jan 8, 2025
    • Jan 10, 2025 From flights to meals: A guide to business travel tax deductions Jan 10, 2025
    • Jan 22, 2025 When can you deduct business meals and entertainment? Jan 22, 2025
    • Feb 17, 2025 What types of expenses can’t be written off by your business? Feb 17, 2025
    • Mar 3, 2025 Small business strategy: A heavy vehicle plus a home office equals tax savings Mar 3, 2025
    • Mar 10, 2025 The standard business mileage rate increased in 2025 Mar 10, 2025
    • May 1, 2025 Riding the tax break train: Maximizing employee transportation fringe benefits May 1, 2025
  • Retirement/Estate 17
    • Apr 11, 2023 Retirement saving options for your small business: Keep it simple Apr 11, 2023
    • Apr 20, 2023 There’s a favorable “stepped-up basis” if you inherit property Apr 20, 2023
    • May 16, 2023 4 tax challenges you may encounter if you’re retiring soon May 16, 2023
    • Aug 10, 2023 Benefits of a living trust for your estate Aug 10, 2023
    • Aug 29, 2023 Are you married and not earning compensation? You may be able to put money in an IRA Aug 29, 2023
    • Sep 19, 2023 Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis” Sep 19, 2023
    • Feb 29, 2024 Don’t overlook taxes when contemplating a move to another state Feb 29, 2024
    • Mar 19, 2024 Contributing to your employer’s 401(k) plan: How it works Mar 19, 2024
    • Apr 18, 2024 IRAs: Build a tax-favored retirement nest egg Apr 18, 2024
    • Jun 20, 2024 Update on retirement account required minimum distributions Jun 20, 2024
    • Jul 2, 2024 Don’t have a tax-favored retirement plan? Set one up now Jul 2, 2024
    • Sep 26, 2024 Planning your estate? Don’t overlook income taxes Sep 26, 2024
    • Jan 6, 2025 How can you build a golden nest egg if you’re self-employed? Jan 6, 2025
    • Jan 13, 2025 The amount you and your employees can save for retirement is going up slightly in 2025 Jan 13, 2025
    • Feb 21, 2025 Maximize your 401(k) in 2025: Smart strategies for a secure retirement  Feb 21, 2025
    • Mar 7, 2025 Do you have questions about taking IRA withdrawals? We’ve got answers  Mar 7, 2025
    • Mar 14, 2025 Taming the tax tangle if you’re retiring soon Mar 14, 2025
  • Filing Taxes 13
    • Mar 30, 2023 Some taxpayers qualify for more favorable “head of household” tax filing status Mar 30, 2023
    • Apr 14, 2023 Paperwork you can toss after filing your tax return Apr 14, 2023
    • Apr 28, 2023 Tax news for investors and users of cryptocurrency Apr 28, 2023
    • May 12, 2023 Questions you may still have after filing your tax return May 12, 2023
    • May 25, 2023 Being a gig worker comes with tax consequences May 25, 2023
    • Aug 17, 2023 Reduce the impact of the 3.8% net investment income tax Aug 17, 2023
    • Jan 18, 2024 Answers to your tax season questions Jan 18, 2024
    • Jun 27, 2024 Keep these 3 issues in mind after you file your return Jun 27, 2024
    • Aug 29, 2024 Figuring corporate estimated tax Aug 29, 2024
    • Jan 15, 2025 Unlocking the mystery of taxes on employer-issued nonqualified stock options Jan 15, 2025
    • Feb 12, 2025 Early bird tips: Answering your tax season questions Feb 12, 2025
    • Feb 14, 2025 Looking ahead to 2025 tax limits as you prepare to file your 2024 return Feb 14, 2025
    • Mar 12, 2025 Many business tax limits have increased in 2025 Mar 12, 2025
  • Personal Taxes 9
    • Sep 5, 2024 Do you owe estimated taxes? If so, when is the next one due? Sep 5, 2024
