Have you added a new baby to your family in the last year? If so, this will affect your taxes when you file this year. The IRS knows there are a lot of expenses that come with having or adopting a baby, and thus provides some extra tax breaks for parents in Union City, NJ who are filing taxes with a newborn baby. Here’s a look at some of the steps you should take before beginning your taxes this year to make sure you’re getting the most money back possible to account for your new baby: Get your child a... View Article
One of the most surprising things about raising children and helping them move out independently is just how many tax deductions and credits you’ll lose access to. Once they’re independent, you’ll miss out on the child care credit, earned income credit, personal exemptions and the college tuition credit. Parenting might be its own reward, but the higher tax liability—often right when you’ve paid off your home, student loans and other debts—can be a blow. Here are some of our best tax tips for empty nesters in Union City, NJ: Think about replacing your old appliances: The federal and state government... View Article
Tax season will be here before you know it—do you know how your stocks are taxed, and how to maximize your credits and deductions to offset them? Profits and dividends are both taxable, so it’s important that you know what to expect from the IRS when you buy and sell shares. Here’s what you need to know about investment taxes in Union City, NJ. Taxes on dividends Dividends are usually taxable, and they are categorized as either qualified or non-qualified. If you have non-qualified dividends, they’ll be taxed at the same rate as your ordinary tax bracket, while qualified ones... View Article
We’re just weeks away from the end of 2020, which means it’s time for you to get prepared for filing your taxes in Union City, NJ before the April deadline. We strongly recommend working with a tax preparation professional, especially if your work situation has changed throughout this year. For example, many people have spent a significant amount of time working from home this year, which may mean the opportunity for some new deductions that you didn’t qualify for in the past. If you had any major life changes over the course of the year, this could also influence some... View Article
The COVID-19 pandemic has thrown a wrench in many businesses’ financial planning and tax preparation over the course of this year, but the 2021 tax season is on its way nevertheless. Just because the IRS pushed back its filing deadline to July this year does not mean it will do so again in 2021, so it’s important for you to be on the ball and ready to file your business taxes before the April deadline this coming spring. In part, this means being prepared to claim the deductions for which your Union City, NJ business qualifies. Here are a few... View Article
