2014 Final Tangible Property Regulations (TPR)

2014 Final Tangible Property Regulations (TPR)

Beginning tax year 2014, the IRS issued what are called the “Final Tangible Property Regulations,” or TPR for short. These regulations will affect all businesses; Schedule C, Schedule E, Schedule F, Partnerships, S Corporations, or Corporations. These final TPR govern the deduction and capitalization of costs incurred to acquire, maintain or improve tangible property, and […]

What are the tax implications of withdrawing money early from a retirement account?

What are the tax implications of withdrawing money early from a retirement account?

When saving for retirement, sometimes there are questions about early withdraw and how it can affect your retirement account.  Clients typically ask us, “What are the tax implications of withdrawing money early from a retirement account?” ANSWER: Withdrawing money from a retirement account is subject to income tax and an additional 10% penalty. There are several […]

Preparing Your Business Finances for 2015

Preparing Your Business Finances for 2015

It’s October, and that means that the kids are fully back into their school schedules, pumpkins are starting to appear in supermarkets and on stoops, and tax preparers are starting to sharpen their pencils and tune up their calculators, because the 2015 tax season will be here sooner than you think. There are a number […]

How to Claim a Home Office on Your Taxes

How to Claim a Home Office on Your Taxes

Working from home can have good and bad points.  One of the good points is being able to claim a home office for a tax deduction.  It’s always best to consult with an accountant in South Jersey before deciding to claim a home office, as you’ll need to make sure you are meeting all of […]

Am I Required to Report My Foreign Financial Accounts?

Am I Required to Report My Foreign Financial Accounts?

“Am I required to report my foreign financial accounts?” — We get asked that question pretty often.  More and more people in the United States have foreign financial accounts varying from a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account.  With foreign financial accounts, there is a responsibility for reporting […]

When Do I Need To File A Tax Extension?

When Do I Need To File A Tax Extension?

Are you going to miss the tax deadline of April 15? No need to worry… You can still file for a tax extension. But, how do you know when you need to file a tax extension? If you are not able to file your federal individual income tax return by the due date, in most […]

Why Small Businesses Should Have A Certified Public Accountant

Why Small Businesses Should Have A Certified Public Accountant

If you’re a small business owner on a limited budget, you may think it’s beneficial to save money by not hiring a Certified Public Accountant (CPA). Many business owners make the mistake of thinking they can do their own bookkeeping, payroll and taxes. This cannot only be time consuming, it can also cost your business […]

What’s The Penalty For Not Having Health Insurance?

In 2014, there is a penalty for not having health insurance. This fee is sometimes called the “individual responsibility payment,” “individual mandate,” or penalty.  If someone who can afford health insurance doesn’t have coverage in 2014, they may have to pay a fee. They also may have to pay for all of their health care. When […]