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Professionals Column

Advantages of a '529' College Savings Plan

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 IRA Withdrawals Are Penalty-Free

Many IRA owners are aware they can be hit hard with penalty fees if they withdraw IRA money early. You should make every effort to avoid taking money out of your retirement accounts early, especially …

Q.: I'm retired and about to take my first Required Minimum Distribution (RMD). I have a few retirement accounts. I plan to calculate the RMD for each one and then withdraw the total amount from one …

New York's public-sector workers are accruing two guaranteed retirement income streams. One comes from the retirement system to which the worker belongs while the other one comes from the Social …

Beware of Variety Of Income-Tax Scams

The IRS wants taxpayers to be aware of tax scams. These scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. Beware of …

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 …

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 …

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 Small Business Administration, …

An After-Tax Roth IRA Has Its Advantages

For the Career Civil Servant (CSS), is it better to invest pre-tax or after-tax? Will the CSS be in a lower or higher income tax bracket during retirement compared to the tax bracket while …

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. Contributors to a …

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