Real Estate Tax Savings for NJ Seniors
New Jersey Senate Bill 3693/Assembly Bill 4706 was signed into legislation by Gov. Phil Murphy on November 1, 2024. This legislation has created the new “Stay New Jersey Property Tax Credit Program” which will allow seniors aged 65 and older who earn less than $500,000 per year to receive a credit up to 50% of […]
A Little Preparation Will Make Tax Season Less Taxing This Year!
Tax season can be a stressful time of the year for many taxpayers! However, there are steps that you can take to prepare and make tax time less stressful for you and your tax preparer- as follows:
Which Type of Tax Preparer is Right for You?
If you are considering hiring a tax preparer this year – you have the following options to choose from: an uncertified tax preparer, an enrolled agent, or a CPA. Which type of tax preparer is right for you? An uncertified tax preparer doesn’t need a high school diploma, GED, or any degree to obtain an […]
Holiday Bonuses: What Small Business Owners and Employees Need to Know
Holiday bonuses are often a welcome surprise for employees and a great way for employers to celebrate the season and show appreciation, but they come with some important tax rules to keep in mind —whether you’re on the giving or receiving end. For Small Business Owners Remember that the IRS sees bonuses as income and […]
Smart Year-End Tax Moves: Maximize Deductions and Prepare for a Stress-Free Tax Season
As the year comes to a close, we know your to-do list is filling up with holiday plans and end-of-year tasks. While we’d all rather spend this time enjoying the festivities, it’s important to take some time to focus on year-end tax planning. By tackling a few smart tax moves now, you can reduce your […]
Maximizing Tax Benefits When Selling Your Home
Fall can be a strategic time to prepare your home for sale and maximize your tax benefits, despite the perceived slowdown in the housing market as summer concludes. With careful planning and professional guidance from David A. Santini, CPA LLC, you can take advantage of various tax benefits to maximize your financial gain when selling […]
Navigating the Next Steps in BOI Reporting Compliance
In the wake of the Beneficial Ownership Information (BOI) reporting requirements implemented earlier this year, business owners need to stay ahead of the curve. As a refresher, BOI reporting mandates that certain entities, including Limited Liability Companies (LLCs) and Corporations, disclose their beneficial owners to government authorities. Beneficial owners are individuals who directly or indirectly […]
Can You Still Claim Your College-Bound Child as a Dependent?
What an exciting time! Your child has just graduated high school and is off to college in a few weeks. Amidst all the preparations and celebrations, you might wonder about your tax situation: can you still claim your college-bound child as a dependent? The good news is, in many cases, the answer is yes! However, […]
Smooth Sailing: Preparation and Confidence are Key to Navigating an IRS Audit
Facing an IRS audit doesn’t have to be an intimidating experience. With the right knowledge and preparation, you can navigate it smoothly and confidently. Being selected for an IRS audit doesn’t automatically indicate you did something wrong. Audits are conducted to verify the accuracy of tax returns and ensure compliance with tax laws. Discrepancies between […]
Are Tax Relief Companies Worth the Cost? Proceed with Caution.
Tax season has come to a close and while some individuals have put it behind them, others are facing the reality of tax bills. It may be surprising to find out you owe taxes or worse, you may not be prepared for the cost. As you consider your options to resolve the debt, it’s essential […]