Article from moneymattersnj.com
Does looking at overflowing file cabinets of bank statements and boxes of old check stubs make you want to start a bonfire in your backyard? Before you grab the lighter fluid and matches, make sure you know what you can torch and what you need to keep. Continue reading.
Article From moneymattersnj.com
It’s a question that’s been bantered around quite a bit lately. If you’ve been waiting on the sidelines to purchase a home or put yours on the market, has the time for action finally arrived? Here’s some perspective on provisions of the 2012 American Taxpayer Relief Act relating to the real estate market and other considerations when making your big decision. Continue reading.
Article From Yahoo! News
The days of tax-free shopping on the internet could very well be numbered. If a majority of the U.S. Senate have their way, states would be empowered to require online retailers to collect state and local sales tax for purchases made over the internet. Under a proposed Senate bill, the sales tax would be sent to the states where a shopper lives. Opponents of the bill feel the regulations imposed on online retailers would be complicated and that there aren’t enough protections for small businesses. Supporters say the bill is about fairness to “brick and mortar” retailers who are required to collect sales tax. Continue reading.
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Article From moneymattersnj.com
The American Taxpayer Relief Act of 2012 resolved most of the tax issues included in last year’s fiscal cliff debate and answered many pending tax questions for small businesses. What impact did the act have on businesses? What are the long-term planning implications? Continue reading.
The small business community as a whole were never enamored with the idea of Obamacare. But most were intrigued by the promise of the health exchanges and the flexibility it would offer. Small business owners like the idea of their employees being able to choose a level of coverage and being able to pick from competing insurance providers. However, under a new government proposal, starting in 2014, businesses would be limited to choosing a single plan to cover all their employees. This article from CNNMoney explains why small businesses are less than happy about their lack of options under Obamacare. Continue reading.
In the President’s latest budget, he proposes a cap on tax-preferred retirement accounts which include traditional IRAs, Roth IRAs, 401 (k) plans and defined contribution plans. An individual’s sum balance in all of these plans could not accumulate over $3 million. This article from Forbes explains this proposal in detail and explains why the President’s assumption that an individual does not need more than $3 million to fund their retirement might be flawed. Also, why will many government employees and the President, himself, be exempt from this cap? Continue reading.
By Steve Barlotta, CPA
A few weeks ago President Obama sent a proposed budget to Congress that includes more spending increases and $1.1 trillion in additional taxes. This tax increase is on top of $1 trillion in new taxes going into effect this year under Obamacare that we discussed in earlier blogs, and the $600 billion in tax increases from the expiration of the Bush tax cuts in January. This truly perplexes me because the President has said over and over again that he wants a balanced approach between spending cuts and tax increases to get our massive budget deficit under control. I have yet to see any proposals that falls under my definition of a spending decrease. Nonetheless, let’s take a look at some of the tax increases that may be coming down the pike. Continue reading
It’s inevitable that this time of year we get some odd questions from our clients regarding possible tax deductions. The answer we usually give is a resounding “no”. But, I came across this article from Kiplinger showing 16 cases where taxpayers were actually allowed to claim write-offs for extraordinary deductions. You can file this under the strange but true category. Continue reading.
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Personal identity fraud is a serious issue affecting millions of Americans. Online identity fraud, in particular, is increasing at an alarming rate. It seems that the perpetrators keep getting more and more sophisticated in their methods to hack your online data. However, there are procedures you can implement to reduce your risk to online identity fraud. This article from Forbes provides seven steps you can take to protect your online security. Continue reading.
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Article From MoneyMatters.com
It’s natural to want to help friends or family members when they need financial assistance. But be careful. Money can drive a wedge into friendships and family relationships. And there are tax-related considerations as well. Continue reading.