There could be great news for many taxpayers when they get ready to file their income tax returns this year… The New York Senate just passed a property tax cap bill to offer NYC buyers and homeowners the same protections as those on Long Island. However, the passing of the new Protecting Americans from Tax Hikes (PATH) Act which the president signed into law right before the New Year offers an array of tax breaks and extensions. Some of these were existing tax breaks which have been extended, others have been made permanent and have been improved on.
10 PATH Act Breaks to Ask Your Accountant About:
- Child tax credits
- Tuition and education fee deductions
- Employee transportation benefits
- State and local sales taxes
- Mortgage debt forgiveness
- Residential energy credits for home improvements
- Mortgage insurance premium deductions
- Accelerated 15 year deprecation for select properties
- 100% tax exclusion on qualified small business stock gains
- Affordable Care Act
These are just some of the items covered by the PATH Act. While each individual’s situation is unique there is potential for many to gain extra tax breaks, while retaining more of the money they earn in small businesses or startup investments, and offsetting more of their living expenses with tax deductions.
New York Property Taxes
While the above may hold some golden nuggets for many NY residents and real estate investors, one of the largest annual expenses continues to be property taxes. These were one of the factors not tackled in the PATH Act. Individuals, families, and small business owners feeling that they are still paying too much in annual property taxes should absolutely seek out the counsel of a local Property Tax Adjuster. The odds of your bill being inflated or incorrect consistently prove to be high. Fortunately, that can be overcome with pro help.