As you start the process of year-end tax planning, it gives us the opportunity to look at any updates or changes in credits, both Federal and in New York State that could affect our personal and business returns this upcoming filing season. Below is an overview of some credits that to pay attention to for the upcoming tax season.

Federal - Research and Development (R&D) Credit

Most taxpayers are alright with paying their share of taxes on income that they have earned throughout the year. However, there are ways taxpayers can reduce their federal and state income tax liability. One of these ways is through tax credits. Some credits not only reduce the amount that an individual ends up owing on their personal tax returns, some are refundable to the taxpayer.