Monthly Archives: February 2014

Who Must File a 2013 Income Tax Return?

The rules for filing 2013 tax returns are straightforward for most people. Marital status, age, and income level are generally the determining factors. Our Bergen County CPA office offers you insight to this. Here‘s a quick overview of the income levels at which a 2013 return is required.  *Single individual…..$10,000  *Single individual, 65 or older…..$11,500  *Married individual, separate return, regardless… (more…)

Will You Qualify for Small Business Health Care Tax Credits?

You may qualify for employer health care tax credits if you have fewer than 25 full-time equivalent employees making an average of about $50,000 a year or less. Our Bergen County CPA office offers you insight to this. To be eligible, you must cover at least 50 percent of the cost of single (not family) health care coverage for each… (more…)

The AMT(Alternative Minimum Tax) : Will This Tax Apply to You?

Though you might prefer to not think about the AMT, certain income and deductions, known as preference items, affect the way the tax will apply to you. Those amounts, along with others called “adjustments,” are added to or subtracted from the income shown on your tax return to arrive at your AMT taxable income. Our Bergen County CPA office offers… (more…)

Don’t Overlook the “Nanny Tax”

As you review your filing requirements for 2013, make sure you don’t overlook the so-called “nanny tax.” If you have a household employee, you could be liable to pay state and federal payroll taxes. Our Bergen County CPA office offers you insight to this. First, you must determine whether you have a household employee. Generally, this is someone you hire… (more…)

Poor Recordkeeping Means Lost Deductions

Check your records to be sure you have the paperwork you need for charitable contributions you want to deduct on your 2013 tax return. Our Bergen County CPA office offers you insight to this. Cash, check, and other monetary donations of any amount can be deducted only if substantiated by a bank record or written documentation from the charity. The… (more…)

Telephone Scam Now Making the Rounds

There is a sophisticated phone scam making the rounds.  It is targeting taxpayers, including recent immigrants, throughout the country. Our Bergen County CPA office offers you insight to this. Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are… (more…)