Tag Archives: Tax Preparation

Does Your Business Need to File Form 1099?

  Forms 1099 are due to recipients by February 1, 2016. You may be most familiar with Form 1099-MISC, which you use when your business makes miscellaneous payments in excess of $600 for services to non-employees. What are miscellaneous payments? Reportable payments can include fees for services paid to independent contractors, such as consultants, lawyers, and cleaning services. Generally, you… (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…)

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…)

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…)

The IRS will Conduct an Employer Compliance Survey

  In September the IRS sent a survey to 10,000 employers to collect information on tax compliance issues.  Our Bergen County CPA office offers you insight to this. The survey asks employers about the time, money, and other resources they spend in dealing with compliance requirements, such as income tax withholding, processing Forms W-2, and filing taxes. The IRS says… (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…)

Grandparents Can Help with College Cost

Are you a grandparent who wants to help pay for a grandchild’s college education? Our Bergen County CPA office offers you insight to this. You’ll find several ways to do this, each with its own limitations and tax consequences.  GIFTS. The simplest way is to make an outright cash gift to your grandchild each year. In 2014, you can give up… (more…)

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