Tax Tips, Articles & More for Toms River Businesses & Individuals

"It's not what you earn, it's what you keep."

  • JULY 2018 TAX TIPS

    This month:July 4: Independence DayJuly 31:Quarterly federal excise tax returns (Form 720) dueEmployer quarterly federal tax returns (Form 941) dueCalendar-year employee retirement and benefit plan returns (5500 series) dueIt's the height of summer, and hopefully you've had a chance to enjoy some pleasant weather and Fourth of July fireworks. This issue contains tips on tax breaks for new parents, deciding whether to amend a tax return, strategies for reducing debt, and budgeting for rep...  Read More...

  • JUNE 2018 TAX TIPS

    June 2018 Tax filing remindersJune 15 – The second installment of 2018 individual estimated tax is due. It’s tax-planning timeNow is the ideal time to schedule a tax-planning session. Your tax return outcome is still fresh, and it’s early enough in the year to make corrective action to take advantage of the numerous new tax law changes taking place in 2018. Here’s a brief overview of some of the new tax issues that you need to plan for now.#1 IncomeTax rate...  Read More...

  • MAY 2018 TAX TIPS

    MAY 2018Update on the Tax Cuts and Jobs Act (TCJA)The Tax Cuts and Jobs Act (TCJA) was passed by Congress in a hurry late last year, and the IRS and tax preparers have been working to digest some of the more thorny issues created by the tax overhaul. Here are the latest answers to some of the most common questions:Is home equity interest still deductible?The short answer is: Not unless you’ve used the money to buy, build or substantially improve your home.Before the TCJA, homeowners were a...  Read More...

  • MARCH 2018 TAX TIPS

    MARCH 2018 Tax filing remindersMarch 1 – Farmers and fishermen who did not make 2017 estimated tax payments must file 2017 tax returns and pay taxes in full.March 2 – Automatic extension deadline for employers and health care providers to provide Forms 1095-B and 1095-C to individuals.March 15 –2017 calendar-year S corporation income tax returns are due.2017 partnership returns are due.Deadline for calendar-year corporations to elect S corporation status for 2018.Alert: Ex...  Read More...

  • FEBRUARY 2018

    FEBRUARY 2018 Tax filing reminders February 28 – Payers must file most other Forms 1099 (except certain Forms 1099-MISC due Jan. 31) with the IRS. (April 2 if filing electronically.)March 1 – Farmers and fishermen who did not make 2017 estimated tax payments must file 2017 tax returns and pay taxes in full.March 2 – Automatic extension deadline for employers and health care providers to provide Forms 1095-B and 1095-C to individuals.March 15 –2017 calendar-year ...  Read More...

  • JANUARY 2018

    JANUARY 2018 Tax filing reminders January 16 – Due date for the fourth installment of 2017 individual estimated tax.January 31 – Due date for employers to furnish W-2 statements to employees, and to file Forms W-2 with the Social Security Administration (both paper and electronic forms).Due date for payers to provide most Forms 1099-MISC with non-employee compensation in box 7 to recipients and to the IRS.Employers must file 2017 federal unemployment tax returns and pay any tax du...  Read More...

  • December 2017 Tax Tips

    DECEMBER 2017Tax filing remindersDecember 15 – Due date for calendar-year corporations to pay the fourth installment of 2017 estimated income tax.December 31 – Deadline to complete 2017 tax-free gifts of up to $14,000 per recipient.Deadline for paying expenses you want to be able to deduct on your 2017 income tax return.Get ready to save more in 2018You can save more for retirement next year using tax-advantaged accounts, thanks to a boost in the maximum 401(k) contribution rate...  Read More...

  • NOVEMBER 2017

    November 2017Year-end tax checklistAs the year draws to a close, there are several tax-saving ideas you should consider. Use this checklist to make sure you don’t miss an opportunity before the year is out.Retirement distributions and contributions. Make final contributions to your qualified retirement plan, and take any required minimum distributions from your retirement accounts.   Read More...

  • October 2017 - Tax Tips & Advice

    Equifax Data Breach, Hurricanes and ScamsThere are many important issues happening around our nation that might be affecting you or your loved ones. We believe it important to inform you of how these concerns might affect your taxes and what actions you should be taking. Please share this information with your friends and family.Equifax Data BreachThe Equifax data breach has affected more than 143 million people.   Read More...

  • September 2017

    Tax Filing RemindersSeptember 15 –Third quarter installment of 2017 individual and corporation estimated income tax is due.S corporations: Filing deadline for 2016 tax returns for S corporations that requested/received a six-month extension.Partnerships: Filing deadline for 2016 tax returns for partnerships that requested/received an automatic six-month extension.Electing large partnerships: Filing deadline for 2016 tax returns for electing large partnerships that requested/received a...  Read More...

  • AUGUST 2017 TAX TIPS

    AUGUST 2017Your HSA as a retirement tool – the factsHealth Savings Accounts (HSAs) are a great way to pay for medical expenses, and since unused funds roll over from year to year, the account can also provide a source of retirement funds in addition to other plans like 401(k)s or IRAs. But be aware of how HSAs compare to other retirement investment tools. HSAs work best when they are used to pay for qualified medical expenses. Neither your original contributions to an HSA nor your inv...  Read More...

  • JULY 2017

    Tax-free incomeYes, that’s correct, there are some forms of income you receive that may be tax-free. Here is a list of eight common sources of tax-free income.1. Gifts.   Read More...

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