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, good for taxpayers and good for the tax-preparation...
If you pay someone to prepare your tax return, choose that preparer wisely. Taxpayers are legally responsible for what’s on their tax return even if it is prepared by someone else. Currently, New York State has no licensing laws for tax preparers...
The IRS has made a variety of other changes that may affect your tax liability for tax year 2024. Here’s a detailed look at these adjustments: • New capital gain tax threshold. Capital gains taxes are levied on the sale of capital assets, such...
In response to inflation, The IRS has adjusted marginal tax brackets and the standard deduction for 2024. As a result of the changes, many Americans will be able to keep more of their 2024 income. Other big changes include increases to the...
First and foremost, I want to wish all my readers a happy and peaceful New Year. Your emails and calls are appreciated. It’s that time of year again. The income-tax-filing season has begun and important documents should be arriving in the mail....
A smart way to approach tax planning would be to look ahead, not back. Run through this list of tax-saving ideas to make sure you’re taking advantage of all the available opportunities to reduce your tax bite. Good tax planning will return...
As the end of the year approaches, the IRS encourages taxpayers to consider a tax-withholding check-up. When taxpayers take a close look to make sure that the right tax amount is withheld now, they can avoid unexpected tax bills next year. Here...
Buying a home is the single-most-valuable investment most families make, and home ownership offers income-tax breaks that make it the foundation for overall tax planning. The tax law provides numerous incentives to home ownership, including the...
Whether you roll the dice, bet on the ponies, play cards or enjoy the slot machines, you should know that as a casual gambler, your gambling winnings are fully taxable and must be reported on your income-tax return. You can also deduct your...
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 actions can cost you tax breaks you might otherwise...
Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the …
All parents are familiar with the high cost of raising children. But did you know that your children may help you to qualify for some income-tax benefits? Here are some the IRS wants parents to know …
All parents are familiar with the high cost of raising children. But did you know that your children may help you to qualify for some income-tax benefits? Here are some tax benefits the IRS wants …
The Department of Finance offers flexible payment plans to help manage property tax payments over time, rather than paying the full amount upfront. There are three types of payment plans …
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 …
If you own a home that is your primary residence and your income is $500,000 or less, you’re eligible for the Basic STAR credit. In addition, if you’re 65 or older with an income of $98,700 or …
The Earned Income Tax Credit (EITC) is a financial boost for married filing jointly taxpayers earning $66,819 or less a year. The IRS estimates that each year one in five eligible Americans misses …
The IRS and the New York Department of Taxation and Finance remind taxpayers to be vigilant against scammers and identity thieves. Be wary of phone and phishing scams . Remember, the IRS and New York …
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 …
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 federal …
Many IRA owners are aware they can be hit hard with penalty fees if they withdraw money from their accounts early. IRA owners should make every effort to avoid taking money out of their retirement …
It used to be that you had to wait for months to hear from the city’s Finance Department after you applied for any kind of tax exemption. A new electronic tool now allows you to check the status of …
To take advantage of the home-office tax deduction, IRA rules require the home office to be your principal place of business and that it is used exclusively and on a regular basis. According to the …
Tax scams are illegal certainly, but they’re nonetheless common enough and they can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. …
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 …
