How the state of New Jersey and the federal government tax Individual Retirement Accounts can be confusing for many taxpayers. Tax professionals strongly advise people to not only keep track of their personal contributions, but to also keep good records each year, as they receive a statement. For NJ taxpayers, the only amount in your[…]
What you need to know about estate planning
By diamondcpas Estate Planning, Personal Taxes Apr 18, 2019
Estate planning is a valuable tool that offers people of all ages and incomes an effective means to determine who will receive their assets and who will make critical decisions in the event of death or incapacitating illness. While often thought of as a concern for the wealthy and, typically, older adults, financial planning experts[…]
Thinking of booking a room or an entire home for a vacation or business travel in Pennsylvania this year? Be prepared for a bump in the cost. As of January 22, 2019, the state has closed a tax loophole that previously allowed online home-sharing sites such as HomeAway, VRBO (Vacation Rental By Owner) and Expedia[…]
Owing taxes to the IRS is no laughing matter. Failure to pay, or making arrangements to pay, can lead to severe consequences, including liens or seizure of property, wage attachments and other actions that can impact one’s employment, credit score and ability to secure a mortgage, for many years. However, being aware of how the[…]
It is always a good idea to examine your tax exposure once per year as you complete your taxes. Changes to the tax law for 2018 have prompted many taxpayers to ask, “Am I having enough money taken out of my paycheck?” Now is the time to examine your tax withholding. In February of this[…]
If you itemize your expenses on your tax return, you may be able to deduct dental and medical expenses. However, you’re only able to claim the portion that exceeds 7.5% of your adjusted gross income (AGI). Here’s an example to make it clear. Your AGI is the income listed on line 37 of IRS Form[…]
Traditionally, new brides adopt their husband’s name upon marriage, although sometimes they may choose to hyphenate both names together. Either way, you have to make it official. Your wedding certificate isn’t enough, but it’s a start. Here is some information on going through the steps to legally change your name. First Stop, Social Security You’ll[…]
If you were unable to make your tax payment by April 17th, you may be nervous about what to do. We recommend that you work with our office and stay in contact with the IRS about your options and payment plans. It is critical that you do not ignore the situation and go into delinquency.[…]
So, your son earned some money at a cool summer job last year. Now that tax season has rolled around, you may be wondering if you need to file a tax return for his income. The answer is…maybe. Here are a few questions to consider about filing tax returns for children. Is Your Child Considered[…]
Leasing a car is a popular option for consumers and business owners in the market for a new vehicle. With low monthly payments, short-term commitments, and good maintenance packages, leases can provide a variety of advantages. However, there are limitations. Two of the most important factors to consider if you are thinking about leasing a[…]
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