Search Our Articles

      Are Social Security Benefits Taxable?

      Tax-Tip Tuesday, Tax Benefits, Social Security, 2019, Taxable Social Security Benefits

      Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable.

      Read More

      4 Tax Deductions that Disappeared in 2018

      Deductions, New Tax Laws, Tax-Tip Tuesday, Disappearing Deductions

      Tax reform eliminated a number of deductions that many taxpayers counted on to reduce their taxable income. Here are four that could affect you.

      Read More

      Deadline for Retirement Distributions - April 1st

      Tax-Tip Tuesday, 2019, 2018 Tax Return, Retirement Distributions, Deadline

      In most cases, taxpayers who turned 70 1/2 during 2018 must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Monday, April 1, 2019.

      Read More

      5 Frequently Asked Tax Questions in 2019

      Tax-Tip Tuesday, 2019, Tax Filing, Tax Questions

      In 2019, Americans around the world began filing their taxes under the new Tax Cuts and Jobs Act.   Some tax breaks have been eliminated or capped, while others have been expanded or introduced.

      Read More

      Avoiding the Penalty on Early Distributions

      Tax-Tip Tuesday, 2019, 2018 Tax Return, Avoiding Penalty on Early Distributions, Distributions, Penalty Relief

      Many people use IRAs, SEP Plans, SIMPLE IRA plans, and employer-sponsored retirement savings plans such as the 401(k) to save money for their retirement years, but what if you need to tap that money before age 59 1/2?

      Read More

      Penalty Relief for Withholding: Estimated Tax Shortfalls

      Tax-Tip Tuesday, 2019, Tax Consequences, 2018 Tax Return, Penalty Relief for Withholding, Estimated Tax Shortfalls

      The estimated tax penalty has been waived for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year; however, there is a catch:

      Read More

      Who Should File a 2018 Tax Return?

      Tax-Tip Tuesday, 2018 Tax Return, Who should file

      Most people file a tax return because they have to, but even if you don't, there are times when you should--because you might be eligible for a tax refund and not know it. The six tax tips below should help you determine whether you're one of them.

      Read More

      Standard Mileage Rates for 2019

      Tax-Tip Tuesday, 2019, Standard Mileage Rates

      Starting January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck are as follows:

      Read More

      Tax Consequences of Losing your Job

      Taxes, Tax-Tip Tuesday, 2019, Losing Your Job, Tax Consequences

      If you've lost your job you may have questions surrounding unemployment compensation, severance, and other issues that could affect your tax situation. Here are some answers:

      Read More

      6 Great Tax Tips for Older Americans

      Tax-Tip Tuesday, Seniors

      Everyone wants to save money on their taxes, and older Americans are no exception. If you're age 50 or older, here are six tax tips that could help you do just that.

      Read More

      ALERT: Retirement Contributions Limits Announced for 2019

      Retirement Planning, New Tax Laws, Tax-Tip Tuesday, Retirement Saving

      Dollar limitations for pension plans and other retirement-related items for 2019 are as follows:

      Read More

      ALERT: Take Retirement Plan Distributions by December 31

      Retirement Planning, Tax-Tip Tuesday, 2018 Alert

      Taxpayers born before July 1, 1948, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31.

      Read More

      5 Facts to Help Business Better Understand New Depreciation Deduction Benefits

      Tax-Tip Tuesday

      Tax reform legislation passed in December 2017 included numerous changes that affect businesses this year. One of them allows businesses to write off most depreciable business assets in the year they place them in service. Here are five facts to help businesses better understand this deduction:

      Read More

      8 Great Tax Breaks for Parents

      Tax Breaks, Tax Preparation, Tax-Tip Tuesday, Children, Parents

      If you have children, you may be able to reduce your tax bill using these tax credits and deductions.

      Read More

      Tax Benefits of Health Savings Accounts

      Tax-Saving Strategies, Tax-Tip Tuesday, HSAs

      While similar to FSAs (Flexible Savings Plans) in that both allow pre-tax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no "use it or lose it"), tax-free interest on earnings, and when used for qualified medical expenses, tax-free distributions.

      Read More

      Making Tax Smart Loans to Family and Friends

      Loan, Tax-Saving Strategies, Tax-Tip Tuesday

      Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road.

      Read More

      Social Security Administration Recently Announced an Increase in Benefits in 2019

      Tax-Tip Tuesday, Social Security

      Social Security Administration recently announced a 2.8 percent increase in benefits in 2019. This increase in benefits will impact 63 million beneficiaries and is the largest annual cost-of-living adjustment since 2012.   Impacted by this change are retirees, disabled workers, their eligible dependents and surviving family members.

