Tag Archives: Federal Taxes

Does Your Business Need to File Form 1099?

  Forms 1099 are due to recipients by February 1, 2016. You may be most familiar with Form 1099-MISC, which you use when your business makes miscellaneous payments in excess of $600 for services to non-employees. What are miscellaneous payments? Reportable payments can include fees for services paid to independent contractors, such as consultants, lawyers, and cleaning services. Generally, you… (more…)

Look for Tax Savings in Miscellaneous Deductions

Certain miscellaneous expenses you pay during the year may be tax-deductible.  Our Bergen County CPA office offers you insight to this. Examples include fees you pay for tax advice and employee expenses such as union dues, tools needed for your job, certain work clothes and uniforms, and work-related travel. If you itemize, these deductions could lower your tax bill. Most… (more…)

February 2 is the Deadline for 1099 Reporting

        Form 1099s must be filed by businesses each year. This year the deadline for filing falls on February 2, though electronic filers have until March 31 to file.  Our Bergen County CPA office offers you insight to this. The most common form for businesses is probably Form 1099-MISC, used to report miscellaneous payments to non-employees. This… (more…)

Age Matters in the World of Taxes

Are you aware of the numerous age-related provisions in the IRS code? They are probably more plentiful and significant than you thought. Here are a few examples of the age-related tax rules that could affect you and your dependents.  Our Bergen County CPA office offers you insight to this. At birth up to age 19 and even 24: dependency deduction.… (more…)

You May Have a Deduction for Moving Expenses

If you moved in 2014 because of a new job location, you may be entitled to a tax deduction for your moving expenses. To qualify for a tax deduction, your new job location must be fifty miles further from your old home than the distance from your old home to your old job. In other words, if your commute would… (more…)

Investors Should Be Aware of Inversions

Some U.S. companies are using corporate inversions to reduce their taxes. Investors in companies that do an inversion may find that their own taxes are increased. Our Bergen County CPA office offers you insight to this. When the U.S. company becomes the subsidiary of the foreign company, it issues replacement shares. Typically, the new shares are equal to the former shares… (more…)

Use the 80-20 Rule to Increase Your Business Profits

How well do you know your customers? Which ones are the most profitable? Which ones take most of your time? It’s worth taking the time to find out. If your business is like most, the 80-20 rule applies. That is, 80% of your profits come from 20% of your customers. Our Bergen County CPA office offers you insight to this. If… (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…)

September 15 Tax Deadlines for Business

  Se   September 15 is an important tax filing deadline for partnerships and corporations. Our Bergen County CPA office offers you insight to this. It’s the filing deadline for 2013 tax returns for calendar-year corporations that received an automatic extension of the March 17 filing deadline. It’s also the filing deadline for 2013 partnership tax returns that received an extension… (more…)

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…)