new york

3 Tax Benefits for New York Veterans

Current and former members of the military are eligible for certain tax exemptions.

“These exemptions and credits are one small way we can show our gratitude to the brave and dedicated individuals who currently serve or have served in our military,” said Acting Commissioner of Taxation and Finance Nonie Manion in a 2017 press release.

Photo by Benjamin Faust on Unsplash

Photo by Benjamin Faust on Unsplash

In today’s post, we’ll examine a handful of the exemptions available for New York veterans.

Property Tax 

As many as half a million New York veterans benefit from property tax exemptions, many of which are offered by local governments.

Depending on the circumstance, the property tax burden of a wartime veteran could be up to 15% or even as high as 25% if the veteran serves in a combat zone.  Cold War veterans (between 1945 and 1991) could see up to 15% in exemptions.

If the veteran was disabled in the line of duty, they could see up to 50% off in exemptions.

How do these property tax exemptions work?

In September 2017, Gov. Cuomo signed a bill that allowed the 679 school districts the option to allow exemptions for Cold War veterans for the entirety of the time the veteran owns the property. Prior, it was 10 years.

To find out which of these exemptions applies to you, you’ll need to contact your local assessor’s office. Visit NYS’s Municipal Profiles website to get the contact information you need.

Military Pay  

If your permanent home was in NYS before you entered the military, you don’t have to pay income tax on your active-duty pay. But it isn’t quite that simple.

You have to meet ALL three of the following conditions:

  • Didn’t have a permanent home in NY

  • Maintained a permanent abode outside of NY (this excludes military quarters like barracks, BOQ, etc.)

  • Spent less than 30 days in New York during the year

Basically, you need have not lived in New York almost at all for the entirety of the year to be eligible for this perk. You also had to be living somewhere off-base/ship to not owe income taxes.

Hire a Veteran Credit 

There are two types of hire a veteran credit. They are:

  • Corporations subject to franchise tax

  • Individuals, estates and trusts under personal income tax laws

This credit applies if you or your business:

  • Hires a qualified veteran before January 1, 2020

  • Employees the qualified veteran for 35 hours

If the veteran is disabled, the credit is 15% of the total wages paid during the first full year of employment. That amount can’t exceed $15,000 per veteran.

If the veteran isn’t disabled, the credit is10%  of the total wages paid during the first full year of employment. For nondisabled veterans, the credit is capped at $5,000.

These are just a handful of the tax benefits, credits, and exemptions that veterans can take advantage of. Reach out to one of our tax professionals and we’ll ensure you’re getting the most tax benefits from your service.

 

The Business & Tax Benefits of Westchester County

8900968919_72324e1b50_z

Thinking of starting a business?

Westchester County is the perfect place to start a business. There are lots of countywide programs to get your business off the ground and geographical benefits from being in Westchester County.

Proximity to NYC

Depending on where you are in Westchester County, you’ll be close to the bustling economic center of New York City without having to deal with commuting to the city.

You’ll also be located close to Connecticut and parts of upstate New York.

That means you’ll be within drivable range for all of these areas.

Get Ahead With Westchester’s IDA Program Benefits

Westchester County Industrial Development Agency (IDA) can help you grow or start your business.

Use the benefits from this program to:

  • Build or renovate office parks or buildings
  • Develop mixed-use projects including hotels, marketers, medical office space, etc.
  • Support extensive multi-family and multi-use residential

This past January, the agency funded $391 million worth of residential projects in 2019. They’ve helped get hundreds of businesses off the ground and have given them a variety of benefits. For more details, check out IDA’s website.

Tax Exemptions

The IDA agency can also provide exemptions for use and sales tax in the following areas:

  • Construction
  • Furnishings
  • Business equipment
  • Related capital improvements

Check out the policy here.

Westchester County wants businesses to move in, so find out what both the county and the town/city you’re in offers in the way of incentives.

Image: Fred Murphy/C.C 2.0

Responsive and Knowledgeable White Plains Accounting Firm With a Personal Touch

White Plains Accounting Firm

In business and personal finance, accountants are often unsung heroes. They can find legal means of saving you money on your taxes. They protect companies from theft and prevent costly financial blunders. And, they can make sure that your family members will be provided for after you’re gone.

Today, accounting software may be plentiful, but there’s still no substitute for human judgment when it comes to monetary matters. In fact, it’s more important than ever to work with a top-notch local accounting firm, one that offers a variety of personalized services. That’s because simple business decisions, routine financial transactions and shortcuts to financial stability and success no longer exist.

In the Metropolitan New York, Connecticut and New Jersey area, Herman & Company CPA’s, P.C. is just such a firm. We’ll get to know you well and we’ll learn about your business and investments to provide top-notch service.

Help With QuickBooks

You may rely on an accounting program such as QuickBooks to handle your transactions. Indeed, QuickBooks is an outstanding choice, as it lets you track expenses, automate payments, create reports and bill clients. However, this program is not a sufficient replacement for the experience and prowess of a knowledgeable CPA.

If you do use QuickBooks, we can provide you and your employees with individual or group training sessions. We could also install this software ― on a computer or a network ― so that one or more people may use it. Further, we can set up each component of the program or enhance the setup you already have.

As time passes, if you have questions or problems regarding QuickBooks payroll or accounting, we’ll gladly aid you with those features. Additionally, we can look over your QuickBooks reports and other documents to make sure they’re accurate and that you know how to use them to run your business efficiently and profitably. If you would like, we will conduct those reviews on a monthly or quarterly basis.

A Wide Range of Resources

Finally, we offer each of our prospective clients a free consultation with no obligations. Other than sending you a note of thanks, we won’t contact you after this meeting unless you request to hear from us again. And that consultation could be a major step toward reaching your personal or business’s financial goals!

 Paul S. Herman CPA, a tax expert for individuals and businesses, is the founder of Herman & Company, CPA’s PC in White Plains, New York.  He provides guidance and strategies to improve clients’ financial well-being.

Any U.S. tax advice contained in the body of this website is not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.