Monthly Archives: May 2013

How Long to Retain Your Tax Records?

We are sure you  are relieved that yet another tax return has been sent off to the government. Another 12 months before you need to do this again. But before you close that tax file, there is still some work to do. If the IRS or state revenue department selects your return for review, you will need to be prepared.… (more…)

Deductible Charity Requires Record-Keeping

If spring cleaning leaves you with items that you want to donate to charity, remember that donations of used clothing and household items must generally meet certain requirements to be tax-deductible. Our Bergen County CPA office offers you insight to this. First, such items must be in “good used condition or better.” Second, a receipt from the charity is required.… (more…)

You Can Correct Tax Return Mistakes

What should you do if you find that you made a mistake on your 2012 tax return after it’s been filed? Perhaps you find that you missed a big deduction. Perhaps you receive a late notice of income you earned. Or perhaps you receive a corrected Form 1099 from your broker. The answer is not to panic. You can correct… (more…)

Don’t Fall for This #1 Tax Scam

Crooks wanting to steal your identity are using bogus e-mails and websites designed to look like genuine IRS communications. You might expect the April 15 filing deadline to mark the end of these scams, but they, in fact, are expected to continue for months. Our Bergen County CPA office offers you insight to this. An example of these bogus e-mails:… (more…)

Ideas for Helping Your Child Buy a Home

Are you looking for a way to help your child with buying a home? Some strategies you might consider include lending your child money, gifting under the annual gift tax exclusion, pledging securities, and equity sharing.  Our Bergen County CPA office offers you insight to this.  Assuming you have enough liquid assets, you can effectively act as the mortgage lender… (more…)