Did you notice that the title states “when” and not “if” you receive a notice? The volume of notices received from the IRS, along with those from the states, has steadily increased over the years, which means that the odds of you receiving a notice are pretty high. What are some of the steps you […]
Tax
If You Are Looking for a Good Business Partner Then Pay Attention to What They Do, Not What They Say
Running a business is probably one of the most challenging, while equally rewarding endeavors that only the brave embark on. Some go at it alone, while others choose a business partner because sometimes 1 + 1 = 3 or 5 or 10. However, before choosing a partner you must minimize the risk of choosing the […]
Should You Buy a Home or Rent?
Several years back when the real estate market was red hot, it was almost a no-brainer to buy a home. A year or two later your home appreciated by thousands of dollars and was worth much more than you paid for it. We all know that this is not true now, so does it make […]
My Customer/Tenant Didn’t Pay Me. Can I Deduct This on My Tax Return?
I get asked this question a lot, mostly from business owners. The answer to this question is that it depends. First a quick accounting lesson of cash vs. accrual. I promise not to keep it too technical! If you are a cash basis taxpayer, then you record income or sales once you get paid, either […]
Getting the Most from Your Deductions
No one likes to pay any more taxes than they have to. One simple way to avoid this is to get the most from your deductions and expenses. This means keeping track of all of your tax deductible expenses throughout the year. Once the last-minute rush to gather up all of your receipts begins, expenses are often […]
NJ Homestead Benefit & Senior Freeze Applications Extended
The New Jersey Homestead Benefit and Senior Freeze Applications have been extended to October 19th.