Most everyone will be a winner when it comes to the new federal income tax legislation says Glenn Noakes, CPA and supervisor at RBT certified public accountants and consultants.
Noakes spoke at the recent monthly New Paltz Regional Chamber of Commerce member luncheon. He led the packed room at Garvan's through changes in the income taxes. For some with mortgages, income taxes may go down. Capital gains did not change. In general, the tax changes are good for those in the top brackets.
For restaurants and those of us attending luncheon meetings, expense deductions for meals and entertainment are going away under the present law.
But, there are numerous details. For specific answers, we'll still need experts.