Monday, December 06, 2021
Monday, November 29, 2021

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 …

Monday, November 22, 2021

Q.: I'm 72. At $1.3 million, my TRS 403(b) account is at an all-time high and with it, my Required Minimum Distribution (RMD) for 2022 will also be at an all-time high. Is there any way to all…

Monday, November 15, 2021

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, November 08, 2021

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…

Monday, November 01, 2021

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…

Monday, October 25, 2021

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…

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…