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Professionals Column

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 …

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 …

Beware of tax-time errors on returns

Mistakes on tax returns mean they take longer to process, which in turn could cause your refund to arrive later. The IRS cautions against these common errors to ensure your …

Roth accounts and retirement

Are you investing in after-tax Roth accounts offered by the Deferred Compensation 457(b)/401(k) Plans of the City of New York? You should know these Roth account balances are …

How Social Security benefits are taxed

The Social Security benefits you received in 2021 may be taxable. Each January, you should receive a Form SSA-1099 (Social Security Benefit Statement) which will show the total amount of your …

IRAs for rookies and retirees

Q.: I am 22 and in my first year of teaching for the NYC Department of Education. As a rookie teacher I can only afford to save $3,000 for each of the first two years. Which plan do you suggest I …

Managing corrected or missing W-2s

Before you file your 2021 tax return, you should make sure you have all the needed documents including all your Form W-2s. You should receive a Form W-2, Wage and Tax Statement, from each of your …

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