Taxes should go down for the average Long Islander under the new federal megabill, tax analysts told Newsday, with the biggest benefits going to people with high incomes and large mortgages. The sweeping “big beautiful bill” President Donald Trump signed into law on July 4 extends and builds on a number of changes put in place during his first term under the 2017 Tax Cuts and Jobs Act. It keeps lower tax rates, boosts the child tax break for families and increases the standard deduction, making it easier for taxpayers to file their taxes without having to itemize. The measure includes deductions and credits aimed at everything from assisting seniors through a new tax break to promoting American-assembled cars by allowing filers to deduct car loan interest. It cuts taxes on tips and overtime, potentially helping Long Island taxpayers from landscapers to waitstaff, police officers to construction workers.
Keshia Clukey reports in NEWSDAY that the vast majority of Long Islanders take the standard deduction and will likely continue to do so, said Joseph Perry, a national tax leader in the Melville office of CBIZ, a national adviser of tax, accounting and other services.
Because of the increased deduction many won’t need to take the additional deductions in the megabill, and fewer may choose to itemize, tax analysts said. This applies in particular to low- to middle-income taxpayers.
For those who do itemize, the megabill increases the cap on state and local taxes to $40,000 for those with an income of $500,000 or less and raises it by 1% annually — a win for high-tax blue states like New York and especially on Long Island.
The SALT deduction is one of the five main categories of itemized deductions, along with mortgage interest, medical or dental expenses, charitable contributions and casualty, disaster and theft loss.
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About 40 former soldiers, as well as a few hundred civilian supporters, participated in the Hamptons' Soldier Ride on Saturday. Organizers said the annual event, which started two decades ago, has proved to be not only a fundraising tool for Wounded Warrior Project, but also a means of rehabilitation for service members assimilating back to civilian life.
"The hardest part of surviving conflict and military service is living," said Walter Piatt, chief executive of Wounded Warrior Project.
Joe Werkmeister reports in NEWSDAY that The Wounded Warrior ride began with a 17-mile ride in Manhattan Thursday, followed by a 22-mile trip in Babylon on Friday.
Shortly after 9 a.m. Saturday, bicyclists departed the Amagansett Fire Department parking lot. About 3½ hours later, the riders returned under warm, sunny skies to celebrate the completion of the three-day event.
The annual Hamptons ride brings the organization back to its roots.
Peter Honerkamp, a co-founder of Wounded Warrior Project and owner of the Stephen Talkhouse in Amagansett, recalled how a benefit concert in 2003 for Rocky Point's John Fernandez, who was injured in Iraq, inspired East Hampton native Chris Carney to bicycle across the country in 2004.
That grew into a three-person trip the following year, when a pair of former Army sergeants injured in Iraq — one a single-leg amputee, the other a double-leg amputee — joined Carney. Soldier Rides are now held across the nation.
WWP CEO Piatt...a retired Lt. General...cheered the Soldier Riders as they departed. He then hopped on his own bicycle to join them.
Before the ride, he reflected on the organization’s promise to bring every warrior home, including their “mind, body and soul.” He said the founders of the Soldier Ride provided the avenue to fulfill that promise.
“This is much more than a ride," he said. "It is our road home."
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Alive on 25 drew throngs of people to downtown Riverhead Friday night to enjoy live music, food, craft beverages, kids’ games...