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Accounting Solution New Jersey

Retirees and Taxes

March 18, 2020 by L. Scott Elwell

When it comes to taxes, growing older can have its advantages. But older individuals may also have additional tax-related requirements. Here’s a quick overview of the tax and financial breaks available as you reach a certain age. Higher standard deductions. You’re eligible for a higher standard deduction once you reach age 65. Tax credit for […]

Filed Under: Blog Tagged With: Accounting Solution New Jersey, Tax Consultant in New jersey, Tax Preparation in New Jersey, Tax preparation Services NJ, Top Accounting Firms in NJ

Tax Surprises for Newly Retired

January 1, 2020 by L. Scott Elwell

You’ve got it all planned out. Your retirement savings plans are full, you have started receiving Social Security benefits, and your Pension is ready to go. Everything is planned, what could go wrong? If you plan to retire in 2020, here are five surprises that can turn your plan on a dime: 1. Health emergency […]

Filed Under: Blog Tagged With: Accountants in New Jersey, Accounting Solution New Jersey, cash Flow management New Jersey, Tax Preparation in New Jersey, Top Accounting Firms in NJ

Conquer Student Loan Debt

November 13, 2019 by L. Scott Elwell

Obtaining a legitimate college degree is an expensive proposition. Many will be paying off student loans —month after month, year after year —for decades. With smart financial management, graduates can liquidate their college debt in a reasonable time, freeing up cash for other priorities. Here are four tips for paying off loans quickly and efficiently: […]

Filed Under: Blog Tagged With: Accounting for small businesses, Accounting Solution New Jersey, Bookkeeping services NJ, Payroll services New Jersey, QuickBooks Consultant, Tax Consultant in New jersey, Tax preparation Services NJ, Top Accounting Firms in NJ

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

Save Those Receipts and Documentation!

August 12, 2019 by L. Scott Elwell

When it comes to taking qualified deductions on your Federal Tax return three things must happen. First, you must recognize that an expense might be deductible on your tax return. Second, you must keep a record of the expense in an organized fashion. Third, you must have the proper (and timely) documentation to support your […]

Filed Under: Accounting, Blog Tagged With: Accounting Solution New Jersey, cash Flow management New Jersey, Tax Consultant in New jersey, Tax preparation Services NJ, Top Accounting Firms in NJ

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