Tag Archives: Tax Return

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…)

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…)

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…)

More About Your 2013 Tax Return

Once you have filed your 2013 tax return, you may still have a few tax questions. The IRS provides these answers to commonly asked questions. * How can I check the status of my refund? You can go online to check on your refund. Go to www.irs.gov and click on “where’s my refund?” * What records should I keep? Keep… (more…)

Fund an IRA with Your Child’s Summer Job

If your child has a job this summer, encourage him or her to set up an IRA.  Our Bergen County CPA office offers you insight to this. The amount that can be contributed is $5,500 of the child’s earnings, whichever is less.  If you wish, you can even provide the cash for the IRA and let your child spend his… (more…)

Save for College or Retirement?

  What’s more important- saving for your children’s education or your retirement?  Our Bergen County CPA office offers you insight to this. A typical retirement will generally last longer and cost more than your child’s education.  If you cannot adequately fund both, maximize your retirement savings first.  There are far more options for financing a college education than for funding… (more…)

What to Do if You Can’t Meet the Tax Filing Deadline?

  If you can’t file your 2013 tax return by the April 15 deadline, file for an extension to get until October 15, 2014, to file. Our Bergen County CPA office offers you insight to this. You can request the extension on paper, by phone, or online. You don’t need to explain why you need more time, but be aware… (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…)

Take Your Choice for Deducting Home Office Expenses

You now have a choice in how you deduct the expense of a home office.  Our Bergen County CPA office offers you insight to this. Starting with your 2013 tax return, you can either deduct the actual expenses connected with your home office, or you can use the simplified method of deducting $5 per square foot of the part of… (more…)

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