The Earned Income Tax Credit (EITC) is a financial boost for workers earning $55,592 or less a year. The IRS estimates that each year one in five eligible Americans misses out on money the gov…

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 inves…

The IRS and the New York Department of Taxation and Finance remind taxpayers to be vigilant against scammers and identity thieves.

As taxpayers plan their 2020 taxes, there is good news in the form of an enhanced child-tax credit.

New York’s public-school personnel belong to one of two Teachers’ Retirement Systems (TRS). Those employed by the City School District of New York are members of the Teachers’ Retirement Syste…

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…

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…

Q.: I am 69 years old and do not plan to retire until I am in my late 70s. I have $250,000 in my New York City Employee IRA and $600,000 in my 457(b) account. As you know IRAs are subject to a…

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…

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…

Commission-based annuity sales people (the sharks) are feverishly soliciting all of us in an attempt to sell us an annuity contract.

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…

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 …

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.

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:

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…

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…

The new tax law (TCJA) imposes a lower dollar limit on mortgages qualifying for the home-mortgage-interest deduction.