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Professionals Column

Income-Tax Benefits Available to Parents

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 …

Value in Understanding Social Security Rules

Largest Social Security COLA in 40 years! The following will take place on Jan. 1, 2022: The Social Security adjustment will be 5.9 percent.The Social Security wage base will be increased to …

7 Deadly Tax Sins 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 …

Taking Final Withdrawal Generally a Good Idea

Q.: I am a NYCERS member and plan to retire on July 1, 2022. At retirement I will be 65. I can't decide if I should take the final withdrawal/loan in conjunction with my retirement. What is your …

A Taxpayer's Bill of Rights

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: The Right to Be …

At 72, Old Enough To Consolidate Accounts

Q.: I'm 72 and will soon take my first Required Minimum Distribution. I have seven retirement accounts. A friend suggested I consolidate them. What is your take? P.S. A.: I agree with your friend. …

What is Tax-Deductible On a Rental Property?

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 …

How to Safeguard Tax, Financial Information

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 …

Get a NYCE Roth IRA For Future Roll-Ins

Roth 457(b), 401(k) and 403(b) accounts are subject to tax-free Required Minimum Distributions (RMDs) starting at age 72. While these RMDs are tax-free, the dividends, interest and capital gains …

Do You Qualify for The Child Tax Credit?

As taxpayers plan their 2021 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 …

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