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TaxMaster Blog

Practical tax guidance, filing reminders, and planning insights for individuals and businesses across Queens and Long Island.

Selling Your House on Long Island: What the Tax Bill Could Look Like

Selling Your House on Long Island: What the Tax Bill Could Look Like

Long Island home prices have risen sharply over the past decade. Nassau County median sale prices are running roughly $839,000 as of spring 2026. Suffolk is around $700,000. For homeowners who bought fifteen or twenty years ago, the gap between what they paid and what they can sell for has grown into a number that carries real tax consequences. Most homeowners know there is a federal tax break on profits from the sale of a primary residence. Fewer people know exactly how it works, where it...

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Quarterly Estimated Taxes: What the Self-Employed Need to Know Before June 15

Quarterly Estimated Taxes: What the Self-Employed Need to Know Before June 15

If you are self-employed, a freelancer, or running a business where no one is withholding taxes from your income, the IRS expects you to pay as you go. That means quarterly estimated tax payments, and the second one for 2026 is due June 15. Most people who are new to self-employment are surprised by this. When you had a W-2, your employer sent money to the IRS every pay period. Nobody does that for you now. If you wait until April to settle up for the full year, you may owe a penalty even if...

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You Missed a Year. Or a Few. Here Is How to Get Back on Track.

You Missed a Year. Or a Few. Here Is How to Get Back on Track.

Most people who have an unfiled return know they have one. They are not avoiding it because they do not care. They are avoiding it because they do not know where to start, and every month that passes makes starting feel harder. Whether you missed one year a while back or have not filed in several years, the process is the same: get the returns filed, address what you owe, and put it behind you. The IRS is generally more willing to work with people who come forward than with people it has to...

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Filing a Tax Extension in New York: More Time to File, Not More Time to Pay

Filing a Tax Extension in New York: More Time to File, Not More Time to Pay

If your tax return is not ready by early April, filing an extension is the right call. That's not unusual, and it's not a red flag. Millions of taxpayers file extensions every year, and the IRS treats them as routine. What matters is understanding what an extension actually does, and just as important, what it does not do. The Deadline That Does Not Move Filing an extension moves your return deadline from April 15 to October 15. It does not move your payment deadline. If you owe federal...

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What We’re Seeing So Far This Tax Season (And What It Means for You)

What We’re Seeing So Far This Tax Season (And What It Means for You)

March is when tax season stops feeling theoretical. The early filers are done, the procrastinators are starting to feel pressure, and many people are realizing their return is not as simple as they expected. At TaxMaster, we work with individuals, families, seniors, homeowners, and business owners across Queens and Long Island. By March, the same issues tend to surface year after year. This year, the One Big Beautiful Bill Act (OBBBA) has added a few new points of confusion. Here is what we...

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How the One Big Beautiful Bill Act Could Affect Your 2025 Tax Return

How the One Big Beautiful Bill Act Could Affect Your 2025 Tax Return

If your taxes have felt unpredictable the last few years, you are not imagining it. The One Big Beautiful Bill Act, signed into law on July 4, 2025, introduced several changes that affect 2025 tax year rules , which most people are filing now or preparing to file. Some of these changes may lower taxable income. Others affect which deductions make sense or what documentation is required. A few do not change how much you owe at all, but they can slow down filing if you are not prepared. First,...

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Tax Season Is Here: What You Should Be Gathering and Looking For

Tax Season Is Here: What You Should Be Gathering and Looking For

Tax season has a way of arriving whether you feel ready or not. Once January turns into February, deadlines feel closer, questions pile up, and missing paperwork suddenly becomes stressful. The good news is that a little preparation now can make the entire process smoother, faster, and far less frustrating. Whether you are filing as an individual, running a small business, or doing a mix of both, gathering the right documents early helps avoid delays, reduce errors, and prevent last‑minute...

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SALT Deduction Cap Increase in 2025: What New York Homeowners Need to Know

SALT Deduction Cap Increase in 2025: What New York Homeowners Need to Know

If you own a home in New York, you know how heavy the tax load can feel. Between property taxes, state income taxes, and the high cost of living, every dollar matters at tax time. Since 2018, the federal SALT deduction cap has limited most taxpayers to a maximum of 10,000 dollars. For many families in Queens and Long Island, that cap has been a real financial hit. The One Big Beautiful Bill Act (OBBBA) changes that starting with the 2025 tax year. The expanded SALT deduction cap finally gives...

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Understanding the Standard Deduction Under the OBBBA: What New Yorkers Need to Know

Understanding the Standard Deduction Under the OBBBA: What New Yorkers Need to Know

The standard deduction isn’t just a line on your tax return — it’s one of the biggest factors in how much of your income actually gets taxed. With the One Big Beautiful Bipartisan Act (OBBBA) extending and expanding many provisions from the Tax Cuts and Jobs Act (TCJA), millions of taxpayers will see higher standard deduction amounts for the 2025 tax year (returns filed in 2026). That’s good news for most individuals and families across New York, especially those looking to simplify their...

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