If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2019 for medical and dental care for yourself, your spouse, and your dependents. Here ar…

The new tax law (TCJA) imposes a lower dollar limit on mortgages qualifying for the home-mortgage-interest deduction.

Do you have income from self-employment? You may use this income as a source to fund a special IRA known as a Simplified Employee Pension or SEP-IRA. You as the employer contribute to your SEP…

Interest is an amount you pay for the use of borrowed money. To deduct interest you paid on a debt on your tax return you must be legally liable for the debt and you must be able to itemize yo…

There are certain types of taxes that you can deduct on your tax return if you itemize on Form 1040, Schedule A. To be deductible on your tax return, a tax must be charged to you and you must …

For most taxpayers, the filing deadline has passed. But planning for next year can start now. The IRS reminds taxpayers that being organized and planning ahead can save time and money in 2019.…

Since 1970 the Board of Trustees of the Teachers’ Retirement System of the City of New York has administered a Tax-Deferred 403(b) Annuity Plan (TDA) as a convenient way for TRS members to sup…

Almost everyone has a life-insurance policy. But not everyone knows the basic life insurance terms like insured and beneficiary.

Will you be retired by the time you attain age 70.5? Are you accumulating funds in your favorite retirement account?

Congratulations if you recently updated your status from single to married, but you should be aware that marriage also brings about some changes with your income taxes. Here are several tips f…

Retirement-financial-planning is a lifelong process. In conjunction with retirement, it’s quite common to roll over retirement-plan assets from an employer-based plan (457(b), 401(k), 403(b)) …

Along with the lazy, hazy days of summer come some extra expenses, including summer day camp, nursery school, and pre-school. The IRS has some good news for parents: those added expenses may h…

Formerly called the Retirement Savings Contributions Credit, the Saver’s Credit gives a special tax break to low- and moderate-income workers who are saving for retirement.

Many taxpayers use the withholding/estimated tax method to fund their emergency fund. Each payday these individuals pay the IRS much more than they need to. These overpayments could amount to …

The IRS receives thousands of reports each year from taxpayers who receive suspicious e-mails, phone calls, faxes or notices claiming to be from the Internal Revenue Service.

Each year, the Internal Revenue Service sends millions of letters and notices to taxpayers for a variety of reasons. Although some people may feel anxious when they receive one, many are easy …

Many taxpayers fear an IRS audit. Although the IRS audit targets change with the times, below you’ll find some of the high-risk tax- audit areas that the IRS has examined in recent years:

An amended tax return generally allows you to file again to correct a mistake in your filing status, your income or to add deductions or credits you may have missed. Here are some points the I…

Although the April tax-filing deadline has come and gone, it’s a question many clients ask throughout the year. Depending on which person you ask, you might get a range of responses: from a fe…

Would you rather have a whole lot of money that will first be taxed (Federal and possibly state) when you withdraw it or a whole lot of money that will be tax-free when you withdraw it? Would …