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Professionals Column

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 …

Your first job: tax tips for teens

As school winds down if you're a student, you might be hitting the job market in search of summer employment. And among the first things you will learn on that first job is that not all the money you …

Tax credit will help you pay for day camp

Along with the lazy, hazy days of summer come some extra expenses, including day camp, nursery school and preschool. The IRS has some good news for parents: those added expenses may help you qualify …

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 …

Don’t be scammed by 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 …

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 …

Retrieving past tax returns is simple

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, it’s a question many clients ask throughout the year. Depending on which person you ask, you might get a range of responses from a few …

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 …

Last-second tips for tax procrastinators

Couldn’t make the April 18 tax-filing deadline and need more time to file your tax return? You can get an automatic six-month extension of time to file from the IRS. Here are important things you …

Deadline help: last-minute tax tips

The tax-filing deadline is just around the corner. According to the Internal Revenue Service, 20 to 25 percent of all Americans wait until the last two weeks before Tax Day (this year extended to …

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