If you itemize your deductions, you can deduct the mortgage interest and property taxes paid for your vacation home. A boat or RV can qualify as a vacation home if it has sleeping quarters, cooking facilities, and a bathroom. If a retreat also serves as rental property, you can control your tax deductions by changing […]
If you made gifts in 2014, check this tax filing requirement
Here’s another filing deadline that might apply to you: April 15 is the due date for filing 2014 gift tax returns. If you made gifts last year in excess of the $14,000 annual limit to any one individual, you may need to report the transaction to the IRS. If you and your spouse agree to […]
Check qualification for health insurance exemption
If you didn’t have health insurance in 2014 or the insurance you had did not meet minimum requirements, you may have to pay a penalty on your 2014 Federal Income Tax Return – unless you qualify for an exemption. Exemptions include unaffordable coverage when premiums would have exceeded 8% of your household income, a […]
Check out the current issue of South Jersey Biz magazine featuring Business Accounting Systems, P.C.
South Jersey Biz January 2015 Our Vice President, L. Scott Elwell, MST, EA is currently featured in the January, 2015 edition of South Jersey Biz Magazine. The article features predictions from local industry leaders on what 2015 has in store for the South Jersey business world. Here is a copy of the article as well as […]
Congress retroactively extends tax breaks for your 2014 Tax Return
In its final session of the year, Congress extended a long list of tax breaks that had expired, retroactive to the beginning of 2014. But the reprieve is only temporary. The extensions granted in the Tax Increase Prevention Act of 2014 remain in effect through December 31, 2014. For these tax breaks to survive beyond […]
Not all “income” is taxable
There are several sources of revenue that are not subject to income tax. Here are the most common sources of money that are not taxed on your federal income tax return: Borrowed money such as from banks or personal loans. Money received as a gift or inheritance from family or friends. Money paid on your […]