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Professionals Column

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’s that time of year again. The income-tax-filing season has begun and …

Your home sale and capital gains

What is the best tax break available to John and Jane Taxpayer? 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 …

Own a home? Here are some tax advantages

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 …

7 deadly tax sins: all can lead to grief

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 …

Tax benefits for parents

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

Find out if you’re eligible for the earned income tax credit

The Earned Income Tax Credit (EITC) is a financial boost for workers earning $56,844 or less a year. The IRS estimates that each year one in five eligible Americans misses out on money the government …

Rental property can help reduce your tax bill

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 …

Here’s how to safeguard your tax information

The IRS and the New York Department of Taxation and Finance remind taxpayers to be vigilant against scammers and identity thieves. Here are some tips on how to do that. • Be wary of aggressive …

Do you qualify for the child tax credit?

As taxpayers plan their 2022 taxes, there is good news in the form of an enhanced child-tax credit. The legislation known as the Tax Cuts and Jobs Act (TCJA), doubled the credit amount, increased the …

Kids in college? The IRS can help

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 …

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