Everyone is aware of what the Internal Revenue Service does, especially when they file their tax returns, but what exactly is an External Revenue Service and how would this impact you? Proposed Agency An External Revenue Service would be responsible for collecting tariffs from foreign goods that are sold in the U.S. Tariffs are expected […]
Taxes
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 […]
Unorthodox Emergency Funds
We are all told to set aside 3 – 6 months’ worth of expenses in a traditional savings account towards an emergency fund. It’s not a bad idea, but what if that isn’t enough for an uncommon occurrence and you’re in a bind? There are a few alternative options to accessing a larger amount of […]
Overlooked Financial Maneuver
I’ve noticed a recurring theme over the years, and it’s more common than you would think. It’s helpful to do this one thing, especially as a business owner, and I’ll explain why. Because it’s simplistic it is often overlooked, but I’ll tell you why it is so important. The one overlooked financial maneuver is to […]
Tax Outlook After the Election
What will the tax landscape look like with President Trump back in office? Here are a few highlights of what to expect: Permanent Extension of the Trump Tax Cuts During President Trump’s first term, the standard deduction doubled, child tax credits were expanded, tax brackets were lowered, the individual health coverage mandate was eliminate (although […]
IRS is Stepping it Up
The Inflation Reduction Act increased the budget of the IRS substantially, and their efforts are already proving to be effective. Think of them as a bully who started to take steroids while training in jiu-jitsu. Here are the latest reported examples of their efforts: $172 Million Recovered from 21,000 Wealthy Taxpayers In February 2024, the […]
Bank Failure Q&A and What to Do
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 […]
Would This Have Predicted Bitcoin’s Peak?
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 […]
New Jersey Tax Breaks
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 […]