8 Great Tax Breaks for Parents

Tax-Tip Tuesday, Parents, Children, Tax Preparation, tax breaks

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

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Tax Benefits of Health Savings Accounts

Tax-Tip Tuesday, HSAs, tax-saving strategies

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.

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Making Tax Smart Loans to Family and Friends

Tax-Tip Tuesday, Loan, tax-saving strategies

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.

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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.

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Avoiding An Unexpected Tax Bill

Avoiding Tax Bill, Tax-Tip Tuesday

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.

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October 1 Deadline for Establishing SIMPLE IRA Plans

Tax-Tip Tuesday, SIMPLE IRA Plans

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.

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9 Retirement Savings Tips

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

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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.

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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.
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Tips for Teenage Taxpayers Starting a Summer Job

Tax Preparation, Self-Employed, 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:  

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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.

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

New Jersey Law, Employers

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.
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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. 

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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.

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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.

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Security Summit Warns of New Phishing Email Targeting Tax Pros

2017, Fraud, IRS

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.

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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 .
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What's Next for 2704 Regulations

estate planning, wealth planning

Post Election IRC Section 2704 Update

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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.

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