Before you file your 2020 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 y…
Monday, March 01, 2021
Monday, February 22, 2021
Generally, you must decide whether to itemize or use the standard deduction on your income-tax return. You should itemize if your allowable itemized deductions are greater than your standard d…
Tax season is approaching, and replacing your annual Benefit Statement has never been easier. The Benefit Statement, also known as the SSA-1099 or the SSA-1042S, is a tax form we mail each yea…
Friday, February 12, 2021
As most individuals and tax professionals know by now, the standard deduction almost doubled under the Tax Cuts and Jobs Act (TCJA) for the single, married filing jointly (MFJ), married filing…
Q.: At retirement, is it a good idea to take a Final Withdrawal (FW) from the retirement system? F. G.
Monday, February 08, 2021
When filing a Federal income-tax return, taxpayers can choose to either take the standard deduction or to itemize their deductions. It is anticipated that the number of filers who will itemize…
You don't have to be retired or even close to retirement to benefit from a personal my Social Security account. Calling or visiting a local Social Security office probably is rarely necessary …
Monday, February 01, 2021
The first step to filing your Federal income-tax return is to determine which filing status to use. In other words, two people making exactly the same amount of income could have different inc…
Did you know the state and city have a Cost-of-Living Adjustment (COLA) program for public-sector pensioners?
Monday, January 25, 2021
Q.: I have underfunded my 457(b) account and will be retiring in five years. Is there a way to make some big contributions to my account? P.G.
Nearly 70 million Americans will see a 1.3-percent increase in their Social Security benefits and SSI payments in 2021. Federal benefit rates increase when the cost of living rises, as measure…
Friday, January 15, 2021
The Internal Revenue Service has stated that electronic filing is the safest, fastest and easiest way for taxpayers to file their returns. Furthermore, e-filing is good for the tax system, goo…
Monday, January 11, 2021
If you pay someone to prepare your tax return, the IRS urges you to choose that preparer wisely. Taxpayers are legally responsible for what's on their tax return even if it is prepared by some…
Monday, January 04, 2021
As the end of the year approaches, the IRS encourages taxpayers to consider a tax-withholding check-up. When taxpayers take a close look to make sure that the right tax amount is withheld now,…
Monday, December 28, 2020
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 profit if y…
Monday, December 21, 2020
Buying a home is the single-most-valuable investment most families make, and home-ownership offers income-tax breaks that make it the foundation for overall tax planning. The tax law provides …
Monday, December 14, 2020
Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and…
Our online services often allow you to do business with us without visiting a local office or calling. Here are our top 10 webpages of 2020:
Monday, December 07, 2020
Taxes are complicated, so it’s no wonder that everyone makes mistakes from time to time. But some actions go beyond incorrect arithmetic or thinking something is deductible when it’s not. Some…
In Current Pension Topics of Oct. 9 and Nov. 16, I wrote: