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Professionals Column

Tax Benefits for Child And Dependent Care

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 …

Tax Tips For The Self-Employed

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 …

Home-Office Deduction: What You Should Know

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 Small Business Administration, …

An After-Tax Roth IRA Has Its Advantages

For the Career Civil Servant (CSS), is it better to invest pre-tax or after-tax? Will the CSS be in a lower or higher income tax bracket during retirement compared to the tax bracket while …

Are You Eligible for The Saver's Tax Credit?

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. Contributors to a …

Charitable Deductions: What are the Limits?

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 tips to help ensure your contributions …

Every civilian worker in this state and city is afforded the opportunity to take 75 percent of their accumulated- deductions account balance as a Final Withdrawal. The tax-free portion of the FW is …

Mortgage, Home-Equity Interest Under TCJA

The Tax Cuts and Jobs Act imposed a lower dollar limit on mortgages qualifying for the home-mortgage-interest deduction. Beginning in 2018 and until 2025, taxpayers may only deduct interest of …

What Interest Payments Are Tax-Deductible?

Interest is an amount you pay for the use of borrowed money. To deduct interest you paid on a debt on your tax return, you must be legally liable for the debt and you must be able to itemize your tax …

Eligibility For Spouses' Benefits

Social Security helps you secure today and tomorrow with financial benefits, information, and tools that support you throughout life's journey. If you don't have enough Social Security credits to …

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