Tag Archives: Tax Planning and Preparation

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…)

Review Your Credit Policies

There are many ways to make your business more profitable, and sound credit policies are high on the list. The current slowdown in the economy is a good reason to reexamine your company’s policies. Keep the following items in mind as you review your policies. Our Bergen County CPA office offers you insight to this. Don’t be so eager to sign… (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…)

Retiring From Income Taxes?

Full retirement doesn’t end your income tax obligations. You’ll owe income taxes on withdrawals from a traditional IRA or 401(k) plan, and you’ll owe taxes on investment income outside your retirement plans (interest, dividends, capital gains, etc.).  We cater to Bergen County CPA tax preparation in New Jersey since we are a Bergen County accountant firm. Also, if your income exceeds… (more…)

Supreme Court Denies Bankruptcy Protection for Inherited IRAs

Your retirement funds are protected from creditors even if you file for bankruptcy, with only a few limitations. This protection extends to funds in all government-qualified pension plans, including IRAs (traditional and Roth), 401(k)s, 403(b)s, Keoghs, profit sharing, money purchase, and defined benefit plans. A recent U.S. Supreme Court decision has held, however, that an inherited IRA is not a… (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…)

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…)

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