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...

Children are a precious gift and a blessing. They can also benefit you come tax time. Thanks to the Tax Cuts and Jobs Act (TCJA) you can no longer take an exemption for dependents. However, not all has been lost. Prior to the TCJA you would have received a $1,000 credit for each of your dependent children. This child tax credit has now been increased to $2,000 per child. In addition to your biological child your stepchild, foster child, niece,...

Like many tax scenarios, it depends. Unlike most countries, the United States taxes its citizens on their worldwide income. For example, if you lived the digital nomad lifestyle and did some freelance work while you traveled internationally the Internal Revenue Service would still expect you to include that income on your tax return. There is, however, the foreign earned income exclusion which may help you save a significant amount in taxes....