News12 LI: Long Islanders brace for impact of GOP tax overhaul

See Mark Balog CPA featured on News12 Long Island here:

Video Excerpt: Many Long Islanders are trying to figure out how will they fare under the Republican tax overhaul recently signed by President Donald Trump.

Jaime and Effe Poulos, of East Northport, let News 12 sit in as they met with Melville-based certified public accountant Mark Balog to analyze the difference in their projected tax bill under the previous law and under the Republican tax overhaul.

At first it wasn’t looking good for the couple. The $10,000 cap on state and local tax deductions set them back under the new tax law, as their property taxes alone are $12,000. They were looking at a tax increase of $2,591. But then Balog adjusted the numbers to include a $2,000 per child tax credit for households earning less than $400,000.

Continue to the video here:


Confused about how the new tax reform bill will affect your business or personal tax? Call our office at 516-472-2631 or schedule a consultation here: 

May 2018 be your best year ever. Mark