Latest Accounting and NJ Tax News

The Heavy Burden of Bad Debt

The Heavy Burden of Bad Debt

Have people ever really lived within their means? One thing we know for certain, is once we reach adulthood – life gets expensive. We need a home, things to put in our home, groceries, a cell phone, and the list goes on and on. It’s usually inevitable that once we finish school and go out into the real world, we’re already dealing with a substantial amount of debt. Fortunately...

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Compliance Deadlines

Compliance Deadlines

Compliance Deadlines Happy New Year! As we have turned the corner from 2018 into 2019, we wanted to remind you of some upcoming compliance deadlines and payroll filing requirements due this January and February of 2019. Please keep in mind that not all of the following filings will apply to your business or specific situation. 

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Money Saving Tips: Financially Prepare for The Holidays

Money Saving Tips: Financially Prepare for The Holidays

6 Money Saving Tips To Plan For The Holidays Now It seems like every year, the holidays sneak up on us quicker and quicker. Labor Day grilling turns to Thanksgiving turkey carving with the snap of a finger, and before we know it, it’s time to buy gifts for family and friends. Gift giving is

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What to Do if You Miss the Tax Filing Deadline

What to Do if You Miss the Tax Filing Deadline

Don’t Panic – There’s Still Time to Act if You Missed the Tax Filing Deadline Did you run short on time for a tax return this year? If you missed the tax filing deadline, know there’s still time to act. You may not have as much to worry about as you think. To start, do

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Look for These Red Flags During Tax Season 2018

Look for These Red Flags During Tax Season 2018

The IRS Will Be on the Lookout for These Mistakes During the 2018 Tax Season While the IRS audits just a small percentage of tax filers every year (less than 1%), getting audited can be a grueling experience. People who don’t file their taxes correctly and submit returns with “red flags” are more likely to

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Cryptocurrency and Taxes 101

Cryptocurrency and Taxes 101

Understand How Cryptocurrency and Taxes Work in 2018 Cryptocurrency had a massive year in 2017. As a result of its skyrocketing popularity and adoption, this tax season many are wondering how to handle this new form of currency when filing taxes. Is it considered a form of income? Is there a Ripple, Dash, or Bitcoin

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Should You Plan an Exit Strategy?

Should You Plan an Exit Strategy?

As An Entrepreneur You May Need A Business Exit Strategy When you start running a business, you probably don’t think about stopping. You think about growing, profiting, and building a brand. But almost every entrepreneur – regardless of how long they’ve been in business – is wise to think about an exit strategy. An exit

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Income Tax Exemption for Veterans

Income Tax Exemption for Veterans

New for Tax Year 2017.  You are eligible for a $3,000 exemption on your Income Tax return if you are a military veteran who was honorably discharged or released under honorable circumstances from active duty in the Armed Forces of the United States by the last day of the tax year.  Your spouse (or civil

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The Tax Cuts and Jobs Act of 2017 – INTEREST ON HOME EQUITY LOANS MAY STILL BE DEDUCTIBLE UNDER NEW LAW

The Tax Cuts and Jobs Act of 2017 – INTEREST ON HOME EQUITY LOANS MAY STILL BE DEDUCTIBLE UNDER NEW LAW

The Internal Revenue Service has advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home

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