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 […]
Don’t Be A Stranger
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?
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 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 […]