In fact, the IRS can make mistakes too as indicated in a recently released report (11/10/10) by the GAO (US Government Accountability Office). The IRS’s internal control and financial management systems showed serious deficiencies in 2009 and 2010. Specifically, the IRS did not release tax liens in a timely fashion, had control issues with tax refund disbursements and had control issues over unpaid tax assessments & information security. Read More.
Most tax credits phase-out for high-income earners. Not this one and it also happens to be for expenses associated with caring for your kids (under the age of 13 that is). Read More.
The Roth IRA conversion is a great opportunity to plan for your financial future. However, it is really important to understand the mechanics of the Roth IRA conversion process and the economics as applied to your specific financial situation. Read More.
Hey New Yorkers! There might be some unclaimed funds out there that are rightfully yours and you don’t even realize it. If this is the case, the State is holding the monies right now so you better claim it quick. Also, this isn’t just for individuals, this is for companies too! Read More.
About four weeks ago, the 4% New York State sales tax for clothing & footwear items priced below $110 was reinstated. Yeah, that’s right shoppers. If you purchase a pair of jeans now for $85 in say New York City, you will have to pay $85+(4%+.375% metro tax) or $85+$3.71 for a total of $88.71. Previously this year there was no sales tax for this type of purchase. Now that we are entering the holiday season, it is important for both consumers in the New York State area and clothing/footwear merchants to understand this change. Read More.
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