Monthly Archives: August 2013

Renting Your Vacation Home

A vacation home can be a house, apartment, condominium, mobile home or boat. If you own a vacation home that you rent to others, you generally must report the rental income on your federal income tax return. But you may not have to report that income if the rental period is short. Our Bergen County CPA office offers you insight… (more…)

What Investment Expenses are Deductible?

Whether you’re a stock market bull or bear, you have investment expenses – and you may be wondering if they’re deductible on your federal income tax return.  Here’s a quick review:  * What are investment expenses? Investment expenses are amounts you pay to produce or collect taxable income, or to manage, conserve, or maintain your investments. Professional investment advice or… (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…)

Simplified Home Office Expense Deduction

Beginning in 2013 there is a simplified way to take a home office expense for a portion of your home.  This new ‘safe-harbor’ option greatly simplifies how to record valid expenses for business use of your home.  Here is how it works: You may opt to take your office space square feet times $5 and use this as a valid… (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…)