Monthly Archives: August 2014

Alternative Minimum Tax Paid by Millions of Taxpayers

In a recent income statistics bulletin, the IRS reported that the alternative minimum tax (AMT) affected a record 4.25 million tax returns and collected $30.48 billion in taxes during tax year 2011.Our Bergen County CPA office offers you insight to this. The AMT was created years ago to ensure that high-income taxpayers could not escape all taxes through the use… (more…)

Grandparents Can Help with College Cost

Are you a grandparent who wants to help pay for a grandchild’s college education? Our Bergen County CPA office offers you insight to this. You’ll find several ways to do this, each with its own limitations and tax consequences.  GIFTS. The simplest way is to make an outright cash gift to your grandchild each year. In 2014, you can give up… (more…)