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Professionals Column

If you own property, it’s that time of year again

It is that time of the year again. By Jan. 5, the New City Department of Finance values and assesses your property every year to calculate your property tax bill.  Then the tentative assessment …

Will Social Security be there when I retire?

That’s the question we’re answering in the latest episode of our audio series, SSA Talks. Our Chief Actuary Steve Goss sheds light on our trust funds and how they relate to your future benefits. …

Year-end tax-saving strategies for 2023

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 …

Income-tax withholding check-up

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 …

Social Security and scam awareness

Social Security imposter scams continue to be widespread across the United States. Scammers use targeted, sophisticated tactics to deceive you into providing sensitive information or money. If you …

Social Security benefits will increase in 2024

More than 71 million Americans will see a 3.2 percent increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2024.  On average, Social Security retirement …

Understanding capital gains and losses

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 …

7 tax sins that 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 …

Parents, be sure to check out these possible tax benefits

Every parent is 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 …

Are you eligible for the earned income tax credit?

The Earned Income Tax Credit (EITC) is a financial boost for married filing jointly taxpayers earning $49,622 or less a year. The IRS estimates that each year one in five eligible Americans misses …

What is tax-deductible on a rental property?

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 …

How to safeguard your tax and financial information

The IRS and the New York Department of Taxation and Finance remind taxpayers to be vigilant against scammers and identity thieves. Be wary of aggressive phone scams. Remember, the IRS and New York …

See if you qualify for the child tax credit

As taxpayers plan their 2022 tax return, 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, …

Via the IRS, help with tuition bills

There are two Federal tax credits available to help you offset the costs of higher education for yourself or your dependents. ThOse are the American Opportunity Tax Credit (AOTC) and the Lifetime …

Numerous advantages to '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 federal …

When are IRA withdrawals penalty-free?

Many Individual Retirement Account owners are aware they can be hit hard with penalty fees if they withdraw their IRA money early. You should make every effort to avoid withdrawing from retirement …

Beware of tax-related scams and schemes

The IRS wants taxpayers to be aware of tax scams. The scams, besides being illegal, can lead to massive problems for taxpayers, including significant penalties, interest and possible criminal …

Securing 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 …

Money-saving tax tips for the self-employed

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 IRS …

Taking advantage of the home-office deduction

To take the home-office tax deduction, the IRS requires the office to be your principal place of business and it must be used exclusively and on a regular basis. According to the S.B.A., just over …

A taxpayer's Bill of Rights

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:   1. The Right to Be …

Are you eligible for the saver’s tax credit?

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

Save tax money by deducting charitable deductions

Charitable contributions made to qualified organizations can help reduce your taxable income and lower your tax bill. The IRS has put together the following guidelines to help ensure your …

The Tax Cuts and Jobs Act (TCJA) imposed a lower dollar limit on mortgages qualifying for the home-mortgage-interest deduction. Beginning in 2018 and until 2025, taxpayers may only deduct interest of …

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 your tax …

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