New York has strict tax rules that affect both employees and employers, particularly when it comes to wage reporting and taxation of remote work. Whether you are a business managing payroll or an employee working remotely for a New York-based company, understanding these rules is crucial to ensure compliance and avoid unnecessary tax liabilities.

The Net Investment Income Tax (NIIT) is an additional 3.8% tax imposed on certain net investment income for “high-income” individuals, estates, and trusts.

The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900, and for heads of households, the standard deduction will be $20,800 for tax year 2023, up $1,400 from the amount for tax year 2022.

Foreign Bank Account Reporting (FBAR) is a crucial aspect of financial transparency and compliance for U.S. taxpayers, enforced by the Financial Crimes Enforcement Network (FinCEN) through Form 114. This reporting requirement is designed to uncover and deter individuals from using foreign bank accounts to hide assets and income from the Internal Revenue Service (IRS).

Tax planning is a crucial aspect of managing one's financial affairs, and individuals have various opportunities to optimize their tax liabilities. Here are just five key tax planning opportunities for individuals to consider: