Tag Archives: Filing Tax Return

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…)

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…)

Switching Funds Can Bring a Tax Surprise

Many mutual fund companies allow you to switch funds without a penalty or commission, as long as you stay within their family of funds. There’s a catch though. Unless the funds are in a tax-deferred retirement account, you could owe income tax each time you make a switch. When you move money between funds, the IRS considers it a sale.… (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…)

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…)

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…)

Fund an IRA with Your Child’s Summer Job

If your child has a job this summer, encourage him or her to set up an IRA.  Our Bergen County CPA office offers you insight to this. The amount that can be contributed is $5,500 of the child’s earnings, whichever is less.  If you wish, you can even provide the cash for the IRA and let your child spend his… (more…)

Know the Tax Rules for Selling Online

Selling items on eBay and other online auction Web sites has become a very popular way to get rid of unwanted household stuff, as well as a way to turn a little profit. Many users have even started full-time businesses auctioning merchandise on the Web. But like any business venture, selling items in the virtual world has tax implications that… (more…)

Your Tax Refund Could Be Offsett By Debts

    If you have unpaid obligations, such as overdue child support, state income tax, or student loans, part or all of your 2013 income tax refund may be redirected to pay the debt. Our Bergen County CPA office offers you insight to this. The Treasury Department’s Bureau of Fiscal Service runs the offset program, and it is this agency… (more…)