Latest Accounting and NJ Tax News

Why is Bookkeeping for Real Estate Investors Essential?

Why is Bookkeeping for Real Estate Investors Essential?

For real estate investors to be successful, they must never overlook the importance of keeping an accurate record of their daily financial transactions. To ensure the numbers are correct, enlisting the help of a trustworthy and reliable public accounting firm to handle their real estate business’s bookkeeping needs is vital.

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Tax Deductions for Your Home Office

Tax Deductions for Your Home Office

With more people working remotely, many have turned their homes into an office. This has left U.S. workers left with questions as to whether they qualify for a federal home office tax deduction. Let’s look at what you need to know about a home office tax deduction.

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New Jersey Middle Class Tax Rebate

New Jersey Middle Class Tax Rebate

New Jersey residents that filed a 2020 resident income tax return with a tax balance due of $1 or more may be eligible to receive the “Middle Class Tax Rebate” beginning July 2, 2021. The rebate will be calculated automatically for eligible taxpayers when they file their 2020 NJ-1040. 

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Managing Student Debt [7 Tips]

Managing Student Debt [7 Tips]

Attending college is an exciting period in many students lives. From learning new subjects, meeting new friends, joining clubs, and studying abroad, the perks of college are endless. However, despite the countless hours studying and having fun, students need to be aware of their tuition bill and how to wisely manage it. Here are 5 tips on managing student debt.

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Child Tax Credit Changes 2021

Child Tax Credit Changes 2021

Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the IRS will pay half the credit in the form of advance monthly payments beginning July 15. Taxpayers will then claim the other half when they file their 2021 income tax return.

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Important Tax Terms Explained

Important Tax Terms Explained

As a business owner, staying on top of your tax obligations is one of the most important items to do. However, with the complexity of the U.S. tax code and new tax laws and regulations coming into effect each year, keeping up with the legal tax language can be a challenge.

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Accounting Questions for Startups

Accounting Questions for Startups

Whether accounting is your forte or not, it’s one of the most important areas to handle early and accurately. To help you kick off this new world of accounting for startups, Tobin & Collins is answering some of the most common accounting questions, so you’ll be well-positioned to avoid mistakes made by other startup companies.

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Net Income vs. Operating Income

Net Income vs. Operating Income

For businesses small and large, the importance and impact of proper accounting processes cannot be overstated. If you have an excellent service or a product that’s flying off the shelves, failing to track the money coming in and out can completely undercut any success you may be enjoying. Accounting practices allow you to gauge the health of your business, track important trends, and...

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Mid-Year Tax Planning in 2021

Mid-Year Tax Planning in 2021

If you own a business, it’s crucial you review your tax plan, evaluate how it’s working, and adjust where you see new opportunities throughout the year. As such, the mid-year tax planning process is imperative for thoughtful and forward-looking business leaders.

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