Monthly Archives: March 2013

Tax Tips for Tax Season: #10 Supporting a Parent Could Cut Your Taxes

    As a Bergen County CPA firm that provides Bergen County tax and accounting services we are happy to share helpful information this tax season. Check out our tax tip below: If you provide more than half a parent’s support in 2012, you may be entitled to a $3,800 dependency exemption. If other family members help to provide support,… (more…)

Claiming the Child and Dependent Care Tax Credit

  The Child and Dependent Care Credit can help offset some of the costs you pay for the care of your child, a dependent or a spouse. Here are some facts the IRS wants you to know about the tax credit for child and dependent care expenses. Our Bergen County CPA office offers you insight to this. If you paid… (more…)

Tax Tips for Tax Season: #8 Hobby or Business? The Difference is Taxing

    As a Bergen County CPA firm that provides Bergen County tax and accounting services we are happy to share helpful information this tax season. Check out our tax tip below: If you have a hobby that produces income, you must report that income to the IRS. But whether you can deduct all of your expenses depends on whether… (more…)

Tax Tips for Tax Season: #7 What Records Does the IRS Require?

    As a Bergen County CPA firm that provides Bergen County tax and accounting services we are happy to share helpful information this tax season. Check out our tax tip below: The IRS does not require that you keep your tax records in any particular way. The only requirement is that your records let you and the IRS determine… (more…)

Tax Tips for Tax Season: #6 File Your Business Return on Time

    As a Bergen County CPA firm that provides Bergen County tax and accounting services we are happy to share helpful information this tax season. Check out our tax tip below: If your business is a corporation, your 2012 tax filing deadline is generally March 15, 2013. If you need more time, you can file for an extension and… (more…)

Home-Office Deduction Simplified

Starting this year, taxpayers who use a portion of their home regularly and exclusively for business may opt to use a simplified method for computing their home-office deduction.  Our Bergen County CPA office offers you insight to this. Instead of complex calculations for allocating expenses, the simplified method allows $5 a square foot for up to 300 square feet for… (more…)

Social Security Benefits and Your Taxes

  Some people must pay taxes on their Social Security benefits. If you get Social Security, you should receive a Form SSA-1099, Social Security Benefit Statement, by early February. The form shows the amount of benefits you received in 2012. Our Bergen County CPA office offers you insight to this. Here are five tips from the IRS to help you… (more…)

Changes to Your 1099s and 1098 for 2012

Your mortgage insurance premium write-off for 2012 may be harder to find.  IRS eliminated the box for this item on Form 1098 because of the confusion over whether the deduction would be restored for 2012. Congress did reinstate it, but the law wasn’t signed until Jan. 2, 2013. Some mortgage companies have decided that they won’t reprogram their computers and… (more…)

Tax Tips for Tax Season: #5 Let the IRS Give You a Credit for Saving

  As a Bergen County CPA firm that provides Bergen County tax and accounting services we are happy to share helpful information this tax season. Check out our tax tip below: Depending on your income, you might qualify for a tax credit of up to $1,000 for contributing to an IRA or other retirement plan. Don’t overlook this “saver’s credit”… (more…)

Extra Tax Deduction for Mobile Billboards!

Income derived from mobile billboards qualifies for a special tax break:  The 9% domestic production deduction, pursuant to the the Revenue Service. Our Bergen County CPA office offers you insight to this. This is because the  displays are attached to a truck and they are moved to a new site every week or so. The result is different for traditional… (more…)