Latest Posts

Tax Relief for Victims of Natural Disasters: What You Should Know

February 11, 2021

After a natural disaster occurs, your top priorities are going to be making repairs to your home and staying safe. Once you’ve gone through the process of getting your home repaired and filing all the necessary insurance claims, though, it’s important that you start considering the potential tax impacts. Specifically, you can get tax help for hurricanes, floods, wildfires and other types of disasters. Here are a few examples of some of the types of tax help for floods available to disaster victims in Union City, NJ. Obtaining deductions for lost or damaged property Perhaps the most important tax break... View Article

Filing Taxes with a Newborn Baby

January 28, 2021

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

Tax Tips for Empty Nesters

January 14, 2021

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

What You Need to Know About How Your Stocks Affect Your Taxes

December 31, 2020

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

Tax Planning Tips for 2021

December 8, 2020

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

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