Category Archives: Tax Tips

Will Business Growth Bring More Profits?

Have you pondered this question: My business has not been growing but it seems as though I add more people and equipment without increasing my net profit. What am I doing wrong?  Our Bergen County CPA office offers you insight to this. Answer: Let’s see what happens in a typical company as the business grows. Suppose that a company is… (more…)

The IRS will Conduct an Employer Compliance Survey

  In September the IRS sent a survey to 10,000 employers to collect information on tax compliance issues.  Our Bergen County CPA office offers you insight to this. The survey asks employers about the time, money, and other resources they spend in dealing with compliance requirements, such as income tax withholding, processing Forms W-2, and filing taxes. The IRS says… (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…)

Save for College or Retirement?

  What’s more important- saving for your children’s education or your retirement?  Our Bergen County CPA office offers you insight to this. A typical retirement will generally last longer and cost more than your child’s education.  If you cannot adequately fund both, maximize your retirement savings first.  There are far more options for financing a college education than for funding… (more…)

IRS Alerts Taxpayers to Latest Tax Scam

The IRS has issued a warning about the latest phone scam. The caller claims to be from the IRS and tells the intended victims they owe taxes which must be paid immediately with a pre-paid debit card or wire transfer. Individuals who don’t pay up are threatened with arrest or loss of their business or driver’s license. Watch for these… (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…)

January Tax Tip

If your other accounts provide enough to support your retirement lifestyle, consider delaying withdrawals from your tax-deferred retirement accounts. Our Bergen County CPA office offers you insight to this. Waiting lets your money continue to grow tax-free. Just be sure you don’t overlook distribution requirements. They vary depending on type of retirement account and your personal situation. We cater to… (more…)

Take a Tax Credit for Saving!

Depending on your income, you might qualify for a tax credit of up to $1,000 for contributing to an IRA or other retirement plan. Our Bergen County CPA office offers you insight to this. Don’t overlook this “saver’s credit” as an opportunity to both cut your 2013 tax bill and increase your retirement nest egg. You have until April 15,… (more…)