Maximizing Tax Success: Strategic Steps for Small Business Owners
It makes good financial sense for small business owners to continually evaluate the state of their finances and tax obligations. This can become glaringly apparent to you if your outcome this tax season was not what you were expecting. To position your small businesses for more favorable results in the year ahead, it’s important to […]
Are You Missing Out On These Money-Saving Deductions?
Ready to trim down your tax bill this year? Several deductions often slip under the radar for many taxpayers. Let’s dive into some deductions you shouldn’t overlook! Home Sweet Home: Is a portion of your home used exclusively for business? Whether you’re self-employed or work remotely, expenses such as utilities, insurance, and even a portion […]
What’s the Buzz About Beneficial Ownership Information
There is a notable buzz circulating in the business world regarding the New Beneficial Ownership Information Reporting (BOI). However, for some people, it is accompanied by a sense of uncertainty. BOI reporting refers to regulations aimed at enhancing transparency in corporate ownership by mandating that certain entities, such as Limited Liability Companies (LLCs) and Corporations […]
Empower Your Finances in 2024: From Tax Anxiety to Financial Peace of Mind
Each new year, our attention turns toward resolutions and goals; typically including self-improvement such as vowing to exercise more, eat healthier, and lose weight. In 2024, consider setting a goal to prioritize your financial well-being. It is possible to feel empowered with the knowledge that alleviates the stress of tax prep and propels you toward […]
Charitable Giving and Tax Benefits
The end of the calendar year is upon us and themes of generosity, gratitude, and goodwill are abundant. You may feel more inclined to give generously to charities this month. While the primary motivation for such gifting is to support a cause you believe in, the added benefit of tax deductions can make your contributions […]
Warm Home, Cool Tax Benefits
Baby, it’s getting cold outside! It’s time to have your home heating system serviced to ensure everything is working properly before use kicks into high gear. However, it might be worth your while and be advantageous from a tax perspective, to consider an upgrade instead. Getting a new, more energy-efficient heating system can benefit you […]
Staying Vigilant About Scams
Scams and identity theft can strike anytime, not just during the hectic tax season. It’s crucial to stay vigilant year-round. We’ve all been there—quickly clicking on a link, only to realize too late that it’s a scam. These incidents are becoming more frequent and difficult to spot, such as receiving notice that an online account […]
Harnessing the Tax Advantages of Your HSA
With a few months left in the year, there is still time to minimize your tax burden and potentially increase your refund when you file your taxes next year. An easy way to do this is by harnessing the advantages of your workplace Health Savings Account (HSA). An HSA is a tax-advantaged medical savings account, […]
Claiming Qualified Education Expenses
This article updated from its original posting of 8/1/2021 It’s that time of year again when colleges and students are preparing for the start of a new academic year and the costs associated with it. The IRS offers a few tax benefits for qualified education expenses as follows: All three are based on qualified education […]
College Related Tax Savings for New Jersey Residents
This article updated from its original posting of 7/18/2022 New Jersey now allows a state income tax benefit to taxpayers who contribute to a NJ 529 plan as part of the New Jersey College Affordability Act. Also, up to $10,000 of the 529 plan may be used toward interest or principal of a beneficiary’s student […]