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Professionals Column

7 deadly tax sins: all can lead to grief

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 …

Tax benefits for parents

All parents are familiar with the high cost of raising children. But did you know that your children can help you to qualify for some income-tax benefits? Here are some tax benefits the IRS wants …

The Earned Income Tax Credit (EITC) is a financial boost for workers earning $56,844 or less a year. The IRS estimates that each year one in five eligible Americans misses out on money the government …

Rental property can help reduce your tax bill

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 investments …

Here’s how to safeguard your tax information

The IRS and the New York Department of Taxation and Finance remind taxpayers to be vigilant against scammers and identity thieves. Here are some tips on how to do that.• Be wary of aggressive phone …

Do you qualify for the child tax credit?

As taxpayers plan their 2022 taxes, there is good news in the form of an enhanced child-tax credit.The legislation known as the Tax Cuts and Jobs Act (TCJA), doubled the credit amount, increased the …

Kids in college? The IRS can help

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 Lifetime …

Advantages of a '529' college savings program

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 …

Beware, tax scams come in all shapes

The IRS keeps track of tax scams. But you, the taxpayer, should also be aware of these schemes, which, other than being illegal, can lead to massive problems, including the imposition of significant …

There are tax benefits for child and dependent care

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 are …

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