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Taxes

Bank Failure Q&A and What to Do

March 17, 2023 by Joseph Belbol

After the collapse of Silicon Valley Bank, Signature Bank and the rescue of First Republic Bank, there are many questions about what happened and how you can protect yourself. Q&A: Why did Silicon Valley Bank Collapse? There are several reasons. We all know that there was a run on the bank, but let’s dig a […]

Filed Under: Budgeting, Business, Debt, Economy, Expenses, Financial, Investments, Taxes

Would This Have Predicted Bitcoin’s Peak?

December 9, 2022 by Joseph Belbol

Starting a few tax seasons ago, the IRS started to ask the question. “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” What does this have to do with the price direction of Bitcoin? Let me explain. Tax preparers have to ask this […]

Filed Under: Budgeting, Business, Economy, Expenses, Financial, Investments, IRA, Retirement, Taxes

New Jersey Tax Breaks

October 28, 2022 by Joseph Belbol

There are several positive tax changes that NJ has implemented this year regarding education, child tax credits, and property tax relief. Education: A deduction of up to $10,000 of NJBest contributions, and a deduction of up to $2,500 of principal and interest paid on student loans if your gross income is $200,000 or less. You […]

Filed Under: Expenses, Financial, New Jersey Tax, Taxes Tagged With: business, Taxes

How Many Returns Are Unprocessed by the IRS?

March 25, 2022 by Joseph Belbol

Can you guess how many tax returns are unprocessed by the IRS as of the middle of March? The number is 7 million unprocessed individual returns. It is taking the IRS more than 21 days to issue any related refunds and in some cases it can take 90 to 120 days. If there are any […]

Filed Under: Budgeting, Business, Debt, Economy, Expenses, Financial, IRS Resolution, New Jersey Tax, Taxes Tagged With: financial, IRS, Taxes

How Does the Recovery Rebate Credit Work?

March 4, 2022 by Joseph Belbol

The recovery rebate is a credit for taxpayers who either did not receive or received less than the full amount of their Economic Impact Payments. Here’s how it works for the 2021 tax year: Economic Impact Payments and plus-up payments were issued during 2021 from March through December. If you received the full amount of […]

Filed Under: Budgeting, Economy, Expenses, Financial, Taxes Tagged With: credits, Finances, IRS, Taxes

Your Refund Will Be Delayed Unless . . .

February 18, 2022 by Joseph Belbol

Your refund may be delayed if you don’t report this properly on your tax return this year: Unfortunately, some of the information sent to you may not be accurate. You need to do this instead: If you have children, then go to irs.gov/account to retrieve information regarding the Advance Child Tax Credit. Even if you […]

Filed Under: Budgeting, Business, Expenses, Financial, IRS Resolution, Taxes

Challenges at the IRS

February 4, 2022 by Joseph Belbol

The IRS is facing many challenges that have carried over from last year. According to the IRS, its workforce has shrunk by 17% from 2010, while its workload, as measured by the number of individual return filings, has increased by 19 percent. What are some issues and what can you do for this tax filing […]

Filed Under: Financial, IRS Resolution, New Jersey Tax, Taxes Tagged With: IRS, Taxes

Tax Deadline & Updates

March 19, 2021 by Joseph Belbol

You may have heard that the IRS extended the individual tax deadline by one month to May 17th, but there are important updates to know as follows: The deadline to file corporate taxes has not been extended and is still April 15th States are expected to extend their deadline, but we’ll have to wait and […]

Filed Under: Budgeting, Business, Debt, Economy, Expenses, Financial, New Jersey Tax, Taxes Tagged With: deadline, extension, IRS, Taxes

Possible Extensions

March 4, 2021 by Joseph Belbol

There have been major challenges with being able to file tax returns, especially business returns, which are due soon on March 15th for s-corporations and partnerships. This relates to new tax laws, loan forgiveness, and delays with states approving tax forms and software. Additionally, New Jersey has new complexities with its new BAIT (Business Alternative […]

Filed Under: Business, Economy, Expenses, Financial, IRS Resolution, New Jersey Tax, Taxes Tagged With: delays, IRS, NJ, Taxes

IRS Delays Tax Season Plus Important Deadline Reminders

January 22, 2021 by Joseph Belbol

With all of the last minute tax law changes the IRS needs more time to program their systems. Here are important filing dates: February 12th: IRS begins 2021 tax season. Individual tax returns begin being accepted and processing begins. February 22nd: Projected date for the IRS.gov Where’s My Refund tool being updated for those claiming […]

Filed Under: Budgeting, Business, Debt, Economy, Expenses, Financial, New Jersey Tax, Taxes Tagged With: IRS, tax deadlines

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