News and Announcements

For single taxpayers and married individuals filing separately for tax year 2025, the standard deduction rises to $15,000 for 2025, an increase of $400 from 2024. For married couples filing jointly, the standard deduction rises to $30,000, an increase of $800 from tax year 2024.

As the tax season approaches, businesses play a critical role in ensuring compliance by preparing and distributing the necessary tax forms to their employees, contractors, and other relevant entities. These forms are not only a regulatory requirement but also a cornerstone of the accurate and timely filing of individual and corporate tax returns. Here, we break down the essential tax form deadlines businesses must adhere to before the IRS filing deadline

SOURCE: Thomson Reuters On the campaign trail, Trump floated a wide range of tax policy ideas that could have a major impact on individuals, businesses, and estates. Now that he has secured a second term in office, the direction of the tax landscape begins to take shape.

In the ever-evolving landscape of tax regulations and financial obligations, proactive tax planning is not merely a recommendation—it’s a necessity. With the right strategies in place, 2025 could become your most financially stable year yet. By planning for next year’s tax season starting right now, you can ensure compliance, reduce liabilities, and make informed financial decisions that align with your long-term goals throughout the course of the year.

SOURCE: USA Today A check from the Internal Revenue Service is set to make the end of the holiday season a little greener for one million taxpayers. About $2.4 billion worth of stimulus checks will be distributed among some taxpayers in the coming weeks, the IRS announced Friday.

The clock is ticking. If Congress doesn’t act soon, the IRS could lose another $20 billion in funds allocated for key enforcement programs next year.

SOURCE: AccountingToday The Internal Revenue Service's Criminal Investigation unit identified over $2.1 billion in tax fraud in fiscal year 2024, according to a new report. Read the full article here

As the year draws to a close, it’s time to turn your attention from the holiday season to the upcoming tax season. One of the most valuable tools in this process is a tax projection. A tax projection provides an estimate of your taxable income, potential tax liabilities, and opportunities for tax savings before the year ends. Keep reading to learn more about the key benefits of receiving a tax projection and how it can help you make informed financial decisions.

Small businesses and freelancers using payment platforms like Venmo and PayPal will face new IRS reporting requirements this tax season, with income thresholds gradually decreasing over the next few years.

On Jan. 1, 2025, the minimum wage will increase to $16.50 an hour in New York City and Westchester, Nassau and Suffolk counties and to $15.50 an hour in all other parts of the state, according to the state Labor Department. Currently, minimum wage is $16 in New York City, Westchester, Nassau and Suffolk counties and $15 in all other counties in the Empire State.

401(k) plans are one of the most popular retirement savings tools in the United States. For 2025, several changes are on the horizon, particularly regarding contribution limits for different groups and new IRS developments that could impact business owners. Staying informed about these updates ensures that individuals and employers alike can maximize their 401(k) benefits and plan effectively. Keep reading to learn what you know about changes to 401(k)s in 2025.

As the holiday season approaches, many individuals look for ways to give back to their communities, often through charitable donations. Not only does charitable giving spread goodwill and support important causes, but it can also provide a valuable tax benefit if your donation is made to a qualified, tax-deductible organization. Understanding how to identify tax-deductible charities can help you make the most of your generosity and optimize your year-end tax planning. Here’s what to consider when choosing a tax-deductible charity for your holiday donations.

At Demian & Company CPAs, we see the potential in every figure, not just the sum. Based in Cranford, Elizabeth, and East Brunswick, NJ, our team proudly serves clients nationwide. Through innovative remote solutions, we ensure top-notch tax and accounting services are always within your reach—no matter where you call home.

Experiencing a net loss can be difficult for any business, but it’s not uncommon, especially for new companies. The good news is that filing a tax return with a net loss can open up tax benefits, including deductions and credits that may help reduce your future tax burden. Here’s a detailed guide on how to file your tax return when your business has a net financial loss for the year, and how to make the most of any tax relief options available.

The IRS has announced adjustments to tax-related amounts for 2025, reflecting changes due to inflation. These adjustments are crucial for taxpayers to understand as they prepare for the next tax season.

Millions of working families rely on family tax credits like the child tax credit (CTC) to support household bills like food, housing, child care, and education. Claiming these and other federal tax credits and deductions like the adoption credit and the Earned Income Tax Credit (EITC) can lower your tax liability or increase your refund amount.

The IRS has unveiled higher capital gains tax brackets for 2025. In its announcement Tuesday, the agency boosted the taxable income limits for the long-term capital gains brackets, which apply to assets owned for more than one year.

Effective retirement planning isn't just about saving and investing wisely; it’s also about understanding how taxes will impact your retirement income. Tax planning plays a crucial role in ensuring that your retirement years are financially secure. Without a proper tax strategy, taxes can erode a significant portion of your savings, leaving you with less money to live on than you’d hoped for. Read on to learn why tax planning is key to retirement planning and how it can help maximize your retirement income.

Filing a tax return is a responsibility everyone has to tackle every year, and accuracy is key. However, mistakes happen. Whether you've discovered an overlooked deduction, reported incorrect income, or realized that your filing status was wrong, you have the opportunity to correct the error through an amended tax return. The process of amending a tax return can be complex, and understanding the details is crucial to ensuring the best outcome. Keep reading to learn everything you need to know about amending a filed tax return, from when you should amend to how the process works and what to expect.

When you pursue compensation in a lawsuit and finally win or settle your case, receiving your compensation can allow you to breathe a sigh of relief. However, there’s still the question of how much of that settlement you’ll actually get to keep—and how much will be lost to taxes. Whether you're receiving compensation for a personal injury, emotional distress, or other damages, it's crucial to understand how the IRS views these funds. Keep reading to learn more about the different types of lawsuit settlements and how they are taxed.

Filing your business tax return can be a daunting task, but with the right preparation and organization, it can be a much smoother process. With the tax extension deadline for businesses quickly approaching on September 15th, now is the perfect time to get your documents in order and make filing as stress-free as possible. Here are some tips to help you navigate the process and avoid late filing penalties.