Two of the finest deferred-compensation plans in the nation are offered to the employees of the State and City of New York.

What is the best tax break available to John and Jane Taxpayer? If they're homeowners, it's selling their home. When you sell your primary residence, you can make up to $250,000 in profits if …

Q.: I'm 72. At $1.3 million, my TRS 403(b) account is at an all-time high and with it, my Required Minimum Distribution (RMD) for 2022 will also be at an all-time high. Is there any way to all…

Buying a home is the single-most-valuable investment most families make, and home ownership offers income-tax breaks that make it the foundation for overall tax planning. The tax law provides …

Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and…

All parents are familiar with the high cost of raising children. But did you know that your children may help you to qualify for some income-tax benefits? Here are some tax benefits the IRS wa…

Taxes are complicated, so it's no wonder that everyone makes mistakes from time to time. But some actions go beyond incorrect arithmetic or thinking something is deductible when it's not. Some…

Largest Social Security COLA in 40 years!

Q.: I am a NYCERS member and plan to retire on July 1, 2022. At retirement I will be 65. I can't decide if I should take the final withdrawal/loan in conjunction with my retirement. What is yo…

Every taxpayer has a set of fundamental rights. You should be aware of these rights when you interact with the Internal Revenue Service. There are 10 broad categories:

Q.: I'm 72 and will soon take my first Required Minimum Distribution. I have seven retirement accounts. A friend suggested I consolidate them. What is your take? P.S.

Do you rent property to others? Rental real-estate provides more tax benefits than almost any other investment. Besides, the potential for an ongoing income and capital appreciation; such inve…

The IRS and the New York Department of Taxation and Finance remind taxpayers to be vigilant against scammers and identity thieves.

Roth 457(b), 401(k) and 403(b) accounts are subject to tax-free Required Minimum Distributions (RMDs) starting at age 72. While these RMDs are tax-free, the dividends, interest and capital gai…

As taxpayers plan their 2021 taxes, there is good news in the form of an enhanced child-tax credit.

Social Security impostor scams are widespread across the United States. Scammers use sophisticated tactics to deceive you into providing sensitive information or money. They target everyone—in…

There are two Federal tax credits available to help you offset the costs of higher education for yourself or your dependents. These are the American Opportunity Tax Credit (AOTC) and the Lifet…

Q.: I am a fully retired school Principal. My wife is still working. She earns $132,000 a year. Based on my wife's earnings, can she fund a Roth IRA for me?

What can be better than lowering your taxes? With a 529 plan, you have no Federal tax obligation once your money's invested in your account. But the best part is that your earnings grow Federa…

Many IRA owners are aware they can be hit hard with penalty fees if they withdraw IRA money early. You should make every effort to avoid taking money out of your retirement accounts early, esp…