Tag Archives: New York

Minimum Wage in NY

Most New Yorker’s appreciate the increase in minimum wage.

Since 2016, minimum wage has been rising, from $9.70 an hour to a projected increase of $15 an hour by 2021. The rise in minimum wage means that employees can maintain a better standard of living.

“New York proudly set an example for the nation by raising the minimum wage to $15,” said Governor Andrew Cuomo said in a statement. “The fight for economic justice for our working families continues, and we won’t stop until every New Yorker is paid the fair wages they deserve.”

However, some New Yorker’s are concerned that the increase in minimum wage means that employees will reduce their hours. Small business owners with limited budgets may find themselves unable to pay their employees.

Most New Yorker’s, however, are greeting the change in minimum wage optimistically.

Tax Deduction Advice with Anchin Block & Anchin

At the end of 2015, the House and Senate passed the Protecting Americans from Tax Hikes (PATH) Act. As part of this act, the enhanced deduction for donations for food inventory was retroactively extended. This allowed all qualified donations made since January 1, 2015 to be eligible. As Anchin Block & Anchin explains on their website, this deduction allows both individuals and organizations to reduce their tax liability by offering food inventory to charitable organizations; in addition, it has the potential to increase food donations and reduce food waste.

As described on the Anchin Block & Anchin website, the enhanced deducation is equal to the lessor of “The taxpayer’s cost to produce or purchase the inventory plus one-half of the profit that would have been recognized if the inventory had been sold at its fair market value on the date of contribution, or Twice the taxpayer’s cost basis in the contributed inventory.”

In order to take advantage of this deduction, the taxpayer needs to qualify, quantify and document the deduction. As Anchin Block & Anchin describes it, “The use of statistical sampling may be permitted in order to capture and keep record of this type of information, presuming the applicable procedural requirements are followed.”

This information is useful to those in the New York area and around the country who want to take advantage of these tax deductions and opportunities.

Uber Dominating NY Taxi Market

It seems that Uber is destroying the taxi market, especially in New York City. There are tons of abandoned taxis pulling up on Brooklyn streets and lots of drivers moving over from taxi companies to Uber. This is creating a huge loss for taxi companies such as McGuinness Car Service, in Brooklyn. Hossam Yossri, one worker there said that drivers keep quitting to move over to Uber.
But the question is, is Uber really so much better? Watch this video and you can see why it is not all so clear cut and that Uber doesn’t necessarily have all the right answers.

New York Business: Men’s Fashion Week

fashion-menFashion Week in New York has always focused on women. Now that is changing. A couple of weeks ago witnessed the first ever Men’s Fashion Week, featuring Michael Kors, Calvin Klein and many other big names in the industry.

While there has been menswear on show in the past at the New York Fashion Week, the city has never encountered a show dedicated solely to menswear. Although this has happened in other countries, most notably in Europe. But for the opportunity in New York, men’s fashionwear companies are excited at this unprecedented opportunity. Indeed, it was a phenomenal time for people to the lesser-known companies to get publicity for their clothing.

The reason the event took place is mainly due to the growing number of interest in selling fashion to men, such as the fact that according to NPD Group, clothing sales hit $60 billion plus in 2013 in America.