Individuals who claim the standard deduction can now deduct certain charitable contributions, creating a tax-saving opportunity for year-end giving. How the deduction works Beginning in 2026, taxpayers who take the standard deduction may deduct up to $1,000 of qualifying charitable contributions, or up to $2,000 for married couples filing jointly. Only cash contributions qualify, such […]
Sasserath & Co. is pleased to announce Senior Tax Associate Christian Crocker has been selected by HIA-LI to receive a 2026 Rising Leadership Award. This award recognizes dedicated individuals whose leadership has had a positive impact on Long Island. Recipients of this award highlight Long Island’s next generation of leaders. Crocker will accept his award at the HIA-LI […]
As year-end approaches, businesses have plenty of tax and payroll tasks competing for attention. One easy-to-overlook area is employee and owner benefits. Identifying taxable benefits before the final payroll runs of 2026 can help prevent reporting errors, payroll tax problems and unexpected Form W-2 adjustments. Take stock of fringe benefits Many fringe benefits are excluded […]
When customers or others don’t pay what they owe your business, you may be able to claim a bad debt deduction to help offset the financial loss. But it isn’t automatic. Businesses must satisfy specific federal tax rules and maintain adequate records to support the deduction. Not every unpaid debt is eligible Whether an unpaid […]
As the end of 2026 approaches, look beyond investment performance and consider how taxes may affect your overall returns. Although tax considerations generally shouldn’t drive investment decisions, a year-end portfolio review may identify opportunities to reduce your taxes. Here are four to consider. 1. Harvest losses (or gains) Review the capital gains and losses you’ve […]
If you’re eligible to contribute to a Health Savings Account (HSA), consider taking a closer look at your contribution strategy. You may be able to reduce your 2026 taxes while strengthening your long-term financial security. Although many people use HSAs to pay current medical expenses, they can also help fund retirement. Maximize tax savings HSAs […]