Many rental property owners are surprised to learn that federal tax law often restricts their ability to deduct losses, treating most rental activities as passive unless specific requirements are met. But if you can qualify for the real estate professional exception, you may be able to turn otherwise suspended losses into immediate tax savings. The […]
Sasserath & Co. Managing Partner Alan R. Sasserath is a recognized leader in taking both Long Island and international businesses to the next level. Sasserath’s technical experience includes working with high-net-worth individuals and closely held businesses, dealing with matters related to both domestic and international tax. His industry experience includes working with companies in the technology, […]
While the One Big Beautiful Bill Act (OBBBA) extends or enhances many tax breaks for businesses, it ends some clean energy tax incentives. Fortunately, your business may still benefit from certain clean energy breaks if it acts in the first half of 2026. Make building improvements The Section 179D deduction allows owners of new or […]
An unexpected influx of money – such as from an inheritance, bonus, legal settlement or lottery win – can feel exciting and full of possibility. But without a clear plan, that financial good fortune might not last as long as you’d hoped. Avoid common pitfalls It can be tempting to immediately buy your dream car […]
Here’s a sampling of some significant tax law changes going into effect this year: New charitable contribution deduction for nonitemizers for cash contributions up to $1,000 ($2,000 for married couples filing jointly) New 0.5% of adjusted gross income floor on charitable deduction for itemizers New 35% benefit limit on itemized deductions for taxpayers in the […]
If you received tips or overtime pay in 2025, you may be eligible for a new deduction when you file your income tax return. Last year’s One Big Beautiful Bill Act (OBBBA) created both deductions, which can be claimed whether or not you itemize deductions. But various rules and limits apply. Also be aware that […]