Harnessing the Tax Advantages of Your HSA

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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 […]

Don’t Be A Stranger

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If you are only reaching out to your CPA when it’s tax time- you could be missing out on opportunities to benefit the most from their expertise and guidance! Your CPA’s professional expertise will not only benefit you in identifying tax deductions and credits that you may be eligible for, but he or she can […]

Do I Need to Make Federal Estimated Tax Payments?

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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

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As a tax practitioner, I have seen the prospect of filing an extension put some taxpayer’s 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 […]

Which Type of Tax Preparer is Right for You?

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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 does not need to have a degree or meet experience requirements. They just have […]

Tips For The Gig Economy

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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

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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 […]