When preparing your 2015 individual and New Jersey income tax return or planning to file a future year’s individual income tax return, there are key ages for either you or your dependent children that will affect your family. Age 13- when a child turns age 13, they are no longer eligible for the child and Read More…
On December 18, 2015, a new tax law was enacted to retroactively reinstate a number of tax provisions for 2015 and beyond that would have otherwise expired after 2014. Some of these provisions were made permanent, while others were extended for a few years. The enactment of this legislation should help businesses plan with greater Read More…
Starting in 2014, all individuals and their dependents had to be covered by health insurance, or be subject to a shared responsibility penalty. Starting in 2015, all employers who have over 50 full-time or full-time equivalent employees must offer all their full-time employees and their dependents “Minimal Essential Coverage” (MEC) with a minimum value and Read More…
For many business and individual taxpayers, it is a good idea to prepare a year-end tax projection to determine the estimated amount of their Federal and State tax for the current year. The goal is to minimize your tax liability, but if you know that you will owe tax, you want to find out how Read More…
When businesses require additional staffing, they hire either an employee or an independent contractor. For an employee, the employer is required to withhold Federal and State income taxes, Social Security and Medicare taxes (which must be matched by the employer), and state unemployment/disability taxes. For an independent contractor, all that is necessary is for the Read More…
For the past few years, partnership tax returns (which generally include multi-member limited liability companies), which almost always file on a calendar year basis, had an original due date of April 15th, with a five month extension period allowed. Both regular C corporation and S corporation tax returns had an original due date of two Read More…
The Internal Revenue Code is full of provisions where expenses for socially desirable items receive favorable income tax treatment. So it is no surprise that considering the cost of fossil fuels, both in terms of money and in pollution, “clean” energy expenditures are held in high esteem by the IRS. Most taxpayers are aware of Read More…
In this face paced electronic world, it can be easy for unscrupulous people to use stolen Social Security numbers, to file tax returns claiming a fraudulent tax refund. If you tried to electronically file your tax return and found out that someone had already electronically filed a tax return, with your social security number, you Read More…
Taxpayers pay a tax when they sell their business or investment property, and realize a gain on the sale. However, if the property is exchanged for “like-kind” business or investment property, the gain on the sale of the property will be deferred. Like-kind property is defined broadly. Exchanging a rental property for another rental property, Read More…
As we all know, cost of college tuition is going through the roof! Therefore, planning for college costs is a very important financial decision. 529 Plans are Qualified Tuition Programs that allow for an investment account to be established, specifically funding a child’s future college costs. Favorable tax results are achieved, regardless of the family’s Read More…
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