Small business tax cuts

Mike Durant, state director of the National Federation of Independent Business, said the money going to just two recipients of the film tax credit is more than half of the $26 million small-business tax cut Gov. Andrew Cuomo has proposed -- and larger than the $27 million that just 10 shows or movies received in the last quarter of 2014.The tax cut would help 42,000 small businesses on their income taxes next year."Between 'Orange is the New Black' and 'Nurse Jackie,' you're talking half of the small-business tax cut -- this 'historic' small business tax cut," Durant told Gannett's Albany Bureau today on 'Small Business" lobby day at the Capitol. "What message does that send?"Gannett's Albany Bureau reported today that Netflix's Orange is the New Black is getting plenty of green from New York taxpayers -- $10 million to film season two.For the first time, the state quietly released details on how much some films and shows received in tax breaks for the final quarter of last year.The … [Read more...] about Tax breaks for 10 shows larger than small-business tax cut

Portrait of small business owner MoMo Productions | Taxi | Getty Images The tax overhaul unveiled a new 20% tax deduction for small business owners in 2018 — and just over 1 in 10 filers so far have claimed it. The qualified business income deduction is one of the new features of the Tax Cuts and Jobs Act, which went into effect last year. This new tax break allows owners of "pass-through" entities, including S-corporations, partnerships and sole proprietorships, to deduct up to 20% of their qualified business income. Filers eagerly grabbed the deduction for the 2018 tax year. More than 14 million income tax returns claimed this break as of May 23, according to data from the Internal Revenue Service. Up to that date, the IRS received more than 134 million returns. In all, filers claimed roughly $74 billion in so-called QBI deductions taken as of that date, the IRS found. "With it being the first year, I think everyone is still trying to figure it out," said Tim Steffen, CPA … [Read more...] about Here’s how many people claimed this new 20% small-business tax break

ALBANY — Gov. Andrew Cuomo on Tuesday plans to propose a series of small-business tax cuts and a $100 million fund to revitalize ailing downtowns in New York.Cuomo will make the announcement Tuesday afternoon in downtown Rochester as he starts to roll out his 2016 agenda in advance of his State of the State address and state budget release on Jan. 13.The proposed small-business tax cuts come as the Democratic governor is seeking a $15-an-hour minimum wage, which has been opposed by companies, particularly small businesses.Cuomo hinted last year that small businesses would need help if the state boosts the minimum wage.His proposal would expand small business tax cuts that Cuomo first implemented in 2011 and impact more than 1 million businesses. The latest proposal is expected to save small businesses nearly $298 million annually, according to details obtained by Gannett’s Albany Bureau.For small businesses that file under the corporate tax code and have fewer than 100 … [Read more...] about Cuomo plans small-biz tax cuts, downtown fund

Gov. Andrew Cuomo on Tuesday proposed $300 million in small business tax cuts and a $100 million fund to revitalize ailing downtowns in New York.Cuomo made the announcement Tuesday in downtown Rochester as he starts to roll out his 2016 agenda in advance of his State of the State address and state budget release on Jan. 13. The budget, he said, will include $7 billion for upstate, including yet-to-be-announced transportation, energy and agriculture initiatives.The proposed small business tax cuts come as the Democratic governor is seeking a $15 an hour minimum wage, which has been opposed by companies, particularly small businesses.“It’s a tax cut designed for small businesses — 97 percent of the businesses in New York are small; 2.8 million New Yorkers work for small businesses,” Cuomo said.Cuomo’s proposal would expand small business tax cuts that Cuomo first implemented in 2011 and impact more than 1 million businesses. The latest plan would save … [Read more...] about Cuomo plans small-biz tax cuts, $7 billion for upstate

ALBANY -- Gov. Andrew Cuomo on Tuesday plans to propose a series of small business tax cuts and a $100 million fund to revitalize ailing downtowns in New York.Cuomo will make the announcement Tuesday afternoon in downtown Rochester as he starts to roll out his 2016 agenda in advance of his State of the State address and state budget release on Jan. 13.The proposed small business tax cuts come as the Democratic governor is seeking a $15 an hour minimum wage, which has been opposed by companies, particularly small businesses.Cuomo hinted last year that small businesses would need help if the state boosts the minimum wage.His proposal would expand small business tax cuts that Cuomo first implemented in 2011 and impact more than 1 million businesses. The latest proposal is expected to save small businesses nearly $298 million annually, according to details obtained by Gannett's Albany Bureau.For small businesses that file under the corporate tax code and have fewer than 100 employees with … [Read more...] about Cuomo to announce small biz tax cuts, $100M downtown fund