Tag Archives: Tax Planning

Make time for midyear tax planning

One benefit of midyear tax planning is that you have a solid foundation for making decisions and enough time to implement them. In addition, because the rules haven’t changed much this year, you can use last year’s tax return as a starting point for 2016 planning ideas. We encourage you to review your current tax situation. Contact us at 201-947-8081… (more…)

Three Positive Steps to Financial Well-Being

While you’re gathering information to prepare your 2015 tax return, set aside time for a financial review. Here are steps to get started. Compile a year-end list of your assets and debts and compare the list to last year. Are you gaining or losing ground? What actions can you take to improve your financial situation in 2016? Review your insurance.… (more…)

Keep Track of These Upcoming Tax Deadlines

 January 15 – Final 2015 individual estimated tax payment is due, unless your 2015 tax return is filed and taxes are paid in full by February 1, 2016. January 15 – Due date for calendar-year trusts and estates to pay final installment of 2015 estimated tax. February 1 – Employers must furnish employees with W-2 statements for 2015. Payers must… (more…)

Tax planning is good for corporations too

If you own a calendar-year corporation, you can benefit from planning moves you make before December 31. For example, corporations can accelerate or defer income or deductions to stay within a certain tax bracket. You’ll also want to look at your corporate alternative minimum tax exposure to determine whether you qualify for an exception to the tax. Finally, reviewing estimated… (more…)

Consider taxes when you change jobs

Taxes may be the last thing on your mind when you’re changing jobs, but overlooking their impact could mean missed tax-saving opportunities. Issues to consider include: *                    Your retirement plan. Distributions from retirement plans are generally taxable and may also be subject to an early withdrawal penalty. The penalty would also apply to amounts withheld for income taxes. When 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…)

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…)

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