Category Archives: Tax Tips

Check Out these Tax Tips if You are Caring for Elderly Parents

Caring for elderly parents?  Our Bergen County CPA office offers you insight to this.  Check out some tax tips that you may not be aware of: * If you provide more than half of your parent’s support, you may be able to claim your parent as a dependent on your tax return. To be eligible, your parent can’t earn more… (more…)

Upcoming Dates Following the Government Shutdown

Early in the morning of October 17, President Obama signed a bill into law reopening the federal government and extending U.S. borrowing authority. But the law contains deadlines that could leave the country facing the same issues again. Our Bergen County CPA office offers you insight to this. Here are the important dates in the law. * December 13, 2013… (more…)

Selling Your Home? We Have Some Tax Tips for You…

In a “2013 Summertime Tax Tip,” we reminded taxpayers about the current rules on home sales. Our Bergen County CPA office offers you insight to this. Here’s a quick review of those rules. Tax Free Home Sale: The tax law allows the majority of taxpayers who sell their homes to enjoy 100% tax-free profit from the sale.  If you have… (more…)

Tips on How to Amend Your Tax Return

  If you discover an error after you file your tax return, you can correct it by amending your return. Here are 10 tips from the Internal Revenue Service about amending your federal tax return: 1. When to amend a return.  You should file an amended return if you need to correct your filing status, number of dependents, total income, tax… (more…)

Identify Types of Income to End Up With Lower 2013 Taxes

Act now to identify ways to minimize your 2013 taxes, Our Bergen County CPA office offers you insight to this. Start by estimating your 2013 income, sorting it into categories such as wages, investments, passive income, retirement plan distributions, and active business income. Different tax rules apply to different kinds of income, and rules differ at various income thresholds. If… (more…)

Combine Business and Pleasure this Summer

You might want to combine a little pleasure with one of your business trips this summer -and save some taxes, too! Our Bergen County CPA office offers you insight to this. Within the U.S., if the primary purpose of the trip is business and you add on a side trip or an extra few days for pleasure, you can deduct… (more…)

Tax Tips for Newlyweds

  Late spring and early summer are popular times for weddings. Whatever the season, a change in your marital status can affect your taxes. Our Bergen County CPA office offers you insight to this. Here are several tips from the IRS for newlyweds. It’s important that the names and Social Security numbers that you put on your tax return match… (more…)

Have a Financial Talk With Elderly Parents

  One day you may find yourself taking care of an elderly parent who is in declining physical or mental health. This can be stressful, both emotionally and financially. On the financial side, there are steps you can take to prepare for this situation. Talk to your parents about their financial affairs. Parents may be reluctant to discuss their finances,… (more…)

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…)

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…)