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Professionals Column

Charitable Deductions: What are the Limits?

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

Every civilian worker in this state and city is afforded the opportunity to take 75 percent of their accumulated- deductions account balance as a Final Withdrawal. The tax-free portion of the FW is …

Mortgage, Home-Equity Interest Under TCJA

The Tax Cuts and Jobs Act 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 …

What 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 …

Eligibility For Spouses' Benefits

Social Security helps you secure today and tomorrow with financial benefits, information, and tools that support you throughout life's journey. If you don't have enough Social Security credits to …

Taking Full Advantage Of Deferred Comp

A Traditional (pre-tax) IRA owner may withdraw funds at will. The amount withdrawn is subject to ordinary income tax. If the owner is younger than 59.5, an additional tax, equal to 10 percent of the …

Regardless of the amount of annuity income generated, I am steadfastly opposed to the purchase of an annuity with one's supplemental retirement investments: (457(b), 401(k), 403(b), 401(a), …

An Overview Of Deductible Taxes

There are certain types of taxes that you can deduct on your return if you itemize on Form 1040, Schedule A. To be deductible, a tax must be charged to you and you must have paid it during your tax …

Maximizing Your Medical Expense Deduction

If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2021 for medical and dental care for yourself, your spouse and your dependents. Here are some …

Direct Rollover Best Option for IRA Shifts

Q.: I am a member of the New York City Fire Department Pension Fund. I have been contributing for 37 years. At retirement, what steps must I take to withdraw as much as possible from my pension …

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