Saranac Tax Services-Poughkeepsie

10/02/2026

The New York State legislature recently passed legislation authorizing the Penalty and Interest Discount (PAID) program. This program gives sales tax vendors the chance to save 50% of the interest and 100% of the penalty they owe on certain unpaid sales tax bills, if they pay the total reduced amount owed on all PAID-eligible bills by December 31, 2026.

The New York State legislature recently passed legislation authorizing the Penalty and Interest Discount (PAID) program. This program gives sales tax vendors the chance to save 50% of the interest and 100% of the penalty they owe on certain unpaid sales tax bills, if they pay the total reduced amoun...

09/30/2026

This new program will be beneficial to lower income workers, but the implementation may be burdensome.

The new program, which will give eligible savers a federal match for contributions to their retirement accounts, starts in 2027 and replaces the saver's credit.

09/21/2026

RMDs can be a tax trap for many who have saved for retirement. The QLAC is a strategy that may be helpful for some people to lower RMDs and AGI, which may help lower Medicare premiums below IRMAA thresholds.

A little-known corner of the tax code lets retirees legally hide a chunk of their IRA from the IRS formula that forces taxable withdrawals every year, but the trade-off is severe enough that most financial advisors never bring it up.

09/20/2026

On Wednesday, September 16, we emailed our clients invitations to set up a new portal system with Tax Dome. Our SmartVault Document Management System will no longer be in use after September 28, 2026. The new system offers greater features that will enhance the client experience.

08/29/2026

This summer has passed by quickly. The extended filing deadline for S Corporations and partnerships is approaching is September 15. The extended filing deadline for individuals is October 15. Keep in mind it’s always better to file a return even if you can’t pay. It reduces the failure to file penalties.

The IRS is reminding millions of taxpayers about an important deadline. People who filed for a tax extension have a little more than a month to submit their paperwork before Oct. 15. The agency said t...

07/21/2026

Taxpayers frequently ask how their legal settlements will be taxed. The answer to most tax questions is “It Depends”. We usually inquire about the terms of the settlement—hoping that language has been integrated into the settlement that resolves the many issues involving taxation.

Legal settlement agreements should have tax language to support the plaintiff later at tax return time. Otherwise, the IRS may be in control of the taxes.

07/17/2026

Tax liens are public documents, but generally do not show up on credit reports.

Federal tax liens filed by the Internal Revenue Service can impact people's employment and their ability to access credit.

04/13/2026

We want our clients to be successful in their tax filing. Please meet these important deadlines.

04/11/2026

IF A POSTMARK DATE IS IMPORTANT, ASK FOR A HAND-CANCEL POSTMARK -- The postal service is now applying postmarks to mail at regional sorting centers, not necessarily at the local post office where it's dropped off. Most mail in our local area gets shipped to Albany before it's postmarked, and can end up a day or two after you drop it off at the post office. If a postmark date is important, bring it inside for a hand cancel.

Millions of Americans racing to meet the April 15 tax deadline this coming Wednesday could be walking straight into a costly trap.