Monday, August 10, 2020

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…

Monday, August 03, 2020

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

On July 4, we celebrated our nation's independence. For nearly 85 years, our programs have helped provide financial independence. We continue to make it easier for you to access our programs a…

Monday, July 27, 2020

If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2020 for medical and dental care for yourself, your spouse, and your dependents. Here ar…

Many workers retire in their 50s with a $1-million balance in their pre-tax retirement savings account. I wanted to see how the growth of this untaxed $1 million affects the retiree's income- …

Monday, July 20, 2020

For most taxpayers, the tax 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 2020. He…

Monday, July 13, 2020

The Internal Revenue Service reminds students that not all the money you earn from summer employment may make it into your pocket. That's because your employer must withhold taxes. 

Monday, July 06, 2020

Can't make the July 15 tax-filing deadline and need more time to file your tax return? You can get an automatic six-month extension of time to file from the IRS. Here are important things you …

There are countless reasons why you can benefit from using your personal my Social Security account. Here are five that highlight why opening an account today can help you and the people you love.

Friday, June 26, 2020

The tax-filing deadline is just around the corner. According to the Internal Revenue Service, 20 to 25 percent of all Americans wait until the last two weeks before Tax Day to prepare their ta…

Every time we're confronted with a crisis, I'm reminded that the majority of our fellow citizens must rely on their retirement savings (if any) and their Social Security annuity for an adequat…

Monday, June 22, 2020

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

Life insurance that has a cash-value (i.e. whole or ordinary life) feature comes up short. It provides an insufficient amount of death proceeds and an insufficient amount of long-term savings.

Monday, June 15, 2020

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…

Monday, June 08, 2020

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

Q.: I will be retiring in about three years. My insurance broker urges me to protect my wife with life insurance rather than with a survivorship option from the NYCERS. What do you think? P. H.

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…