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Top RRBB Accountants and Advisors in Somerset and Maplewood, New Jersey News

Tax Surprises to Watch Out For

Tax Surprises to Watch Out For

Our tax code contains plenty of opportunities to cut your taxes. There are also plenty of places in the tax code that could create some surprises in your tax bill. Here are some of the more common traps. Home office tax surprises If you deduct home office expenses on your tax return, you could end up with a tax bill when you sell your home in the future. When you sell a house you’ve been living in for at least two of the past five years, you may…Read Article

Checks are Surging Again and Causing Cash Flow Challenges

Checks are Surging Again and Causing Cash Flow Challenges

A 2024 AFP survey found that 91% of US businesses still use checks, up from 75% the year before.See the Story

Second Quarter Estimated Taxes for 2025 Are Due

Taxes · United States

Second Quarter Estimated Taxes for 2025 Are Due

If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The second quarter due date for estimated taxes is now here. Second quarter estimated taxes You are required to withhold at least 90% of your 2025 tax obligation or 100% of your 2024 tax obligation. If your income is over $150,000 ($75,000 if married filing separately), you must pay 110% of your 2024 tax o…Read Article

Research Charities Before Making A Donation

Summer months are often the time of an increase in natural disasters, and hurricane season comes right after. You want to help those in need, but you want to make sure the organizations involved are not scams. While fewer itemize deductions, those who do want to ensure their deductions are legitimate. Here are some tips on how to research these charities before donating funds. How to research your preferred charities 1. Charitable organization …Hurricanes Read Article

Be Prepared for an Audit

After filing a tax return, most of us are simply relieved another tax year is done. Before storing away your tax return and all its related records, take the time to make a final review of the material and organize your records. This can be in paper form or in digital form as long as you know where it is in a secure place and you feel it will meet the requirements of substantiation. Here are some tips to be prepared for an audit. Be prepared for…Taxes Read Article

An Earnings Report Review Is for Everyone

Most of us go through life without being concerned about or checking our Social Security records. We assume the money deducted each payday and an equal amount paid in by our employer are applied correctly to this valuable retirement benefit. But it is now easier than ever to review your earnings report. Check your Social Security records The Social Security Administration (SSA) gets a ton of fraudulent W-2s and 1099s and can’t catch them all. Th…Baltimore, MD · Baltimore Read Article

Tax Record Retention Guide

After filing your tax return, do not close the book on your taxes until you have set up next year’s files, purged unneeded old records, and prepared your records in case of an audit. Before you close this year’s tax file, there is still some work to do. If the IRS or state revenue department selects your return for review, preparation is critical. What you need to do now is think about tax record retention. Here are some tips. Five tips for tax …Taxes · United States Read Article

Can I Claim the Dependent Care Credit? What It's Worth in 2025

45% Center coverage: 9 sources

With just a few days left to file your taxes, make sure you know how to claim the dependent care credit.Taxes · United States See the Story

Why Do I Need a Tax Professional?

You may wonder, “Why do I need a tax professional when I can buy tax prep software?” If you listen to the ads, tax prep software can do everything, including preparing dinner! The reality is that all tax prep software has errors. And it’s no surprise with all the late-changing laws that are not always logical by a computer’s standard. You need help. Here’s why. Why do I need a tax professional? Tax software producers claim their products can pre…Read Article

Tax Return Delayed? Here's Why.

Wondering why your tax return is not finished? The delay can often come from one or two items that were overlooked and are needed to complete your tax return. Here are some of the most common reasons your tax return may be delayed. Common causes Missing statements. This includes all W-2s and 1099s, including those related to gambling winnings, income, interest, and mutual funds. Details on basis. If you sell stock, a house, or other property, y…Read Article

Tax season is a prime time for scams. IRS uncertainty could add to the issues this year

74% Center coverage: 87 sources

US Economy · United States See the Story

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