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 …

Age 59.5 is a milestone in one’s life because it’s the age when withdrawals of pre-tax Defined Contribution (DC) assets are no longer subject to the 10-percent Federal penalty tax. This rule a…

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

Each year, we announce the annual cost-of-living adjustment (COLA). By law, Federal benefits increase when the cost of living rises, as measured by the Department of Labor’s Consumer Price Ind…

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…

Q.: I am a Tier 4 member of the NYCERS. I will be retiring in 2020. What date should I put on my retirement application?

The Earned Income Tax Credit (EITC) is a financial boost for workers earning $55,592 or less a year. The IRS estimates that each year one in five eligible Americans misses out on money the gov…

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 inves…

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

As taxpayers plan their 2020 taxes, there is good news in the form of an enhanced child-tax credit.

New York’s public-school personnel belong to one of two Teachers’ Retirement Systems (TRS). Those employed by the City School District of New York are members of the Teachers’ Retirement Syste…

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…

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…

Q.: I am 69 years old and do not plan to retire until I am in my late 70s. I have $250,000 in my New York City Employee IRA and $600,000 in my 457(b) account. As you know IRAs are subject to a…

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…

The IRS wants taxpayers to be aware of tax scams. These scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. Be…

Commission-based annuity sales people (the sharks) are feverishly soliciting all of us in an attempt to sell us an annuity contract.

If you paid someone to care for your child, spouse, or dependent (i.e., parent) this year, you may be able to claim the Child and Dependent Care Credit on your Federal income-tax return. Below…

If you are in business for yourself, or carry on a trade or business as a sole proprietor or an independent contractor, you generally would consider yourself self-employed and you would file I…

Over the years, when I ask city workers if they contribute to Deferred Comp, some say they wish they could but they just cannot afford to do so. I then ask if they save on a regular, longterm …