Tax Topics

Tax Preparation Checklist 2023

View, Download, or Print - 2023TY Tax Preparation Checklist Tax Preparation Checklist - 2023 Tax Year WE MAKE FILING LESS TAXING Copy of both sides of your Driver’s license or State ID. Joint filers need both IDs. (Not necessary if we already have your current and valid IDs on file.) Wage Statements (W-2) and 1099 Forms Pension, IRA, or Annuity Statements (1099-R) Social Security Income Statements (SSA-1099) Interest & Dividend Income Statements (1099-INT & … [Read more...]

Tax Preparation Checklist 2022

View or Download Tax Preparation Checklist 2022 (PDF form)Tax Year Tax Preparation Checklist - 2022 Tax Year WE MAKE FILING LESS TAXING Copy of both sides of your Driver’s license or State ID. Joint filers need both IDs. (Not necessary if we already have your current and valid IDs on file.) Wage Statements (W-2) and 1099 Forms Pension, IRA, or Annuity Statements (1099-R) Social Security Income Statements (SSA-1099) Interest & Dividend Income Statements (1099-INT & … [Read more...]

The Potential Benefits of Roth IRAs for Children

Most teenagers probably aren't thinking about saving for retirement, buying a home, or even paying for college when they start their first jobs. Yet a first job can present an ideal opportunity to explain how a Roth IRA can become a valuable savings tool in the pursuit of future goals. Rules of the Roth Minors can contribute to a Roth IRA as long as they have earned income and a parent (or other adult) opens a custodial account in the child's name. Contributions to a Roth IRA are made on an … [Read more...]

Adjusting Your Tax Withholding

Now that you've seen last year's tax results and can see where this year is heading, it may be a good time to consider adjustments to your income tax withholding. Getting It Right If you have too much tax withheld, you will receive a refund when you file your income tax return, but it might make more sense to reduce your withholding and receive more in your paycheck. However, if you have too little tax withheld, you will owe tax when you file your tax return and might owe a penalty. Two … [Read more...]

Key Retirement and Tax Numbers for 2022

Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2022. Estate, Gift, and Generation-Skipping Transfer Tax The annual gift tax exclusion (and annual generation-skipping transfer tax exclusion) for 2022 is $16,000, up from $15,000 in 2021. The gift and estate tax basic exclusion amount (and … [Read more...]

ETFs Are Gaining on Mutual Funds: Here’s Why

Investor demand for exchange-traded funds (ETFs) has increased over the last decade due to some attractive features that set them apart from mutual funds. In December 2021, almost $7.2 trillion was invested in more than 2,500 ETFs. This is equivalent to 27% of the assets invested in mutual funds, up from just 9% in 2011.1 Fund Meets Stock Like a mutual fund, an ETF is a portfolio of securities assembled by an investment company. Mutual fund shares are typically purchased from and sold back to … [Read more...]

Tax Preparation Checklist 2021

View or Download the TAX PREPARATION CHECKLIST 2021 (PDF form) Tax Preparation Checklist - 2021 Tax Year (what you should bring in or send us) 1. Copy of both sides of your Driver’s license or State ID (unless we already have your current, valid ID on file. Joint filers need both IDs.) 2. Wage Statements (W-2) and 1099 Forms 3. Pension, IRA, or Annuity Statements (1099-R) 4. Social Security Income Statements (SSA-1099) 5. Interest & Dividend Income Statements (1099-INT … [Read more...]

Notice concerning NY State Unemployment Compensation

March 8, 2021 The $1.9 trillion coronavirus relief package that is working its way to the President’s desk includes a provision that makes the first $10,200 in unemployment benefits tax-free in 2020 for households making less than $150,000 per year. If this provision remains in the package and is signed into law, you may be entitled to a reduction in tax on your 2020 tax return. We are advising people who have not yet filed their tax returns to wait until this issue is resolved. In … [Read more...]

Tax Preparation Checklist 2020

View or Download the TAX PREPARATION CHECKLIST (PDF form) … [Read more...]

2019 IRA Contribution Deadline Has Been Extended

“Making a last-minute contribution to an IRA may help you reduce your 2019 tax bill. If you qualify, your traditional IRA contribution may be tax deductible. And if you had low to moderate income and meet eligibility requirements, you may also be able to claim the Savers Credit for 2019 based on your contributions to a traditional or Roth IRA. Claiming this nonrefundable tax credit may help you reduce your tax bill and give you an incentive to save for retirement. For more information, … [Read more...]