    • Sep 19, 2024 Certain charitable donations allow you to avoid taxable IRA withdrawals Sep 19, 2024
    • Oct 8, 2024 How are Series EE savings bonds taxed? Oct 8, 2024
    • Oct 15, 2024 The tax implications of disability income benefits Oct 15, 2024
    • Oct 29, 2024 Are you unfairly burdened by a spouse’s tax errors? You may qualify for “innocent spouse relief” Oct 29, 2024
    • Nov 5, 2024 Working remotely is convenient, but it may have tax consequences Nov 5, 2024
    • Nov 12, 2024 Are you liable for two additional taxes on your income? Nov 12, 2024
    • Nov 20, 2024 Make year-end tax planning moves before it’s too late! Nov 20, 2024
    • May 20, 2025 Discover if you qualify for “head of household” tax filing status May 20, 2025
  • Tax Credits 9
    • Feb 16, 2023 Child Tax Credit: The rules keep changing but it’s still valuable Feb 16, 2023
    • Apr 18, 2023 Take advantage of the rehabilitation tax credit when altering or adding to business space Apr 18, 2023
    • Oct 10, 2023 Pocket a tax break for making energy-efficient home improvements Oct 10, 2023
    • Mar 7, 2024 Does your business have employees who get tips? You may qualify for a tax credit Mar 7, 2024
    • Apr 30, 2024 Better tax break when applying the research credit against payroll taxes Apr 30, 2024
    • Nov 27, 2024 Understanding the $7,500 federal tax credit for buying an electric vehicle Nov 27, 2024
    • Dec 26, 2024 Get tax breaks for energy-saving purchases this year because they may disappear  Dec 26, 2024
    • Feb 10, 2025 Adoption tax credits: Easing the financial journey of parenthood  Feb 10, 2025
    • Feb 24, 2025 Understanding the Work Opportunity Tax Credit Feb 24, 2025
  • Real Estate 8
    • Jan 30, 2024 A cost segregation study may cut taxes and boost cash flow Jan 30, 2024
    • Mar 5, 2024 Defer a current tax bill with a like-kind exchange Mar 5, 2024
    • Aug 13, 2024 A three-step strategy to save tax when selling appreciated vacant land Aug 13, 2024
    • Sep 24, 2024 Be aware of the tax consequences of selling business property Sep 24, 2024
    • Oct 24, 2024 Understanding taxes on real estate gains Oct 24, 2024
    • Dec 6, 2024 Can homeowners deduct seller-paid points as the real estate market improves? Dec 6, 2024
    • Dec 9, 2024 Advantages of keeping your business separate from its real estate Dec 9, 2024
    • May 15, 2025 Are you a tax-favored real estate professional? May 15, 2025
  • Miscellaneous 6
    • Sep 12, 2023 That email or text from the IRS: It’s a scam! Sep 12, 2023
    • Sep 28, 2023 A tax-smart way to develop and sell appreciated land Sep 28, 2023
    • Jan 25, 2024 What you need to know about restricted stock awards and taxes Jan 25, 2024
    • Jul 16, 2024 Watch out for “income in respect of a decedent” issues when receiving an inheritance Jul 16, 2024
    • Nov 19, 2024 6 tax-free income opportunities Nov 19, 2024
    • Feb 5, 2025 Your guide to Medicare premiums and taxes  Feb 5, 2025
  • M&A/Valuations 3
    • Feb 13, 2023 Key tax issues in M&A transactions Feb 13, 2023
    • Dec 12, 2023 It’s important to understand how taxes factor into M&A transactions Dec 12, 2023
    • Aug 8, 2024 Tax tips when buying the assets of a business Aug 8, 2024
  • Audits 2
    • Sep 5, 2023 The best way to survive an IRS audit is to prepare Sep 5, 2023
    • Dec 13, 2024 How your business can prepare for and respond to an IRS audit Dec 13, 2024
  • Tax Planning 1
    • Feb 7, 2025 The tax treatment of intangible assets Feb 7, 2025

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