Tag Archives: File Your Taxes

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…)

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…)

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…)

Health Insurance Tax Credits are Good Medicine for Small Businesses

Small businesses may be missing out on an important new tax perk related to health insurance. And the stakes are even higher in 2014. Our Bergen County CPA office offers you insight to this. The Affordable Care Act provides a tax incentive for small business owners who pay at least a portion of their employees’ health insurance. This year as… (more…)

Take a Different Route to a Roth IRA

If your income exceeds certain levels, you cannot make contributions to a Roth IRA. Our Bergen County CPA office offers you insight to this. However, you can convert a traditional IRA to a Roth IRA no matter how high your income. Roth IRAs are popular because qualifying distributions are tax-free and annual distributions are not required at age 70½. A… (more…)

IRS Alerts Taxpayers to Latest Tax Scam

The IRS has issued a warning about the latest phone scam. The caller claims to be from the IRS and tells the intended victims they owe taxes which must be paid immediately with a pre-paid debit card or wire transfer. Individuals who don’t pay up are threatened with arrest or loss of their business or driver’s license. Watch for these… (more…)

Who Must File a 2013 Income Tax Return?

The rules for filing 2013 tax returns are straightforward for most people. Marital status, age, and income level are generally the determining factors. Our Bergen County CPA office offers you insight to this. Here‘s a quick overview of the income levels at which a 2013 return is required.  *Single individual…..$10,000  *Single individual, 65 or older…..$11,500  *Married individual, separate return, regardless… (more…)

Telephone Scam Now Making the Rounds

There is a sophisticated phone scam making the rounds.  It is targeting taxpayers, including recent immigrants, throughout the country. Our Bergen County CPA office offers you insight to this. Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are… (more…)

Take a Tax Credit for Saving!

Depending on your income, you might qualify for a tax credit of up to $1,000 for contributing to an IRA or other retirement plan. Our Bergen County CPA office offers you insight to this. Don’t overlook this “saver’s credit” as an opportunity to both cut your 2013 tax bill and increase your retirement nest egg. You have until April 15,… (more…)