Team Business Accounting Systems took part in The Light The Night Walk on Saturday, October 17th at Washington Lake Park, Sewell, NJ. The Light The Night Walk is a fundraising campaign benefiting The Leukemia & Lymphoma Society and their funding of research to find blood cancer cures. As a team, we raised $1400 to support […]
South Jersey NJ
Back to school? Check this tax credit
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, […]
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 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 […]
IRS launches new “misclassification initiative”
How you classify your workers – as “independent contractors” or “employees” – matters a great deal to the IRS. The IRS is aware that employers prefer to treat workers as independent contractors to avoid paying fringe benefits and payroll taxes. The IRS estimates that 80% of workers who are classified as independent contractors are actually […]
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 […]