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Posts Tagged ‘NY tax’

A Tax Tip for Retirement

If you continue working past age 70, you can still add to a 401(k) or Roth IRA, but not to a traditional IRA. At age 70½, you must start withdrawing from a traditional IRA, and unless you’re still working, from a 401(k) plan. There is no age […]

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Its Time to Review Your 2014 Deductions

Some itemized deductions are limited by a percentage of your gross income. An example is miscellaneous deductions. These provide a benefit only if your total outlay for costs such as investment fees and unreimbursed employee business expenses exceed 2% of your adjusted gross income. If you consistently […]

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Oops! You Forgot Something on Your Tax Return. Now What?

Whew! The rush is over once your personal income tax return is done for another year – or so you thought, right up until the moment you discover information you forgot to include. Now what? The action you take depends on the type of information you forgot. […]

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Dealing with Finances After the Death of a Spouse

The death of a spouse can be a devastating experience, both emotionally and financially. As the survivor, you’ll have to make important decisions while you’re in what could be the most vulnerable and distracted stage of your life. The suggestions that follow might at least help ease […]

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Safeguard Important Records

  With the frequent occurrence of natural disasters, the IRS has issued a reminder to taxpayers to safeguard their records with a document backup plan. Backup records should be stored away from the original set. The IRS News Release suggests scanning original records and storing them in […]

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Should You Ask the Cost of a Gift?

Imagine this scenario: Your wealthy Uncle John is something of an art collector, buying paintings and sculptures from promising young artists.  When he retires, he moves into a small condo in a retirement community and has to downsize his art collection.  he gives away much of his […]

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Summertime Tax Tip

If you itemize tax deductions on your income tax return, you can deduct the mortgage interest and property taxes paid for your vacation home. A boat or RV can qualify as a vacation home if it has sleeping quarters, cooking facilities, and a bathroom. If a vacation […]

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Selling Vacant Land Could Bring a Tax Break

You probably know that you can exclude up to $250,000 of gain ($500,000 for most joint filers) when you sell your principal residence. IRS regulations may now allow you to apply this gain exclusion when you sell vacant land that is adjacent to your home. To qualify, […]

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Have You Checked Your Withholding Lately?

Did you receive a large tax refund or owe a large balance due on your 2013 income tax filing? If so, it may be time for you to check your withholding. Changing your withholding is as simple as filing a new Form W-4 with your employer. The […]

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Rule for Deducting Medical Expenses has Changed

New York City Medical CPA You may be familiar with the old tax rule that let you take an itemized deduction for unreimbursed medical expenses that exceeded 7½% of your adjusted gross income. For 2013 and future years, the income threshold increases to 10% for taxpayers under […]

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