The IRS posts a list of tax scams each year that you should be aware of: Phishing: This is when fake emails are sent claiming to be from the IRS, however, the IRS never initiates contact with taxpayers via email about a bill or tax refund. You’ll see more of these during tax season. Phone […]
Taxes
IRS and NJ Taxation Highlights
Yesterday I attended a continuing professional education seminar with speakers from both the IRS and the State of New Jersey. Here are some highlights after all of the recent Federal changes and also many New Jersey changes that most people are not aware of: Your paycheck may be under withheld: After the new Federal […]
Don’t Be Embarrassed if You Have Financial or Tax Problems
There is a stigma attached to having financial and tax problems, but it doesn’t have to be that way or it may make the problems worse. Sometimes these problems develop as you become more successful, which easily happens with both celebrities and business owners. Other times they develop due to a quick downturn in business, […]
9 Ways to Reduce Your Money Worries
When we lack money it creates a lot of stress and anxiety, and can be a source of tension in relationships. But how can we make our money work for us? Here are several ways we can take more control of our money to reduce our stresses: Change your thoughts: Reframe the way you think […]
Deadline Approaching: Should You Make a Retirement Plan Contribution?
The due date for your tax return is fast approaching and so is the deadline to make a contribution to your IRA or a SEP-IRA if you own a business. Should you make the contribution, save the cash, or pay off some debt? Reasons to Make the Contribution: Let’s assume that you have the extra […]
Business Tax Breaks for 2018
Although individual tax brackets have been lowered, many businesses will also reap the benefits of major changes. Here are some of the major changes: Corporations: The corporate tax rate for c corporations has been reduced to 21 percent from 35 percent. Hopefully this will encourage more investment and business activity in the United States due […]
Did Your Tax Balance Catch You by Surprise?
What should you do if you file your tax return and then realize that you now have a large liability that can’t pay? First, don’t panic as there are several options for you: Installment Agreement: An installment agreement can be a good option for you, which can sometimes be requested when you file your tax […]
Lower Tax Brackets = Higher Taxes?
The recent tax law changes have lowered the tax brackets starting in 2018, but that does not necessarily mean lower taxes. This is due to the elimination or reduction of items that are no longer deductible. Deductions that have disappeared include, but are not limited to: Personal exemptions: This will have the most impact on […]
What’s Your New Tax Bracket?
The recent tax laws have not only changed the income tax rates, but have also expanded the income that falls within each bracket. Here’s an example of the old rates vs. the new rates for married individuals filing a joint return: Old Brackets: Rate Taxable Income 10% $0 – $19,050 15% $19,051 – $77,400 25% […]
(Don’t) Fake it ‘Til You Make It’
Fake it until you make it! I heard this expression recently and many times in the past, but this time it made me cringe. Some might feel that there’s nothing wrong with showing people how successful and smart you are when you’re not really there yet. Here’s the problem and what to do instead: It’s […]