Preparing taxes since 1938
At Crowley & Sons, we prepare taxes for thousands of active New York City Police Officers, as well as over a thousand returns for retired members of service (M.O.S.).
Our family has been preparing taxes since 1938, and we have been proudly serving NYPD members since 1961, with active members still part of our team. We’re fully up to date with tax-related issues unique to police officers and law enforcement professionals. Below are some important tax-related items that every member of the NYPD should know.
Work-Related Deductions
Did you know that even though federal tax laws have changed, you can still write off many work-related expenses? Keep track of your expenses and bring in the following:
We’ll ensure you receive the additional compensation you are entitled to for line-of-duty injuries.
If you have a taxable pension loan used to purchase a home, it might be tax-free! There are other rules regarding penalty removal that we’ll go over during your consultation. If you’re considering a pension loan, call us first to check if it’s taxable.
While pension contributions are not taxable by the federal government while you are still active, they are taxed by New York State and NYC. These contributions must be added back to your income for NYS tax purposes. The good news? Once you retire, your pension becomes tax-free in both NYS and NYC.
If you’re thinking of retiring, it’s critical that you meet with us to discuss your pension, banked Variable Supplement funds, deferred plans, IRAs, 401(k)s, RMDs, and more. We offer this consultation at no charge, and it can save you thousands of dollars. We recommend doing this 3-6 months before retirement.
This income is considered self-employment, so you must claim it on your return. If you receive 1099-NECs for your Paid Detail, be sure to bring them in.
Any NYPD officer who lives outside NYC is required to file an 1127 Tax Return. Be sure to bring in your 1127 W2—unless you worked in Housing or Transit before the merger of the three police departments (in which case there are exceptions).
We are familiar with all the rules and regulations related to loans and withdrawals from your deferred compensation plan.
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