Monday, October 19, 2020

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…

You can access our programs and services from just about anywhere with your personal and secure¬†my Social Security¬†account. It's easy to sign up for one, and it will give you access to importa…

Friday, October 09, 2020

Q.: I'm a member of the Teachers' Retirement System of the City of New York. I will be taking a maximum Final Distribution from my annuity savings account when I retire next year. The funds wi…

Monday, October 05, 2020

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…

Monday, September 28, 2020

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 …

Q.: I am 47 and plan to retire at 62. I have been contributing to the Roth feature of the Deferred Compensation 457(b)/401(k) Plans of the City of New York for as long as it has been offered. …

Monday, September 21, 2020

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…

At SSA, we strive to deliver great customer service and easy-to-access information about our services. If Spanish is your primary language, you can visit www.ssa.gov/espanol, our Spanish-langu…

Monday, September 14, 2020

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 S.B.A., just over half o…

Q.: I have inherited a $45,000 IRA from my uncle. I would like to convert this inheritance to a Roth IRA. My CPA told me this is permitted, while my insurance agent says it cannot be rolled ov…

Friday, September 04, 2020

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 ten broad categories:

Monday, August 31, 2020

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. Contributions to a tr…

The most-effective way to defeat scammers is to know how to identify scams. You should just hang up on any call you're uncertain of and ignore suspicious emails. Scammers are always finding ne…

Monday, August 24, 2020

Charitable contributions made to qualified organizations may help to reduce your taxable income and lower your tax bill. The IRS has put together the following tips to help ensure your contrib…

Monday, August 17, 2020

The tax law (TCJA) imposes a lower dollar limit on mortgages qualifying for the home-mortgage-interest deduction. Beginning in 2018 and until 2025, taxpayers may deduct interest of only $750,0…

The future can be uncertain. However, Social Security's new Advance Designation program can help put you in control of your benefits if a time comes when you need a representative payee to hel…

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…