Tips For The Gig Economy

Woman checking address on a package

If you are one of the 57 million U.S. workers who reap the benefits of working in the gig economy, then this article is for you.  “Gig” or sharing economy refers to the growing trend in today’s workforce of people working as freelancers, part-time employees, or independent contractors. Examples can include ridesharing or food delivery […]

Employer Retention Credit

Photo of an empty chair in a dark room next to a laptop on a desk

The Employee Retention Credit (ERC) is a program that was designed to provide financial assistance to employers that were required to shut down during the Covid-19 pandemic or were unable to conduct regular operations due to government orders, but were able to keep their employees on the payroll.The periods that qualify for the ERC, begin […]

Do You Qualify for the New Federal Student Loan Forgiveness Program?

Student Loan Forgiveness Qualifications Under the new federal student loan forgiveness program, qualified taxpayers could be eligible for up to $10,000 in Federal student debt relief (or $20,000 if they received a Federal Pell Grant) on Federal student loan balances owed prior to June 30, 2022. Private student loans do not qualify for forgiveness. To […]

College Related Tax Savings for New Jersey Residents

The New Jersey College Affordability Act allows for three income tax deductions for NJ taxpayers with a gross income of $200,000 or less, as follows: The NJBEST 529 plan is an advantageous way to save for college. The plan allows funds within the accounts to grow tax-free and stay tax-free as long as the money […]

Do I Need to Make Federal Estimated Tax Payments?

A common concern that I often find that clients have is whether or not they need to make federal estimated tax payments. What are estimated payments?  Estimated payments are quarterly payments that you make to pay your actual or projected tax liability for the current tax year. Estimated payments are needed when you have taxable […]

What If I File an Extension?

As a tax practitioner, I have seen the prospect of filing an extension put some taxpayers’ minds at ease and create anxiety for others.  So, what is an extension, and what is the harm, if any, of filing an extension to give you more time to file your tax returns? A “Form 1040” federal extension […]

Issues concerning the 2021 advance child tax credit payments

Potential Issues with the 2021 Advance Child Credits The advance child tax credit payments began on July 15th, 2021.  Qualified taxpayers who did not opt-out online, received the advance child tax credits on a monthly basis whether they wanted to receive the child tax credit payments upfront or not! Therefore, it is not surprising that […]

Making Tax Season Less Taxing

A little preparation will make tax season less taxing this year! It has been said that this is the most wonderful time of the year!  While I would have to agree with that sentiment, I would also have to acknowledge that it can be the most stressful time of the year for many taxpayers too! […]

Required Minimum Distribution

A required minimum distribution is a mandatory distribution of retirement account funds after you reach a certain age.  (Age 70 1/2 for anyone who turned 70 ½ prior to January 1st, 2020 and age 72 for everyone else) The RMD calculation is based on your account balance as of the end of the immediately preceding […]