Monday, October 18, 2021

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…

Friday, October 08, 2021

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.

Monday, October 04, 2021

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…

Monday, September 27, 2021

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…

Monday, September 20, 2021

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…

Monday, September 13, 2021

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?

Friday, September 03, 2021

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…

Monday, August 30, 2021

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…

Q.: I'm retired and about to take my first Required Minimum Distribution (RMD). I have a few retirement accounts. I plan to calculate the RMD for each one and then withdraw the total amount fr…

Monday, August 23, 2021

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…

New York's public-sector workers are accruing two guaranteed retirement income streams. One comes from the retirement system to which the worker belongs while the other one comes from the Soci…

Monday, August 16, 2021

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…

Monday, August 09, 2021

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…

Monday, August 02, 2021

To take the deduction, the IRS requires the home-office to be your principal place of business, and it must be used exclusively and on a regular basis. According to the Small Business Administ…

Monday, July 26, 2021

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

For the Career Civil Servant (CSS), is it better to invest pre-tax or after-tax? Will the CSS be in a lower or higher income tax bracket during retirement compared to the tax bracket while working?