Monthly Archives: April 2013

Facts to Know about AMT

  The Alternative Minimum Tax may apply to you if your income is above a certain amount.  Our Bergen County CPA office offers you insight to this. Here are some facts the IRS wants you to know about the AMT: You may have to pay the tax if your taxable income plus certain adjustments is more than the AMT exemption… (more…)

Facts About Adoption-Related Tax Savings

       Adoption can create new families or expand existing ones. The expenses of adopting a child may also lower your federal tax. If you recently adopted or attempted to adopt a child, you may be eligible for a tax credit. You may also be eligible to exclude some of your income from tax. The maximum adoption tax credit and… (more…)

Tax Tips for Tax Season: #14 Top Estate Tax Rate Set at 40%

    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 new law sets the estate exemption at $5,000,000 with a top tax rate of 40%. The exemption amount will be adjusted annually for inflation. The change is… (more…)

Tax Tips for Tax Season: #9 Is Your 2013 Withholding Correct?

  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: Check the amount of income tax being withheld from your wages early in 2013, and again whenever your circumstances change during the year (marriage, divorce, new baby, etc.). You… (more…)

Tax Tips for Tax Season: #13 AMT Relief Finally Made Permanent

    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: Taxpayers have waited a long time for a solution to the alternative minimum tax (AMT). The new tax law sets the 2012 exemption amount at $50,600 for unmarried… (more…)

Relief Available To Many Extension Requesters Claiming Tax Benefits

  The Internal Revenue Service has provided late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they are attaching to their returns any of the forms that couldn’t be filed until after January.  Our Bergen County CPA office offers you insight to this. The relief applies to the late-payment penalty, normally 0.5 percent per month, charged on… (more…)

Important Reminders About Tip Income

    If your pay from your job includes tips, the IRS has a few important reminders about tip income: Tips are taxable. Individuals must pay federal income tax on any tips they receive. The value of non-cash tips, such as tickets, passes or other items of value are also subject to income tax. Include all tips on your return.… (more…)

Tax Tips for Tax Season: #12 Giving IRA to Charity Still Allowed

    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 new tax law extends for 2012 and 2013 the tax-free distribution of up to $100,000 from an IRA to a charity for taxpayers age 70 ½ or… (more…)

Tax Tips for Tax Season: #11 Most 2013 Rates Remain Unchanged

    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: Unless your income exceeds $400,000 as a single taxpayer ($450,000 for married couples), your tax rate will remain what it was under the Bush-era tax rates of 2012.… (more…)