Monthly Archives: June 2013

Is Being Effective Better Than Being Marginal?

The tax code is filled with terms we rarely use in everyday conversation. Two of the more common are Marginal Tax Rates and Effective Tax Rates. Knowing what they mean can help you think differently about your potential tax obligation. Marginal Tax Rate: This is the tax rate applied to the “next” dollar you earn. Since our income tax rates… (more…)

FBAR Filing Due by June 28, 2013

If you have assets in a foreign account and the total value exceeded $10,000 at any time, you must file the “Foreign Bank Account Report” (commonly called FBAR) by June 28, 2013. Our Bergen County CPA office offers you insight to this. ·        The FBAR is an annual information form, filed separately from your federal income tax return. The 2012… (more…)

IRS Interest Rates Remain the Same for the Third Quarter of 2013

  The Internal Revenue Service today announced on May 24, 2013, that interest rates will remain the same for the calendar quarter beginning July 1, 2013, as in the prior quarter. Our Bergen County CPA office offers you insight to this. The rates will be: three (3) percent for overpayments [two (2) percent in the case of a corporation]; three… (more…)

Don’t Forget Your Estimated Tax Payment

  The tax filing deadline is behind us. The sense of relief that another 1040 form is filed is like lifting a weight from your shoulders. But wait! April 15th was also the 1st quarter estimated tax due was date for 2013, and the second quarter estimated tax for 2013 is due June 15! So how do you know if… (more…)