Tax season is the most dreaded time of year for many Americans. Not only is the process confusing, but it can also result in owing the government a significant amount of money. The tax deadline was extended by about a month in 2021, but we’ve encountered some folks who still neglected to file their taxes. If a missed deadline applies to you, keep reading. This post will cover the different penalties the IRS can impose if you fail to file your taxes or pay your tax bill on time: Fines: The first action the IRS takes is imposing some fines.... View Article
It’s said that death and taxes are the only two certainties in life. Hopefully, death is a long way off for us all, but tax season comes around each year! We know that filing taxes can be confusing, and it’s even worse if you’ve never done it before. The good news is that we’re here to ease the filing burden. Keep reading to learn a few tips on how to navigate the world of taxes. See if your parents are claiming you The first tip in filing your taxes is to talk to your parents to see if they’re claiming... View Article
If you spent most of 2020 working from home, you’re probably wondering which tax deductions are applicable. After all, working from home in Union City, NJ means increased expenses for the employee—you’re paying for your own power, air conditioning, internet and more. If your employer normally offers a lot of perks, like free coffee and food, you might be spending more than you normally would. Plus, thanks to tax changes in 2017, employees are no longer able to claim the home office tax deduction. Potential tax deductions Here are some of the working-from-home tax deductions available in Union City, NJ:... View Article
Americans didn’t travel nearly as much in 2020 as they might in a given year thanks to the ongoing COVID-19 pandemic. However, there are still plenty of Americans who had to travel for business purposes, and as such may qualify for some travel deductions on their 2020 taxes. There are some very specific rules associated with business travel tax deductions in Union City, NJ that got changed with the implementation of the Tax Cuts and Jobs Act of 2017, so be sure to speak to your tax preparation professional about your circumstances to see whether any of these deductions apply... View Article
Millions of Americans have parents or adult children living with them, especially in the wake of the economic devastation wrought by the COVID-19 pandemic over the last year. For Americans taking care of their elderly parents, they generally do so without expectation of payment or reimbursement, making it a very significant financial responsibility. The good news is that there are some tax deductions available for people who take care of their elderly parents or other relatives in Union City, NJ. Here’s a quick overview of what you should know about taxes and the elderly. You may qualify for a personal... View Article
