Friday, September 13, 2019

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…

Monday, September 09, 2019

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…

Over the years, when I ask city workers if they contribute to Deferred Comp, some say they wish they could but they just cannot afford to do so. I then ask if they save on a regular, longterm …

Friday, August 30, 2019
Friday, August 23, 2019

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:

Monday, August 19, 2019

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 nine tips to help ensure your co…

It's quite peculiar to contribute, on a tax-deferred basis, to the 403(b) Plan of the Teachers' Retirement System of the City of New York and then have the State and City of New York treat dis…

Friday, August 09, 2019

If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2019 for medical and dental care for yourself, your spouse, and your dependents. Here ar…

Monday, August 05, 2019

Do you have income from self-employment? You may use this income as a source to fund a special IRA known as a Simplified Employee Pension or SEP-IRA. You as the employer contribute to your SEP…

Friday, July 26, 2019

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…

Friday, July 19, 2019

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

Monday, July 15, 2019

For most taxpayers, the filing 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 2019.…

Since 1970 the Board of Trustees of the Teachers’ Retirement System of the City of New York has administered a Tax-Deferred 403(b) Annuity Plan (TDA) as a convenient way for TRS members to sup…

Friday, June 28, 2019
Friday, June 14, 2019
Monday, June 10, 2019

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…

Retirement-financial-planning is a lifelong process. In conjunction with retirement, it’s quite common to roll over retirement-plan assets from an employer-based plan (457(b), 401(k), 403(b)) …

Monday, June 03, 2019

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

Friday, May 24, 2019

Formerly called the Retirement Savings Contributions Credit, the Saver’s Credit gives a special tax break to low- and moderate-income workers who are saving for retirement.