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 traditional or Roth IRA, 403(b), 457 and 401(k) plans are...
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 guidelines to help ensure your contributions pay off on your tax return. A charitable...
On May 9, Governor Kathy Hochul signed New York’s budget bill for the 2026 fiscal year. The key tax provisions are below: • The budget enacts a one-time inflation refund check. Specifically, joint filers with income up to $150,000 will receive a...
The Tax Cuts and Jobs Act (TCJA) imposed a lower dollar limit on mortgages qualifying for the home-mortgage-interest deduction. Beginning in 2018 and until this year, taxpayers may only deduct interest of $750,000 of qualified residence loans....
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 paid it during your tax year. But a word of...
If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2024 for medical and dental care for yourself, your spouse, and your dependents. Here are some facts the IRS wants you to know about medical...
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 because your employer must withhold taxes. Here...
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 resolve. Here are items to know about IRS notices,...
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 you qualify for a tax credit. Sorry, overnight camp...
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 newlyweds from the IRS: • Notify the Social...
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 fraudulently use the Internal Revenue Service name...
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 resolve. Here are items to know about IRS notices,...
Many taxpayers fear an IRS audit. Although the IRS audit targets change with the times, below you’ll find some of the high-risk tax- audit areas that the IRS has examined in recent years: • Earned Income Tax Credit (EITC). The EITC is a tax...
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 them when you apply for a loan to buy a home or to...
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 overlooked. • Earned Income Tax Credit (EITC). Millions of...
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 so your refund is timely: 1. Incorrect and missing Social Security numbers. When...
The Social Security benefits you received in 2024 may be taxable. Each January, you should receive a Form SSA-1099 (Social Security Benefit Statement) which will show the total amount of your benefits. The information provided on this statement...
Before you file your 2024 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 employers. Employers have until January 31, 2025...
Generally, you must decide whether to itemize or to use the standard deduction on your income tax return. You should itemize if your allowable itemized deductions are greater than your standard deduction. The taxpayer must maintain the records and...
As most individuals and tax professionals know by now, the standard deduction almost doubled under the Tax Cuts and Jobs Act (TCJA) for the single, married filing jointly (MFJ), married filing separately (MFS), head of household (HOH) and...
When filing your federal income-tax return, taxpayers can choose to either take the standard deduction or to itemize their deductions. It is anticipated that the number of filers who will itemize for 2024 will drop to less than 20 million due to...
The first step to filing your federal income-tax return is to determine which filing status to use. In other words, two people making exactly the same amount of income could have different income-tax calculations due solely to a difference in...
The Internal Revenue Service has stated that electronic filing is the safest, fastest and easiest way for taxpayers to file their tax returns. Furthermore, e-filing is good for the tax system, good for taxpayers and good for the tax-preparation...
If you pay someone to prepare your tax return, choose that preparer wisely. Taxpayers are legally responsible for what’s on their tax return even if it is prepared by someone else. Currently, New York State has no licensing laws for tax preparers...
The IRS has made a variety of other changes that may affect your tax liability for tax year 2024. Here’s a detailed look at these adjustments: • New capital gain tax threshold. Capital gains taxes are levied on the sale of capital assets, such...
