Beginning in 2022, New Jersey has three new tax deductions called the College Affordability Deductions. These deductions will help you if you’re saving for college, if you’re currently attending and paying tuition, or if you’re…

Are you required to make estimated tax payments? Individuals, including sole proprietors, partners and S Corp shareholders, typically have to make estimated tax payments if they expect to owe tax. If you receive salaries and…

Did you know you can still get the benefit of a charitable deduction even if you don’t itemize? If you are taking required minimum distributions from an IRA and also make charitable contributions during the…

Let’s talk about audit red flags. Nobody wants to be audited by the IRS. Even if your tax return is perfect and you have all of the documentation required to prove your deductions, it’s still…

The IRS has issued a renewed warning on Employee Retention Credit (ERC) claims. In recent months, promoters and other third parties have continuously pushed ineligible taxpayers to file for the Employee Retention Credit even when…

The S Corporation election deadline for existing calendar year end LLCs, Partnerships, and C Corporations is March 15th. If you’re considering changing your company’s tax treatment from its default status to S Corporation status, now…

What is depreciation? Depreciation is the name of the expense that we recognize when we write off the cost of an asset over some period of time. Now, typically, if an asset is meant to…

Have you moved within the past year? Did you update your address with the IRS?  There are several ways to notify the IRS of an address change. If you  changed your address after filing your…