Business is about taking risks to earn a profit. However, there are some risks that can creep up on you slowly or swiftly that can either destroy or greatly damage your business. Health Issues: As we get older, health issues become a larger risk. Common and sudden issues can include heart attacks and strokes. The […]
Taxes
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 […]
How Many Returns Are Unprocessed by the IRS?
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 […]
How Does the Recovery Rebate Credit Work?
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 […]
Challenges at the IRS
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 […]
Tax Deadline & Updates
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 […]
Possible Extensions
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 […]
Don’t Do This
There is one financial transaction that I strongly discourage clients from doing and here’s why . . . Do not withdraw from your retirement accounts early! Here are the reasons why I hear most people want to withdraw from their retirement accounts: Purchase a house Pay for expenses while unemployed As a temporary loan, with […]
5 Risks to be Aware of that Will Hurt Your Finances
There are ups and downs in life, good times and bad, and everything in between. Unfortunately, some events can hurt your finances in a significant way and may even be beyond your control. What are some of these risks to be aware of and what can you control? Health Issues As we become older, there […]
COVID-19 Tax and Financial Updates 04-17-2020
Tax Updates Some taxpayers have started to receive their Economic Impact Payments The CARES Act also provided retroactive tax law changes, such as allowing improvements to nonresidential buildings to be eligible for bonus depreciation (the ability to be expensed 100% in one year), while reducing the number of years of depreciation from 39 to 15 […]