Many businesses host a picnic for employees in the summer. It’s a fun activity for your staff and you may be able to take a larger deduction for the cost than you would on other meal and entertainment expenses.
The top alternative minimum tax (AMT) rate is 28%, compared to the top regular ordinary-income tax rate of 39.6%. But the AMT rate typically applies to a higher taxable income base and will result in a larger tax bill if you’re subject to it.
One of the most important aspects of owning real estate in New York is making sure you stay abreast of the rules pertaining to capital gains taxes