Buying a home is the single-most-valuable investment most families make, and home ownership offers income-tax breaks that make it the foundation for overall tax planning. The tax law provides numerous incentives to home ownership, including the...

Whether you roll the dice, bet on the ponies, play cards or enjoy the slot machines, you should know that as a casual gambler, your gambling winnings are fully taxable and must be reported on your income-tax return. You can also deduct your...

Taxes are complicated, so it’s no wonder that everyone makes mistakes from time to time. But some actions go beyond incorrect arithmetic or thinking something is deductible when it’s not. Some actions can cost you tax breaks you might otherwise...

Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the …

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

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

The Department of Finance offers flexible payment plans to help manage property tax payments over time, rather than paying the full amount upfront.  There are three types of payment plans …

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 …

If you own a home that is your primary residence and your income is $500,000 or less, you’re eligible for the Basic STAR credit. In addition, if you’re 65 or older with an income of $98,700 or …

The Earned Income Tax Credit (EITC) is a financial boost for married filing jointly taxpayers earning $66,819 or less a year. The IRS estimates that each year one in five eligible Americans misses …

The IRS and the New York Department of Taxation and Finance remind taxpayers to be vigilant against scammers and identity thieves. Be wary of phone and phishing scams . Remember, the IRS and New York …

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 federal …

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

It used to be that you had to wait for months to hear from the city’s Finance Department after you applied for any kind of tax exemption. A new electronic tool now allows you to check the status of …

To take advantage of the home-office tax deduction, IRA rules require the home office to be your principal place of business and that it is used exclusively and on a regular basis. According to the …

Tax scams are illegal certainly, but they’re nonetheless common enough and they can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution.  …

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 …

Changes designed to enhance transparency and clarity in real estate transactions went into effect nationwide Aug. 17. The changes ensure that both buyers and sellers have a clear understanding of the …

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 Small Claims Assessment Review (SCAR) offers property owners a way to challenge their property assessments as determined by the Board of Assessment Review (for counties outside Nassau and New …

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 S.B.A., just over half of the …

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. …

The New York City Department of Finance assesses your property annually to determine your property tax bill. From July to October each year, assessors and assistant city assessors conduct field …

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 …