Tag: Tax Preparation in New Jersey

PPP Loan Expenses Are Now Tax Deductible

PPP Loan Expenses Are Now Tax Deductible

If you or your business received funds from the Paycheck Protection Program (PPP), the recently passed Emergency Coronavirus Relief Act of 2020 will help to dramatically cut your tax bill. Here’s what you need to know. Background The PPP program was created by the CARES Act in March 2020 to help businesses which were adversely affected by the COVID-19 pandemic.…

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Retirees and Taxes

Retirees and Taxes

When it comes to taxes, growing older can have its advantages. But older individuals may also have additional tax-related requirements. Here’s a quick overview of the tax and financial breaks available as you reach a certain age. Higher standard deductions. You’re eligible for a higher standard deduction once you reach age 65. Tax credit for the elderly. You may qualify…

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Five Great Banking Tips

Five Great Banking Tips

Banks are a necessary tool to navigate our daily financial lives. Unfortunately, there are aggravating practices at many banks that drive us crazy or cost us money. Here are five tips to get more out of your bank and pay less. Remove cash from the right place. Never use an ATM machine that is not in your bank’s network. In-network…

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Tax Surprises for Newly Retired

Tax Surprises for Newly Retired

You’ve got it all planned out. Your retirement savings plans are full, you have started receiving Social Security benefits, and your Pension is ready to go. Everything is planned, what could go wrong? If you plan to retire in 2020, here are five surprises that can turn your plan on a dime: 1. Health emergency and long-term care. When a…

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Should you Incorporate your Business?

Should you Incorporate your Business?

If you’re a sole proprietor, you have probably wondered at some point whether you’d be better off if you incorporated your business. Here are some facts for you to consider. The single biggest benefit of incorporating a business is limiting an owner’s liability. In theory, a stockholder in a corporation risks only his or her investment in the corporation stock.…

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Schooling Your Children on Money Matters

Schooling Your Children on Money Matters

Teaching your child about money and finances is easiest when you start early. Here’s a quick review of what you should teach your children at each age if you want them to become financially competent adults: Preschool Identify coins and bills, and learn what each is worth. Understand that you can’t buy everything (choices are necessary). Save money in a…

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