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, April 06, 2020
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 …
Monday, March 09, 2020
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…
I would like to amplify some items mandated by the SECURE Act of 2019, effective Jan. 1, 2020:
Monday, March 02, 2020
When filing your 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 item…
According to the U.S. Small Business Administration, the 28.8 million small businesses in the United States represent 99.7 percent of all U.S. businesses and employ 56.8 million people.
Monday, February 24, 2020
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…
Pensions from all of the eight defined-benefit pension systems of the State (3) and City of New York (5) are exempt from the personal income tax of the State of New York, the City of New York …
Friday, February 14, 2020
The Internal Revenue Service has stated that electronic filing is the safest, fastest and easiest way for taxpayers to file their tax returns. Furthermore, e-filing is good for the tax system,…
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 a Social Security imposter.
Monday, February 10, 2020
The SECURE Act (Setting Every Community Up for Retirement Enhancement Act of 2019) was passed on Dec. 20, 2019 and is now effective for the 2020 tax year. It made many changes to how you save …
Earned income is not bank interest or dividends or a pension or life insurance proceeds or an insurance settlement or an inheritance or withdrawals of defined-contribution plan assets, includi…
Monday, February 03, 2020
Congress let many provisions expire on Dec. 31, 2017, making them dead for your already-filed 2018 tax returns. Congress resurrected the dead provisions retroactively to Jan. 1, 2018.
Are you looking for new ways to save time this new year? Social Security offers many of its services online by signing up for a secure a my Social Security account.
Monday, January 27, 2020
Below are additional tax changes for individuals for the 2019 tax-filing season.