There is one common situation I see every tax season, and making this change would simplify your tax situation. Number of Financial Accounts Minimizing the number of financial accounts you have, when possible, will not only simplify your tax situation, but will also help to simplify your finances. Actions to take include closing out or […]
New Jersey Tax
Need More Time?
Do you need more time to file your individual tax return? If you need more time to gather all of your information to file an accurate tax return, then you should file an extension by 4/15 with the IRS and any state you need to file a return for. Here’s what you need to do: […]
Easy IRS Red Flag to Avoid
The last thing anyone wants is to be audited by the IRS. One simple way to avoid waving a red flag at the IRS is to be aware of this . . . Information Matching The IRS receives a significant number of informational returns from businesses that are required to report payments they made to […]
How Will IRS Job Cuts Impact You?
There was a recent announcement regarding staffing cuts at the IRS. How will this impact you and should you be concerned? Background Information The IRS hired approximately 22,000 people during 2022, 31,000 during 2024, and approximately 20,000 during 2024 for a total workforce of more than 100,000 employees. This has been the largest number of […]
Heavy Vehicle Heavy Deduction
As a business owner, there are tax benefits for using a vehicle for business purposes. Not all vehicles are created equally, and here are examples of some that produce a larger deduction. SUV’s and Pickups Vehicles with a gross vehicle weight rating (GVWR) above 6,000 pounds and not more than 14,000 produce a much greater […]
Tax Scam Alerts
Scams are on the rise now that it’s tax season. The IRS has made taxpayers aware of popular scams on their website, including: Charity Impersonators To make sure the charity you are donating to is legitimate, then you can use the tax exempt organization search function at https://apps.irs.gov/app/eos/ Unfortunately, a contribution to a fake charity […]
Don’t Make These 2 Mistakes When Paying Your Taxes
When paying your tax balances or estimated tax payments, there are two ways that commonly create issues with the IRS and the states. These are: Paying by Check Making a tax payment with an old-fashioned check creates issues in multiple ways. Making a Payment from Your Spouse’s Tax Account or Social Security Number For some […]
Useful Online Tools at the IRS
The IRS has some useful tools on their website irs.gov. Be careful to make sure you use .gov after typing irs. Here are some of the tools: Where’s My Refund? To track the status of your refund after filing your individual return, click on Get your refund status. You will need: Make a Payment You […]
Be Aware of These Upcoming Tax Due Dates
The IRS issued a 14-page tax calendar publication, which is useful for helping with insomnia. Instead, here are some upcoming, common due dates that you should be aware of: January 31st March 17th (normally it is the 15th, but it falls on a Saturday this year) April 15th June 16th September 15th October 15th January […]
How Long to Keep Your Tax Records?
How long should you keep your tax records? The answer may surprise you and there are pitfalls to be aware of. The IRS provides general guidelines for common situations as follows: General Rules Pitfalls to be Aware of Since most records can easily be converted to electronic form, I recommend keeping your tax returns and […]