Archive for February, 2016

Q & A and Tips on Accounting, Taxes and Personal Finance.
How long should you keep your tax returns and supporting documents?

How long should you keep your tax returns and supporting documents?

How long should you keep your tax returns and supporting documents? According to the IRS, the length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return […]

February 29, 2016 | By More
Using Independent Contractors? Why your business should use caution.

Using Independent Contractors? Why your business should use caution.

It is critical that business owners correctly determine whether the individuals providing services are employees or independent contractors. The IRS states that generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. You do not generally have to withhold or pay […]

February 25, 2016 | By More
Fraud Abuse and the Elderly

Fraud Abuse and the Elderly

With the recent death of Harper Lee, the famous author of “To Kill a Mockingbird”, it was recalled that Lee herself had been a victim of financial elder abuse a few years earlier. According to a lawsuit, Lee’s former publisher had “duped” Lee into signing over the copyright to the novel in 2007. Lee had […]

February 22, 2016 | By More
Change Your Name?  It Can Affect Your Taxes

Change Your Name? It Can Affect Your Taxes

A name change can have an impact on your taxes. All the names on your tax return must match Social Security Administration records. A name mismatch can delay your refund. Here’s what you should know if you changed your name: Report Name Changes. Did you get married and are now using your new spouse’s last […]

February 22, 2016 | By More
IRS Audit

IRS Audit

Why is the IRS auditing me? Did I cause my tax return to be audited? How can I prevent or at least minimize the potential of being audited? These are all questions that are asked when a taxpayer receives the dreaded letter from the IRS. Let’s start with what constitutes an audit by the Internal […]

February 22, 2016 | By More
2015 Tax Tips

2015 Tax Tips

INSURANCE: For 2015 all Market place and brokerage companies are required to send a form 1095 (A for Market place) & (B for brokers) and these forms must be available to whoever prepares the tax return. The frustrating part about this is that they don’t need to be post marked until Aug although many have […]

February 22, 2016 | By More
Health Insurance

Health Insurance

Everyone must have health insurance in 2015 and everyone required to file a tax return must report their health insurance. This was true last year but there are additional changes for this year. You will need proof of your insurance. In 2015, everyone covered by insurance should receive a Form 1095 — either 1095-A, 1095-B, […]

February 22, 2016 | By More
How to prove business expenses

How to prove business expenses

All businesses must keep records in order to prove business expenses. Good records can help a business prepare its business tax returns as well as support items reported on the returns. All taxpayers must also keep business records for the IRS. To claim any deduction, a business owner (or taxpayer) must prove what the expenses […]

February 11, 2016 | By More
Withholding requirements for Unincorporated Contractors in NJ

Withholding requirements for Unincorporated Contractors in NJ

Below is a much forgotten law that affects many businesses including owners of rental properties. New Withholding Requirement for Construction Contractor Services Effective January 1, 2007 Under Chapter 85, P.L. 2006, all persons and businesses, other than governmental entities, homeowners, or tenants, maintaining an office or transacting business in New Jersey and making a payment […]

February 11, 2016 | By More
4 Ways to Prepare for Tax Season

4 Ways to Prepare for Tax Season

Tax season has officially begun. Not excited? Don’t worry, this can be a stressful time for a lot of individuals and businesses but it shouldn’t be. Here are four simple ways to help tax season go as smoothly and pain-free as possible. Find a Tax Preparer You Trust – When it comes to your money, […]

February 11, 2016 | By More