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Archives for September 2019

Avoid Tax Traps in Loans to Friends and Family

September 25, 2019 by L. Scott Elwell

Lending to friends and relatives is a tricky business, and not only because of the stress it can place on your relationships. There are tax issues involved as well. If you have to lend money to someone close, here are some tips to do it right in the eyes of the tax code. Charge interest […]

Filed Under: Blog Tagged With: Accountant, Accountants in New Jersey, Accounting Finance Consultant, accounting help, Accounting Services New Jersey, business accounting systems, financial advice, financial advisor, financial tips, loan tax help, tax advice, tax law, tax planning, tax tips

Avoid the 10% Early Withdrawal Penalty

September 18, 2019 by L. Scott Elwell

It is one thing to be taxed on retirement contributions and their related earnings when you withdraw funds from your Traditional IRA, it is quite another when you pay the tax PLUS a 10% penalty for early withdrawal. Need funds prior to retirement and want to avoid the early withdrawal penalty? There are cases when […]

Filed Under: Blog Tagged With: Accountant, Accountants in New Jersey, Accounting Finance Consultant, accounting help, accounting services, Accounting Services New Jersey, Accounting Solution New Jersey, business accounting systems, cash Flow management New Jersey, financial advice, financial planning, IRA assistance, IRA help, retirement contributions, retirement planning, Tax Consultant in New jersey, Tax Preparation in New Jersey, Tax preparation Services NJ

Sharing Economy Now in IRS Spotlight

September 11, 2019 by L. Scott Elwell

Did you know… 40% of the workers in the Sharing Economy are unaware of their tax responsibilities and over 60% of the service provider companies are not training their new workers on their tax responsibilities. Source: Written statement of Nina E. Olson, National Taxpayer Advocate given at the Hearing on “The Sharing Economy” to the […]

Filed Under: Blog Tagged With: Accountants in New Jersey, Accounting Solution New Jersey, ax Preparation in New Jersey, cash Flow management New Jersey, IRS tax tips, IRS tax withholding tips, lyft tax rules, ride share tax tips, rise share tax laws, tax compliance Lyft, tax compliance Uber, Tax Consultant in New jersey, tax deductions, tax help, tax planning, Tax preparation Services NJ, tax rules, tax rules sharing economy, tax services, tax tips, The Sharing Economy, uber tax rules

The Lost Art of Tracking Home Improvements

September 4, 2019 by L. Scott Elwell

One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married couple) of any profit made when selling your home. As long as you follow the rules, most home sales transactions are not a taxable event. But what if the tax law is changed? What if […]

Filed Under: Blog Tagged With: Accounting Finance Consultant, Accounting for small businesses, accounting help, business accounting systems, home improvement tax code, home tax code, IRS tax tips, IRS tax withholding tips, New Jersey Tax Preparation Offices, NJ Financial Planning, QuickBooks Help and Training, tax deductions, tax help, tax planning, tax Preparation New Jersey, Tax preparation Services NJ, tax services, tax tips, Top Accounting Firms in NJ

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