      Read More

      Avoiding An Unexpected Tax Bill

      Tax-Tip Tuesday, Avoiding Tax Bill

      Tax withholding can be complicated, and with the passage of the Tax Cuts and Jobs Act (TCJA) legislation, it's even more so since a number of tax provisions have changed. As such, it's important to make sure the right amount of tax is withheld for your particular tax situation.

      Read More

      October 1 Deadline for Establishing SIMPLE IRA Plans

      SIMPLE IRA Plans, Tax-Tip Tuesday

      Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match Plan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you'll need to set it up by October 1st. Here's what you need to know.

      Read More

      9 Retirement Savings Tips

      Early Retirement, Retirement Planning, Tax-Tip Tuesday, Retirement Saving

      Though it's never too late to start, the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year's gains--that's the power of compounding--and the best way to accumulate wealth.

      Read More

      Meal & Entertainment Under the New Tax Law

      Tax Reform, Meal & Entertainment

      The new tax act established new limitations on the deductibility of certain business meals and entertainment expenses. Beginning January 1, 2018, entertainment expenses are nondeductible unless they fall under the specific exceptions under the new tax law.

      Read More

      Tax Consequences of Crowdfunding

      Tax-Tip Tuesday, Crowdfunding

      Crowdfunding websites such as Kickstarter, GoFundMe, Indiegogo, and Lending Club have become increasingly popular for both individual fundraising and small business owners looking for start-up capital or funding for creative ventures. The upside is that it's often possible to raise the cash you need but the downside is that the IRS considers that money taxable income. Tax preparation for small businesses is important, so here's what you need to know.
      Read More

      Tips for Teenage Taxpayers Starting a Summer Job

      Self-Employed, Tax Preparation, Tax-Tip Tuesday

      Many students will be starting summer jobs…from working at a summer camp to being an office intern. The IRS reminds students that not all the money they earn may make it to their pocket. That’s because employers must withhold taxes from the employee’s paycheck. Here are a few things these workers need to know when starting a summer job:  

      Read More

      Plan Ahead for Vacation Home Rentals

      Vacation Homes, Tax Preparation

      During the summer, taxpayers often rent out their property. They usually think about things such as cleanup and maintenance, but owners also need to be aware of the tax implications of residential and vacation home rentals.

      Read More

      New Jersey's Equal Pay Law: What NJ Employers Need to Know

      Employers, New Jersey Law

      New Jersey Gov. Phil Murphy announced Tuesday that he would sign new equal pay legislation, making it the most comprehensive in the nation. Effective July 1, 2018, this law will make it illegal to offer unequal pay to employees for substantially similar work as long as, skill, effort, and responsibilities, are weighed.
      Read More

      Plan for Tax Changes NOW!

      New Tax Laws, Planning for Tax Changes

      Many current deductions will save you little or no tax if paid in 2018 based on the 100% proposed increase in the standard deduction, along with repeal or restriction of many itemized deductions, made by the House and the Senate. 

      Read More

      Free Business Attire at Neumann University

      Neumann Leadership Program

      This Friday, September 8, 2017, 10am - 2pm, Neumann University's Center for Leadership will be hosting an open house for the public to provide support and assistance to Delaware Valley residents in need of workplace suitable clothing but who may face a variety of financial challenges. The program, Wardrobes for Work, offers a range of men's and women's business suits, dress suits, and casual workplace attire.

      Read More

      WARNING: NEW IRS SCAM!!!

      IRS Scam Warning

      IRS ISSUES URGENT WARNING TO BEWARE IRS / FBI - THEMED RANSOMWARE SCAM

      IRS warns people to avoid a new phishing scheme that impersonates the IRS and the FBI as part of a ransomware scam to take computer data hostage.

      Read More

      Security Summit Warns of New Phishing Email Targeting Tax Pros

      Fraud, IRS, 2017

      IR-2017-111, June 23, 2017

      WASHINGTON – The IRS, state tax agencies and the tax industry today warned tax professionals to beware of phishing emails purporting to be from a tax software education provider and seeking extensive amounts of sensitive preparer data.

      Read More

      Tax Alert to all Employers - Effective January 1, 2017

      Taxes, Employers

      Income Tax Withholding

      IRS will mail new withholding tables (Publication 15) to reflect changes as of January 1, 2017.  When available, the new withholding tables can also be obtained at the Internal Revenue website, www.irs.gov .
      Read More

      What's Next for 2704 Regulations

      Estate Planning, Wealth Planning

      Post Election IRC Section 2704 Update

      Read More

      Keep Your Holidays Fun and Free from Fraud

      Fraud and Forensics, Accounting Firm, Bank Account Protection

      As most of you make your way home from the shore or prepare your last barbecue of the summer, be sure to count your expenses and keep your banks on high alert.

      Read More