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Satty & Partners

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Satty & Partners

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Satty & Partners is a mid-size accounting firm with a boutique mindset where our clients come first.

10/28/2026

The Penalty Box is Changing for Some Taxpayers in the Game

IRS will soon begin to automatically waive penalties for some filers. It will abate late-filing and late-payment penalties for taxpayers who pay or arrange to pay the tax due and have been tax-compliant for the past three years. Penalties for late payroll-tax deposits and for delinquent returns of partnerships and S corporations are also eligible for the waiver. But the estimated-tax penalty can’t be waived. For years, taxpayers had to specifically request abatement under IRS’s first-time abate administrative policy by calling or writing the agency.

https://satty.com/tax-tips/the-penalty-box-is-changing-for-some-taxpayers-in-the-game

10/21/2026

Higher inflation is mixed news for taxpayers

Many federal tax breaks will increase in 2027. Others stay stagnant, as they have for years. Income tax brackets will be wider in 2027 because they are annually indexed to inflation. Other tax breaks could also rise. Among them: Standard deductions. Child tax credit. Adoption credit. AMT exemptions. Income limits on U.S. savings bonds that are used for education. Annual gift-tax exclusion. Lifetime estate-and-gift-tax exemption. Income levels for figuring whether long-term capital gains are taxed at 0%, 15% or 20%. The foreign earned income exclusion. And many more breaks. A stealth 2017 tax hike takes away some of the inflation tax benefits.

https://satty.com/tax-tips/higher-inflation-is-mixed-news-for-taxpayers

10/16/2026

Why Have People Historically Quit Their Jobs? The Real Reason Comes Down to 4 Words

There is nothing more disconcerting or expensive for an organization than when a valuable member of the team resigns. Their compensation packages may have even been uber-generous, and then they roll over and quit. Before management begins the search for a replacement and subsequently the inevitable integration both into process and culture, one should sit back and ask “why”? Why did they leave? More importantly, who else is considering a change? There are some inescapable reasons that are simply not in control, such as life changes, age, family issues, etc. But often, management has to look itself in the mirror so that other valuable people don’t leave. It may not even be readily apparent, but this is a time for a gut check.

https://satty.com/tax-tips/why-have-people-historically-quit-their-jobs-the-real-reason-comes-down-to-4-words

10/14/2026

A Hobby Can be a Perennial IRS Red Flag

Claiming large hobby losses on Schedule C. IRS is on the hunt for taxpayers who year after year report large losses from hobby-sounding activities on Schedule C or F of the 1040 to help offset wages, business or investment earnings, or other income. Revenue you collect from a hobby is taxable, reported as other income on Schedule 1 of the 1040. But you cannot deduct the related expenses. Before 2018, itemizers could deduct hobby expenses, up to the amount of their reported hobby income, as a miscellaneous deduction on Schedule A, and only to the extent that the total of all miscellaneous itemizations exceeded 2% of adjusted gross income. The 2017 tax law temporarily nixed through 2025 most miscellaneous itemizations, and last year’s “One Big Beautiful Bill” permanently ended this tax write-off.

https://satty.com/tax-tips/a-hobby-can-be-a-perennial-irs-red-flag

10/06/2026

Making a Business Statement with Your Vehicle? Take the Tax Advantage

If you use a classic or antique car in your business, you may be able to deduct it just as you would a newer business vehicle.

The key requirement is business use. A vehicle must be subject to wear and tear, decline, or exhaustion, and you must use it in your trade or business. Courts have allowed depreciation deductions for valuable antique assets used in business, even when those assets appreciated in value.

https://satty.com/tax-tips/making-a-business-statement-with-your-vehicle-take-the-tax-advantage

09/23/2026

When it Comes to Settlements, Make Sure You’re Not Settling for Less

Take a look at the tax rules for receipt of damages or settlement proceeds. Amounts you receive for physical injuries or physical illness are nontaxable. Compensation for emotional distress is generally taxable…with two narrow exceptions. Amounts paid for mental anguish that arises from physical injuries are tax-free. The same applies to reimbursements for medical treatment of emotional trauma.

https://satty.com/tax-tips/when-it-comes-to-settlements-make-sure-youre-not-settling-for-less

09/18/2026

42 ways you should be using AI right now

AI, AI, AI… you can’t get away from it. In business and in life. And the choices are overwhelming… and daunting. So, even if you are diving in, are you really? Do you know everything you need to make the right decisions on what agents or platforms to use? For different applications? Fast Company has put together a true primer with tremendous resources that you may want to consult before you start, or even if you are in the process and have your favorites. There may be better or additional answers out there for you.

https://satty.com/blog/42-ways-you-should-be-using-ai-right-now

09/16/2026

The Home Office Deduction for Three Square Feet

Many business owners assume they cannot claim a home-office deduction because their home is too small. In fact, the tax law says otherwise.

A home office does not have to be an entire room. If you use a clearly defined area of your home exclusively for business, you may qualify for the deduction—even if that space is only a few square feet.

https://satty.com/tax-tips/the-home-office-deduction-for-three-square-feet

09/09/2026

Business Owners: Open Wide and Save on Taxes

If you own more than 2 percent of an S corporation, your dental, vision, and Medicare premiums can qualify for the same valuable tax treatment as your major medical insurance premiums.

To secure the deductions, follow the same three-step process for all qualifying premiums.

https://satty.com/tax-tips/business-owners-open-wide-and-save-on-taxes

09/02/2026

Why Pay Taxes Today If You Can Put It Off Until Tomorrow

If you’re planning to sell highly appreciated real estate, a closely held business, or private company stock, don’t let the tax consequences become an afterthought. There may be a way to defer the capital gains tax for years—even decades—but only if you plan before the sale.

https://satty.com/tax-tips/why-pay-taxes-today-if-you-can-put-it-off-until-tomorrow

Address

534 Broadhollow Road
Melville, NY
11747

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Telephone

+15163389500

Website

http://www.satty.com/

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