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Professionals Column

Which interest payments are tax-deductible?

Interest is the 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 your …

An overview of deductible taxes

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 have …

Maximizing the medical expense deduction

If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2024 for medical and dental care for yourself, your spouse and your dependents. Here are some …

Mid-year tax tips to plan for 2024

For most taxpayers, the tax 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 2023. Here are …

Older NYC residents can benefit from rent break

The Senior Citizen Rent Increase Exemption (SCRIE) is a vital program in New York City designed to help senior citizens manage their housing costs. Given the city's high cost of living, SCRIE offers …

Your first job: tax tips for teens

As school winds down many students will hit the job market for summer employment. The Internal Revenue Service reminds students that not all the money you earn may make it into your pocket. That’s …

Recently married? Here are some tax tips

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 for …

Beware of fake IRS communications

The IRS receives thousands of reports each year from taxpayers who receive suspicious emails, phone calls, faxes or notices claiming to be from the Internal Revenue Service. Many of these scams …

Got an IRS notice? Here’s what to do

Each year, the Internal Revenue Service sends millions of letters and notices to taxpayers for a variety of reasons. Although some people may feel anxious when they receive one, many are easy to …

Be aware of IRS audit red flags

Many taxpayers fear an IRS audit. Although the IRS audit targets change with the times, below you’ll find some of the high-risk tax-audit areas that the IRS has examined in recent years: • Earned …

Correcting property assessment clerical errors.

In New York City, appeals to the Tax Commission, requests for review with the Department of Finance and other complaints regarding real property assessments have deadlines for filing. The application …

How to retrieve your past tax returns

You may need copies of your filed tax returns for many reasons. For example, they can help you prepare future returns. You’ll need them if you have to amend a prior year tax return. You often need …

‘How long should I keep tax records?’

Although the April tax-filing deadline has come and gone, that’s a question many clients ask throughout the year. Depending on who you ask, you might get a range of responses: from a few years to a …

Protect your properties from title theft.

Title theft has become prevalent in the United States. Title theft happens when someone uses a property owner’s personal information to forge a deed and steal their home. The thief can then apply …

Error on your tax return? Relax and amend it

An amended tax return generally allows you to file again to correct a mistake in your filing status, your income or to add deductions or credits you may have missed. Here are some points the IRS …

Avoiding foreclosure

Losing your home is one of the worst things that can happen. If you are having trouble making your mortgage payments, there are several solutions that can help you avoid foreclosure. Some of them …

Market value

The market value is an estimate of the value of a property by the Department of Finance. The market value of a property is determined by an assessor or automated valuation model using numerous …

Income tax savings you could be missing

Are you paying more tax then you need to? When it comes to filing taxes, getting the best returns is not about skill — it’s about what you know. Here are some tax strategies you may have …

How to avoid tax-time errors on returns

Mistakes on tax returns mean they take longer to process, which in turn, may cause your refund to arrive later. The IRS cautions against these common errors so your refund is timely: 1) Incorrect and …

How we protect you from misleading communications

Social Security works with the Office of the Inspector General to protect people from scams that use Social Security as bait. Section 1140 of the Social Security Act allows OIG to impose severe …

Tax exemption deadlines are fast approaching

Several real estate tax exemptions are available to New York City and state homeowners but some have deadlines that are fast approaching. Among the exemptions is the Senior Citizen Homeowners’ …

How your Social Security benefits are taxed

The Social Security benefits you received in 2023 may be taxable. Each January, you should receive a Form SSA-1099 (Social Security Benefit Statement) which will show the total amount of your …

Boost your tax refund by itemizing deductions

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 standard …

Slam the scam: How to spot government imposters

Do you know how to spot a government imposter scam? We will continue to raise public awareness about Social Security-related and other government imposter scams during the fifth annual “Slam the …

Standard vs. itemized. Which is best for you?

When filing their federal income-tax returns, taxpayers can choose to either take the standard deduction or to itemize their deductions. It is anticipated that the number of filers who will itemize …

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