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tax Preparation New Jersey

Proposed Tax Legislation

July 13, 2022 by dmcjoe

capitol building and money

The following is an overview of several recent tax proposals discussed or introduced in Congress over the past several weeks.

Filed Under: Blog Tagged With: Accountant, Accountants in New Jersey, Accounting Finance Consultant, accounting help, accounting services, business accounting systems, Congress, legislation, tax help, Tax Laws, tax legislation, tax planning, tax Preparation New Jersey, Tax preparation Services NJ, tax proposals, tax services, tax tips, Top Accounting Firms in NJ

A Tax Nightmare on Your Horizon

June 8, 2022 by dmcjoe

scared lady

A recent tax law change by this edition of Congress now requires transaction reporting to the IRS for anyone receiving more than $600 in payments through digital payment tools like PayPal, Venmo, and CashApp.

Filed Under: Blog Tagged With: Accountants in New Jersey, business accounting systems, Congress, Digital Payment, Digital Payment Apps, Digital Payment Tools, irs, New Tax Law, Tax Consultant in New jersey, tax help, tax law, tax planning, tax Preparation New Jersey, tax return, tax services, tax tips

Large Retirement Account Balances Can Cause Social Security Tax Problems

June 30, 2021 by Melissa Mandel

When you reach age 70 ½, the trigger requiring distributions from qualified retirement accounts is pulled. This annual Required Minimum Distribution (RMD) applies to Traditional IRAs, SEP IRAs, SIMPLE IRAs, 401(k), 403(b), and other defined contribution plans. Amounts not distributed on a timely basis could be subject to a 50% penalty. Thankfully, the RMD rules do not apply to Roth IRAs.

Filed Under: Blog Tagged With: NJ Financial Planning, retirement account help, retirement contributions, Tax Consultant in New jersey, tax help, tax planning, tax Preparation New Jersey

Key Coronavirus Tax Changes

May 6, 2020 by L. Scott Elwell

In addition to filing delays and a one-time stimulus payment, the IRS is implementing many changes in response to the coronavirus pandemic. Here are some of the major topics that could affect you and your family. Early distribution penalty waived The 10% early distribution penalty on up to $100,000 of retirement withdrawals for coronavirus-related reasons […]

Filed Under: Blog Tagged With: Accounting Finance Consultant, business accounting systems, Coronavirus Tax Changes, Coronavirus Tax Updates, COVID-19 Tax News, COVID-19 Tax Updates, IRS tax tips, Tax Consultant in New jersey, tax help, tax planning, tax Preparation New Jersey, tax services, tax tips

The Household Employee Problem

April 15, 2020 by L. Scott Elwell

This often overlooked bookkeeping and payroll tax requirement can cause a tangle of tax problems if not handled correctly. It ended a run for Congress by Caroline Kennedy (JFK’s daughter) and killed a U.S. Attorney General nominee’s chances for appointment. Could you be impacted? This is what you need to know. Nanny Tax Explained In […]

Filed Under: Blog Tagged With: Accountants in New Jersey, Accounting Finance Consultant, accounting help, business accounting systems, household employee tax, nanny tax, Tax Consultant in New jersey, tax help, tax planning, tax Preparation New Jersey, Tax preparation Services NJ, tax services, tax tips, Top Accounting Firms in NJ

Five Big Tax Mistakes

February 26, 2020 by L. Scott Elwell

Every year taxpayers are hit with tax surprises that could be avoided if they just knew the rules. Here are five big ones that are easy to avoid with some simple planning. Mistake #1. Withholding too little. This results in a tax surprise when filing your income tax. Don’t be too hard on yourself if […]

Filed Under: Blog Tagged With: Accountant, Accountants in New Jersey, accounting, accounting advice, Accounting Finance Consultant, accounting help, accounting services, business accounting systems, Certified Accountants in New Jersey, IRS tax tips, tax help, tax mistakes, tax mistakes to avoid, tax planning, tax Preparation New Jersey, Tax preparation Services NJ, tax services, tax tips, Top Accounting Firms in NJ

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