Taxes

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March 31, 2021 

New York State Legalizes Recreational Marijuana

Adults over 21 will also be allowed to grow marijuana at home. It will be a while before legal sales begin or plants are allowed to grow as the newly-created Office of Cannabis Management is formed and finalizes rules and regulations.

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March 31, 2021 

College Students Warned of IRS Scam

Taxpayers who believe they may have provided identity thieves with this information should consider immediately obtaining an Identity Protection PIN. This is a voluntary opt-in program. An IP PIN is a six-digit number that helps prevent identity ...

Deductions

March 29, 2021 

IRS Says Face Masks and PPE are Tax Deductible

The Internal Revenue Service has issued Announcement 2021-7 PDF to clarify that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are ...

retirement_accounts

March 29, 2021 

Tax Deductions: IRA Contributions Can Be Made Until May 17, 2021

Contributions to a traditional IRA are usually tax deductible, and distributions are generally taxable. There is still time to make contributions that count for a 2020 tax return, if they are made by April 17, 2021. Taxpayers can file their return ...

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March 28, 2021 

IRS Ramps Up Covid Fraud Investigations

To learn more about COVID-19 scams and other financial schemes visit IRS.gov. Official IRS information about COVID-19 and Economic Impact Payments can be found on the Coronavirus Tax Relief page, which is updated frequently.