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…
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…
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…
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…
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…
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…
The mortgage interest deduction allows taxpayers who own their homes to reduce their taxable income by the amount of interest paid on a loan that is secured by their principal residence or secondary residence. Starting in 2018 the Mortgage Interest…
When helping our clients plan for retirement, many express their interest to set aside money for charity. Some clients have a specific charity in mind, while others simply want to set aside an amount to be given to a charity…
On Long Island, a tax break affecting 35,000 Nassau County seniors was not renewed this year. Recently, Nassau County let a long-standing property tax abatement expire without any notice to the recipients of the abatement. Approximately 35,000 seniors, all earning…
As tax preparers, we see all kinds of taxpayers—organized, not organized, and some in the middle. Whether you come prepared with an accordion folder of neatly organized documents or an old shoe box with scraps of paper, you should be cautious in the way you keep your tax records.
Stories and warnings of identity theft, financial fraud, and scams are an everyday occurrence; these instances are a real concern to millions of Americans. The rise of identity theft, fraud, and scams should caution us to evaluate how we store our important data, such as our tax records.