June 2022
Featured Article From Our Experts
Significant Changes Arising From the New York State 2022-2023 Budget Bill

The Governor of New York State recently signed the State’s 2022-2023 fiscal year budget into law. This legislation brings significant changes. In this article, I will highlight the most impactful changes this bill makes to the New York State Pass-Through Entity Tax, as well as corporate and personal income tax modifications.

Can You Deduct the Costs of a Self-Managed Portfolio? 
Many taxpayers incur significant investment-related expenses, which might include payment for financial service subscriptions, clerical support and home office maintenance. Under current tax law, these expenses aren’t deductible through 2025 if they’re considered investment expenses to produce income. If they’re considered trade or business expenses, however, they are deductible. This article explains the difference between a trader and an investor. A brief sidebar describes a court case to illuminate that difference.
How Start-up Costs of a New Business Affect Your Tax Return
Despite a seemingly endless period of COVID-19 setbacks, last year the country experienced a large increase in new businesses launched. The latest figures available from the U.S. Census Bureau (June 2020 through June 2021) show that business applications rose 18.6%. Entrepreneurs often don’t know that many of the expenses incurred by start-ups can’t be currently deducted. This article discusses how the handling of initial expenses can affect a new business owner’s federal tax bill.  

Nonworking Spouses May Still Contribute to an IRA
Married couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a “spousal” IRA. It allows contributions to be made for nonworking spouses. This article explores the details. 
Help Prevent Financial Scams Aimed At Older People
No matter the season, scam artists look for new victims, including those who would pick the pockets of older people in search of money and financial data. This article offers seven ways to help prevent elder financial abuse and fraud.
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About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. Throughout this forty plus years' history, we have been wholly dedicated to the success of our clients. Every aspect of our business has been guided by our values and our commitment to putting each client's interests first. In a complex profession, we have found our greatest rewards in the simplicity of helping good people prosper. Delivering confidence in every financial decision is our goal for our clients, and it's also the most significant way we can contribute to their long-term success.

To learn more about Dannible & McKee, visit us at: www.dmcpas.com.