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Professionals Column

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 …

Self-employed? Here are some tax tips

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 …

The home-office deduction: What you should know

To take the deduction, the IRS requires the home office to be your principal place of business and it must be used exclusively and on a regular basis. According to the U.S. Small Business …

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 informed . …

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 …

This is how you deduct charitable deductions

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

Some interest payments are tax-deductible

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 …

Yes, you can deduct certain 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 …

Maximize medical expense deductions with these tips

If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2022 for medical and dental care for yourself, your spouse and your dependents. Here are some …

Mid-year tax tips to plan for 2022

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 2022. Here are …

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 …

IRS could help you pay for day camp

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

Recently married? Here’s a tax tip gift

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 fall for 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 use …

What to do if you get an IRS notice

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 …

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 …

New York City’s TRS and taxes

The Teachers’ Retirement System of the City of New York administers two retirement plans: 1) An Internal Revenue Code Qualified Pension Plan and 2) an Internal Revenue Code section 403(b) voluntary …

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 …

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 tax tips for procrastinators

 Can’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 …

Retirement and tax savings

For decades, pre-tax savings for retirement was touted as beneficial to the saver. After all, you pay more taxes while working than during retirement so why not defer taxes on retirement income until …

Tax deadline help: Last-minute tips

According to the Internal Revenue Service, 20 to 25 percent of all Americans wait until the last two weeks before Tax Day (now extended to April 18) to prepare their taxes. With these tax-filing tips …

Pension topics: Consider rolling over a loan

Q: I’m a Tier 1 member of the Teachers' Retirement System of the City of New York. I plan to retire in about 2-3 years. At that time, I will have more than $400,000 in my annuity savings account …

When will your tax refund arrive?

Are you expecting a refund this year? Here are important items the IRS wants you to know about your refund.• Refund options. You have three options for receiving your Federal income-tax refund: …

Tax savings strategies you may be missing

Are you paying more tax than 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 …

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