Common Tax Return Mistakes That Can Cost You
It is that time of year again, when taxpayers must file their personal income tax returns. The IRS has compiled a list of the top nine common mistakes as reported on their government website.
Vincent Russo on CFN Live: Common Tax Return Mistakes That Can Cost You
Avoid costly pitfalls with our guide on common tax mistakes. Gain insights to ensure your tax return is accurate and complete.
Passing Estimated Tax Payments to Beneficiaries: What You Need to Know
If you’re managing a trust or estate, you may have to deal with estimated tax payments. In some cases, you can pass these tax payments to beneficiaries, rather than having the estate or trust pay them. This can be a…
Maximize Your Returns: Tax Tips for the 2024 Tax Year
The start of tax season can feel daunting, but it doesn't have to be. Whether you're a small business owner, a freelancer managing multiple income streams, a senior navigating tax deductions, or a veteran with unique tax benefits, there are…
Retirees: Deduct Your Long-Term Care Insurance Premium
Even if you have a long-term care insurance policy, you may likely be hoping that you won't ever have reason to use it. Regardless of what the future holds, there's one silver lining of which you may not be aware…
Working? You May be Eligible for This Tax Credit
Tax season has begun, with the filling deadline set for mid-April for most taxpayers. Working individuals may be unaware that they qualify for potential tax breaks. Many taxpayers who have a limited earned income overlook the Earned Income Tax Credit…
1040 Tax Tips for Filing a Deceased Taxpayer’s Final Return
Losing a loved one is difficult. When preparing and filing a deceased taxpayer's final Form 1040 (U.S. Individual Income Tax Return), it's important to consider more than just who signs the return. Our New York estate planning and tax planning…
Income tax considerations for snowbirds
Many New Yorkers avoid dealing with the low temperatures and with back-breaking snow removal each winter by traveling to a second home in a warmer and kinder climate. We lovingly call these New Yorkers “snowbirds.” Although these snowbirds may avoid…
Step up in Basis Can Save Thousands of Dollars
Right now, major tax legislation is being considered by Congress, but the good news is that step up in basis does not appear to be on the chopping block. Step up in basis is the readjustment of the value of…
How to Lower Property Taxes on Long Island
A constant concern here on Long Island is the continued increase in Property Taxes and the ever-increasing cost of living. The application for state program real estate tax exemptions (such as Basic STAR, Enhanced STAR or Veterans exemptions) may help…