All parents are familiar with the high cost of raising children. But did you know that your children can help you to qualify for some income-tax benefits? Here are some tax benefits the IRS wants …

The Earned Income Tax Credit (EITC) is a financial boost for workers earning $56,844 or less a year. The IRS estimates that each year one in five eligible Americans misses out on money the government …

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 …

The IRS and the New York Department of Taxation and Finance remind taxpayers to be vigilant against scammers and identity thieves. Here are some tips on how to do that. • Be wary of aggressive …

As taxpayers plan their 2022 taxes, 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, increased the …

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 …

The IRS keeps track of tax scams. But you, the taxpayer, should also be aware of these schemes, which, other than being illegal, can lead to massive problems, including the imposition of significant …

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 …

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 …

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 …

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 . …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

 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 …

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 …

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 …

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 …

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 …

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 …