Mistakes on tax returns mean they take longer to process, which in turn, may 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 (SSN). When...

The Social Security benefits you received in 2025 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 2025 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, 2026 to...

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 2025 is expected to drop from 47 million 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...

If you pay someone to prepare your tax return, the IRS urges you to 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...

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...

The IRS has made a variety of other changes that may affect your tax liability for tax years 2025 and 2026. Here is a detailed look at these adjustments: · New “Trump Accounts” This program provides $1,000 to eligible newborns’ accounts, born...

The One Big Beautiful Bill Act (“OBBBA”) represents a sweeping update to the U.S. tax code. Here is a breakdown of some of the key highlights. Individual Tax Changes: · Individual Income Tax Rates Permanently retains the existing seven...

Happy New (Tax) Year First and foremost, I want to wish all my readers a happy and peaceful New Year. Your emails and calls are appreciated. It is that time of year again. The income-tax-filing season has begun and important documents should be...

A smart way to approach tax planning would be to look ahead, not back. Run through this list of tax-saving ideas to make sure you are taking advantage of all the available opportunities to reduce your tax bite. Good tax planning will return...

As the end of the year approaches, the IRS encourages taxpayers to consider a tax-withholding check-up. When taxpayers take a close look to make sure that the right tax amount is withheld now, they can avoid unexpected tax bills next year. Here...

What is the best tax break available to John and Jane Taxpayer? If they’re homeowners, it’s selling their home. When you sell your primary residence, you can make up to $250,000 in profits if you’re single, $500,000 if you’re married; and not owe...

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 tax-deferred, and qualified withdrawals are tax-free,...

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. Buying a home,...

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 amount you sold it for is a capital gain or...

The IRS and the New York Department of Taxation and Finance remind taxpayers to be vigilant against scammers and identity thieves. Be wary of aggressive phone scams. Remember, the IRS and New York Tax Department will contact you by mail first and...

The tax and spending bill enacted earlier this year by President Trump includes new provisions regarding tips, primarily as a federal income tax deduction for tipped workers. Key aspects for tipped workers: • Tip Deduction: The law creates a...

A new law that forms part of the tax and spending bill enacted earlier this year introduces numerous changes to the U.S. tax code. Here’s a breakdown of some key contributions: • Estate Tax Exemption: Scheduled to come down to $7,000 per person...

In 2025, the annual limit for qualified charitable distributions (QCDs) from an IRA is $108,000 per individual. This means individuals aged 701/2 or older can directly donate up to this amount from their IRAs to qualified charities without it...

The spending and tax bill signed into law July 4 increases the annual limit for K-12 expenses from $10,000 to $20,000 starting in 2026. It allows tax-free withdrawals for tuition, curriculum, books, online learning materials and tutoring for...

Significant changes have been made to the State and Local Tax (SALT) deduction limit with the enactment of the tax and spending legislation signed into law by President Trump July 4. The new SALT deduction is expected to benefit itemizers in...

A new federal tax exemption on overtime pay is in effect for 2025. The exemption allows individuals to deduct a portion of their overtime income from their taxes. In effect, eligible individuals can deduct up to $12,500 ($25,000 if filing...