If you or a member of your family is off to college this fall, you may be eligible for the American Opportunity Tax Credit. Eligible students may take this credit for the first four years of higher education. The credit can be up to $2500 annually. Expenses that qualify for the credit include tuition, fees, […]
Archives for September 2015
A Quick Recordkeeping Guide
Is your cabinet overflowing? Do you hesitate to purge tax information because you’re not sure what to keep and what to discard? Here’s a quick guide to help you cut through the clutter. Expenses. Substantiation for deductions includes charitable donation acknowledgments, receipts for employee business expenses, and automobile mileage logs. Retain these at least seven […]
Business Tip: Don’t sell property; exchange it
A tax-deferred exchange is a tax planning technique which should be considered by any taxpayer that is relocating or disposing of property. Often referred to as a “tax-free exchange,” the tax-deferred exchange allows you to exchange certain business or investment property for other “like-kind” business or investment property and pay no income taxes currently. Your […]
Business Accounting Systems, P.C. named 2015 Best of Biz
Business Accounting Systems, P.C. has been named to the 100 best in South Jersey Business List by South Jersey Biz Magazine, 2015. The specialty to which we have been named this time is Bookkeeping. In 2014, we were named to the list for our Payroll Services. We are proud and thankful for the nomination […]