“No one has ever become poor by giving.” – Anne Frank There is something to be said about giving. It brings joy to be able to help others in need. It is an added bonus that you could potentially receive a tax deduction in the process. To take full advantage of the tax incentive it helps to know the requirements. It’s nice to give but not every deduction is tax deductible. In order to be tax deductible the donation must be made to a...

Saving for college is best done sooner than later. If you expect a tax refund or have extra funds investing in a 529 is a great way to put money away for a future student.   What is a 529 Plan?   529 plans are state-sponsored investment accounts that can be set up for a student’s future expenses such as tuition, textbooks, computers, supplies or even room and board. The student can be your child, a relative or the child of a friend....

If you owe taxes and don’t pay them your property could be seized, your wages garnished, future tax refunds withheld and your passport revoked. Did you know that unpaid taxes could also lead to suspension of your NY State driver’s license? Yes you read correctly. If you owe $10,000 or more the far-reaching arm of the NY State Department of Taxation and Finance could help prevent you from being behind the wheel. This law is nothing new. Since...

As anyone who has lived past puberty can tell you, life is unpredictable. As human beings we get sick from time to time and accidents happen. According to the Social Security Administration, someone is considered disabled ‘if they can’t work due to a severe medical condition that has lasted, or is expected to last, at least one year or result in death. The person’s medical condition must prevent them from doing work that they did in the past,...

Some marriages last a lifetime. Others don’t. Whether amicable or contentious a divorce can have legal and tax consequences. Alimony is financial support that is paid to a former spouse. If your ex earns significantly less than you there is a chance that the courts could award him or her alimony. In divorce settlements a court order might include child support but to be considered alimony the following are required: The payments must be made on...

Almost everyone knows that the IRS will come after you if they believe that money is owed to them. Few people love talking taxes but it’s still important to know a little bit about the largest expense most of us have to pay. Seriously, think about that for a second. Between federal, state and in some cases city taxes, it’s not uncommon to pay 1/3 or more of your income towards taxes. Sometimes you fall on hard times and cannot meet your...