NJ nonprofits face new filing challenges

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In New Jersey nonprofit organizations must now file their annual reports online. The new online system is not working currently, according to a report today by a member of the NJCPA. A number of problematic issues were discussed at the Nonprofit Interest Group Meeting of the New Jersey Society of Certified Public Accountants today.

Avoid these three tax traps

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There are three ways that taxpayers most often get into trouble with the tax authorities. Recognizing these three tax traps can help us avoid them. Under-reported income. This is usually the most obvious omission and usually easiest for tax authorities to spot and assess additional taxes. Sometime the taxpayer’s omission is deliberate and sometimes it […]

New IRS tax calculator and W-4 form is available for 2018

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The new federal income tax law called the “Tax Cuts and Jobs Act”, effective for 2018, has caused the wage tax withholding for most W-2 income employees to be inaccurate. The IRS and tax advisers encourage everyone who receives wages to recalculate the withholding amount, complete a new W-4, and use this to new W-4 […]

Tax Savings 101

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An introduction to the topic of tax planning in 6 easy points: Saving taxes doesn’t just happen by accident. It takes deliberate long-term financial planning with a goal, action plan and accountability. Everyone has the ability to legally reduce their taxes. The higher your taxes, the greater the potential to save money. Tax planning is […]

TAX TIP: Be ready to prove ‘Head of Household’ status

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The Tax Cuts and Jobs Act requires paid tax preparers to take additional steps to verify claims of Head of Household status. The new due diligence requirements are intended restrict an ineligible taxpayer from filing as a head of household. Under IRC §6695(g) a tax preparer who fails to meet these requirements results in a […]

Summary of Tax Reform for Individual Taxpayers

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This summary is an excerpt from “Understanding the Tax Cuts and Jobs Act”by Samuel A. Donaldson, Georgia State University College of Law, January 3, 2018. Individual Ordinary Income Tax Brackets Originally, Republican leadership sought to reduce both the number of individual income tax brackets and the tax rates. Under prior law, seven tax brackets ranging from 10% to […]