Friday, May 22, 2020

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

Monday, May 18, 2020

You may need copies of your filed tax returns for many reasons. For example, they can help you prepare future returns. You'll need them if you have to amend a prior year tax return. You often …

Social Security offers retirement, disability, and survivors benefits. Medicare provides health insurance. Because these services are often related, you may not know which agency to contact fo…

Monday, May 11, 2020

Although this year's tax-filing deadline has not come, 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 few y…

Q.: I have a side business which has become quite profitable over the last couple of years. I heard that the self-employed may establish a "solo" 401(k) plan. Does this plan have any relations…

Monday, May 04, 2020

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…

Scammers go to great lengths to trick you out of your personal information. We want to help you protect your information by helping you recognize  Social Security impostors.

Monday, April 27, 2020

Investing in a pre-tax/traditional IRA means you pay no tax on the contributions. Future withdrawals from the account will be subject to income tax at ordinary rates, even though the withdrawa…

Monday, April 20, 2020

Are you paying more tax than you need to? When it comes to filing taxes, getting the best returns is not about skill--it's about what you know. Here are some tax strategies you may have overlooked.

It's never too early to start planning for retirement, and our online tools can help. Go to www.socialsecurity.gov/myaccount to access your¬†my Social Security account to get a personalized est…

Monday, April 13, 2020

Mistakes on tax returns mean they take longer to process, which in turn, may cause your refund to arrive later. The IRS cautions against these common errors so your refund will be timely:

Monday, April 06, 2020

Last week the Coronavirus Act, Relief, and the Economic Security Act was passed by Congress and signed by the President. The CARES Act will provide a payment for 2020 of $1,200 to individual f…

Monday, March 30, 2020

The Social Security benefits you received in 2019 may be taxable. Each January, you should receive a Form SSA-1099 (Social Security Benefit Statement) which will show the total amount of your …

I have fielded many questions over the past few weeks (naturally it's tax season) concerning the fact that the State of New York does not tax distributions received from the New York City Teac…

Monday, March 23, 2020

Before you file your 2019 tax return, you should make sure you have all the needed documents, including all your Form W-2s. You should receive a Form W-2, Wage and Tax Statement, from each of …

How to practice peace-of-mind investing? Construct a diversified investment portfolio made up of stocks and bonds and stay with it. When stocks are roaring, you will not hit a homer but you wi…

Monday, March 16, 2020

Generally, you must decide whether to itemize or to use the standard deduction on your income-tax return. You should itemize if your allowable itemized deductions are greater than your standar…

Tax season is approaching, and we have made replacing your annual Benefit Statement even easier. The Benefit Statement, also known as the SSA-1099 or the SSA-1042S, is a tax form we mail each …